|Certificate of Deposit||90 days or more||None if insured|
|Stocks||Immediate||Low to high|
|Bills||1 year or less||None|
|Mutual Funds||Varies||Low to high|
|Retirement Funds||When buyer is 60 years old||Low|
I found this information on practicalmoneyskills.com. It’s a great website for increasing financial understanding and options. I would highly recommend exploring the site; even if you feel that you are the best money manager in the world.
Reasons why consumers can’t pay
- loss of income (48%)
- Unemployment (24%)
- Illness (16%)
- Other (divorce, death) (8%)
- Poor money management, Emergencies, Materialism, Need for instant gratification
defective goods and services (20%)
- fraudulent use of credit (4%)
- other (3%)
Signs you are in Trouble
- You don’t know how much you owe.
- You often pay bills late.
- You get a new loan to pay old loans.
- You pay only the minimum balance due each month.
- You spend more than 20% of your net income (after paying rent or mortgage) on
- You would have an immediate financial problem if you lost your job.
- You’re spending more than you earn, using your savings to pay for day-to-day expenses.
First steps to take if you can’t pay your bills
- Take another (close) look at your budget and cut your expenses.
- Be realistic about what you can afford (the hardest) and
contact your creditors
- Tell them why you can’t pay, that you intend to pay, and when/how much you will be
able to pay.
- You may be able to work out a new payment schedule.
Please download the app at googleplay.com and look for BloggApp; the picture for the app is a green apple. Using the app you will be able to locate credit unions, seek and find financial coaches, shop for mortgages and compare savings. Its free !! so what can you lose.