You spent too much this past holiday season? Join the club! How can you get those

bills paid off fast?

• Tackle the highest interest rates first

• Pay more than the minimum

• Get a part time job

• File your tax return early

• Tighten up your budget for a few months

How can you keep this from happening again next year? Start thinking about your

holiday spending now.

You can open a savings account so that you will have the cash when the holidays roll

around again. It helps to have a budget and to stick to it. Make a plan for your spend-

ing and stay on track.

Plan ahead and spend throughout the year. If you have a plan for what you need to

buy, you can start early and not have so many expenses in the final months of the

year. You can consider making adjustments to your budget to help you not only pay

off your current debt, but also increase your savings.

With just a little forethought and planning, you can ease the stress of holiday or any-

time spending!

Inside this issue:

Holiday Bills 1

Resolutions 2

Student Loans 3

NFCC 4

Ask CCCS 4

Identity Theft 5

Upcoming Workshops 5

By: Andrea Colline, Outreach Coordinator

Page 2

Financial New Year’s Resolutions

Happy New Year!!! It’s that time

again, out with the old and in with

the new. Time to hit the reset but-

ton on everything and make this

year a better year than last year.

Last year’s resolution didn’t last a

month? Don’t worry about it be-

cause it’s normal, studies show

that only 8% of people who make

resolutions succeed in keeping

them. Surprisingly, 75% of resolu-

tions will be continued through the

entire first week of January, but

only about 46% make it past six

months. The following are some

principles to make your financial

resolution last longer, and maybe

even become permanent.

1. Don’t make a resolution for

the whole year

You want to quit your bad money

habits cold turkey and create a

positive cash flow overnight?

Let’s start out small by not carry-

ing your credit cards and using

cash instead. It’s a lot easier to

spend when you don’t see the

money changing hands. Research

has found that it takes somewhere

between 21 and 66 days for a habit

to take root in a person’s life. The

resolution will become permanent

only because it began as a short-

term goal. Rather than trying for

the entire year and getting discour-

aged, give yourself a reachable

goal that later, surprisingly, can

become a life-long habit. Start

small by making the change to

cash only over the course of a cou-

ple of weeks and you will see your

cash flow grow.

2. Use the buddy system

In the military, the buddy system

was the number one rule next to

maintaining a clean weapon. If you

are setting out to achieve a life

change this year then find a friend

or friends with the same goal.

Groups provide accountability,

support, and a common struggle

together. You can call each other

and make sure that you’re not at

the casino trying to earn points for

that free wide screen television or

that you are not out shopping be-

cause that one store at the mall is

going out of business, again, and

everything is marked down 30%.

There is strength in numbers and

developing good financial habits is

one of those areas in which having

someone there will help you suc-

ceed.

3. Have a specific, simple plan

Don’t make your financial goals

too grand or complex. If you have-

n’t invested into your 401K in

years, don’t try to max out this

year’s contribution amount, it’s

not going to happen overnight.

You still have other financial re-

sponsibilities in life that cannot be

changed that quickly and not have

effects. For step 3 to work, I call

upon my favorite military method,

K.I.S.S., Keep It Simple Stupid.

Keep your plan simple and basic

and you will find it easier to reach

your goal. Don’t allow your reso-

lution to dominate your day or

your life. Don’t allow it to feel as

if it’s a monumental task. If the

norm for you after being paid is

being broke for a week until the

next pay period try to change that

by having $25.00 saved. This will

set a short-term savings goal and

help build your will power and re-

sist spending. At your next pay

period take $25 and put it in a sav-

ings account. One of the things

CCCS of Rochester suggests to all

its clients is to have $25.00 put

away every month as an emergen-

cy fund.

Hopefully these tips help you

reach your financial goals for this

year. Keep in mind that CCCS of

Rochester is more than happy to

talk with you one on one and help

you set up a budget and get you

started on the road to financial

freedom.

Wishing you and yours a 2018

filled with lasting life change!

https://www.forbes.com/sites/

williamvanderbloe-

men/2016/01/01/why-your-new-

years-resolutions-wont-work-and-

what-will/#40e00b56b67d

http://clark.com/personal-finance-

credit/budgeting-saving/save-2018

-52-week-new-year-money-

challenge/

By: Rafael Ruiz, Client Support Representative

Page 3

NEW STUDENT LOAN PROGRAM

By: Stacey Walker, Advisor

Every year students borrow thou-

sands of dollars to attend college to

further their education and increase

their chances of career success. But

once they finish school, they face the

many obstacles and responsibilities of

finding a job in their field and making

enough money to pay back their stu-

dent loans. Often, student loan bor-

rows run the risk of default or delin-

quency which can heap a lifetime of

financial burden on them. According

to the National Student Loan Data-

base, there are over 273 thousand first

time borrowers who have defaulted

over $5.77 billion dollars in 2017.

