aseaps2019, Author at Aseaps2019

Identity Theft: Self-Protection Tips and Information

Posted on April 15, 2020March 18, 2020 by aseaps2019

Identity theft occurs when someone uses your personal information against your knowledge of goods and services, including lines of credit, credit cards, and loans. According to the Federal Trade Commission, over 27 million Americans have been victimized by identity theft.

Identity theft can lead to major problems including loss of money when funds are fraudulently taken from your banking account, a lower credit score, and may even lead to a fraudulent criminal record.

The best way to prevent someone from misusing your identity is to protect yourself. By following the tips below, you can lower your chances of identity theft and better secure your reputation, credit, and good name.

The first thing you need to do is secure your personal identifying information.

This means only provide your social security number when absolutely necessary, leave your card and number in a secure place and shred all documents that have your social security number on them.

Secondly, you will want to pick up your mail on a routine basis. If possible, place a lock on your mailbox and shred rather than discard any mail that has any of your personal information on it, such as pre-approved credit card offers, bills, and similar mail items. You should also mail your bills via the local post office rather than using the drop boxes.

Thirdly, you will also want to secure any documents that you need in a safe or lockbox that contains account information, PIN numbers, and the like.

This includes bank statements, credit card statements, and personal checks.

Lastly, you will need to safeguard your computer. Although computer hacking represents the smallest amount of identity theft, it still occurs on a daily basis.

To protect yourself, you will want to always maintain an anti-virus program and keep it updated and running on a continual basis. Never open an unsolicited email or any email that asks for account validation of information unless it was specifically initiated by you.

Many hackers and thieves set up websites identical to the true Web sites which you may conduct business with.

You must pay attention to the URL or website address of the site you are utilizing to ensure the protection of your information. It is also best not to save your passwords on your computer as your computer may be stolen.

To help you identify if you have been the victim of identity theft and to minimize your exposure, there are several things you can do:

Check your credit card and bank account balances often to ensure there are no suspicious or unknown transactions that have occurred.
Consider subscribing to a credit monitoring service. All of the major credit reporting agencies provide this service for a nominal fee.
Check your credit reports, monitor your account statements, and become suspicious if you receive any phone calls from a collection agency regarding an account you are unaware of. By doing these things, you will minimize and protect yourself from identity theft.

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Basics of Money Management for Kids

Posted on March 17, 2020March 18, 2020 by aseaps2019

In this era of living paycheck to paycheck, it is only wise to teach our children about money and finances at an early age.

In addition to instilling financial responsibility, it will also help with everyday math and decision-making skills.

Here are a few good tips to start with:

1) Give your children an allowance each week for doing age-appropriate chores around the house.

You could also give “bonus” incentives for good school grades. Set the terms of the allowance to be received, and make it clear and concise to the child.

Example of a 6 yr old child: Make his/her bed daily, and keep their room clean. Set the dinner table daily, help with pets, pick up the yard, help clear the dinner table, or take out the trash.

If all their chores are completed each week, give them their full allowance; if anything is missed, or not completed, deduct some from the allowance.

Explain that this is the way a job works, you get paid for what you do, and don’t get paid if you take time off.

2) Build math and money skills early on.

Sit down with your child and go through the money relationships, i.e. four quarters = $1.00.

When the child has a good grasp of this concept, next time you go grocery shopping, let them pick out some of their cereal, snacks, drinks, etc. Set a dollar limit for the purchases and let them go.

When they are finished, review their selections with them. You can discuss alternative choices to save money or to stretch the budget further.

For example, the child chose a 12-pack of A&W Root Beer. Show them that by buying the store or generic brand of root beer they could save X amount of money. Same with snacks and cereal.

This will make them a more thrifty shopper. On another note, while shopping, have them check for expiration dates on specific items such as milk. Explain the importance to them.

3) Teach responsibility and judgment.

Have the kids make a “spend” jar and a “save” jar.

Let them decide how much they will put into each, weekly.

For their “save” jar, make a simple bank book using Word or Excel, and help them make appropriate entries into the “book”. Discuss the role of banks, and how they work.

https://www.youtube.com/watch?v=QQgOJoZduRc

Offer incentives for their “savings”, such as: at the end of the month, add up what is in the “save” jar and explain that the bank (you) will pay .05 or .10 for each dollar in the save jar.

Add the amount into the bank book. In today’s world of ATMs, it could be a disastrous effect if ‘fees’ are not considered when balancing money.

Explain this concept to the child. Tell them that every time a ‘withdrawal’ is made from the savings jar, they are subject to a .05 or .10 cents per dollar fee, whatever you had decided for the interest rate.

4) Set rules for spending, however, allow the child to make mistakes as well.

We all learn from our mistakes. If they get their allowance for one week and spend it all the same day, do not give them more money until the next allowance day.

Again, point out the similarity between their allowance and a paycheck. Ask them what they could have done differently in their decision-making.

Don’t be harsh, just explain the importance of budgeting money.

Sit down and set up a budget for older children. See if they can stick to it and that they made it realistic.

Discuss making frivolous purchases, and how to use sound judgment.

5) Finally, kids learn by the example we set.

They need to see parents making sound financial judgments.

Include your children in discussions of making large household purchases, i.e. a new TV, vacation, etc.

Openly discuss any alternatives, i.e. instead of staying at a hotel, we could save $X.XX by camping out, or this TV still works fine, why don’t we hold off on this purchase for a while and watch the sales flyers.

6) Admit fault or problems.

If you have a financial problem yourself, setting priorities or sticking to a budget, consider talking to a credit counseling agency.

Most communities have these, free of charge.

Take your child with you to the appointment, then you can learn together.…

Fair Debt Collection: Communication is Key!

Posted on February 18, 2020March 18, 2020 by aseaps2019

Under the Fair Debt Collection Practices Act, personal debts are subject to collection by a collection agency when the debtor, the person who borrowed the funds, falls behind on required payments.

Whether a home loan or personal credit card, collection agencies are permitted to use a variety of techniques to recover outstanding balances but only when the debt falls into arrears.

As a consumer, understanding the methods by which a collection agency is permitted to recover debt, and suggestions for resolving a debt with the collector will work to improve communication on both sides of the debt collection process.

Under the Fair Debt Collection Practices Act, the debt collecting agency can be the company for which the debt is actually owed or it can be an agency assigned, by the company, for the purpose of collecting the debt.

Collection agencies, as well as the company to which money is owed, may use a variety of techniques to recover debts that are in arrears. Methods such as written communication by email, fax or U.S. Postal Mail are quite common.

As a general rule, the collecting agency will attempt to resolve the outstanding debt through written communication so as to alleviate any unnecessary communication and to alert the debtor of possible issues with regard to past due payments.

When the debtor fails to respond to the collecting agency, and the debt remains in arrears, the collection agency will, as a general rule, begin a more aggressive process in an effort to recover debt including phone calls at the debtor’s home and even at the place of employment.

In addition, the debt collection agency may contact family and friends in an effort to establish communication with the debtor.

While many debtors consider this a form of harassment, in most cases, the debt collection agency is simply attempting to establish a method of communication in an effort to resolve the debt which may even include adjusting payment arrangements.

As a consumer, with debt, it is important to understand that the debt collection agency, whether in the house at the original company on which the debt was established, or a third party agency is permitted to collect a debt under specific guidelines of the Fair Debt Collection Practices Act.

While many individuals choose to ignore written communication and avoid phone calls, this method will, in most cases, not prove beneficial to the debtor.

When unable to pay outstanding debts, for whatever reason, the best method to avoid harassing phone calls and communication from a company is to simply establish communication, be honest about the financial situation, attempt to organize and negotiate a workable payment arrangement.

In doing so, the company to which the debt is owed, as well as the collection agency, will remedy their outstanding financial ledgers and the debtor will sleep more peacefully at night.…

Should You Consider Filing Bankruptcy?

Posted on January 12, 2020March 18, 2020 by aseaps2019

Deciding to file bankruptcy can be an overwhelming decision.

The decision comes with so much turmoil within.

You feel guilty and even ashamed for even considering the option.

Why is that?

It’s because you feel like you should have been able to manage your money and debt a whole lot better than what you’ve accomplished.

Even when it’s not even really your fault and you’re ultimately a victim of circumstances such as experiencing a job loss or some other family crisis that caused you to spiral out of control in your debt, you still have the audacity to feel guilty and ashamed.

To consider bankruptcy, for many, is simply an absolute no-no.

It’s considered to be an undignified action to take on and because of this so many people suffer trying to pay off an insurmountable amount of debt when many times what they really need to do is go ahead and file bankruptcy and get the debt monkey off of their back.

They want to be an honest and moral person, so they continue to try and figure out how to pay this crazy debt that has essentially spiraled completely out of their control causing them distress, worry, and depression while they go from day to day dealing with creditors who constantly call them all day long.

Yet, being honest and moral has absolutely nothing to do with having an extreme amount of debt that you can not handle whether it’s due to making bad decisions in life or due to being a victim of life’s circumstances that has ultimately caused you to have such unreasonable debt.

The point is it does not make a person a bad person if he or she has to file bankruptcy. People don’t always make the right decisions in life.

They are not all-knowing so they make mistakes, bad decisions and experience different unexpected emergencies that result in our having to make decisions that we either thought we’d never have to make.

A bankruptcy will generally last on a person’s credit report for 10 years as opposed to other derogatory information which lasts for 7 years.

There are some misconceptions about filing bankruptcy also.

Many consumers who have homes feel that they will lose their homes if they file bankruptcy, but generally, filing bankruptcy is the only option for saving one’s house.

In addition, many consumers feel that once they file bankruptcy that their credit will never be restored again.

On the contrary, after filing bankruptcy, a consumer gets a chance to have a fresh start and to finally be relieved from all the pressure of the overwhelming debt they once had and after taking a breather to think straight again, the consumer can begin to rebuild his credit again, however, this time it should be done with more attentiveness.

There are creditors who will extend credit to bankruptcy filers to help them rebuild their credit.

The Internet is a good source to search for creditors who will help in the rebuilding of credit after having a bankruptcy.

However, as in any situation, consumers should always consider the interest rate before accepting new credit.

In conclusion, if a person can avoid filing bankruptcy and instead can create a way to dissolve his or her debts, then, of course, he or she should most certainly take that route to avoid having a bankruptcy on his or her credit.

Nonetheless, if a person has an insurmountable amount of debt that he or she cannot handle, bankruptcy or some type of consolidation plan may be the answer for this individual to undertake in order to relieve the distress that he or she may be experiencing and without having to endure shame and guilt for making the decision to do so.…