Posts tagged ‘five’

American Consumer Credit Counseling Celebrates 529 Day by Offering Five Useful Tips on How to Save for College


Boston, MA (PRWEB) May 28, 2015

With the cost of college and the average amount of student loans skyrocketing, national financial education nonprofit American Consumer Credit Counseling is celebrating 529 College Savings Day on May 29th by sharing useful tips that will help students make money-savvy decisions and save for school.

Personal finance can be a tough subject for college kids and parents, but it is one that needs more attention. Today young adults are graduating college with more student loan debt than ever. According to a report released by the Federal Reserve Bank of New York in February, student loan debt has climbed to $ 1.16 trillion. The average American college student is now graduating with $ 33,000 in debt, and 52 percent of parents feel it is more important to save for their kids’ college education than their own retirement, according to a recent T. Rowe Price survey.

“As a nation, we are not saving enough for our children’s college tuition,” said Steve Trumble, President and CEO of American Consumer Credit Counseling. “While college is incredibly important for the futures of so many young Americans, figuring out how to pay for it is one of the most difficult challenges facing millions of students and their families.”

A 529 plan is one option for families to save for college. A 529 plan is an investment plan operated by a state or educational institution, with tax advantages and other incentives to make it easier to save for college for a designated beneficiary, such as a child or grandchild. Operating similar to IRA and 401(k) plans, 529 college savings plans allow parents to save for a child’s education tax-free through an array of investment options. There are two types of 529 plans: prepaid tuition plans and savings plans. The plans are named after Section 529 of the Internal Revenue Code and are administered by state agencies and organizations.

In addition to a 529 savings plan, American Consumer Credit Counseling has put together these five tips that will help students and their families save for college and manage expenses during school:

1.    Learn to Budget Now – Developing a realistic and manageable budget is a valuable lifelong skill that is essential for anyone in college, preparing to go to college, or just graduating. Start by using a budgeting worksheet for students to get an accurate picture of your income and expenses. By comparing and contrasting your total income and expenses, you will be able to create a feasible budget plan. By sticking to your budget, you will avoid going into any unnecessary credit card debt.

2.    Beware of Credit Card Debt- Credit card companies target college students because they have little experience managing their money. If you sign up for a credit card, don’t get carried away. Get your payment in by the due date or you’ll be slapped with late fees and create additional debt for yourself.

3.    Work – Consider a part-time job, tutoring, paid internships, and work-study programs to earn and save money while in school. If you’re looking to get an apartment after graduation, make your student loan payments, or relocate for a job, saving for your future will help you in the long run.

4.    Use your Student ID for Discounts – Not only will you need it to enter your dorm, the dining hall, and the library, but your student ID can also earn you discounts at hundreds of retailers nationwide. If you are not sure if a company offers a student discount, just ask. Check out the College Financial Workbook for a full list of discounts.

5.    Be Aware of Your Financial Situation – Too many students graduate from college without any idea of how much they’ll have in student loans, or how much to expect to make at their first job. Make sure you know how much school costs per year, what your parents are covering, what you’ll be expected to cover, and budget for rent and living expenses accordingly.

ACCC is a 501(c)3 organization, that provides free credit counseling, bankruptcy counseling, and housing counseling to consumers nationwide in need of financial literacy education and money management. For more information, contact ACCC:


    For credit counseling call 800-769-3571
    For bankruptcy counseling. call 866-826-6924
    For housing counseling, call 866-826-7180
    Or visit us online at ConsumerCredit.com

About American Consumer Credit Counseling

American Consumer Credit Counseling (ACCC) is a nonprofit credit counseling 501(c)(3) organization dedicated to empowering consumers to achieve financial management and debt relief through education, credit counseling, and debt management solutions. In order to help consumers reach their goal of debt relief, ACCC provides a range of free consumer personal finance resources on a variety of topics including budgeting, credit and debt management, student loans, youth and money, homeownership, identity theft, senior living and retirement. Consumers can use ACCC’s worksheets, videos, calculators, and blog articles to make the best possible decisions regarding their financial future. ACCC holds an A+ rating with the Better Business Bureau and is a member of the Association of Independent Consumer Credit Counseling Agencies. For more information or to access free financial education resources, log on to ConsumerCredit.com or visit TalkingCentsBlog.com.







