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To Your Success!
Ericka Young

To sign or not to sign?

We always want to help someone out with their financial situation don’t we?  Maybe it is our daughter who is just starting out life with a new job and doesn’t have the cash to get a new car.  Maybe it is your brother who has been unwise with money and needs a house to live in but his credit is shot.  In these circumstances we are tempted to co-sign on a loan or document ensuring that our loved one can “get ahead” financially speaking.  What this really does is obligate you to pay if they default on the loan or agreement.  What the bank is saying is that they don’t trust your loved one with the debt.  Simply put; if they don’t trust that person to pay the debt neither should you.  If Sally doesn’t pay her car note every month, and the car is repossessed and auctioned off, then the bank will come after you for the difference of what is owed and what it sold for at auction!!  If your brother is late on his mortgage the lender may not call you, but your credit will show late pays.  This can also affect your debt to income ratio because you are liable for another debt even if the item isn’t yours!  Think about this the next time you have to decide to sign or not to sign…

“A man void of understanding striketh hands, and becometh surety in the presence of his friend.”

-                        Proverbs 17:18

Put your credit on ICE!

Are you looking to get out and stay out of debt?  Have you been a victim of identity theft?  Have you paid off most of your debt and are not looking to need credit much anymore?  You may be in a good position to put the freeze on.  Make your credit report ice cold!  Freezing your credit report prevents nearly everyone from using your name to take out a loan or sign up for credit including yourself.  This is an extreme measure that can now be taken by residents of all 50 states.  All you need to do is send a letter to each of the three credit reporting agencies to request a freeze on your report.  Fees vary by state and can range from $0 to $10 per agency to place and lift the freeze.  If you have proof (a police report) that you’ve been a victim of identity theft typically the freeze is free.  Although freezes don’t stop someone from stealing your credit card information and using it, this action can help protect you from those who wish to use your name and identity for fraudulent purposes.  We all know that identity theft is on the rise.  The credit freeze is something you can do immediately to protect yourself.  Just remember that nowadays you may need to suspend the freeze to get a new insurance policy, cell phone or utility service, rent an apartment or gain employment.  Get more information at www.financialprivacynow.org.

FREE FOOD Again!!

Our Dream Dinners night was a great success!!  If you missed the free food, fun, and networking be sure to join me for our next Dream Dinners Sneak Peak.  On Wednesday December 6, 2007 at 6:30pm Tailor-Made Budgets will host a Sneak Peak locally at Dream Dinners on Val Vista and Ray.  You will be able to hear a talk about what Dream Dinners has to offer, assemble your own FREE meal that feeds 4 people and have some fun!  Try it once for free and see if this could be a possible way for you to stay on budget with your dining out category.  If you are interested, simply send me an email so I can get you an official invitation and more details.

November 2007

Chris and Ericka Young are Dave Ramsey Certified Financial Counselors! 

Call (480) 200-2516 today for a free 30 minute consultation to see how they can help you achieve your dreams and goals!

Anyone who refers a new client to Tailor-Made Budgets will receive a $20 Costco card.  So get the word out and enjoy my favorite shopping spot!!

TMB Answers!

Do you have financial questions that need answers?  You are not alone and I was not alone either.  The issues and concerns you have about money are not yours only.  The answers to your questions can help someone else.  Let me know the questions you need answers to and they will be answered in the next newsletter for everyone’s benefit.  Don’t be shy… no one will know you asked the question but everyone will gain more insight and wisdom from the answers provided.  Remember… the only stupid question is the one that isn’t asked.