From our family to yours, HAPPY HOLIDAYS.
Wednesday, December 24, 2008
Tuesday, December 23, 2008
TUESDAYS WITH MIRIAM :: What Am I Supposed to do With the Debt ?!?!
Miriam is an Assistant Manager at a national banking institution. Her weekly posts will help you prepare for the financial realities of education and life. Be sure to leave a comment or send an email if you have specific financial questions.
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What Am I Supposed to do With the DEBT?!?!
One thing that the majority of college/graduate students encounter is debt. When we entered into our undergraduate studies at various colleges across the country our parents told us, “Don’t get a credit card!!” But what did we do? We got credit cards. Why? We wanted the freedom to break away from our limited incomes and be able to spend money when it was needed. The ideal situation is to be responsible with your credit and only spend what you can afford to pay off. However, this is not always the case. The majority of recent college graduates have some mixture of debt whether it is through student loans, personal loans, or credit cards. This then carries over when entering the work force or graduate school. The question then remains, “What am I supposed to do with the debt?”
1. Make a list of all of the debt you have. Be HONEST with yourself. You need to know what you owe down to the penny.
2. Figure out what your debt to income ratio is. You want your debt to income ratio to be less than 30%. You find this number by dividing your total monthly payments by your total monthly income. If this amount is higher than 30%, it could hurt you when you look for credit in the future.
3. If you have a lot of credit card debt, figure out the percentage of the credit limit that you are using by taking the amount of credit used on each individual card divided by the card’s limit. This number should also be less than 30%.
4. Figure out what interest rates you are receiving on your cards. As a student you probably received a low promotional rate and then a very high rate following the promotional period. The first step is to contact the credit card companies and request that your rates be lowered. If this cannot be accomplished, then you should search for a new card that has a lower rate and transfer your balance. Do not close out your old card!! You need to leave at least your oldest card open for length of credit.
5. It is often smart to also look at consolidation. This could possibly put you over the 30% utilization on your card; however, it will allow you to have one payment and lower what has to be paid each month so that you can pay the balance down quicker. Avoid using debt consolidators!! This information goes on your credit report and debt consolidators are typically used by those who have problems paying their bills. This can negatively impact you when creditors look at your credit report when you attempt to attain credit in the future.
6. Consolidate your student loans. You will have to contact the bank your student loans are through because each type of student loan is different and you can’t consolidate different types of loans in one bundle. For example, federal must be consolidated with federal and private with private, etc.
7. Be proactive. The debt will not just erase itself. If it is a substantial amount of debt, you will need to make LARGE payments so that you can see a difference. This may require you to have a roommate or give up some of your luxuries for awhile.
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What Am I Supposed to do With the DEBT?!?!
One thing that the majority of college/graduate students encounter is debt. When we entered into our undergraduate studies at various colleges across the country our parents told us, “Don’t get a credit card!!” But what did we do? We got credit cards. Why? We wanted the freedom to break away from our limited incomes and be able to spend money when it was needed. The ideal situation is to be responsible with your credit and only spend what you can afford to pay off. However, this is not always the case. The majority of recent college graduates have some mixture of debt whether it is through student loans, personal loans, or credit cards. This then carries over when entering the work force or graduate school. The question then remains, “What am I supposed to do with the debt?”
1. Make a list of all of the debt you have. Be HONEST with yourself. You need to know what you owe down to the penny.
2. Figure out what your debt to income ratio is. You want your debt to income ratio to be less than 30%. You find this number by dividing your total monthly payments by your total monthly income. If this amount is higher than 30%, it could hurt you when you look for credit in the future.
3. If you have a lot of credit card debt, figure out the percentage of the credit limit that you are using by taking the amount of credit used on each individual card divided by the card’s limit. This number should also be less than 30%.
4. Figure out what interest rates you are receiving on your cards. As a student you probably received a low promotional rate and then a very high rate following the promotional period. The first step is to contact the credit card companies and request that your rates be lowered. If this cannot be accomplished, then you should search for a new card that has a lower rate and transfer your balance. Do not close out your old card!! You need to leave at least your oldest card open for length of credit.
