Jean Chatzky
Jean Chatzky
Jean Sherman Chatzkyis an American financial journalist, author and motivational speaker. Chatzky has given personal financial advice on various TV shows. She is the financial editor for NBC's Today Show...
NationalityAmerican
ProfessionJournalist
Date of Birth7 November 1964
CountryUnited States of America
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If you're not clipping coupons before going to the grocery store, you're overspending. If you're ordering in or going out to dinner because you don't feel like cooking, you're overspending. If you're not tracking where your money is going, you're very likely overspending.
If you're comfortable with what you have and who you are, you'll automatically be more comfortable talking about your finances.
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If you're closing in on age 62 and intend to apply for a former spouse's Social Security benefit, don't remarry. You have to be single at the time you apply.
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If you're just starting out in the workforce, the very best thing you can do for yourself is to get started in your workplace retirement plan. Contribute enough to grab any matching dollars your employer is offering (a.k.a. the last free money on earth).
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If you live in a yard sale kind of neighborhood - in good weather, most neighborhoods are crawling with them on weekends - do a sweep to see what the competition is charging. No one is going to buy your $7 book if they can get it down the block for $1.
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Even in the days of the tightest credit in 2008, HELOCs [ home equity line of credit ] and home equity loans were being made.
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Get your friends involved. Let your shopping buddies know that you're on a tight budget, and they can help you out when your willpower starts to weaken at the mall.
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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.
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You need a clear, legitimate excuse for why you're behind [the bankruptcy], such as a layoff, divorce, or medical emergency. Be prepared to back up the circumstances with supporting documents. Anything you have to substantiate your story - including proof that you have, for instance, been actively looking for a new job - will help.
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In most cases, if you've gotten to this point, you've already received a letter or phone message from your creditor with the name and extension of a representative. If you haven't, you can call the toll-free number on your bill, but keep in mind that the person who answers may not have the power to negotiate a settlement. Ask to speak to someone who is either a supervisor or in the settlement department, if the creditor has one (as many do).
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After explaining why you're in trouble, ask the creditor if the company would be willing to accept a smaller amount. Start negotiations at about 30% of the total amount due, with the end goal of paying 50%.
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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.
One thing I want to make clear: You never want to hide from your debts. It doesn't work.
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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.