TALKS BETWEEN THE U.S. AND
CHINA PICK AMAZON JUMPED 3.4%
SURPASSING MARCUS OFF AS THE
MOST VALUABLE PUBLICLY TRADED
U.S. COMPANY PICKED THE DOW
JONES INDUSTRIAL AVERAGE ADDED
98.60'S AT 23,005 31.
THE NASDAQ ROSE 4 POINTS TO
6008 23 AND THE S&P 500 ROSE 17
POINTS TO 2000 549.
IS YOUR MONDAY AND MAYBE
THERE IS MORE MONEY THAT WAS
SPENT DURING THE HOLIDAYS THEN
YOU SHOULD HAVE.
ACCORDING TO A SURVEY BY
FIDELITY INVESTMENTS, NEARLY A
THIRD OF THEM AMERICANS ARE
MAKING A FINANCIAL NEWS
RESOLUTION.
STRUCK AMONG THE MOST IMPORTANT
MONEY RELATED GOALS PEOPLE
LISTED AS PAYING OFF THEIR
DEBTS.
IT'S NOT EASY BUT IT ALSO DOES
NOT ALWAYS HAVE TO BE AS HARD
AS YOU THINK.
THAT'S WHY WE HAVE OUR EXPERTS.
THEY ARE HERE WITH MORE TIPS
FOR US.
FIRST OF ALL THE MOST IMPORTANT
THING LIKE MANY THINGS THAT
MAKE A PLAN.
BY MAKING A PLAN YOU ARE
GOING TO LOOK AT THE AMOUNT OF
DEBT.
OFTEN TIMES PEOPLE THINK IF
THEY DON'T LOOK AT IT WILL GO
AWAY THAT WON'T HAPPEN.
THE FIRST THING YOU HAVE TO DO
IS LOOK AT THE AMOUNT OF DEBT
YOU HAVE ACCRUED.
DECIDE CAN I GO AHEAD AND
ELIMINATE THIS IN LARGER
PAYMENTS.
FOR INSTANCE IF IT'S $1000 YOU
CAN ELIMINATE THAT WITHIN THREE
MONTHS.
BY PAYING $333.
LET'S SAY YOU CAN'T DO IT,
THOUSAND DOLLARS IS TOO MUCH.
LET'S SAY YOU CAN MAKE BIWEEKLY
PAYMENTS.
THAT WILL BE THE FIRST PART
FIGURING OUT HOW MUCH YOU OWE
AND CREATING A PLAN TO
ELIMINATE IT.
WANT TO HAVE THIS PLAN WHAT
YOU TACKLE FIRST ?
THE FIRST THING YOU'RE
GOING TO TACKLE HER THE CREDIT
CARDS WITH A HIGHER INTEREST
RATES.
GO TO LOOK AT THOSE ONES ARE
22%, 25%, 23%, THOSE ARE THE
ONES YOU WANT TO TACKLE FIRST.
I READ FINANCIAL ADVICE
THAT SAID FIRST YOU PAY
YOURSELF AND THEN YOU PAY OFF
YOUR DEBT LIKE FIRST TO PUT
AWAY SAVINGS AND THE NEW PAY
OFF YOUR CARD DEBT .
A I TOTALLY AGREE WITH
PAYING YOURSELF FIRST.
I AM IN AGREEMENT WITH THAT.
HOWEVER, DEPENDING THIS IS
WHERE IT GETS INTERESTING.
LET'S SAY IF YOU'RE SAVING IN A
REGULAR SAVINGS ACCOUNT WHERE
YOU ARE EARNING 0.6%.
BUT WHEN YOU LOOK AT YOUR
CREDIT CARD DEBT, YOU ARE
PAYING 22 TO 33%.
ARE KEEPING THAT MONEY IN THE
SAVINGS ACCOUNT JUST SO YOU CAN
CREATE THAT NEXT EDGE THAT YOU
ARE LOSING BECAUSE INTEREST ON
YOUR CREDIT CARD DEBT IS WAY
HIGHER THAN THE INTEREST YOU'RE
EARNING.
YOU MAY WANT TO RECONSIDER THAT
PLAN IF YOU HAVE HIGH DEBT.
WHEN HE COME UP WITH A
PLAN, WOULD YOU CONSIDER, WHAT
DO YOU RECOMMEND COMING FIRST ?
ENTERTAINMENT?
LET'S SAY YOU SAID HEY I
CREATED ALL OF THIS DEBT.
YOU SAVE WHAT AM I WILLING TO
GET OVER SO I CAN ELIMINATE
THIS FOR TEMPORARY TIME.
SO I SHOULD GO OUT AND CUT OUT
CERTAIN THINGS TO MAKE A
PAYMENT.
SAY THIS IS HOW MUCH IT COST US
THE FINANCE CHRISTMAS THIS
YEAR.
OVER THE NEXT THREE OR FOUR
MONTHS HERE'S WHAT WERE GOING
TO DO.
TO REDUCE OUR ENTERTAINMENT,
CUT OUT EATING OUT, SOME
CLIENTS I LOOK AT, THEY SPEND
$500 ON GOING OUT TO EAT.
A FEW DID THAT FOR YOUR CREDIT
CARD DEBT FOR THREE OR FOUR
MONTHS, YOU CAN ELIMINATE YOUR
DEBT IT'S ALL ABOUT SMALL
LOSSES WERE SHORT AMOUNT OF
TIME FOR BIG WINS LATER.
IS IT TRUE YOU CAN CALL IT
CREDIT CARD COMPANY AND ASKED
THEM TO LOWER THE INTEREST
RATE?
DEPENDING ON YOUR CREDIT
SCORE I HAVE SEEN IT HAPPEN.
I SING WITH MY CLIENTS CALL AND
FAITHLESS AND I WANT TO GO
AHEAD AND GET RID OF THIS
AMOUNT OF DEBT.
I WANT TO ACCELERATE IT AND
MAKE SURE MY PAYMENT IS GOING
TO PRINCIPAL INSTEAD OF
INTEREST.
I HAVE SEEN THAT DONE.
THE OTHER THING YOU CAN DO IS
TO BALANCE TRANSFERS.
YOU COULD GET 0% INTEREST SO
THAT YOU CAN MAKE SURE WHEN
YOU'RE PAYING OFF THE DEBT IT
IS GOING DIRECTLY TO PRINCIPAL
AND NOT GOBBLED UP AN INTEREST.
ARE YOUR PROPONENT OF
GRABBING SCISSORS AND CUTTING
UP THE CREDIT CARD?
I ALWAYS SAY CUT BUT DON'T
CLOSE.
YOU CUT UP THE CREDIT CARD AND
THIS TIME, YOU DON'T WANT TO
CLOSE THEM YOU JUST DON'T WANT
TO USE THEM.
DOING THAT WILL HAVE A NEGATIVE
IMPACT ON YOUR CREDIT SCORE
BECAUSE IT'S ALL ABOUT CREDIT
RATIO.
YOU DON'T WANT TO DO THAT.
YOU CAN CUT IT UP AND YOU CAN
PUT IT ON ICE.
OPENED UP THE FREEZER AND STICK
IT IN THE FREEZER AND SAY THIS
IS ON ICE.
CAN YOU CALL THEM AND SAY I
WANT TO PUT IT ON ICE ?
THAT'S NOT NECESSARY.
TO SAY I HAVE ACCRUED THIS KIND
OF DEBT AND FOR THIS PERIOD OF
TIME I'M NOT GOING TO USE THIS
CARD.
YOU DON'T NEED TO COMMUNICATE
THAT WITH HIM IT'S NOT
NECESSARY.
I THINK THEY WILL BE VERY HAPPY
THAT YOU ARE PAYING THEM AND
ACCELERATED PAYMENTS.
IN APRIL YOU OPENED UP THE
FREEZER INDY GRAB RICARD.
IN THE MEANTIME YOU'RE NOT
SUPPOSED TO OPEN UP A NEW
CREDIT CARD.
IT WOULD NOT BE NECESSARY
TO OPEN UP A NEW CREDIT CARD.
IF YOU'RE GOING TO DO DEBT
ACCUMULATION WALLED DEBT
ELIMINATION YOU'RE NEVER GOING
TO DO DEBT ELIMINATION.
YOU KNOW SOME CARDS WILL
SAY WILL GIVE YOU 30% OFF IF
YOU OPEN UP A CARD WITH US.
IT DEPENDS ON WHERE YOU ARE
WITH YOUR GOALS AT THIS TIME.
IF YOU HAVE GOALS YOU WANT TO
GET SOMEWHERE BY ANOTHER
PROPERTY, FINANCE A BUSINESS,