Welcome to Premier PULSE, Premier Members Federal Credit Union’s blog.
This is meant to be an open, free-flowing source of information about the credit union, our communities, the financial industry and the world at large. Please join the discussion and share your comments and questions with us. We’re listening.
I always knew there was a possibility that either one of my girls could have been born with a disability, which scared me. I’m sure every soon-to-be new parent feels the same way, and considering how astronomical the emotional impact is, the last thing on a new parent’s mind would be finances.
Honestly, through all of my worrying, I never considered the financial side until I saw a video on CNN: There are huge financial decisions to make, if you have a special needs child. Digging a little deeper, I found a Scott Reeves article from April of 2005 on Forbes.com that discussed a survey by MetLife. The survey polled 1,718 parents of children with special needs, and the findings were a little surprising:
Two-thirds of people asked said finding enough information about financial planning for special needs children difficult. In fact, 85% of parents ask their doctor for financial advice. If you are a new parent and your child has special needs, by all means look for the financial planning help you’ll need.
MetLife has a ton of information available on their site. Hopefully, you won’t have to worry about it, but if you do, please look it up.
Like the couple in the video said: Having a special needs child is like planning for retirement for three people.
As a follow up to yesterday’s post about the weird phone call from a debt collector, I’ve got another article about agencies and debt collection from CNN Money writer Blake Ellis. This article, though, really shows an example of why you need to know your rights.
The Federal Trade Commission has noticed an increase in the number of complaints from people who claim harassment from debt collectors. In fact, the FTC reports an increase in 50% over the course of 2009, and based on the first half of this year, it looks like the number will increase another 13%.
According to the FTC, repeated calls are the biggest complaint, followed by obscene language, inconvenient calls and violence. As an example, the article mentions a woman who said that a debt collector repeatedly called her house, verbally abusing her and her husband. When they stopped answering the agency’s call, the debt collector resorted “to calling her estranged sister, an ex-boyfriend and her husband’s ex-wife’s mother.”
Remember, as the article points out, you do not have to tolerate underhanded tactics, like threatening phone calls or calls at odd hours of the day (before 8 a.m. or after 9 p.m.). If a debt collector tries any of these techniques on you, point out the Fair Debt Collection Practices Act to the person on the other end of the line.
Be sure to read the article, including a response from the spokesman from The Association of Credit and Collection Professionals.
We’d love to have you share your thoughts with us.
A few weeks back, I had a weird phone call when I was working from my home office. The caller ID identified the out-of-state number as a debt collection agency. When the caller ID shows anything relating to collections, I immediately panic. I tend to think we’re on top of paying our debt, but what if I forgot something?
Well, it turns out the woman on the other end of the line was checking to see if one of my neighbors still lived in their house. I didn’t see any harm in telling her that the neighbors did still live there. But things got a little weird when, through the course of the conversation, she asked me to put a note on their door.
While I knew they were a collections agency, the woman never said what her company did, and she even identified the company by an acronym and not the name that showed up in caller ID. While trying to figure out why this woman had called me, she mentioned that she had been repeatedly unsuccessful in trying to get in touch with my neighbors. So, she wanted me to put her name and number on a piece of paper and tape it to my neighbor’s door.
I was completely shocked and didn’t know what to say. After she got off the phone, I started wondering what other tactics debt collectors use. Just today, I ran across an article on CNN Money that talks to 10 former debt collectors, who discuss their tactics.
The whole process made me wonder if I were ever in the situation of having a collections agency call me, do I have any rights? CNN Money had me covered again with this article. Digging a little deeper, the Fair Debt Collection Practices Act lists our rights, if you’re ever curious.
The whole ordeal was quite the learning experience for me. Has anything like this ever happened to you and how did you handle it?
Everyone who lives in Colorado would agree that it is a great place to be. From our majestic Rocky Mountains, to the crystal-clear lakes and streams, to the plains in the east, there’s something for everyone to enjoy.
Each year, Money Magazine puts out a list of their top 100 small cities. According to the editors, these cities “boast plenty of jobs, great schools, safe streets, low crime, lots to do, and more.” The new August issue has the new top 100.
Colorado is represented by five towns, with three being in the top 25. Those towns are:
6. Fort Collins
12. Highlands Ranch
19. Broomfield
33. Loveland
58. Arvada
According to the editors, the 2006 winner, Fort Collins, was hurt because the school district has had such trouble with funding through the recession. Loveland, though, was a pleasant surprise for me, since it is one of my favorite towns in Colorado.
It makes me wonder what kind of impact these towns will see after receiving such notice. Will they see an influx of people moving to them? Will it stay the same? Could it draw in more businesses to the region?
What do you think? Tell us why in the comments below or over on Facebook or Twitter!
