News and Recognitions

With the Federal Trade Commission cracking down on debt collection methods, consumers are less likely to experience harassing calls from debt collectors. misrepresentation or harassment when debt collectors call.

Because social networking tools such as FourSquare tip off you and the rest of the world to where your friends are, it's tempting to want to keep up with the social habits of virtual pals. And those habits can be costly. "Rarely do our friends and acquaintances 'check in' at Walmart," says Karen Carlson, director of education at InCharge Education Foundation, a financial literacy and consumer education program. "But they certainly announce when they check into four-star restaurants, major retailers and attractions."

Giving your house a spring cleaning? Bet your finances need a good cleanup, too. Dig out. Know where you stand. Review bills. If you're still paying off the holidays, "do not plan a summer vacation," says Karen Carlson, director of education for InCharge Debt Solutions. Set goals for drastically reducing or getting rid of [debts] by year-end.

Sylvia Mitchell, 46, of Raleigh, North Carolina, a single mother of two, lost her job as an airline ticket agent in September 2005. Sylvia Mitchell finally landed a fulltime position with the Transportation Security Administration. At the same time, she sought help from a nonprofit agency called InCharge Debt Solutions (a member of both the NFCC and AICCCA).

Karen Carlson, Director of Education for InCharge Debt Solutions, said in an email that using social media sites can sometimes lead to money issues, which then can result in stress. “One of the often overlooked effects social media sites have on people is in the area of personal finances,” Carlson said.

There is some good news in these troubling survey results, says Karen Carlson, director of education for InCharge Debt Solutions in Orlando, Fla. — more people are willing to admit they don’t know enough about money.

If you are underwater in your mortgage and struggling to keep up with your payments, you are not alone: forty-five percent of Florida home mortgages exceed market value. Here are five tips to help you make it through these turbulent financial times.

SUNNY Across Central Florida host Felix Albuerne spoke to Mark Hoewing and Karen Carlson from InCharge Debt Solutions about the new online video series and the response it has so far garnered, as well as a number of other topics in regards to financial literacy and fiscal responsibility.

Karen Carlson, the director of education at InCharge Debt Solutions notes that the spousal IRA can be a great way to catch up: "Significant numbers of middle-aged and boomer generation Americans are just now starting to save for retirement. Exhausting the spousal IRA is a great way for couples to kick retirement savings into high gear and 'catch up' to where they should be at this point in the game."

It's also important to know yourself before you send in an application, adds Mark Hoewing, a spokesman for the nonprofit counseling agency InCharge Debt Solutions in Florida. "If you know you'll pay the bill in full each month and the card has good benefits [such as] a signing bonus, rewards, etc., then feel free to apply, regardless of the interest rate."

"College is a great time to establish really strong money habits and really No. 1 -- and what most people don't do -- is shop around," says Karen Carlson, director of education and creative programs for the InCharge Education Foundation.

Make sure you are not the sole financial resource for your classroom. Keep track of work related expenses as these can be deducted up to $250. Karen Carlson, Director of Education at InCharge, says “Develop a clear communication channel with parents (e-mail, a flyer system that goes in the students’ backpacks, etc.) and lean on them for the extras that you may ordinarily purchase on your own.

"Having a zero balance on a credit card is not a vision," explains Karen Carlson, director of education at InCharge Debt Solutions. "Neither is figuring out how to live on 90 percent of your paycheck so you can faithfully stash 10 percent for retirement. These are great motivators, but they are not what drive people successfully to a life of financial prosperity."

Karen Carlson, director of education for InCharge, a nonprofit that helps debt-ridden consumers, says buying splashy gifts should be the last thing on your mind. "Remember, many big spenders are even bigger debtors," Carlson says. "Turn off the conspicuous consumption from others. Ignore your friends' Facebook statuses from the mall."

In many parts of the country, September weather is clement enough to get outside and find money- draining leaks and faults in roofs, shingles, windows and insulation, says Karen Carlson Director of Education at InCharge Debt Solutions, a debt counseling agency in Orlando, Fla. One example: Cleaning gutters to allow rainwater to drip off effectively can extend the life of a roof by five to six years, Carlson says.

Americans are making progress in working down their heavy debt burden, but are struggling to break out of another funk holding back the economy: their deep pessimism.

Try not to lose sight of the smaller financial losses, which can quickly add up. Contact utilities providers to confirm you aren't being billed for interrupted service, says Karen Carlson, director of education at InCharge Debt Solutions, a nonprofit credit counseling agency in Florida.

Karen Carlson, director of education for the consumer credit counseling agency InCharge Debt Solutions, cautions that Christmas club accounts "should be part of a bigger savings strategy," and consumers shouldn't just rely on a savings account that is "meant to be exhausted on an annual basis."

"We need to broaden our idea of what makes a big family," says Karen Carlson, director of education at InCharge Debt Solutions, a Florida-based non-profit credit counseling organization.

New data from the American Bankers Association shows that the rates of late payments for most categories of consumer loans are creeping up. In the aggregate, nine of 11 different loan categories showed increases in nonpayment rates. One significant outlier: credit cards, where the rate of 30-day-late or delinquent payments dropped a small amount, from 3.4 percent to 3.2 percent. Experts say that’s very bad news. Want to know why?