CA$H Newsletter

Welcome to the CA$H Maine Newsletter

The articles in this edition of our enews will focus on the top financial goal of our CA$H Maine tax customers this year- Pay Down Debt!

Steps to Help You Get Out of Debt

Everyone acquires some debt along the way. But if you're spending more than you're making regularly, it's time to reevaluate. These steps can help you start getting yourself out of debt.

Watch here.

Better Money Habits is a partnership with Bank of America and Khan Academy established to tap into different ways to help young adults learn about money.

Easy-to-remember guidelines help people reduce credit card debt

Take a short guideline like "don't swipe the small stuff" and make it your own. You might just find that you're better able to control your own credit card debt.

Written by Susan Kerbel, Consumer Financial Protection Bureau (CFPB).

Have you ever looked at your credit card bill and wondered where all those charges came from? Or found yourself swiping your credit card for a purchase before you've had a chance to think about whether you really wanted to borrow money to pay for it?

Don't feel discouraged - there are ways to get a better hold on your credit card use.

A recent study we commissioned found that following simple guidelines, or rules to live by, can help you lower your credit card debt., if you are a consumer carrying a month-to-month balance. The rules are designed to help you improve the choices you make with your credit cards - especially when you adjust the rule to live by to fit your personal financial situation.

Read more about how to reduce credit card debt by reading the full article on the CA$H Maine website.

The Consumer Financial Protection Bureau (CFPB) is a 21st century agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives.

Building Credit for a New Car

Lee, who lives on a fixed income, was looking for better ways to manage her money when she signed up for a My Money Works class with New Ventures Maine.

A motivated learner, she quickly became more careful about where her money went; she set up a budget, scheduled automatic bill payments, and made sure to set aside money for savings each month. Thanks to the class, she became motivated to clean up her credit issues. She maintains a credit card just for gasoline purchases, which she pays off each month. Lee's credit score is now in the "excellent" range, which enabled her to obtain fair financing for purchasing a new new car.

The class that Lee took helped her change the way she thought about money and helped her set and reach her financial goals. "Taking this class gave me both the skills and confidence that I needed to take control of my finances."

AARP Foundation is looking for your help!

AARP Foundation will be in Maine on July 24 to meet with local community members as to they look to develop new programs that help assist older adults feel more secure financially and with their housing situation. In order to achieve this, AARP Foundation will be conducting focus groups (two hour) and 1-on-1 insight gathering interviews (one hour) at two locations: Lewiston and South Portland.

To thank you for your time. AARP Foundation will be providing a $15 gift card to all who can attend a focus group, and a $20 gift card to all those who can speak 1-on-1 in an hour long insight gathering session with AARP Foundation staff. All information discussed in either setting is completely confidential and will be used internally as AARP Foundation develops new programs that will help older adults feel more secure.

How can you help?

Register for any of the following times and locations:

July 24: 12-1 pm: 1-on-1 Interviews
USM LAC, Room 283, 51-55 Westminster Street, Lewiston

July 24:12-1 pm: Focus Group
USM LAC, Room 283, 51-55 Westminster Street, Lewiston

July 24: 3-5 pm: 1-on-1 interviews
New Ventures Maine, 175 Main Street, South Portland

July 24: 6-7 pm: Focus Group
New Ventures Maine, 175 Main Street, South Portland

TO REGISTER: Please call Sarah Hutchins, New Ventures Maine, at 207-799-5025 or email sarahp@maine.edu

CA$H Maine is a statewide collaboration of ten coalitions, comprised of 50 non- and for-profit partners, working together to help empower Maine individuals and families to achieve long-term financial stability. Since 2003, we have offered free tax preparation to qualified filers during tax season and educated hard-working families and individuals about programs in the community that can increase their income, reduce debt, and build savings. CA$H Maine is a year-round resource, providing outreach and education about ways you can make the most of your money.

To find a coalition near you click here.

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