More Good $ense — March, 2008
The monthly e-publication from the Good $ense Ministry
In This Issue:Dear G$ Friends and Colleagues,
One day on Sesame Street the word of the day was “there.” And Grover, in his usual exuberant self went looking for the word. But whenever he asked someone about the location of ‘there’ they would point somewhere else and say that’s where “there” was. But when he went to where they told him to go, he was told that he was ‘here’ and ‘there’ was, well – “over there.”
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"Not many of you should presume to be teachers, my brothers, because you know that we who teach will be judged more strictly." - James 3:1
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News You Can Use When Debt Relief Isn't
Somewhere in between the debt management programs offered by credit counseling offices and bankruptcy are debt settlement programs. Whereas debt management involves lowering interest rates, debt settlement involves lowering balances. According to a New York Times article, companies that negotiate debt settlements have grown from 300 to over 1,000 in the last few years. Deanne Loonin, an attorney with the National Consumer Law Center, an advocacy group for low income people, quoted in the article, warned that there are many unscrupulous players in the industry: "It's possible there are honest ones," she said, "but I assume they aren't until proven otherwise." The most common complaints against such companies are exorbitant fees and advice that can get clients into legal trouble.
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Home Equity at Lowest Level Ever
For the first time since 1945, when the Federal Reserve began tracking home equity, American homeowners' percentage of equity in their homes has fallen to below 50 percent. As reported on CNN.com, analysts blame the decline on a surge in cash-out refinancing, home equity loans and lines of credit, mortgages for 100 percent or more of a home's value, and a decline in home values. According to Moody's Economy.com, about 10 percent of homes will have zero or negative equity by the end of this month.
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Getting by on Credit Cards
More financially squeezed people are making their credit card and car payments higher priorities than their mortgage payments. As reported in USA Today, "It suggests that some people essentially have given up trying to stay current with their mortgages and instead are focused on using credit cards to squeak by." This is a reversal from the historic norm where people put their home payment ahead of other payments. But with many people now owing more than their homes are worth, one credit counselor quoted in the article said, "A lot of people are exhibiting a kind of fatalistic behavior to their mortgages."
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The Best Free File Tax Programs
Have you filed your tax return yet? If not, you might consider using one of the low-cost, IRS-approved e-file software programs click here. Workers earning less than $54,000 in adjusted gross income have access to free IRS-approved software programs through Free File click here. The key question is which program to use. Under Free File, there are 19 to choose from. Recently, the editors at FiLife.com click here, an edgy and informative personal finance blog, put all 19 programs to the test and came up with a helpful chart see article that rates each one and highlights their pros and cons.
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Have you ever counseled someone and felt frustrated by his or her lack of progress? You give them great advice, but they stay stuck right where they are. Maybe it isn’t more advice that’s needed, but more listening and understanding. That point was driven home to me in a seemingly unrelated context.
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In an effort to move cars in a sluggish economy, vehicle finance companies are rolling out longer loans, and they're finding receptive buyers. As shown in the first slide, the most popular auto loans are those lasting 72 to 78 months. Some companies are even offering loans stretching to 96 or more months, making them seem more like mortgages. As one analyst explained, today's car buyer is a payment buyer: "Consumers shop with their payment in their heads. They go in and say, 'I want to pay this much per month.'”
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Budget Course Participant Guides
Don't forget to take advantage of quantity discounts when you order participant guides for your upcoming courses. Click HERE to check it out.
40 Day Spiritual Journey To a More Generous Life
This best selling 40 day devotional from Rev. Brian Kluth is now available at discounted rates to your ministry. Check it out HERE.
Debt Reduction Workshop
Consider following up your Budget Course with the two hour Debt Reduction Workshop as additional help for those with serious debt problems.
Pursuing Spiritual Transformation: GIVING
For those looking for a small group study to go beyond the Budget Course, consider this seven-week study that deals with money, debt, a biblical lifestyle and developing a heart of compassion. Read more...
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