Indiana First Time Home Buyer Tax Credit Extension

Posted by admin on October 29th, 2009 | 0 comments


Indiana First Time Home Buyer Tax Credit Extension

While Indiana home sales are dipping due to the final days of the first time home buyer tax credit, congress is being urged by President Obama to extend the very successful stimulus for a few more months. If you haven’t purchased your first home yet, you might not be out of luck.

With talks in the works to extend the tax credit, congress is also discussing whether or not to change the credit to include all Indiana home buyers, not just first time home buyers. Instead of the $75,000 income limit for the first time buyer credit, congress is discussing setting a $125,000 limit, which would allow for many consumers to take advantage of this stimulus.

The new deadline being discussed is April 30, 2010. We’ll keep you updated!

If you’re thinking of using your taxes to dig yourself out of debt, give us a call first! 1-888-386-3618

Money Saving Tips for an Indiana Holiday

Posted by admin on October 27th, 2009 | 5 comments
 

 

 

Money Saving Tips For An Indiana Holiday

 

It’s that time of year again, Indiana.  It’s the time of year when you eat too much and spend more money than you have, and dipping into that credit card becomes all the more tempting. Of course we all want to get our friends and relatives the perfect gift to show them how much we care, but using the credit card should not be an option, especially if you’re already in debt or are recovering from financial strain.

As an Indiana consumer focused site, we like to help you out with some money saving tips for the holidays to keep you away from using those credit cards. This is the time of the year when putting the “holiday” credit cards in a box in the closet is probably your best option.

  1. Hide your credit card. If you can’t afford to pay cash for it, then you probably can’t afford it at all. Do whatever you can do to avoid using your credit card to pay for holiday gifts. It’s extremely difficult, we know, but if you’re already on that Indiana road to debt relief why dig out some deep potholes and valleys in that road? If you don’t have the money, now is not the best economical time to be spending what you don’t have.

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  2. Look for deals. Buying the Indiana Sunday paper might seem like a waste of money to some people, however that $1.50 could save you hundreds in coupons and sales. The coupons will be mostly for you, but the advertisements for sales in your neighborhood, whether it’s Carmel, Greenwood or Evansville, could save you hundreds on your holiday shopping. Be patient, but also ready to pounce when you see a good deal. And remember to always, always take the advertisement with you to the store. By taking the advertisement with you into the store you can be sure to get the right price. (Keep in mind that you can always take the advertisement to another Indiana store and ask them to beat the price. This might take some patience, but it will save you money. Most retail stores will beat competitor advertised prices, so do your homework before you go out for your holiday shopping and get the best price.)

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  3. Black Friday shopping. Most people avoid Black Sunday at all costs. The crowds and aggressive shoppers can be a bit too much for many; however the deals that you can accrue on Black Friday might make the battle worth it. If you have the courage to face the masses and get up before the sun the day after Thanksgiving, you might actually walk away with some great deals. But, like everything else, DO YOUR HOMEWORK, and read all the advertisements to be sure that you hit the right stores and get the best deals.

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  4. Don’t be afraid of thrift stores. If I’ve said this once, I’ve said it a million times, Indiana thrift stores are a great find. Stores like Goodwill are great resources for amazing deals. While everything is already marked down considerable, hit these stores on their discount days to pick up holiday gifts for next to nothing! Sure, these items are used and might not be brand new, but what better way to find something with a bit of character? Looking for some new outdoor furniture, wall décor, or kids’ toys? These stores are a great place to pick up inexpensive items that are still in great condition.

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  5. Avoid store credit cards! This holiday season there will be hundreds of stores advertising no payments, no interest, no fees, no worries on their store cards. This is a great way to buy as much as you want for nothing, feel great about the presents that you get your family and friends, and then end up in massive debt only a few months later when the ‘no interest’ months race by. This is also a great way to end up getting nothing for anyone next holiday because you’re strapped in debt paying for last year’s gifts.Store cards are never a good idea; unless you already have the cash set aside to pay them off and are looking to build up your credit. I would never suggest getting a store card simply for holiday purchases.

 

The big way to stay out of debt this holiday season is to DO YOUR HOMEWORK! Seriously, take your time, be patient, and start early. The best way to avoid using your credit card on holiday purchases is to buy what you can afford. And the best way to buy what you can afford is to dig a little deeper into the newspaper, online, and thrift stores. The deals are out there, you just have to have the patience to find them. Good luck!

If you do happen to get into trouble and find yourself in debt this holiday season, don’t hesitate to give us a call. We’re one of the only companies around that will settle your debt for no upfront fees! Call to find out more! 1-888-386-3618
 
 

 

Indiana Bankruptcy Numbers from Medical Bills

Posted by admin on October 22nd, 2009 | 6 comments

Indiana Bankruptcy and medical bills; you could say the two terms literally go hand in hand these days. It’s amazing when you take a moment to stop and really look at the numbers. Take into account that we are heading for a record-breaking bankruptcy year, it’s extremely difficult to ignore the fact that “something’s gotta give.”

According to CreditCards.com, we are on a fast track to filing 1.4 million bankruptcies this year nationwide. We’re already at over 1.07 million, and the number is climbing very fast. Wrap this number around your head; 6,000 bankruptcies are being filled every month nationwide!

In Indiana, just in this year so far there have already been almost 36,000 bankruptcies filed. That’s 1.54% higher than last year and on track to be the 4th highest bankruptcy numbers in the nation! With Indiana’s unemployment rate at almost 10%, and Indiana credit limits lowering while fees are skyrocketing, it’s not wonder bankruptcy records are being broken.

Sure, Indiana consumers are learning how to budget more efficiently. We’re also learning how to keep food on the table and make more than the minimum on the credit card during these rough economic times, but it’s not enough to keep medical expenses down and avoid the inevitable illness and accidents. That’s why lobbyists, legislators, and politicians, as well as hard-working consumers, are taking up the charge and asking for a change in the bankruptcy system.

According to the Associated Press, the proposed changes would look like this:

  • Waive the means test and credit counseling requirements.
  • Allow debtors to protect their homes from creditors, with an exemption of $250,000.
  • Give debtors the option of paying attorneys fees when they are on firmer financial ground after completing the bankruptcy.

People file for bankruptcy in Indiana or many different reasons. The most common would be divorce, credit card debt, and medical bills. Recent numbers have shown that of the millions of bankruptcies filed in 2007, 62% of them were due to medical related issues. Of that number, over 70% of those consumers already had medical insurance, but it wasn’t enough to keep them above water.

Let’s stop and think about this for a moment. If we are on track to rack up 1.4 million bankruptcies this year alone, and 62% of them will be medically related, that’s almost 870,000 people who will be so devastated by medical debt that they will have to file for bankruptcy. If that doesn’t put things into perspective, I don’t know what else will.

Here’s where it gets interesting. If you have to get a transplant, and your insurance is only willing to cover $10,000 (which I overheard was in fact a reality for a local Indiana couple who had insurance) how much is coming out of your pocket? In reality, how much is coming out of your credit balance as well, and then your home, and then anything else that you can get money from to simply stay alive?

Most Indiana patients who are dealing with a medical emergency cannot work, thus they can’t pay their bills. In these situations, credit card debt piles up so quickly, and the Indiana creditors start harassing so aggressively, that any thought of staying relaxed and in a healthy state of mind is nearly impossible. When you’re stressing about your mortgage and credit card debt, and considering bankruptcy as an option, how are you going to get healthy? Tack onto that your medical expenses that your health insurance didn’t cover and you’ve got some serious problems.

Indiana debt settlement is a great alternative to filing for bankruptcy. If you have used up your “emergency only” credit card, and are looking for alternatives to filing for bankruptcy in Indiana, we can help you take back control.

Currently, bankruptcy is bankruptcy, and whether you are filing due to a divorce, credit card debt, foreclosure, or medical expenses, it’s all the same. The bankruptcy code “does not distinguish between debtors driven into bankruptcy by medical bills and those who become insolvent through poor planning or reckless spending.” (DelawareOnline.com) That is why a subcommittee was held this week to discuss the proposed changes. Hopefully a decision will be made soon.

It’s rough out there, but we are here to help. There are alternatives to filing for bankruptcy in Indiana. Give us a call at 1-888-386-3618 for more information.

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