Dan’s credit card debt pack


Millions of Americans are struggling with credit card debt The average household carries a little more than 16 thousand dollars in credit card debt

Wow!! First News Reporter Dan Marcel is live with how you can educate yourself about credit [D4]27VR2 LIVE V3-SG [D5]20171115 CREDIT EDUCATION27-INTRO Good evening Dave It can be tough to decipher what you need to keep track of From the different types of credit cards, to the interest rates Especially if you have more than one card

At 5 I told you how you could have many different credit scores Now at 6, let's talk about things YOU can do to help improve that score and get out of financial trouble [D6]20171115 CREDIT EDUCATION27-PK BILL LENZI – WE'RE LOOKING THROUGH THE BILLS, AND SHE SAYS 'YOU GUYS ARE JUST TERRIBLE WITH MONEY" Dan Marcel, WKBN: Bill and Christy Lenzi's 16 year old daughter told them that The Lenzi's had 100,000 dollars in medical bills and debt

CHRISTY LENZI: YOU LET THINGS GO SO LONG YOU GOT TO TAKE CARE OF THEM EVENTUALLY Dan Marcel, WKBN: 7 credit cards later and the Lenzis had to declare bankruptcy

BILL LENZI – YOU TELL YOURSELF THAT YOU'RE ONLY GOING TO USE IT IN EMERGENCIES YOU'RE GOING TO MAKE SURE ON PAYDAY YOU'RE GOING TO MAKE THE PAYMENT THEN ADD A FEW DOLLARS EXTRA THAT HAPPENS THE FIRST TIME OR TWO AND THEN IT DOESN'T Dan: The Lenzi's are working to improve their financial life Taking finance classes at the First United Methodist Church in Girard They're learning how to get their spending under control Dan: The Lenzis situation is not unusual

Americans seem addicted to debt, especially credit cards One survey found 43% of Americans have carried a card balance for more than 2 years BRYAN LARAWAY, BURY FINANCIAL GROUP – IF IT GOES TOO LONG THEN YOU'RE GOING TO GET YOUR CREDIT SCORE DINGED AND IT JUST COMPOUNDS FROM THERE WITH FEES AND INTEREST AND THAT'S GOING TO HURT YOU WHEN YOU'RE LOOKING FOR CREDIT DOWN THE ROAD Dan: Bryan Laraway is a finance expert at Bury Financial in Youngstown

He sees a lot of mistakes made when it comes to credit especially in college students Dan: DO YOU KNOW YOUR CREDIT SCORE? YSU Student – Not off the top of my head YSU Student – I'm not exactly sure Dan: What about your credit limit? How much of your card limit can you send and not hurt your score? Dan: Actually, spending your entire limit is really bad for your score You only want to spend about 30 percent of your total credit limit

Any more and your score could suffer BRYAN LARAWAY BURY FINANCIAL GROUP – IF YOU HAVE A HIGH CREDIT LIMIT AND A LOW BALANCE THAT'S OKAY IF YOU HAVE A HIGH CREDIT LIMIT AND A HIGH BALANCE, THAT'S NOT OKAY Dan: Even if you pay off all your credit card debt, your score won't improve immediately It will take months, sometimes years

But you can use that time to help your score Pay off any credit card debt you have and never carry a balance BRYAN LARAWAY, BURY FINANCIAL GROUP: IF YOU CAN'T PAY IT OFF IN THAT 1 MONTH PERIOD, DON'T BUY IT Dan: Or you can do what the Lenzis are doing and once you pay off your debt, choose to not use credit cards Your credit score won't fall to 0 You just won't have one

BILL LENZI -NO WE DON'T HAVE THAT I'M TOO SCARED [D7]20171115 CREDIT EDUCATION27-TAG You can also check your credit report once a year for free You can look for any incorrect information to help improve your score

We've a put a link to the free credit report website You will not be able to get your credit score for free, just see what appears on your report We've also talked about some of the most common myths about credit We'll let you know what's true, and what isn't You can find that on our website WKBN dot COM

In the newsroom, Dan Marcel WKBN 27 First News [D8]TOSS TO 6PM MAIN WEATHER-RDR

Source: Youtube


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