I’m a long way from having one of my daughters get her first job, but as fast as they seem to grow, that day will be here soon enough. That’s why I love finding advice that I can hold on to for when my girls are older.
I stumbled upon some great advice from Money Magazine’s Linda Stern that focuses on parents of teenaged children who may be getting their first job. In her article, she points out that it is the perfect opportunity to start teaching your teen how to manage their new source of income.
Think about it. They have gotten their first job and are bringing home a steady paycheck. Now, they have to learn to take care of that money, and as the parent, you’re the best person to teach them.
Stern points out four key pieces to this talk:
All in all, it’s very good advice. For those of you who have recently had teen kids, what other lessons can you share?
Post in the comments, on Facebook or Twitter!
The United States Post Office announced proposed price increases for several different mailing options. It doesn’t come as a big surprise, but some people might see it as a bit of a nuisance.
Keep in mind, this is still just a proposal, but it would raise the rates of a first-class stamp up to $0.46 and the cost of a postcard to $0.30. All told, the Post Office says the rate increases average around 5 percent and will cover first class, packages, periodicals and other services.
The last price increase took effect in May 2009. So, why would the Post Office want to raise rates so quickly? Simply put, they’re going broke. The organization faces $7 billion in losses for 2011, and the increase could cut those losses by $2.5 billion.
The Postal Rate Commission has 90 days to respond to the proposed rate increase, and if approved, the changes will go into effect in January 2011.
If you pay bills by writing a check and sending in an envelope, you could opt for online bill payment, which is free for members who have a Premier Platinum account or get e-statements. It’s quick, easy and will save you the cost of a stamp for each bill you pay.
Also on tap is cutting the mail service down to five days a week. While still only a proposal, if it would help, would you mind having mail only delivered five days a week? Do you think it would have that much impact in your daily life?
As always, let us know what you think in the comments below or join in on the conversation on Facebook and Twitter.
I mentioned this last year in this space, but the Fourth of July is my favorite holiday. Barbeques, family get-togethers, fireworks and a lot of fun fill the day, and I can’t wait for it to get here.
While last year I mentioned our beloved Declaration of Independence, this time, I think I want to turn my attention to the First Amendment of the Bill of Rights.
Amendment I
Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances.
This one has a lot of importance to me, having studied journalism in college and interned at a newspaper. Obviously, it grants freedom of the press, but it also gives everyone the right to free speech.
Whereas so many countries have oppressive governments (think of the protests following Iran’s last election or China’s power to pull the plug on the Internet), we have an incredible foundation set for us with our Constitution and Bill of Rights. Say what you will about our elected officials, but we do have it lucky in this country. And, as long as we stay true to those documents, our country will be in good hands.
This weekend, when you’re enjoying the freedoms given to us by these historic documents, take a few minutes to remember the soldiers who serve and have served in our military – these are the men and women who ensure we keep our freedoms.
Finally, are you looking for a good fireworks display for Sunday? Take a look at this website and find a display in your neck of the woods.
Happy Independence Day.
The news has been reporting a lot of drownings, recently, as more people take to the summer waters. Enjoying the water is great, but make sure you know the signs of drowning (hint: experts say it’s not the screaming and thrashing depicted in television and movies).
According to a 2006 article in On Scene, there is an Instinctive Drowning Response. Here are the characteristics:
1. Except in rare circumstances, drowning people are physiologically unable to call out for help.
2. Drowning people’s mouths alternately sink below and reappear above the surface of the water and are not above the surface long enough for them to exhale, inhale, and call out for help.
3. Drowning people cannot wave for help. Nature instinctively forces them to extend their arms laterally and press down on the water’s surface.
4. Throughout the Instinctive Drowning Response, drowning people cannot voluntarily control their arm movements.
5. From beginning to end of the Instinctive Drowning Response people’s bodies remain upright in the water, with no evidence of a supporting kick.
Furthermore, it takes 20 to 60 seconds for the person to go under the water for good. So, know the signs that someone is in trouble (just because they’re splashing and crying for help doesn’t mean something isn’t wrong). Experts also point to some other signs:
- Head low in the water, mouth at water level
- Head tilted back with mouth open
- Eyes glassy and empty, unable to focus
- Eyes closed
- Hair over forehead or eyes
- Not using legs – Vertical
- Hyperventilating or gasping
- Trying to swim in a particular direction but not making headway
- Trying to roll over on the back
- Ladder climb, rarely out of the water.
Experts suggest, if someone falls in the water, ask them if they’re okay; they won’t answer if they’re in real trouble. And, if you have children, please keep a close eye on them.
Recently, the Credit Union leadership met and discussed following a more traditional holiday schedule, and they made the decision to change the dates Premier Members will be closed.
Take note that the Credit Union will be closed on July 5 and on December 24. Please plan your business with us accordingly.
For the rest of 2010, the holiday closures will be: