There’s a news story indicating that upwards of 29% of Americans spend no actual cash on purchases. It also states that those earning $75,000 or more are twice as likely to never use cash as those making around $30,000.
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Although the article doesn’t mention which, this means that more people are using either credit or debit cards when they go shopping. For many this isn’t an issue; for others it’s problematic.
Continue reading Weaning Yourself Off Credit Cards
A few years ago we touched upon the topic of problems paying bills. In that article we briefly mentioned Consumer Credit Counseling. That’s because it’s a free service, for the most part, that helps people set up payment arrangements to get rid of a lot of debt and takes a small percentage of it to help cover their costs so they can continue providing services for others.
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They’re the best known but there are other companies that can help you with this same type of thing. While accountants like us can help you set up a budget and help you manage your money, these companies have one specific goal, which is to help get you out of debt and keep you from adding onto it.
Continue reading Let’s Talk Consumer Credit Counseling
Did you know that around 63% of all people who file for bankruptcy have a significant health care bill logged, and it’s most probably a hospital bill? For most of history large medical bills might have been included on credit reports, but lenders ignored it, which meant people could still get loans and still qualify for new credit cards. It pretty much meant that even if you were getting calls from collection agencies regarding medical bills and you ignored them that it wouldn’t impact your credit scores at all.
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Those days are long gone. Just like anything else that shows up negative on your credit report, if you haven’t attempted to take care of an outstanding medical bill you can’t buy a house or a car, you can’t get a credit card… you’re pretty much stuck with the consequences. Some people think it’s unfair because medical bills can be extensive and it’s not like anyone volunteers for the worse case scenarios. Still, hospitals, physicians, clinics, whatever… these are professional businesses, and they deserve to get paid.
Continue reading 4 Things You Should Know When It Comes To Hospital Bills
We, T.L. Wall Accounting, are not financial planners in the normal sense. We don’t help you put money away for the future. We help with advice on budgeting issues, business or personal. What we’re trying to do is to get people thinking about their long term goals, whether long term means for the year or into retirement years.
We help businesses budget their money so they can first get all their bills paid, then be able to buy new supplies and pay employees. Once the really important stuff has been taken care of we talk to them about what they feel is important to them long term. We might recommend monthly stipends of some sort. We might recommend putting some money in a savings account or CDs, or something like that. We might recommend putting money into the stock market or working with a real financial planner that’s looking to help finance their future.
Continue reading The Need For Financial Planning
There’s a strong reason we stress budgeting for everyone, but especially for individuals. Budgeting is the best way of knowing how much money you have to spend and how much you might have left over for things you need out of the ordinary or things you might want to buy or do.
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Unfortunately, too many people go about their business without a budget. They create too much debt because of their credit cards unnecessarily instead of saving some of it for an emergency. They spend their money without thinking on a lot of frivolous things. We understand; who doesn’t want nice things?
Continue reading Don’t Go To A Payday Lender… Ever!