What are the Top 5 Common Middle-Class Financial Mistakes?
1. Lack of Basic Financial Education.
2. Miss-Calculation of Fees, Charges and Conditions.
3. Failing to Correct Mistakes in a Timely Manner.
4. Failure to Obtain Proper Disclosure from Creditors.
5. Trusting but not Verifying.
Why are they important to know? Because everyday, scores of intelligent and responsible Middle-Class Americans are seduced by the sweet kiss of Credit and subsequently, smacked by Credit’s ugly twin Debt.
If you’re in Debt, beware of The Top 5 Common Middle-Class Financial Mistakes that lead to Financial Failure. These mistakes lurk in Blind-spots of Credit Accounts. Financial Mistakes are (often) purposely hidden or overlooked by Creditors and Debtors. But they are sure to make financial failure a reality – if not corrected. Please let me be clear and not cute, these 5 common Financial Mistakes can easily lead Middle-Class Americans into financial failure.
What Can Middle-Class Americans do to Correct these 5 Common Financial Mistakes Once Made?
First, get financially educated.
To win the i
nitial stages of War every Middle-Class American must arm themselves with Credit and Debt Intelligence. I’m happy to announce that DEBT WARRIORS have most of the bases covered on this one.
Debt Warriors explain the often treacherous:
- “Battlefield of Debt”,
- “The 30 Day “Rule of Debt Collections”.
- How to get your Government Sponsored Credit Report free every 12 months.
Watch DEBT WARRIORS!™ Credit Boot-Camp Video’s here.
Second, re-calculate miscellaneous fees, charges, and taxes into your budget.
Miss-Calculation of fees, and charges are second in the most common mistakes that Middle-Class Americans make with their finances all the time. For example, Bank Account fee’s can float around until the end of the month when they silently sneak up and sting. Taxes and surcharges are often overlooked as well. Like the cell phone plan’s with service fees, taxes and charges.
To re-calculate miscellaneous expenses for Service Bills (cell phones, Internet service, utility bills etc.) , take your last 3 billing statements from each, and calculate the average payment per month (with taxes and fees).
To re-calculate monthly Bank Fee’s, find out what, how much, and when you can expect to be charged. For example, some Banks require you to have at least $250 dollars in your checking and or saving accounts each month or be subject to fee’s. Cal your bank and ask a human what fee’s are charged, and when you can expect to be billed.
Third, Correct Mistakes in a Timely Manner.
Abraham Lincoln was found of sleeping on the stunning choices he had to make. But Honest Abe didn’t live in a Global Economy like today’s.
For example, did you know that the “Fair Credit Billing Act“makes it vital for a Consumer to seek to correct a Credit Card or billing error within 30 days of the error?
Are you wondering what to expect if you miss a payment? We explain the “30 Day Rule of Collections” in one of our Credit Boot-Camp Videos. This information can be a timely and valuable debt related stress reliever.
Fourth, be diligent in obtaining disclosures.
Failing to obtain honest and understandable disclosures of Terms and Conditions for Credit are what triggers Debt. This is undoubtedly one of the biggest mistakes that Middle-Class American Consumers make regularly.
The Economic Meltdown has shown how lack of total Disclosure can lead to financial failure. For example “Teaser Rates” on Lines of Credit for Mortgages and Credit Cards). Teaser (Promotional) Rates have been sold to millions of American Consumers over at least the last 4 years.
Many Americans made the mistake of not fully calculating and estimating the results of hidden terms and fees for Mortgages. To avoid or correct this mistake, review the Terms and Conditions of every contract that requires you to pay any money.
If reading Legal Disclosures makes your brain swirl like the Beast dancing with Belle at the Ball, consider getting an experienced Attorney with Services. I personally have any contracts or agreements (regarding money) that I intend to sign, reviewed by my PPL Provider Law-Firm.
Fifth, don’t trust – Verify!
President Ronald Reagan was fond of saying “trust but verify”. What a crock! The Financial Markets are unregulated so buyer beware.
Banks (which are barely regulated) are suspected of floating and bouncing Account Holder’s checks all the time. Don’t take just anybodies word for anything co-finance related. Instead Verify all loan promises in writing.
The good news is that these 5 Common Middle Class Financial mistakes are avoidable and correctable.
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DEBT WARRIORS™ are not Attorneys. WE ARE experienced Debt Management Coaches. The information on this blog, should not be considered legal advice, but helpful information.
Don’t let debt defeat you! Win Your War ON DEBT!
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www.DEBTWARRIORS.com 