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Jean Chatzky Biography

Jean Sherman Chatzky (born November 7, 1964) is 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.

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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).

Cases, Names, Negotiate, Numbers, Phones, Supervisor

Turn down offers for new cards or credit line increases on your current cards. Credit's tight, and chances are, you're not getting many offers anyway. But if you do, remember that the less credit you have available, the less trouble you can get into.

Available, Cards, Credit, Lines, Turn

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.

Allocated, Caught, Guilty, Money, Spending

The interest rate you receive, however, is contingent on your credit score.

Contingent, Credit, Interest, Rate, Score

In fact, the bigger the bill, the less likely you are to spend it. If you want to really save money, spend only cash and carry only fifty-dollar bills.

Bill, Cash, Dollar Bills, Dollars, Fact, Save

Unless you have multiple accounts that you need to negotiate and you think the project is just too big to tackle on your own, you're better off just calling your creditors directly.

Accounts, Big, Calling, Needs, Tackle, Thinking

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.

Card, Coffee, Hands, Harder, People

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.

Cards, Credit, Home, Proposition, Securing

Take the cards out of your wallet. A debit card is accepted just about everywhere that credit cards are, and you'll be spending money you have - always a good thing.

Accepted, Cards, Credit, Wallet

You can have a do-over starting today. But you have to get over the feeling that it's too late

Feeling, Feelings, Starting, Today, Too Late

Most people don't know this, but if you settle a debt for less than the amount you owed, you are potentially responsible for taxes on the forgiven debt. Look at it this way: You received goods and services for the full amount of debt, but you're only paying for a portion of it - sometimes less than 50%. Anything more than $600 is generally considered taxable, but the IRS will sometimes waive the tax if you can prove that your assets were less than your liabilities when the debt was settled.

Debt, Irs, Know, Look, Looks, People

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.

Friends, Helping, Let, Shopping, Tight, Willpower

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.

Cards, Home, Like, Needs, Secured, Turning

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%.

Accept, Due, Goal, Trouble, Willing, Would Be

In about one-third of credit card consolidations, within a short period of time, the cards come back out of the wallet, and in no time at all, they're charged back up. Then you're in an even worse position, because you have the credit card debt and the consolidation loan to worry about. You're in a hole that's twice as deep - and twice as steep.

Cards, Credit, Period, Position, Worry

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.

Deeper, Holes, Inevitable, Letters, Responding, Results

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

Bills, Cards, Credit, Fact, Let

By definition, saving - for anything - requires us to not get things now so that we can get bigger ones later.

Bigger, Money, Powerful, Saving, Things

Rolling all of your debts into a single loan is a good idea - in theory. In fact, it can be a great idea.

Debt, Ideas, Loan, Rolling, Single

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.

Divorce, Excuse, Jobs, Medical, New Job, Proof

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Jean Chatzky Biography

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