What is default? What is deferment?

Can I get my student loans forgiven?

Many people ask these and many oth-

er questions and CCCS of Rochester

can assist. These are common ques-

tions that people ask when they are

not sure how to navigate their loans

with their lenders or what options are

out there.

CCCS of Rochester now offers a va-

riety of different options for Student

Loan counseling so that you can be

sure there is one that fits your needs.

First, is a Student Loan Workshop to

show how to manage your student

loans. This workshop will cover:

-How to access your student loans

-Repayment options

-Deferment types

-Delinquency

-Consolidation

-Forgiveness programs

This workshop will be offered one

Thursday every other month from 6-

7:30. The cost is $25.

If you want a one on one personalized

session, there are 3 levels to choose

from:

Level 1- Self Directed- $75

This is our basic level of one on one

counseling. Our counselors will edu-

cate you about your student loans but

you will continue to manage on your

own. This appointment runs about 1

hour. In a Level 1 session, we will:

-Educate on Federal and Private stu-

dent loans

-Create an FSA ID if necessary

-Locate loans on NSLDS or credit

report

-Explore repayment options

-Create an in-depth budget to deter-

mine affordability

-Provide resources for self-

management of loans

-Develop an action plan based on cli-

ent’s budget and goals

Level 2- Counselor Assisted- $125

Level 2 is our mid-level counseling

option. It provides more intervention

by our counselors than level 1. This

appointment averages 1.5 hours. In

addition to all of Level 1, during a

Level 2 session we will:

-Guide you in handling your loan re-

payment options and complete the

required paperwork for you

-Address any delinquent loans and

develop an action plan to manage

your student loans

-Submit documentation to servicers

and advocate on your behalf until

resolution is achieved

Level 3- Default- $250

Our most involved level is for those

who are in default on their Federal

student loans. This appointment will

last about 2 hours. Level 3 combines

all aspects of the first two levels, in

addition, we will:

-Educate you on options to get out of

default

-Contact collection agencies and set

up rehabilitation payment arrange-

ment for client

-Submit all documentation to collec-

tion agency

-If necessary, consolidate all student

loans

Whatever your needs are, we can as-

sist and guide you through the student

loan process. Please contact our of-

fice so that we can discuss your op-

tions at 585-546-3440.

Page 4

National Foundation for Credit Counseling

When you are consumed with debt

and are looking for the best compa-

nies to assist with possible solutions,

it makes sense to work with an or-

ganization that has knowledge and

experience in the industry.

The National Foundation for Credit

Counseling (NFCC) is the largest

and longest serving nonprofit credit

counseling organization in the US.

The NFCC was founded in 1951

with the purpose of promoting

awareness of credit and financial

literacy. It’s member agencies and

employees are certified by the Coun-

cil of Accreditation (COA) to ensure

delivery of the highest level of finan-

cial education and counseling ser-

vices.

Personal references are always im-

portant when selecting any company

to work with especially companies

helping you with your finances. You

may not always have the option of

getting such a reference. In those

cases, it is just as important to do a

good amount of research in selecting

an agency. You should choose an

agency with a solid reputation for

delivering high quality counseling

and working on your behalf to find a

solution for managing your debt.

NFCC Member agencies work with

you and your creditors to lower in-

terest rates and monthly payments

and get your debt paid back in full in

5-years or less. Also, they take the

time to explain how credit works and

let you know of any potential impact

to your credit score and, more im-

portantly, how to get higher credit

scores and responsibly manage your

debt. You will receive a realistic

budget and sound advice on how to

proceed with paying back your debt.

CCCS of Rochester is a member of

the NFCC. CCCS of Rochester also

has an A+ rating with the Better

Business Bureau. You can rely on us

to take care of you and help you with

your finances with honesty and un-

derstanding. You can meet with one

of our counselors regarding your

debt free of charge and with no obli-

gation. What do you have to lose?

Call us today– 585-546-3440 and

begin a brighter financial future to-

day!

