assistive technology webinar
DESCRIPTION
Assistive Technology Webinar. Brought to you by Michigan’s Assistive Technology Program at MDRC. Use the chat function on the right hand side. Questions and comments are encouraged and expected! The session is being recorded. We will start recording now. About the Webinar. 2. - PowerPoint PPT PresentationTRANSCRIPT
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Brought to you by Michigan’s Assistive Technology Program at MDRC.
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Use the chat function on the right hand side.
Questions and comments are encouraged and expected!
The session is being recorded. We will start recording now.
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How to Evaluate the Real Cost and Avoid the Pitfalls
November 10, 2011Glenn Ashley, UCP MichiganKenneth Ashley, Free Agent
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Don’t throw it away!
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Located in low income neighborhoods. Why?? Easy for people to find the “store”.
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Borrow $100, fee is $15 for 2 weeks Interest rate? 15%Annual Interest Rate
• 15 X 26 = 391% APR
Source: Michigan Attorney General www.michigan.gov/ag
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Roll the $100 loan forward every 2 weeks, until you reach the maximum allowed by law.
How much will you owe? • $676
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Rip Off!!!!!(Not a wise use of your money!)
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How many times more does it cost to buy from Rent to Own?
Pay $1,000 for a $300 computer?
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Just $15 per week for 18 months • How much did his $300
computer cost him? • $15 X 18 = $270?
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Pay for 18 months, not 18 weeks! • 18 months is 78
weeks• $1,170 for the $300
computer
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Please use the public chat area to type your answers and comments.
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Michigan Assistive Technology Loan Fund
UCP Michigan4970 Northwind Drive, Suite 102East Lansing, MI 48823Phone 517-203-1200Ask for Michele
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At $10 per week, 7% interest, • Pay it off in 7 months • Costs you $309
Congratulations, you have saved $861!
(Note – not all computer purchases are eligible for loans from MATLF.)
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They have research to back it up• Suze Orman • Dave Ramsey• Larry Burkett
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Difference between safe and scary?
Advertisers on TV - Run Away!
An expert who is selling you a product? On commission?
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Find a local organization through the National Foundation for Credit Counseling (NFCC)• Phone: 1-800-388-2227• Website: www.nfcc.org
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Bad Idea: Paying someone else to do what you
can do yourself.Worse idea: Paying to remove accurate info from
your credit report. (It’s a scam.)Even worse idea: Lying to remove accurate information
It’s a federal crime.
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We have an astounding power to wipe out thousands of dollars of your debt.
Most accounts have a one-time settlement rate that’s preapproved (typically 15 to 35 percent on credit card debt).
-from Reader's Digest magazine October 2011 , p 44.ReadersDigest.com
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A lot of agencies buy debt for pennies on the dollar, so always start your settlement offer low, maybe 25 cents on the dollar.
Say something like “I have $200 that I can apply toward this debt. Will you accept that as payment in full?”
If I say no, ask what I’m willing to accept as a settlement and negotiate from there.
-from Reader's Digest magazine October 2011, p 44.ReadersDigest.com
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Debt is the symptom Over-spending and under-saving is the
problem Lower payment for longer term =
More money for the Debt Con. Company
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AmeriDebt – founded by Andrus Pukke Hidden fees and deceptive practices took
$170 million out of customers’ pockets. (FTC)
It is now out of business. (similar ones pop up and disappear)
Place to check:Attorney General’s Office
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If I threaten to have you arrested, use profanity, or call before 8 a.m. or after 9 p.m.
Those are violations of the Fair Debt Collection Practices Act.
Report me to your state attorney general's office (naag.org) and the Federal Trade Commission (ftc.gov).
-from Reader's Digest magazine October 2011, p 45.ReadersDigest.com
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Ramsey says that “Consumer Credit” is the best.
Your credit is still trash.
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To benefit from Debt Consolidation Must change your spending habits Who can teach you to do that?
• Suze Orman• Dave Ramsey• Larry Burkett books
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Late paymentsMaxing out credit cardsThe Big One:
• Buying things you don’t need or can’t afford.
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How to turn them off• Go to: OptOutPrescreen.com
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Costs you how much? What do you get for it?
Yes, I would like to protect my account by enrolling in Payment Aid. By providing my initials, I have received the Payment Aid Program Summary on the enclosed insert and I want to purchase this optional program. Bill my account $0.87 per $100 of my New Balance until I cancel. If you cancel this within the first 30 days, you will not be billed.
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If you owe $1000, you pay $8.70 for the insurance.
Your minimum payment is $10.00.
You have almost
doubled your payment for no good reason.
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Ways companies get around it• Promoting business credit cards
for consumers
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Insurance from bank to cover a loan• Same as Credit
Card insurance• Buy term life
insurance instead
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What is the Michigan Lottery?• A tax on people
who can’t do math.
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Infomercials: “Secrets to Get Rich”
Guess who gets rich? Better Idea: Get Rich Slowly
• www.GetRichSlowly.org
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Buy a brand new car• New $28,000 car will lose
about $17,000 of value in the first 4 years.
• A $100 bill once a week for 4 years.
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Do business with a local bank or credit union
Check people out
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Opt out of Credit Card offersNever open junk mail or spam
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From: Credit Cards <[email protected]>Sent: Thu, November 3, 2011 1:12:39 PMSubject: Why are you waiting? Make life easier with a credit card
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Spend less. Less than your income!!!
Pay your bills. On time!
Pay off your debt.Clean up your own credit bureau
records.
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Michigan Attorney General Scam Alerts:http://www.michigan.gov/ag
http://www.GetRichSlowly.org http://www.MissingManual.com/feedback
- choose “Your Money” http://www.DaveRamsey.com http://www.SuzeOrman.com http://www.threerules.org
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“The art is not in making money, but in keeping it.”- Proverb
“It's not your salary that makes you rich, it's your spending habits.”- Charles A. Jaffe