Nonprofit Credit Counseling Agency Approved by HUD to Provide Reverse Mortgage Counseling

Debt Management Credit Counseling Corp (, a nonprofit organization (“DMCC”), has been approved by HUD to provide Reverse Mortgage counseling. Reverse mortgages provide seniors the ability to obtain cash utilizing the equity in their homes. Seniors interested in pursuing an FHA reverse mortgage should contact DMCC for a free loan estimate and information.

Read more

Thrifty Spending Issue 96

FEATURE ARTICLE: Debt Forgiveness: Is it truly forgiven or is it transferred to one’s income tax?

Ever settle on a debt and wonder what will happen to the amount that was not paid? For example, if a credit card debt totaling $30,000 was settled for $7,000, what happens to the remaining $23,000? Is it just forgiven or is it taxable?



MONEY SAVING TIP:  Things that consumers purchase that they can get for free.

1.  Free checking. Plenty of banks still offer free checking accounts.  Depending on where you live, SunTrust for example, offers a free plan with no minimum balance required. And you get free online and ATM service too. Check your local Wachovia and U.S. Bank to see if they have their own version of free accounts. Some Chases even offers $100 for opening such an account. Indeed, a host of banks and savings and loans offer free checking. So far. When you’re looking for lower fees, including free checking, always to look to smaller local banks and credit unions.



DID YOU KNOW…there are good and bad times to use your car’s a/c in order to optimize your MPG?



Thrifty Spending Issue 95

FEATURE ARTICLE:  Have You Bounced Yourself Out of a Checking Account?

Have you tried to open a checking account and been turned down? Or, did your bank close your account? If so, you’re not alone — and it’s important to understand why this can happen, and what you can do about it.



MONEY SAVING TIP:  Homeowners Insurance and Car Insurance

By increasing the deductible of your policy from $500 to $1,000, you can see big decreases on your premium.



DID YOU KNOW…that sometimes the extended warranty is not worth it?

The Manufacturer’s Warranty Is Often Sufficient

Just about all products on the market today come with a standard manufacturer’s warranty, which typically covers your purchase for one year. The majority of minor malfunctions occur within this first year, while major problems are more apt to occur much later, beyond the reach of an extended warranty’s term.


Thrifty Spending Issue 95: Money Saving Tip

Homeowners Insurance and Car Insurance

By increasing the deductible of your policy from $500 to $1,000, you can see big decreases on your premium, says Michael Barry, vice president of media relations for Insurance Information Institute in New York. “People pay about $880 a year, so if I can knock $88 off, it’s a start.” Regarding auto insurance, take a look at your collision insurance if you have an older car. If you have even a fender-bender, sometimes the cost to repair the car would be more than it’s worth, so perhaps you could cancel the collision insurance altogether. First, look up the value of the car at Kelley Blue Book, or the National Automobile Dealers Association, then check the collision line on your auto insurance bill and see what it’s worth to you to keep that insurance. Also, if you don’t drive that car much, look for a discount. If you drive from 7,000 to 7,500 miles a year, you can often qualify for low-mileage discounts.

Return to Thrifty Spending Issue 95

Thrifty Spending Issue 94

FEATURE ARTICLE:  Car Ads too good to be true?

Every day consumers are bombarded with cars ads on the radio and on television that grab their attention and get them thinking about trading in their current automobile.  Consumers are targeted with special finance offers such as, “no money down,” or “if you work, you qualify” Some of those ads although true are sometimes misleading. The dealer neglects to state that the interest rates on these loans may be astronomically high, and the cars in these ads may be high mile models, or have a history that could include accident damage.



MONEY SAVING TIP: Get a free energy audit.

Many utility companies will come out to your house for free or at a nominal cost and tell you how to save money.



DID YOU KNOW…that when you open credit cards at your favorite stores in order to get the discount, you’re hurting your score?