Jean Chatzky Quotes - Page 2

Quotes about:

• Don't let the fact that you're spending time getting organized result in late fees on your credit card bills.

  Jean Chatzky

  Cards, Credit, Bills

  Jean Chatzky (2008). “Make Money, Not Excuses: Wake Up, Take Charge, and Overcome Your Financial Fears Forever”, p.92, Crown Business

  4 Copy quote

• You fall a bit behind on a credit card bill, your interest rate soars, your minimum payment rises, and you start falling more and more behind every month. You don't see an end. But you don't want to file bankruptcy either. What you can do - and should do - is negotiate.

  Jean Chatzky

  Fall, Cards, Credit

  Source: www.nbcnews.com

  4 Copy quote

• If you are able to settle, you'll be getting off rather easy. Debt settlement companies can sometimes get you off the hook for a large percentage of your debt - in many cases, up to 50% will be written off.

  Jean Chatzky

  Hook, Debt, Able

  Source: www.nbcnews.com

  4 Copy quote

• Pay cash. For some reason, it's harder for people psychologically to part with their cash than it is to swipe a card. Maybe it's the act of physically seeing the money change hands, or maybe it's because you don't want to break a $20 for a $2 cup of coffee.

  Jean Chatzky

  Coffee, Hands, People

  Source: www.nbcnews.com

  4 Copy quote

• You settled a debt instead of paying in full will stay on your credit report for as long as the individual accounts are reported, which is typically seven years from the date that the account was settled. Unlike with bankruptcy, there isn't a separate line on your credit report dedicated to debt settlement, so each account settled will be listed as a charge-off.

  Jean Chatzky

  Years, Long, Credit

  Source: www.nbcnews.com

  4 Copy quote

• If you're filing bankruptcy, you will likely want to hire an attorney. But for debt settlement, a company is sufficient, or as I said, you can often do the legwork on your own.

  Jean Chatzky

  Debt, Want, Said

  Source: www.nbcnews.com

  4 Copy quote

• Sometimes a creditor is willingto do this as a bargaining point - you give the creditor cash in hand, it gives you a positive listing on your credit report - even though you haven't paid the full amount. Get this agreement in writing.

  Jean Chatzky

  Writing, Agreement, Hands

  Source: www.nbcnews.com

  4 Copy quote

• Save for your goals. Take note of what's coming your way - vacations, the holidays, what ever is going to cost you money - and start saving ahead of time so that you have a stash when the time comes.

  Jean Chatzky

  Holiday, Vacation, Goal

  Source: www.nbcnews.com

  4 Copy quote

• Even in the days of the tightest credit in 2008, HELOCs [ home equity line of credit ] and home equity loans were being made.

  Jean Chatzky

  Home, Credit, Lines

  Source: www.nbcnews.com

  4 Copy quote

• If you are, consolidating at a lower interest rate can help you pay off your debt faster. But if there's even a small chance that you'll spiral back into debt, it's not for you.

  Jean Chatzky

  Debt, Pay, Helping

  Source: www.nbcnews.com

  4 Copy quote

• Debt settlement companies work as a middleman between you and your creditor. If all goes well (and that's a big if), you should be able to settle your debts for cents on the dollar. You'll also pay a fee to the debt settlement company, usually either a percentage of the total debt you have or a percentage of the total amount forgiven.

  Jean Chatzky

  Dollars, Debt, Pay

  Source: www.nbcnews.com

  4 Copy quote

• If you have even a smidgen of doubt that you'll be able to stay away from racking up additional debt, don't do it.

  Jean Chatzky

  Doubt, Debt, Able

  Source: www.nbcnews.com

  4 Copy quote

• When you default on a secured debt, the creditor takes the asset that backs up that debt. When you convert credit card debt to mortgage debt, you are securing that credit card debt with your home. That's a risky proposition.

  Jean Chatzky

  Home, Cards, Credit

  Source: www.nbcnews.com

  4 Copy quote

• If you default on an unsecured debt, you won't lose anything (except points on your credit score).

  Jean Chatzky

  Credit, Debt, Default

  Source: www.nbcnews.com

  4 Copy quote

• You also need to understand that when you consolidate credit card debt into mortgage debt - like a home equity loan or a HELOC [ home equity line of credit ] - you're taking an unsecured debt and turning it into a secured debt.

  Jean Chatzky

  Home, Needs, Cards

  Source: www.nbcnews.com

  4 Copy quote

• A consolidation makes sense only if you can lower your overall interest rate. Many people consolidate by taking out a home equity line loan or home equity line of credit (HELOC), refinancing a mortgage, or taking out a personal loan. They then use this cheaper debt to pay off more expensive debt, most frequently credit card loans, but also auto loans, private student loans, or other debt.

  Jean Chatzky

  Home, People, Cards

  Source: www.nbcnews.com

  4 Copy quote

• You'll get much better results by being upfront, answering creditors calls, and responding to their letters. Delaying the inevitable only digs a deeper hole.

  Jean Chatzky

  Letters, Holes, Results

  Source: www.nbcnews.com

  8 Copy quote

• You won't be caught off guard and you won't feel guilty, because you'll be spending money that you've allocated for the occasion.

  Jean Chatzky

  Guilty, Spending, Caught

  Source: www.nbcnews.com

  4 Copy quote

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