Family Living
Focus
by
Patricia L. Powley
Dauphin Co. Extention
You have just completed a
holiday of “cheerful giving” and
now the post-holiday “blues” are
setting in because the credit
statements are now arriving and
may continue to do so through
March (remember those adver
tisements of “spend now and
don’t worry about a payment
until February or March”). Now
you’re wondering how to pay ev
erything along with all the other
monthly bills that you have.
A recent TV advertisement
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Mahoning Outdoor Furnaces
1 -800-692-5200
www.mahoningoutdoorfurnace.com Dealerships Available in some areas
that ran frequently over the holi
days stated, “talk to us about a
low-cost home equity loan to
consolidate your bills.” It listed
an 800 number to contact that
there would be no investigation
of past credit history and you
could get your loan immediately.
If you thought about this solu
tion for even a fleeting moment,
think again. First of all, most
loans of this sort charge a high
interest rate. Can you afford to
add more fees in addition to fees
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that you’re already paying on the
use of credit? Here’s an example
to think about: If a person owed
$2,000 on a credit card and they
were not making any additional
charges, it would take them 11
years to pay off the debt at 18%
interest and a minimum monthly
payment of $2O. Perhaps you al
ready have some credit cards
that you’re only making the min
imum payment do you want to
add your home to this list?
The more important question
to ask is can I afford to hock
my house to pay for all of this?
During my counseling with fami
lies, I find people who have more
than one “second mortgage” on
their home because they have
consolidated one or two time.
Many individuals don’t realize
that if there is default on a sec
ond or third mortgage, the home
can be lost, even if the first mort
gage is paid up to date. That’s
why I refer to it as “hocking the
house.”
Instead of jumping into the
advertisement’s suggested solu
tion, consider some other alter-
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Lancaster Farming, Saturday, January 6, 2001-B9
natives first:
• Take a long look at your
present spending habits are
there some behaviors that you
can change immediately in order
to have some “extra” money to
apply to your bills?
• Can you focus on some
credit cards where you owe a
small amount and eliminate
them so you can concentrate on
the larger picture?
• Most importantly, if you
choose to consolidate, can you
actually cut up and eliminate the
cards that you have been using.
Yes, I said, cut them up and re
turn them to the creditor. That
way you won’t be tempted to
keep using them while you’re
trying to pay off the existing
debt.
• Set up a budget or financial
plan that will help you direct
your spending in the New Year
and pledge to only use credit if
you can pay it off within the
grace period.
You may be thinking that this
financial solution to debt is easier
said than done. Believe me, you
can eliminate debt with careful
spending, careful planning, com
mitment, and by keeping your
home safe.
Please consider very carefully
mortgaging your home to pay off
existing and newly-attained cred
it bills. Take the step very seri
ously. You may not have another
chance.
Consider the following danger
signals of too much debt and
proceed with caution:
Garden Company Launches 125th
Anniversary At Flower Show
WARMINSTER (Bucks Co.) W. Atlee Burpee & Co. celebrates
its 125th anniversary year with a major exhibit at the Philadelphia
Flower Show highlighting the dbthpany’s green thumb achievements
over the last 125 years
As a special treat,
visitors will hhve a chance to chat with “W. Atlee
Burpee,” an impersonator, dressed in 19th cen
tury style portraying the company’s founder and
a “Great Gardener of the World.”
Started in 1876 by an 18-year-old with a pas
sion for animals and plants, W. Atlee Burpee
grew his company in 25 years to become the
largest seed company in the United States. Using
timeless business practices based on innovation
and customer satisfaction, W. Atlee Burpee &
Co. continues to thrive today supplying Ameri
cans with quality seeds and plants.
Visitors to the exhibit will see towering eight
foot “American County Fair” displays of Burpee
vegetable and flowers. Iceberg lettuce, Big Boy
tomatoes and white marigolds all Burpee win
ning innovations will be exhibited and labeled
in lush beds throughout the exhibit. To herald
the coming gardening season, visitors will get a
sneak peek at Burpee’s showcase of flowers and
vegetables for 2001, including a much-over
looked garden perennial, which blooms during
the winter.
Vintage seed equipment, rarely available for
public viewing, will also be on display.
V CLOSED SUNDAYS, NEW YEAR,
J EASTER MONDAY, ASCENSION DAY,
WHIT MONDAY, OCT. 11, THANKSGIVING,
FIIHTTME CHRISTMAS & DECEMBER 26TH
• Credit is used as cash, not
debt.
• Debts are greater than the
assets.
• Money is owed to more than
seven creditors.
• Impulsive or compulsive
spender.
• Spouses are dishonest with
each other about the use of cred
it.
• Don’t know the amount of
monthly living expenses.
• Don’t know total debt.
• Expected increase in income
is already committed to paying
off debts.
• Extra income such as over
time or moonlighting is used to
make ends meet.
• More than 20 percent of
take-home income is committed
to credit payments other than the
home mortgage (the original
home mortgage not the second or
third).
• Cannot pay for regular liv
ing expenses or credit payments
and taking out a loan, withdraw
savings, skipping payments, or
paying only the minimum
amount due in charge accounts
to cope.
As you can see, the use of
credit should not be entered into
lightly. Stop and do some serious
considering before consolidating
with your home as collateral. If
you need further information to
help you “Take Control of Your
Money,” contact your local coop
erative extension office for the
five part series.
FISHER’S FURNITURE
NEW AND USED FURNITURE
USED COAL & WOOD HEATERS
COUNTRY FURNITURE & ANTIQUES
BUS. HRS. BOX 57
MON.-THURS. 8-5 1129 GEORGETOWN RO,
FRI, 8-8, SAT. 8-12 BART, PA 17503
INC.