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2013 Special Edition 2013 Volume 3 Issue No. 12
Serving the Inland Empire
December/January 2014
Yes We Can Newspaper Celebrates and Says Goodbye To A Great Year 2013
Merry Christmas & Happy New Year!
We Invite All To Become Partners With Yes We Can Newspaper In Spreading Good News In A World Where There Is Enough Bad News.
Don't Let Black Friday Lead to the January Blues By Sheri Stuart Riverside, Calif. – Americans can be generous – to a fault and never is that character trait more evident than during the holiday shopping season. At this time of year, millions of people put their financial common sense on the shelf, tucking it away into a winter hibernation of sorts, thereby making it much easier to take part in the once per year phenomenon known as Black Friday, the mother of all shopping days. The problem with this practice is that financial reality is just around the corner, never failing to emerge in January as a mailbox full of credit card statements. With avid shoppers counting down the days until the Black Friday bonanza, Springboard Nonprofit Consumer Credit Management, Inc. offers the following 10 reminders of the ramifications of overspending: 1. Adding new debt on top of old is never a good idea, yet many people will
enter the 2013 holiday shopping season still paying for 2012 purchases. When debt is carried over from monthto month, cardholders lose the benefit of a grace period, the time during which a person can pay the monthly credit card bill before interest begins to accrue. When debt is revolved, new purchases begin to incur interest immediately.2. Paying interest on the interest occurs when debt is carried over from month tomonth. When a debt is not paid in full by the due date, interest is added to the balance. This amount adds up over time, creating an impediment to becoming debt free.3. Late fees and overlimit fees can cause balances to grow to an unmanageable level. Issuers may charge a late fee of $25 with the first late payment, and with 45 days’ notice, increase the Annual Percentage Rate (APR) to a higher interest rate on new purchases. However, consumers who make late payments more than once in a sixmonth period may be assessed a
higher late fee with the penalty APR also applied to existing balances. 4. An inability to pay as agreed could result in negative notations on a person’s credit report, with late or missed payments remaining on the report for seven years. Further, the allimportant credit scores are based on information in the credit report. Along with other factors and depending on the extent of the delinquency, the drop could be by as much as 100 points. 5. Less credit will be available on existing cards. Credit cards have a spending limit beyond which the user cannot charge without penalty. Since no one knows what tomorrow holds, over utilizing open lines of credit can leave a person without a credit safety net for future purchases, unplanned expenses or emergencies. 6. Diminished access to new or additional credit can be the result of irresponsibly handling existing credit. Issuers are less likely to extend more
Yes We Can Newspaper presents Welcomes Something Funny Comic The comedic cartoon works of southern California artist , Cynthia Wierschen will be the latest addition to the Yes We Can community newspaper. Adding another dimension to her artistic skills, Cynthia's Funny Something cartoons are sure to be a hit with our readers! When not sculpting, painting or working on her cartoons, Cynthia keeps busy with her Online art gallery at: www.theartofcynthia.com where visitors get to see the variety of her art work. Cynthia's many years of experience include independent art shows and having her designs on a line of casual wear. She also teaches art to children and often appearing as guest artist on a cable talk show. College and private studies combined with a natural God given and blessed talent, have given her phenomenal skills. If asked whether she has reached her goals, Cynthia is quick to say no. “I have a whole lot of ideas still”. “My goal for Funny Something, she says, is to make people laugh, giggle or smile. If I can do that, then yes!, I've reached one of my goals”.
credit to a person who cannot manage current debt obligations. If credit is granted, it will likely be at a higher interest rate. 7. Beyond credit cards, decisions involving Insurance, renting an apartment, establishing utility or cell phone services, or finding employment can be affected by a person’s ability to manage debt. 8.Servicing a large amount of debt can diminish the amount of money available for other necessary components of financial stability such as saving or investing. 9.Bills not paid on time can have very serious consequences including collection efforts, lawsuits, judgments and wage garnishment. Each of these can have a longterm negative impact on a person’s daily life as well as future borrowing power.10.Overspending can force a person into making desperate choices such as resorting to payday loans, pawn shops, bankruptcy or debt settlement. “Now is the time for financial awareness,
not after the damage is done,” said Melinda Opperman, Springboard’s senior vice president. “Consumers need to ask themselves if taking on unmanageable debt this holiday season is worth putting their financial wellbeing at risk.” For a quick and easy snapshot of their current financial picture, Springboard urges consumers to utilize the free online financial selfassessment tool at www.MyHolidayCheckUp.org. Doing so in advance of holiday shopping positions a person to make wise spending decisions, a gift that will last long beyond the holidays. For help constructing a workable holiday budget, or to discover how to pay off existing debt, consider the Sharpen Your Financial Focus™ program available online at http://www.sharpentoday.org. To begin the program, contact Springboard by calling 800.449.9818.