Archive for the ‘Financial Fitness’ Category

The IRS has produced a series of videos that may help this years tax payers a bigger payback come April 15. The videos are featured on YouTube and cover new and little known tax deductions centered around the departments Recovery Acts, such as Making Work Pay, Vehicle Tax Deduction, and the New HomeBuyer Credit. Head over to the IRS's YouTube channel ... Full story

Many of us are still living our lives trying to keep up with the Joneses. We have developed an insatiable consumer mentality that craves designer clothes, fancy cars, and oversized houses in high-consumption neighborhoods where the Joneses live. Watch the debt add up. Worrid female spenderWe buy designer clothes (expense - primary), and in order to keep them looking good, we must dry-clean them (expense ... Full story

by Thom Fox, Cambridge Credit Counseling Corporation Credit-counseling agencies like ours help people with unsecured loans by renegotiating certain aspects of their repayment agreement. We also educate consumers about the proper use of credit, the responsible management of debt, and the appropriate methods used to build savings so they can make more informed financial decisions in the future. Because only seven states currently ... Full story

Individual Development Accounts (also known as IDAs) are matched savings accounts that some first-time home buyers can use to put together the down payment for a home they are saving to buy. In the Hartford area, there are several IDA programs operated by organizations that are members of the Hartford Asset Building Collaborative (HABC). Co-opportunity, Human Resources Agency of New Britain, Mutual ... Full story

It’s sad when you think about it. We live in a country where I’ve heard immigrants say “the streets are paved with gold” and “the opportunities are endless.” Yet there are hundreds of thousands, if not millions, of Americans born and raised in the United States who live in poverty and can’t seem to get out. Why is it that when these ... Full story

by Thom Fox  The debt-to-income ratio is an important measure of financial stability commonly used by lenders. It is a representation of your monthly debt payments vs. your gross monthly income (before taxes and other deductions). A high debt-to-income ratio can jeopardize your chances of financing major purchases, such as a car or a home. Maintaining a low debt-to-income ratio will make it ... Full story

For a lot of us, money management doesn’t come easily, but remember, money itself is neither good nor bad. It is up to us—the people using the money—to manage it well. So the next time you try putting your “financial house” in order, try following these ten basic guidelines complied by Consumer Credit Counseling Services, a division of Money Management International (MMI) ... Full story

Alarming headlines in Connecticut newspapers, magazines, housing advocacy newsletters, and lender publications have all taken turns promulgating the woes of the housing affordability crisis confronting residents throughout the state. In May 2006, the Partnership for Strong Communities (an organization conducting research, providing education, and proposing solutions for housing policy) launched a new HOMEConnecticut campaign that will explore the issues impacting housing affordability ... Full story

by Donna Taglianetti This year you have more options and flexibility for choosing how to receive your 2006 federal income tax refund. Now you can:  Direct deposit your refund into a single account Receive your refund in a paper check Split your direct deposit refund among two or three accounts, with up to three different US financial institutions Deposit some of your refund into one or more ... Full story

by Ron Williams  It’s January 1. You are sitting on the couch in front of a football game or reality show marathon thinking about 2007, the new possibilities, and the ridiculous resolutions you made the night before. You think, “Who cares about those resolutions anyway? Where’s that self-help book I bought last year? Maybe I should start with that.” We’ve all been there, but ... Full story