Susie Skog knows Lake Norman Real Estate Inside Out

If youre buried by credit card debt, a negotiated debt settlement with your creditor may be worth checking into. Negotiated debt settlement is a general term for discharging debt in a way that appeals to the credit card holder and the cards issuer.

Its best to negotiate from a position of strength by not having submitted late payments or having missed them, which can cause a credit score to fall. If that happens, cardholders will likely have a harder time getting concessions in a negotiated debt settlement. Instead, they should start talking to their creditor soon after realizing theyre having trouble repaying their debts.

Forbearance
There are a few types of negotiated debt settlements, and the simplest one is called forbearance. Banks offer these programs to reduce interest rates, waive late fees and extend repayment terms.

Forbearance doesnt forgive any debt, but offers better terms for repayment. Unemployed cardholders typically are approved for forbearance, and the plans should have no impact on the cardholders credit score.

Workout Arrangements
In these programs, card issuers lower or eliminate interest rates and fees, either temporarily or permanently until all of the debt is paid. A credit line may be reduced so that the credit card can no longer be used.

Like forbearance, a workout agreement doesnt reduce the principal owed. It can affect a credit score, depending on how the bank reports it to the credit agencies.

Lump Sum
A lump-sum settlement is where a cardholder offers to pay less than the full amount owed so that the entire debt is eliminated.

These are often accepted in two or three payments and are a way for banks to avoid trying to get payment through a debt collection agency. Interest and fees are likely to be forgiven in lump-sum settlements, however the principal will still need to be paid.

It can have several downsides. The bank will be charging off its loss, which will hurt the cardholders credit score. Also, cardholders must pay taxes on any forgiven principal of $600 or more and treat it like income.

Debt Management Program
This type of negotiated debt settlement is for people who dont want to negotiate directly with their lender. A third party does it for a fee.

Some for-profit debt management companies can be unscrupulous and charge large up-front fees. To find a reputable credit counselor, check with the National Foundation for Credit Counseling, or the Financial Counseling Association of America.

Published with permission from RISMedia.

Here are a few tips for designing the perfect space for learning at home.

Set Up for Success

A designated workspace with a desk, proper materials and good lighting will create a separate environment perfect for learning away from the rest of the house.

Recreate the Classroom

Try to create a learning environment that theyre accustomed to. Hanging up their assignments or mounting a chalkboard will make it feel more like school.

Include Different Areas

If you have the space, kids will benefit from a change of scenery and subjects throughout the day to avoid monotony.

Published with permission from RISMedia.

When it comes to painting your space, there are myriad options: bright and sunny yellow, the classic eggshell white, a soothing blue or a fresh green. But one color you shouldn’t overlook when painting is gray. Below are five reasons why.

It matches. Gray is a fluid, flexible color that pairs well with a large variety of accents. This means you can swap out your color scheme over the years and keep the same paint job.

It’s elegant. Gray is a classic choice for a wall. Whether it’s a light smoky gray, a deep ash or a lavender tinted hue, gray doesn’t seem to age out.

It’s calming. Along with green and some shades of blue, gray has been shown to soothe and relax. This makes it a great choice for your bedroom.

It opens space. If you choose a light gray, the color can help create the illusion of a larger area. White is the typical choice for opening up a space, but if you’re looking for a bit more personality, gray is the way to go.

You can mix and match. Gray is an extremely flexible color. You can paint three of your walls a soft silvery gray, and then choose an accent wall to paint a deep slate. Or, paint your ceiling or floor a different shade of gray to add an interesting twist.

Published with permission from RISMedia.

The savings rate in America is pretty abysmal. Fifty-seven percent of Americans have less than $1,000 in their savings accounts, according to a 2017 GOBanking Rates survey.

Without savings, people can be forced to take on debt when they lose their job, get sick or have major car repairs. Fortunately, there are some easy ways to trick yourself into saving money, whether for retirement, college, a new car, vacation or a rainy day. Here are five:

Automatic Transfers
Having money automatically moved from your paycheck to a retirement account, or from your checking account to savings, can be a painless way to save money without realizing youre doing it. Its called Pay yourself first and it is meant to pay into your retirement or other savings accounts so that you pay your future self first. Otherwise, its money youre likely to spend.

Hide It
Automatic transfers are one way to hide your money and keep it out of your sight so you dont spend it. There are other ways to hide your savings, though you dont want to hide it so well that you forget it exists.

Set up savings accounts at another bank than where your checking account is. This will help you avoid seeing the balance when you log in to your checking account. It also makes the savings account a little more difficult to get to since its not at the same institution as your checking account.

Sign up for paperless statements where your savings accounts are, such as retirement accounts, so you dont see the balance too often. Check in a few times a year and set up text or email alerts for withdrawals or unusual activity so you arent a victim of fraud.

Digital Savings
Did you ever have a container at home to put your spare change into? Apps on your phone can do the same thing. Apps such as Digit and Acorns transfer spare money from your checking account to a savings account, or invests it. Some banks round up debit card purchases and transfer the change to your savings account.

Bank Any Extra Money
If you save money by canceling a cable TV subscription or other service, move that monthly savings into a savings account each month with an automatic transfer. Otherwise, the money will stay in your checking account and will likely be spent elsewhere.

For one-time windfalls, such as a tax refund, deposit it into your savings account or buy a one-year certificate of deposit. If you try to take out the money early from a CD, youll be charged a small penalty.

Did you recently get a raise at work? Bank that extra money in your paycheck, as well.

Stuff $1 Bills Away.
Along with saving your coins at the end of the day, put aside every $1 bill you have in your pocket. Put them in a change jar and, at the end of the week or the end of the month, gather them all and deposit them into your savings account.

If you really want to save big, save your $5 and $10 bills.

Published with permission from RISMedia.

If your bathrooms are feeling a little dated or worse for wear, here are some tile ideas to give them an elevated look.

Herringbone Marble Tile

If youre not the type who buys into trends, you can rest assured that this classic herringbone pattern will look just as stylish twenty years from now as it does today.

Patterned Encaustic Tile

This trendy and vibrant tile choice comes in a variety of cement styles, from geometric to exotic patterns, and can completely transform the feel of your bathroom.

Glass Mosaic Tile

These small, shiny mosaic tiles come in a stunning array of shimmering colors and are surprisingly durable, guaranteed to create a breathtaking bathroom.

Matte Black Subway Tile

If you’re going for a modern or minimalist style, this low-luster, sleek ceramic, stone or even porcelain tile, can bring your bathroom to life.

Published with permission from RISMedia.