News Now

Consumer
Too much debt Who you gonna call
SILVER SPRING, Md . (12/9/09)--Are you one of the 13 million Americans who carry a credit card balance of $10,000 or more from month to month? Or one of the 58 million who admit to not paying their bills on time (National Foundation for Credit Counseling Nov. 20)? Or do you simply worry about what you owe and wish you could get a handle on your debts? A new law won’t automatically ease your concerns, but it will point you toward help. Beginning on Feb. 22, 2010, your credit card issuer will be required to include a toll-free phone number on your statements for information about credit counseling. “Nonprofit counselors offer their services to the public at no charge because they receive their funding from financial institutions,” explained Philip Heckman of the Credit Union National Association’s Center for Personal Finance. “Lenders don’t do this for charity. They do it in the belief that when borrowers learn to manage credit--whether motivated by desperation or mere discomfort--they become less likely to default on their loans.” Certified credit counselors can help you with more than relief from current debt troubles. They also can show you money management and financial planning skills that can head off problems in the future. “Look for affiliation with the National Foundation for Credit Counseling,” Heckman said. “Many credit unions have certified counselors on staff. Because you’re a member-owner, your credit union is keenly interested in your financial security.”
Other Resources

RSS





print
News Now LiveWire
Sony hack linked to N. Korea, says U.S.intelligence via @nytimes http://t.co/fE3PtMgEFz
14 hours ago
.@CUNAMutualGroup Klewin shares final thoughts, forecast on lending regulations with @cumagazine before retiring http://t.co/v78QY3QwqB
17 hours ago
Current @CUNA COO @JillTomalin promoted to deputy chief of staff
18 hours ago
#CU Effect:@ChartwayFCU 'branch of the future' 2 benefit members, staff. 2nd installment of new News Now series here:http://t.co/ImBY4nupEj
18 hours ago
U.K. regulators have given formal authorization for the @c_of_e to form a #creditunion.
18 hours ago
150x172_Sign up for election newsUnite for Good Share your Stories100 Million CU Memberships