News & Updates

Fewer consumers are paying their credit card bills late, and balances across the nation are shrinking.

The national credit card delinquency rate decreased in the first quarter and credit card debt declined for the fourth consecutive quarter, according to trend data from TransUnion. The ratio of borrowers that were at least 90 days behind with their credit card payments slid to 1.1 percent, a 8.3 percent drop from the previous quarter.

"Based on revised economic assumptions, which are now more optimistic than before, TransUnion believes that the 90-day credit card delinquency rate, apart from seasonal ups and downs, will likely continue to decrease in 2010, possibly dropping below 1 percent by year end," Ezra Becker, director of consulting and strategy in TransUnion's financial services business unit, stated in a press release.

Average total credit card debt owed per borrower fell 4.95 percent from the previous quarter to $5,165, and 10.57 percent year over year.

Only two states saw an increase in credit card delinquencies -- Arkansas and Alaska -- and overall, Nevada, Florida and Arizona had the highest delinquency rate. North Dakota, South Dakota and Alaska had the lowest incidence of delinquencies.

Zero states showed an uptick in average credit card debt. Alaska had the highest state average at $7,135, and Tennessee and Alabama followed closely behind. At the other end of the spectrum, Iowa owed the least on credit cards, at $3,872, and North Dakota and South Dakota followed with the next lowest state averages.

How does your debt total compare with the rest of America? Use our pay-down calculator to figure out how long it will take to eliminate your debt.

The sales tax deduction that was originally passed in 2004 is still alive and well and has gotten better for 2009 and, to say the least, more confusing.

Previously, sales tax on the purchase of a car was only deductible as an itemized deduction on Schedule A. If you did not itemize, you could not claim the sales tax deduction.

With the tax law changes in 2009, you can still itemize the sales tax deduction for a new or used vehicle (including a boat or plane) purchased anytime during 2009 (provided you don't deduct your state and local income taxes). As in the past, there is no specific AGI, or adjusted gross income, or purchase price limit when you only deduct sales taxes.

New in 2009: If you do elect to deduct your state and local income taxes, you can still itemize a sales tax deduction for a new (i.e., unused) motor vehicle(s) (but not a boat or plane) purchased after Feb. 16, 2009, on line 7 of 2009 Schedule A. Purchase price and AGI limits discussed in the next paragraph apply when deducting both income and motor vehicle sales taxes. The instructions for Schedule A are quite confusing when discussing the sales tax deduction on vehicles and may lead many people to not claim the sales tax on a vehicle purchase.

Also new in 2009: If you do not itemize, you can increase your standard deduction for sales tax paid on a new motor vehicle purchased after Feb. 16, 2009. If your AGI is less than $125,000 (or $250,000 if filing jointly) you can claim the entire sales tax up to a per vehicle purchase price of $49,500.

Taxpayers with an adjusted gross income between $125,000 and $135,000 ($250,000 and $260,000 in the case of a married couple filing jointly), will have a proportionate reduction of the sales tax paid. Taxpayers with earned income lower than the sales tax paid also may be limited on their sales tax deduction.

The IRS has developed Schedule L for 2009 tax returns claiming an increased standard deduction from the new motor vehicle sales tax deduction or from the real estate tax deduction for nonitemizers or both. The alternative minimum tax has been conformed so that the sales tax deducted on a motor vehicle purchase by an itemizer is not treated as a preference item.


Archive

 

Credit Repair

If you have ever applied for a mortgage or a home equity loan, obtained a credit card or used a loan to purchase a car, then you are a credit consumer. As a credit consumer, you need to know your legal rights and obligations, especially in today's uncertain economic times. Some credit consumers who can't pay their bills grow desperate, run up mounds of debt and get caught in a downward spiral of credit problems. Don't let this happen to you!
 
In our DO-IT-YOURSELF credit repair classes, you will learn how credit reporting agencies work so you can take control of your own credit report. No longer do you have to feel like a helpless consumer in a big bad system. You will learn what a credit report is and how it works, how it affects your interest rate, and an easy to follow step by step system to repair your credit report, complete with sample dispute letters. As a bonus, you will learn how to deal with junk debt collectors and how to rebuild your credit in as much as 6 months.
Basically, you will learn to take control of your own credit.
 
THE NEXT TIME YOU WANT TO MAKE A MAJOR PURCHASE, YOU WILL BE PREPARED!
 
If you don't want to do-it-yourself, our credit solutions administrative services are available to you. It is our goal to educate and empower you and give you the best administrative services during this process. We understand that there are various circumstances and conditions beyond your control that causes financial harm. We also know that  certain circumstances are uncontrollable, so we provide you with the opportunity to manage your life again.
 
 
You can get a fresh start! Our personal care for you and your credit will be a life changing experience.
 
We have been successful in changing negatives to positives:
Tax Liens
Judgments
Charge off accounts
Collections
Child Support
and more.
 
 Your scores can increase by as much as 100 points in the first 30 days! Our experience in credit management have made many families happy with our
proven results. It is your legal right to have your credit profile reflect 100% accuracy. Click here for service information. Contact us TODAY from anywhere and we will give you our best service. The process is simple. Your healing begins NOW!
To inquire about scheduling a DO-IT-YOURSELF CLASS at a location near you, email financialsuccess@shekinahservices.com.


WEBINAR CLASS TRAINING can also be scheduled.


Full Name:
E-mail:
Phone:
Subject:
Message: