Consumer Credit of Des Moines

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Consumer Credit of Des Moines

• Since 1987 we have helped over 100,000 families
  find peace of mind through our budget counseling
  and debt repayment programs. Our counseling is
  free, confidential, and effective.
• Tom Coates

Iowas Largest Credit Counseling Agency
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Good or Bad?
Cars
Fishing
Neighbors
Big Macs
Shopping
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Credit Cards Can Be Good or Bad.
Depending on HOW you use them
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What does credit mean?
To be believable
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What we do with credit is like leaving
footprints in wet concrete
My Credit Report
The Results Last for 7-10 Years!
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? You may not be able to get a car loan
? You may not be able to rent an apartment
? You may not be able to get student loans
? You may not be able to get a cc
? You may pay higher interest
? You may pay higher insurance rates
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The Average American Family

• Has access to four times the credit as did 10
  years ago with less ability to repay

Spends more than he makes and uses credit cards
to balance the shortfall
Buys 34 more with each retail cc purchase and
thinks of his credit cards as money
Uses 6-8 credit cards and revolves a 9900
balance per family.
Will borrows against retirement or house to
pay credit cards
Has no money in savings now and no plan
to save in the future
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Lack of Financial Skills Is Not Age-discriminate

• National Jumpstart survey show average
  financial literacy score of graduation seniors at
  52.4 An F in any classroom!

• 15,000 college kids surveyed while in college -
  50 had over 5000 cc debt 30 had over 10,000
  cc debt only 19 paid balance at end of every
  month!

• Ages 18-35 spend 30 cents of _at_ dollar earned
  paying off debt!

• Credit Card debt among seniors (65) rose 89
  between 1992 -2002.

• From 1990 - 2000 seniors debts against their
  homes rose from 20.7 to 28.3.

• 14 of 64 year olds are facing retirement with
  negative net worth.

• Bankruptcies 55 age group Up 87.1 from 92
  02!

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Most Money Problems Begin With Faulty Perspectives
Perspective Determines Practice
People Do It The Way They View It
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Four Perspectives That Will Sink Your Financial
Ship
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Perspective One
If it buys stuff, its gotta be money.
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Really Not Much Difference
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Perspective Two
If I can get it, I can afford it.
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Perspective Three
I need those shoes I need that purse I need th
at jacket I need those jeans I need that top
I need that, etc., etc., etc
I have NEEDS, not WANTS
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Perspective four
I am financially healthy if I pay my bills on time
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I Can See Clearly Now.
Credit is not money, it is Debt.
Access to something does not determine we can
afford it.
Most needs are wants
Live within your means without relying on credit
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CLIENT
CREDITORS
Consumer Credit
Benefits of a Debt Repayment Program

• Lower payments
• Reduced interest
• Stop late/over limit fees
• Stop calls
• Re-aging
• Debt paid off 5-25 times faster