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Five Tips to Ensure Credit Card Holders Feel Jolly January 1

Austin, Texas (PRWEB) December 05, 2013

Holiday spending is projected to increase more than 3.9 percent in Austin and across the nation, according to the National Retail Federation (NRF). Shoppers are already on track to hit these numbers, with 141 million Americans shopping Thanksgiving weekend and 131 million estimated on Cyber Monday. The NRF estimates shoppers will spend a total of $ 737 this holiday season. With an average of $ 407 spent during Thanksgiving weekend, consumers have approximately $ 330 left to spend.

But where are consumers turning to finance the increase? TruWest Credit Union with four locations in Austin, Texas reports that credit card applications and spend are on the rise. While this is good news for financial institutions issuing credit cards, TruWest wants to make consumers fully aware of the impact todays credit card purchases can have on the future.

While our VISA credit cards offer one of the best rates and rewards programs in the industry, our primary focus remains the fiscal health of our members, explains TruWest VISA Manager Anthony Carpenter. As more Austin consumers use credit cards this holiday shopping season, we want them to truly understand their options, so there wont be any surprises with their bill January 1.

Whether shopping at The Domain, Barton Creek or Round Rock Premium Outlets, TruWest has prepared five tips that will help locals responsibly fund their holiday shopping.

Five Credit Card Tips for Responsible Holiday Shopping

1.????Verify Your Limit.
In the frenzy of finding the best deal, many consumers forget their credit limit and damage their credit score unnecessarily. Verify your credit limit and balance for each card frequently so you dont unintentionally trigger a lower credit score or higher rates. Being aware of balances also help deter unauthorized transactions.

2.????Use One Card.
If possible, put all vacation expenses on one card to do it easier to introduce and stay on budget. First verify that your budget doesnt exceed your card limit. Then if possible, use a rewards card like TruWests VISA Signature tease so your holiday purchases will provide perks all year long. Or, if you know youll be keeping a balance, TruWests lowest-rate non-rewards VISA Platinum card is the answer.

3.????Choose a Low Rate.
We spend differently during the holidays. Consumers who normally pay off their credit card charge the first of the month may need to carry a balance for a couple months. Be aware of your credit cards policies, as a higher rate card may create unwelcome surprises in January.

4.????Choose the Right Holiday Loan.
If you are looking for a new assign card, now is a great time to secure great rates and take disclose a holiday loan. However, be sure to choose a card like any of the TruWest VISA credit cards with 0 percent introductory APR (annual percentage rate) on balance transfers and purchases for 12 months. Then pay off the card before December 2014 for a free vacationing loan.

5.????Avoid Store Cards.
It is beguiling upon checkout to say, Yes when offered an additional 15 percent if you open a customer loyalty credit card with us today. However, once you get past that initial discount, consumers typically meeting high interest rates and low credit lines. Instead, using something like TruWests VISA Signature or Platinum cards, with one of the lowest interest rates in the nation, nets significant savings in the long run.

We hope to partake credit card education and resources for our community, to eliminate part of the stress that invariably comes apiece holiday season, adds Mr. Carpenter. While each consumer shops differently, our three VISA credit tease with low interest rates and other money-salvage benefits ensure every member can still shop responsibly.

To learn about TruWests VISA Platinum, VISA Platinum Points or VISA Signature cards, or to access unloosen credit card resources and calculators, visit TruWest.org/VISA or named 1 (855) TRUWEST (855-878-9378).

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About TruWest Credit Union
TruWest Credit Union is headquartered in Tempe, Ariz., and operates as a cooperative to provide its membership with a lifetime of quality financial services and a culture of caring for its members, employees and communities. TruWest is a strong and sound financial institution with more than 60,000 members and assets totaling more than $ 791 million. TruWest Credit Union has 13 branches nine in the metro Phoenix area and four in Austin, Texas.


What are the five C’s (cs) of credit administration?

Question by TrueNone13: What are the five C’s (cs) of credit administration?
I have a brief answer query for homework. It states, “List plus comment on the THE 5 C’s OF CREDIT MANAGEMENT.”

Unfortunately, I missed the class notes for this, plus I have to turn the assignment inside especially shortly. I did a look online for the 5 C’s, nevertheless I didn’t discover the appropriate link. Does anybody understand what the five C’s of credit administration are?

Best answer:

Answer by navigator
Character- responsibility with debt administration
Capacity- ability to Repay
Capital- Current potfolio, Savings
Collateral- Assets because safety
Conditions- Current revenue status.

Add your answer inside the comments!