Conquer Your Credit Fears by Attending the Credit Club!

Become informed and educated on topics of interest that will help you to understand and effectively manage your credit. The Credit Club meets on the first Thursday of every month to discuss various topics that relate to individuals improving their credit and financial stability. Credit Club sessions are facilitated by a licensed Credit Counselor and/or a professional in the subject area to be discussed.

Next Credit Club Meeting is this Thursday, March 1, 2012:

Join us this Thursday and learn about “Car Buying- Tricks and Treats”. Issues to be presented by a former car salesperson and a former finance manager will include:

· What your car dealer doesn’t want you to know;

· Confessions from a car dealers back room;

· How to buy a new car;

· Winning in car negotiations.

What You Need to Know:

There is no charge to attend the Credit Club meetings but pre-registration is recommended. The Credit Club meets at 4925 Lacross Road, Suite 105 in North Charleston from 6:00 pm – 8:00 pm. For more information and/or to register to attend a FREE Credit Club meeting call 843.735.7862 or visit us online at www.fsisc.org and view our calendar of events.

Use Leap Year to Get Your Financial House in Order

NFCC Offers Financial To-Do List for February 29

Washington, DC – If there’s one thing everyone wants, it’s more time, and that’s exactly what we have this year. A once every four-year phenomena of the calendar known as Leap Year is providing us with 24 extra hours this February 29.

For some, the day will come and go with little to show for it. However, with a little forethought, people can use the extra hours to make a difference in their financial lives. The National Foundation for Credit Counseling (NFCC) suggests that consumers dedicate this gift of time to tackling the financial tasks they may have been putting off.

Prepare federal income taxes. Gather all 1099s, W-2s, and receipts related to eligible deductions. Whether filing on your own or through a professional, these items will be needed to prepare an accurate return.

Create or organize a home financial center. Since the financial documents are out, create files for each category. This step will help you stay organized all year long, and will make preparing next year’s tax return much simpler.

Review all insurance policies. The time to become familiar with insurance policies is not when you make a claim. Insurance is not something to buy and forget, as life changes often dictate adjustments to the policy. Make an appointment with your insurance provider to confirm that your current needs match your coverage.

Review retirement contributions. Due to the payroll tax cut, working Americans now have extra money in their paychecks. The best use of this money could be increasing the retirement contribution at work. Make sure to maximize the benefits of an employer match and age-related allowable contribution increases.

Order your credit report and score – With good reason, people are very interested in their credit score. However, many do not realize that the score is based on the information in the credit report. In spite of it being free through www.annualcreditreport.com, the NFCC Financial Literacy revealed that 65 percent of Americans had not ordered their credit report in the last 12 months. The credit score didn’t fare any better, with 63 percent of respondents indicating they’d not ordered their score. Even though there will be a small fee charged to obtain the credit score, it will be money well-spent, as these three numbers dictate much of your financial future.

“Those who use the extra time afforded by Leap Year to accomplish these five financial moves will wake up March 1^st with a well-earned sense of accomplishment,” said Gail Cunningham, spokesperson for the NFCC. “The efforts they put forth on this bonus day will yield rewards throughout the year.”

If you need free or low-cost professional help putting your financial house in order, reach out to an NFCC Member Agency today. To schedule an appointment with a Certified Credit Counselor at the agency closest to you, dial (800) 388-2227, or go online to www.DebtAdvice.org. For assistance in Spanish, call (800) 682-9832.

The National Foundation for Credit Counseling (NFCC), founded in 1951, is the nation’s largest and longest serving national nonprofit credit counseling organization. The NFCC’s mission is to promote the national agenda for financially responsible behavior, and build capacity for its members to deliver the highest-quality financial education and counseling services. NFCC Members annually help more than three million consumers through close to 800 community-based offices nationwide. For free and affordable confidential advice through a reputable NFCC Member, call (800) 388-2227, (en Español (800) 682-9832) or visit www.nfcc.org. Visit us on Facebook: www.facebook.com/NFCCDebtAdvice, on Twitter: twitter.com/NFCCDebtAdvice, on YouTube: www.YouTube.com/NFCC09 and our blog: http://financialeducation.nfcc.org/.

One Last Call for Money Rocks 2012!

MAJORITY OF AMERICANS WERE UNAWARE OF PAYROLL TAX CUT’S IMPACT ON PAYCHECKS

The following information was taken from a 2/1/2012 NFCC Press Release.


As Congress continues to debate extending the payroll tax cut, they may want to review the results of the National Foundation for Credit Counseling (NFCC) January online poll to determine if the objective of the tax cut is being realized. The overwhelming majority of close to 1,800 respondents, 66 percent, were unaware that their paychecks were larger last year.

“Even if the dollar increase is small, consumers should be aware of it,” said Gail Cunningham, spokesperson for the NFCC. “Not recognizing that the paycheck was larger begs the question of how the additional money was spent. Knowing how much you make and consciously determining how to spend it are basic building blocks of financial stability. This poll provides another example of the need for increased financial education.”

As an example, the two percent Social Security payroll tax cut puts $1,000 back into the pockets of a family earning $50,000 annually, a significant amount of money that could mean the difference between financial stability and financial distress each month.

Those aware of the increase appeared to have allocated the money responsibly, with the largest number of respondents indicating they used it to pay off debt (18 percent), while the second highest number (eight percent) caught up on past-due bills.

Smaller percentages either increased their retirement contributions (four percent), or saved the money (three percent). Only one percent indicated that they spent the money on something for themselves.

“Consumers should become familiar with the format of their paychecks, and upon receipt promptly confirm that all entries are correct, taking any questions to their payroll supervisor,” continued Cunningham. “This way, whether it’s a raise, bonus or payroll tax cut, they will be able to make conscious decisions regarding how the increase should be spent to best benefit their financial situation.”

For professional assistance determining the best use of your hard-earned money, consider an appointment with a Certified Consumer Credit Counselor at an NFCC Member Agency. To be automatically connected to the Agency closest to you, dial (800) 388-2227, or to locate a counselor online go to http://www.debtadvice.org/. For assistance in Spanish, dial (800) 682-9832.

The actual results of the English poll were as follows:

With the 2011 two percentage point payroll tax cut, last year I
A. Saved most of it = 3%
B. Caught up on past-due bills = 8%
C. Increased my retirement contributions = 4%
D. Treated myself to something special = 1%
E. Used it to pay off debt = 18%
F. Didn't realize my paycheck was larger = 66%

Note: The NFCC’s January Financial Literacy Opinion Index was conducted via the homepage of the NFCC Web site (http://www.debtadvice.org/) from January 1 - 31, 2012 and was answered by 1,797 individuals.


The National Foundation for Credit Counseling (NFCC), founded in 1951, is the nation’s largest and longest serving national nonprofit credit counseling organization. The NFCC’s mission is to promote the national agenda for financially responsible behavior, and build capacity for its members to deliver the highest-quality financial education and counseling services. NFCC Members annually help more than three million consumers through close to 800 community-based offices nationwide. For free and affordable confidential advice through a reputable NFCC Member, call (800) 388-2227, (en Español (800) 682-9832) or visit http://www.nfcc.org/. Visit us on Facebook: www.facebook.com/NFCCDebtAdvice, on Twitter: twitter.com/NFCCDebtAdvice, on YouTube: www.YouTube.com/NFCC09 and our blog: http://financialeducation.nfcc.org/.