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Financial Literacy Month blog

We hope you enjoy reading some of our thoughts as we join you on the path to financial wellness and we encourage you to yours. If you would like to follow our path on a more micro-level, we will be using twitter to chronicle our days.

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Sometimes, it’s easier not to do something

Posted by Kim McGrigg on 4/24/2008

I realize that money management are usually focus on what or how to do something; however, I am in a contrary mood today. Therefore, I am going to suggest five things that you should not do instead.

    1.Don’t pay someone to “fix” your less-than-perfect credit reports. There is no company or person that can repair your credit any better than you can.

    2.Don’t make the mistake of thinking that a divorce decree matters to your creditors. A divorce decree is between you and your spouse; not you and your creditors. If this becomes an issue for you, your best bet might be to find an attorney who can explain your rights and responsibilities.

    3.Don’t ignore your interest rate(s). Even if you have a fixed rate, it is likely that your creditors can change it because of something called a Universal Default Clause.

    4.Don’t think that you can just give a car back. If your car gets repossessed, it is probably not the end of your responsibility. Repossession is one of the most misunderstood aspects of collections.

    5.Don’t cosign a loan. Period.


Read what Mary Rowland had to say in her article titled Why you should never co-sign a loan:

“Collectors go after the person who offers the best chance of recovering the money. If a loan becomes delinquent, a collector can choose to call you, harass you, rather than your friend or relative, if the collector sees that you have a much better repayment record. Even if the loan is repaid on time each month, another lender may consider the amount of debt that you co-signed when determining if you already have too much credit. In other words, if you've added your good name to someone else's debt, it could be counted against you if you need a loan.”

Now it's your turn to add to our growing list of financial dos and don’ts!
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