Delinquent Mortgage Borrowers Should Contact Lenders

The number of delinquinces in Wyoming has been on the rise. If you're under stress, remember that doing nothing is the worst thing a delinquent borrower can do. And the longer the delay, the worse it gets.

US Comptroller of the Currency John Dugan says, "The record shows that the early stages of mortgage delinquency are the most crucial. The sooner borrowers reach out for help, the more options they have, and the more likely foreclosure may be avoided."

In half of all foreclosures, lenders say borrowers do not make contact with them. Yet, more than one-third of those who reach out for assistance are successful in finding alternatives to foreclosure.

Homeowners experiencing financial difficulties to call 1-888-995 HOPE, a toll-free hotline staffed around the clock, seven days a week, by 85 qualified housing counselors from agencies approved by the Department of Housing and Urban Affairs.

More household energy help for Wyoming

The UW Deptartment of Health and Human Services has released about $300,000 to help eligible low-income Wyoming residents with home energy costs.

If you or someone you know is interested, the specific program is the Low Income Energy Assistance Program. It will help heat and weatherize a home.

Contact the Wyoming Department of Family Services via info at http://dfsweb.state.wy.us/.

College graduates break even by age 33

Some young people wonder whether going to college is worthwhile -- are recent report reminds us that it is -- even considering the expense.

A typical student attending a four-year university will have college pay off by age 33. They earn enough by then to compensate for being out of the labor force for four years and for borrowing enough to pay tuition and fees.

The report Education Pays, released by the College Board Advocacy and Policy Center, notes that college pays off very well over the course of a life. It also notes that unemployment rates of increased faster among people with just a high school diploma and that college graduates are more likely to exercise, volunteer, vote and read to their kids, are less likely to be obese or smoke.

So What’s 75 Cent?

You could SAVE $195 a year by buying your soda from the grocery store rather than a vending machine every day. (Assuming one soda is bought every day of the work week: Vending Machine cost is $1.25, Grocery Store cost is $.50)

Does Your Debt Need a Diet?

If you had a $2,000 credit balance at 18% interest and your minimum payment is 4% of the balance or $80, it will take you about 9 years and 6 months to pay it off and you'll pay $1,116 in interest. By paying an extra $15 a month on this debt, you would SAVE $694 in interest and pay it off in 2 years and 2 months.

Nibbling Away at Your Bottom Line?

If you forego a daily snack and invest the money instead, in 5 years you will have more than $4,000 saved. (assumption: $2/day, 5% yield)

New Credit Card Rules

The 2009 Credit CARD Act provides changes that may benefit the consumer. Some of the new rules include:

When credit card company plans to increase your rate or other fees, they must send you a notice 45 days before they can

• increase your interest rate;
• change certain fees (such as annual fees, cash advance fees, and late fees) that apply to your account; or
• make other significant changes to the terms of your card

Due dates must be the same day each month.

Creditors are prohibited from using double cycle billing.

How long will it take to pay off your balance? Your monthly credit card bill will include information on how long it will take you to pay off your balance if you only make minimum payments. It will also tell you how much you would need to pay each month in order to pay off your balance in three years.

Can’t charge an “over the credit limit” fee unless the consumer has elected to permit the creditor to allow transactions over the limit.

The complete list of these changes are available at the Federal Reserve Board.