By: Robert Jacob, Counseling Supervisor

Ask CCCS

By: Danielle Grasta, Client Support Representative

Q: Does the Debt Management pro-

gram reduce the overall balance due

to the creditors?

A: We assist our clients with reduc-

ing the interest rates to help make

their payments more affordable and

to payoff the debt in a more timely

manner. However, we do not reduce

the overall balance as this would be a

settlement.

Q: What is the difference between a

settlement and a Debt Management

program?

A: A settlement is when you make

an arrangement to pay less than the

full balance due. When this occurs

the creditor will report that you set-

tled on the debt and this will be

shown for seven to ten years on the

credit report. Also, when you settle

for anything over $600.00, there are

possible tax ramifications. Whereas

with a Debt Management program,

we are not reducing the overall bal-

ance, just the minimum payment due

and interest rate. There are no tax

implications nor will the creditors

report that the debt was settled.

Q: Will a Debt Management pro-

gram hurt my credit score?

A: When you are initially enrolled

into the program, the creditors can

close the accounts. This can cause a

slight decline. However, as you

make the consistent on time pay-

ments to each creditor, they will up-

date the credit report each month.

This can cause a positive effect over

the course of the program as you pay

down the debt.

Do you have a question? Call our

Client Support Department at 585-

546-3440.

Page 5

Identity Theft

We’ve all heard about it. Identity

Theft. There seem to be more data

breach occurrences all the time, but

how can you protect yourself and

your information from thieves?

In the case of a data breach, if you

think your information may have

been compromised, check your

statements often and continue to

check them. Many times, identity

thieves will sit on the information for

months before using it. If you see

anything unfamiliar on your bank

statement, credit card statements or

your credit report, make sure you

deal with it immediately. Call the

bank or credit card company first. If

there is truly something you do not

recognize, report it to the bank and

the authorities and place a fraud alert

on your credit report.

A fraud alert is especially important

if you think your social security

number has been stolen. You will

have to call each of the three credit

reporting agencies- Equifax, Experi-

an, and TransUnion- and make this

request. If the breach involved your

bank account or credit card, ask your

bank to give you a new account num-

ber. This will prevent any further

attempts to get at your accounts.

Even if you have not been a victim of

identity theft, you should still be vig-

ilant. Don’t wait until you something

happens. You should always monitor

your accounts. There is no foolproof

plan, but there are plenty of ways to

increase your chances of keeping

your information safe.

-File your tax return early. A tactic of

identity thieves is to file false tax

returns and take your refund before

you even get a chance to file.

-Keep your passwords secure and

change them often. Do not use per-

sonal information in your passwords.

Use a mix of different types of char-

acters to make the password harder

to crack.

-When making purchases, be sure the

website is secure. Do not give out

your credit card information unless

you are confident that it will not be

misused. Read the privacy policy. If

there is no privacy policy posted,

beware!

-Scam artists "phish" for victims by

pretending to be banks, stores or gov-

ernment agencies. They do this over

the phone, in e-mails and in the regu-

lar mail. Do not respond to any re-

quest to verify your account number

or password. Legitimate companies

do not request information this way.

-Shred all documents with personal

information. Never just throw them

in the trash.

-Above all else, protect your Social

Security Number. Don’t be afraid to

ask questions when a business or

agency asks for your personal infor-

mation. Ask how it will be used and

how it will be protected.

By: Lynette Baker, Director of Outreach and Marketing

Classes and Workshops

Upcoming workshops and classes:

March 1– 6-8pm– Student Loan Workshop- $25

March 10– 9a-3p– First Homebuyer Education- $40

March 13– 6-8p- Exploring Homeownership– free

April 10– 6-8p– Budgeting/Credit Score– free

April 14– 9a-3p– First Homebuyer Education- $40

May 12- 9a-3p– First Homebuyer Education- $40

June 12– 6-8p– Exploring Homeownership– free

Non-Profit Org

US Postage

PAID

Rochester, NY

Permit NO. 986

Toll Free Phone: 1-888-724-2227

Email: cccsinfo@cccsofrochester.org

Headquarters:

1000 University Ave., Suite 900

Rochester, NY 14607

Phone: (585) 546-3440

Fax: (585) 546-5693

Toll Free- (888) 724-2227

This newsletter is a publication of CCCS of Rochester/ RethinkingDebt, a Not-for-Profit agency. It is a source of information for clients, sponsors, representatives of the credit industry, and the service networks supportive of our mission and vision.

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