5. It is often smart to also look at consolidation. This could possibly put you over the 30% utilization on your card; however, it will allow you to have one payment and lower what has to be paid each month so that you can pay the balance down quicker. Avoid using debt consolidators!! This information goes on your credit report and debt consolidators are typically used by those who have problems paying their bills. This can negatively impact you when creditors look at your credit report when you attempt to attain credit in the future.
6. Consolidate your student loans. You will have to contact the bank your student loans are through because each type of student loan is different and you can’t consolidate different types of loans in one bundle. For example, federal must be consolidated with federal and private with private, etc.
7. Be proactive. The debt will not just erase itself. If it is a substantial amount of debt, you will need to make LARGE payments so that you can see a difference. This may require you to have a roommate or give up some of your luxuries for awhile.
Monday, December 22, 2008
ChicMix Weekend Recap
Congratulations to TG. You are the winner of the December Reel to Real contest. TG shared, "My Star Makeup Crush has to be a mix of Gabby Union and Ms. Sasha Fierce!" CHICOLE::INTERMIXED couldn't agree more.
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This weekend we reread The Five People You Meet in Heaven by Mitch Albom. This book is a must read and worth every read after that.
"There are five people you meet in heaven,"..."Each of us was in your life for a reason. You may not have known the reason at the time, and that is what heaven is for. For understanding your life on earth." As the Holidays are just days away and the last minute shopping frenzy increases, we hope you are able to sit down and create a miniature version of heaven on earth. Whether you create an elaborate relaxation space or simply take a moment while in line at your favorite coffee or tea-house to stop and think about all of the triumphs and definitive moments in your life. We're sure your thoughts will be inundated with people and special memories with them rather than the acquisition of things. Why not express your gratitude to those very special people this holiday season. Tomorrow is not promised; tell them how you feel today. That's the best gift ever!
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This weekend we reread The Five People You Meet in Heaven by Mitch Albom. This book is a must read and worth every read after that."There are five people you meet in heaven,"..."Each of us was in your life for a reason. You may not have known the reason at the time, and that is what heaven is for. For understanding your life on earth." As the Holidays are just days away and the last minute shopping frenzy increases, we hope you are able to sit down and create a miniature version of heaven on earth. Whether you create an elaborate relaxation space or simply take a moment while in line at your favorite coffee or tea-house to stop and think about all of the triumphs and definitive moments in your life. We're sure your thoughts will be inundated with people and special memories with them rather than the acquisition of things. Why not express your gratitude to those very special people this holiday season. Tomorrow is not promised; tell them how you feel today. That's the best gift ever!
Friday, December 19, 2008
MAKEUP ART & DETAILS :: Reel to Real Contest with Your Celebrity Makeup Crush
Who's your celeb makeup crush? Don't forget to enter this month's Reel to Real contest for a chance to win a Limited Edition the Glam package and have your celeb makeup crush featured in this month's Reel to Real. Makes a great gift for you or a friend! So hurry and post your comment below by noon on December 21st.
Inspiration Board Credits
Faux-stone/crystal-pavé-dome necklace, Kenneth Jay Lane, shop.avon.com
Plated Gunmetal Bracelet, R.J. Graziano, lordandtaylor.com
Bandeau Jumpsuit, Paul & Joe Sister Noisette Bandeau Jumpsuit
Peep Toes,Victoriassecret.com
Gray Booties, Giuseppe Zanotti Shoes
Clutch, Aldo Shoes
Peacock Feather Earrings, fredflare.com
Top Makeup Photo Courtesy Imaxtree at Zac Posen Spring Ready to Wear 2009
Middle Makeup Photo Courtesy Haydee Ferreira
Lower Makeup Photo Courtesy People.com
Thursday, December 18, 2008
HANDWRITTEN :: Personal Gratitude
A handwritten note does not due justice the deep humbleness and gratitude I feel for those who risked their lives and the lives of their families to help me during a recent major accident. I am so blessed to walk away from this with no major injuries. I’ll take the soreness, stiffness, and minor head trauma any day over the other potential outcomes. To my Father God and Angels. Thank you. To my family and friends. Thank you. To those who stopped to help. Thank you.
Clearly, my destiny is just beginning. Use me Lord!
Gratefully yours!
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