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Yes We Can, Yes We Did!

By Gil Michel, MBA, on 06-11-2008 11:56

Favoured : 8

Published in : Motivation, Motivation Articles

BlackMoneyMaters.com wishes to extend its best wishes to President-Elect Barack Obama. Many of us watched this hard-fought campaign with great interest (has it really been almost two years!?) We watched a somewhat obscure, young senator come through the ranks as a person who refused to sink to low levels in name calling, and mud slinging. We watched as he navigated through false accusations of being a friend to terrorists. We watched as the media played the loops of his former pastor over and over again.

We watched as he was criticized for not being patriotic because he was not wearing a flag pin, or because his wife claimed that she was "now really proud to be American". But we also watched his class, composure and resolve to sustain the atacks, accusations, and death threats. And on November 4th, we all watched as the final delegates were counted and Barack Obama was named the next president of the United States of America.

Yes, We Can, and Yes, We Did!

Last update: 12-11-2008 02:42

Settling A Medical Bill & Credit

By Gil Michel, MBA, on 30-10-2008 11:37

Favoured : 12

Published in : Ask Gil- Advice, Read Advice Columns Here

Dear Gil,

I have an outstanding medical bill that a collection agency is calling me about. They have offered a settlement.

How will that be reflected on my credit report and would it adversely effect my credit? I don't want to accept it if will cause me more harm in the future. Please advise.

D.B.

Hi D.B.,

You are indeed being wise in making sure that this offer by the collection agency is working in your best interest.

Depending on the creditor, the amount of your bill will either be reflected as "Paid", "Settled", or "Settled for less than full balance" on your credit report. If you are able to negotiate this, try your best to have them state this as simply "Paid". In the future, it will be the most favorable for you in terms of how other creditors view your credit report.

The other thing I am sure you want to know is how this will affect not just your credit report but your credit score or FICO score, as it is technically referred to. This again depends on a number of factors. Most times when people are offered a settlement, it is only because the creditor or collection agency has deemed that the debt is almost uncollectable as it currently stands and they are looking to minimize their losses at this point. So chances are, the thing that has already hurt your score is delinquincies. If that is the case then settling on the debt can't really hurt you any further. Either way, you are going to need time to build your score back up. If what I am assuming is true, then accept the offer, and make sure to get everything in writing. Collection agencies are notorious for claiming one thing on the phone and doing another thing, altogether, when you have agreed to them verbally.

I wish you all the best in settling this medical debt.

Gil

Last update: 30-10-2008 12:09

The Liquidity Crisis of 2008: What Black People Should Do Now

By Dr. Boyce Watkins, on 30-09-2008 10:47

Favoured : 9

Published in : Personal Savings, Savings

Most of you have been watching politicians shuck and jive in predictable ways to try and manage the even more predictable liquidity crisis that has terrorized our financial markets. As a supporter of Senator Barack Obama, I am hopeful that this will serve as the final signal to America that a Harvard graduate with extensive Economics training might be a better choice than a mediocre student who claims to know nothing about the economy. I won’t even mention Sarah Palin, who now makes George Bush the runner-up in the “Unfit to Manage a Burger King” contest. I am not big on Obama-mania, but I tend to be big on common sense. It is also telling that many Americans would sacrifice our nation’s future in order to avoid the discomfort of seeing a Black man in the White House. OK, let me shut up before I say what I REALLY think.