Retirement Planning Is Essential

Our financial goals change at various stages throughout our lives. Below are some helpful tips and services that may help consumers reach thier debt settlement savings goals.

Mass Mutual reports that as Americans near retirement they have less confidence in the economy and new fears about whether they can afford the high cost of growing older. On September 15, PBS will premiere Retirement Revolution: The New Reality, a documentary that will show several families sharing their personal stories about retirement. For several online retirement calculators, visit www.massmutual.com/calculators.

The Budget Queen Can Help You Save Money.

Visit www.thebudgetqueen.com for a variety of budgeting tools, money tips, and free calculators to help you reduce your everyday spending habits.

Elderly:

National campaign helps elderly with prescription costs. By the end of this summer, more than one million older Americans will have fallen into the "doughnut hole," a coverage gap in Medicare's prescription drug program that leaves individuals on the hook for all of their own drug costs while still paying premiums. AARP is launching a new online resource to help older Americans avoid this dreaded coverage gap. The AARP Doughnut Hole Calculator, available at www.aarp.org/doughnuthole, guides visitors through their prescription drug options using localized information about their plans and prescriptions to determine if or when they will fall into the coverage gap. Visitors can view a graph of their out-of-pocket spending by month, look up lower cost drugs for their conditions, create a Personal Medication Record, and print out personalized letters to their doctors to help start a conversation about safely switching prescriptions. As a part of its Health Action Now campaign, AARP is calling on Congress to close the doughnut hole and lower prescription drug prices so that no one has to go without the prescriptions they need to stay healthy.

National campaign helps elderly with prescription costs. According to Help Senior Homeowners, a non-profit mortgage counseling organization, thousands of senior homeowners (age 62 or older) are already delinquent or in foreclosure. Reverse mortgages are the answer for some but approximately 30% of 12 million seniors who may have qualified for a reverse mortgage two years ago no longer have enough equity in their homes to qualify. Visit www.helpseniorhomeowners.org for more information.

Survey Says More Americans Staying Home To Save Money

According to a press release by Huntington Bank, a survey of more than 1,000 Americans indicated that people have limited cash for non-essential items. According to Huntington Bank, many consumers are trying their hand at home-cooked meals as an alternative to dining out. Many of those surveyed claimed that if they do go out to eat, they think economically. For example, the consumers questioned said they would purchase only one entrée and share it as a way to save money.

When asked, "No matter how bad things get, I will never cut back on..." participants answered that they wouldn't skimp on medical needs. In addition, the participants stated they would continue to pay for cable, Internet or satellite dish as it was generally cheaper to enjoy entertainment at home rather than purchasing movie or concert tickets and attending events.

Credit Answers specializes in debt settlement, credit card debt negotation, debt management and avoiding bankruptcy. Credit Answers team of experts work to enable a new and fresh financial start for individuals with debt problems. We realize the importance of money in people’s lives and also the accompanied strain that debt can cause. Our team has helped thousands of clients across the nation.

Vacation Money Saving Tips

During this time of year many families travel to various destinations for vacation. If you are planning a family excursion, below are some tips and resources that may help reduce your travel costs and put money aside toward debt settlement.

Monitor Your Food Budget

Food can be a major expense on a family vacation. Experiencing the local cuisine is definitely an exciting aspect of a trip, but dining out for every meal can really become a budget buster. Consider packing some non-perishable items like cereal, snacks, peanut butter, jelly, bread, soda, and juice boxes. If you are staying in a hotel, bring a cooler in which you can store milk and ice. You can create some quick meals instead of always visiting a restaurant.

Make It A Family Affair

Instead of staying in a hotel, check out the price of a beach house or condo. You may be able to split the costs with other friends or family members by staying in a spacious beach property. This would also help you save on food costs because most condos and houses are equipped with stoves and refrigerators, which would allow you to cook a lot more meals "at home." Check out the site www.beachhouse.com for a wide variety of vacation rentals.

Search For Discounts

When planning your trip, be sure to search for coupons or special deals on area attractions, amusement parks, and events. For example, if you plan to visit a Six Flags Theme Park, go to their web site and look for special summer deals. The American Automobile Association (AAA) also offers deals for members. Once you arrive at your hotel, pick up flyers and brochures in the lobby that may offer coupons for local attractions.

Time Is Money

MoreBusiness.com recently released the Time is Money Calculator, a free tool that allows anyone to enter their current salary and the price of a product they want to buy to calculate how many work hours it would take them to purchase it. The calculator factors in your tax bracket depending on your salary, so that you will get a more accurate calculation. This resource is designed to help people put their purchases in perspective so they can budget their time and money better. For example, if you make an annual salary of $30,000 and you want to buy a pair of designer shoes that cost $500, it would take you more than 44 hours of work-more than a full work week-to purchase those shoes. Is it worth it? This tool can be a great help for people to use has they put aside money toward debt settlement or savings.

New Laws Affecting the Credit Card Industry

On May 22, President Obama officially signed the CARD Act and the new regulations will take effect in February 2010. This set of laws is a major milestone for the credit card industry and may be instrumental in ending deceptive practices that affect consumers.

How may this affect the credit card industry?

The Motley Fool, a financial education site, indicates that credit card issuers may cut back on certain benefits in order to recoup lost revenue from these new laws. For example, grace periods and cards without annual fees could become obsolete. Credit card perks and reward programs could also be eliminated. As many consumers have also experienced, creditors may continue to lower credit lines to reduce risk. It may also become more difficult for applicants to obtain credit, especially those with weak credit histories.

Credit Card Stats:

A recent study of the 12 major credit card issuers determined that all had one or more rules that would now violate the CARD Act. Below are some findings:

93% of issuers could raise the interest rate at any time

72% of cards included offers of low promotional rates which issuers could revoke

The median penalty rate of 27.99% would add charges of $100 and $180 annually for every $1,000 in revolving purchasing debt

Consumers that are in the process of saving for a debt settlement, should take note of the new laws taking effect.