July 10, 2007

OPEN THOSE ENVELOPES!

If you have a credit card and any debt PLEASE do not avoid looking at the bill. Look at the bill monthly. Create and discuss with supportive friends, family members, a financial coach, mentor etc. different strategies that you could do to possibly get rid of your debt for the long term. This will allow you to save on hidden fees, late fees, fluctuating and rising interest rates. As afraid as you may be to confront the buried pile of credit card bills, I urge you to face them any way. Facing it now could save you thousands of dollars.

As many of you may recall, it's my mission to get out of debt in one year. My financial advisor's plan was going to take three years to remove my $14,000 debt. I am holding fast to my goal despite what may be in front of my eyes. Continuously things have been occurring that have helped me to believe that I could make my goal. I have received bonuses at work, a huge tax refund and other small surprises that contributed to reducing all but $300 from the first of my three credit cards. I was really getting excited. Then suddenly I received a notice from the two other credit card companies that they are going to raise my interest rate from my current percentage of 16% to 24%. If I didn't want to accept this I needed to write them a letter so that the interest on the remaining balance would stay the same. However, new purchases would be at the new higher 24% interest rate.

I haven't used either of these cards in months. Instead, I have just been steadily paying them down. The fact that they would now choose to double my interest rate was astounding to me. When I received the first letter, I couldn't react. I did nothing, hoping it would just go away. But when I received my next bill, clearly the 24% interest had been implemented. Now I was annoyed that I hadn't done anything. So, I decided to take action and call the second credit card company. They replied, "looking at your balance we really want you to just pay it down at this point." After ignoring the customer service representative's attempt to make me "feel bad" I asked several questions and learned that my option was to accept the 24% interest rate or close my account to retain the 16% interest rate on my remaining balance. The irony is that all I had been doing was paying down the card! I closed that account.

Regardless of your debt amount - $400 or $100,000 - the key is to be proactive. Start by opening your envelopes. We are giving away so much money to these credit card companies. It isn't that we aren't paying it off - it's just that there is a large hole on the other side that only grows and grows with each envelope we don't open. Unless you are facing it head on and being proactive, the debt will not go away. Yes, we live in a society where we have to use credit. But use credit cards only as they were intended. Pay for what you have charged within 30 days. If you can't, don't buy it. Credit cards seem "free" in the moment. Make no mistake -they are not. Open the envelopes, create a plan, build support systems, so you're not doing it alone. Make the calls, write the letter, make arrangements, get your FICO score and be informed. It is your hard earned money that is being poured down the drain each time you choose to not open an envelope. The past is the past. Whatever you owed, whatever mistakes were made - let it go. Start now by taking action! Stop throwing thousands away.



Samarra Am Management Events
(3) 1 hour appointments for only $20.00. Reduced from $60 for this one day only!
First come, first served.
Monday, July 23rd 6pm-9pm
Credit Card questions: Let's discuss any issues or questions you have about your credit cards. Let's open a few envelopes and formulate a plan of action together.
Email me at samarra_am_management@yahoo.com or call me at 718-350-6095 to reserve your time slot today!

July 30th "Emotional Money" Interview with Cynthia Magg
Turtle Bay Nutrition-nutritional consultant


UPCOMING EVENTS:
Sterling Investment Management, Inc
Free Teleseminar
"...this is the perfect time to do a financial review - to ensure you are maximizing your earnings, following a smart savings plan, investing appropriately and spending your money wisely! And that's the focus of this month's tele-seminar...my interview with Manisha Thakor and Sharon Kedar, the authors of "On My Own Two Feet" - A Modern Girl's Guide to Personal Finance. " A book that is perfect for beginners, perfect for those who need a refresher and perfect for a quick summer read (it's less than 200 pages!)."

Mark your calendars for Tuesday, 17 July at 8:00pm!
Date: Tuesday, July 17, 2007
Purpose: To further expand your awareness about you and your money.
Time: 8:00 - 9:00 p.m.
To register contact Jacquette M.Timmons at jacquette@sterlingchoices.net.


JOB/SCHOOLING OPPORTUNITY
Nursing Program / Free Tuition

If you know of anyone between 18-28 years old, interested in the
Nursing field, University of the District of Columbia (UDC) is
offering FREE tuition, FREE books, a $250 monthly stipend, and
guaranteed job
placement as a nurse at Providence Hospital upon graduation
(it's a
3-year program) with a starting salary of $40,000.

The program is recruiting new students now!!
Please contact Ms. Beshon Smith (202) 266-5481 or email
Bsmith@urbanalliance.org



If you have an upcoming event, seminar, performance, etc. please email me at samarra_am_management@yahoo.com. It may be exactly what someone has been looking for.
____________________________________________________
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Copyright 2007