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"You might be eligible for programs that can get you out of debt for good, but if nothing else, you hang up the phone with a complete budget of everything you earn and spend," says Parks. "After all, you can't get out of debt unless you know where your money is going."
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“When you don’t set up automatic bill payments or transfers into savings, you’re relying on willpower and memory to stay consistent,” she said. “Life gets busy, you get distracted, forget a due date.”
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"Travel rewards can beat cash back," says April Lewis-Parks, director of financial education at Consolidated Credit, a nonprofit credit counseling agency, "but only if you're booking frequently and redeeming smart."
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“Auto loans are secured by the vehicle itself, so if you stop making payments, repossession becomes a real risk,” “Since there’s no collateral tied to credit cards, nonprofit agencies have more flexibility in helping you find a path forward.”
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“Sales can work against you when you buy on emotion, especially if the deal feels ‘too good to pass up,'” said April Lewis-Parks, communications and public relations director at Consolidated Credit. “If you don’t need the item, you’re not saving — you’re just spending.”
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“The moment your credit card debt and monthly bills start to feel like a weight you can’t carry, it’s time to take action,” she says. “Don’t wait until you’re in freefall. Get help before you hit the financial breaking point. If you’re only paying the minimum on your credit cards and barely making a dent in your balance, that’s a red flag waving loud and clear.”
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"Making a balance transfer can be a great tool for managing debt," says April Lewis-Parks, director of financial education at Consolidated Credit. "One of the main benefits is moving high-interest debt to a card with a lower or even 0% introductory interest rate. This saves you money on interest charges allowing you to pay off your balance faster."
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A surefire way to overspend at the grocery store is to go without a shopping list. That causes “one of the biggest budget leaks,” says April Lewis-Parks, director of financial education at Consolidated Credit, a debt relief company. “You wander the aisles, picking up extras, and before you know it, your cart is full of things you didn’t plan for or really need.” By walking into the grocery store armed with a meal plan and an accompanying shopping list, you’ll be less susceptible to tempting displays and shiny packages. “You’ve got a plan, and sticking to it means no more impulse buys that inflate your bill,” she says.
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"Missing credit card payments can harm your credit score, making it harder to get credit when you need it for emergencies or to improve your quality of life," explains April Lewis-Parks, director of financial education at Consolidated Credit in Fort Lauderdale, Florida. "It can also cause interest rates on your current debt to go up, adding more pressure to your finances.
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“You wander the aisles, picking up extras, and before you know it, your cart is full of things you didn’t plan for or really need.”
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“We always don't have to shoot for the moon and say, I’m going to pay everything off, because sometimes it's not realistic. Make micro moves that will really help you pay down your debt and get your finances back on track,” Lewis-Parks said.
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“One of the easiest ways to build good credit is to get a credit card,” says April Lewis-Parks, director of financial education at Fort Lauderdale, Fla.-based Consolidated Credit, a nonprofit credit-counseling group. “Credit is a tool and the way our financial system is set up, if you have good credit, you have a lot of advantages,”
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"A penalty APR is the company's way of saying, 'If you don't pay on time, we'll charge you more to make up for the risk and inconvenience," says April Lewis-Parks, communications director at Consolidated Credit, a nonprofit credit counseling agency.
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“Debt collectors are companies that collect unpaid debts for others,” says April Lewis-Parks, director of education and corporate communications at Consolidated Credit. “It’s usually more cost-effective for companies to hire debt collectors than to continue to spend their own time and staff pursuing payment on delinquent accounts.”
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“Representing Consolidated Credit on the Board of the Community Reinvestment Alliance of Florida is an esteemed honor. The Board’s mission perfectly aligns with our commitment to helping Americans achieve affordable and sustainable homeownership, while eliminating debt through sound financial education and counseling, thus stabilizing and enriching lives,” said Tobon.
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Although missing or being late on a payment for your loan can have serious consequences, “lenders are willing to work with people, so you shouldn’t be afraid to reach out,” says April-Lewis Parks, Financial Education Director for Consolidated Credit. “As soon as you miss or are late on a payment, your loan is considered delinquent.” Explaining your situation to your lender, in most cases, will allow you to negotiate a payment plan to get back on track.
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While charging holiday expenses on a credit card is nothing new for many Americans, in fact a 2020 survey by Consolidated Credit found that 30% of people use their credit cards for gifts, many of them will struggle for an average of 14 weeks to pay off that spending. Figuring out your expenses beginning January 1st, will give you a good idea of what your budget will look like come holiday season.
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With product shortages and supply chain issues, April Lewis-Parks, Financial Education Director for Consolidated Credit, advises not to delay on beginning your shopping and using curbside pickup to avoid impulse buys.
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If you've recently been in a situation where you had to file bankruptcy, it most likely did serious damage to your credit score. However, that damage is only temporary and you can rebuild quickly with the right strategy. Financial education director April Lewis-Parks talked to Bankrate about how to avoid common credit traps as you rebuild your score after bankruptcy.
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Many people don’t realize that by taking small financial steps they can turn their dreams of becoming a millionaire into a reality. Consolidated Credit’s Director of Education and Corporate Communications, April Lewis-Parks, gives Channel 3000 advice on how to retire with $1 million.
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April Lewis-Parks, Consolidated Credit's Director of Education and Corporate Communications, spoke with Bankrate about the importance of clearing debt early. “[They] can also attempt to find out where you work and garnish your wages…[and] try to find out where you bank too, and freeze your accounts,” explains Lewis-Parks as she describes what happens when you put off paying debt collectors.
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While many have been able to take advantage of the three government-issued stimulus checks, some have still yet to receive any COVID-19 economic relief. April Lewis-Parks, Consolidated Credit’s Director of Education and Corporate Communications, tells NBC4 WCMH-TV why you might not have gotten your payment, and what steps to take to get the money you’re owed.
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Bankrate talks to Consolidated Credit’s Director of Education and Corporate Communications about the low to zero-interest benefits of coronavirus hardship loans. April Lewis-Parks explains where and how to apply for this short-term COVID-19 financial aid.
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GOBankingRates spoke to Consolidated Credit’s Director of Education and Corporate Communications about managing debt from 2020. April Lewis-Parks had this advice for consumers looking to get out of any debt they piled up last year: "Always payoff the highest APR debt first to make the most of your money."
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