Author: Noelle Carter

Taxes

FREE Tax Prep

FREE Tax Prep at Two Niagara County Locations; Call Now to Book Appointment
Don’t Get Ripped Off! For Profit Tax Prep Sites Take Advantage of Low Income Families
There are Over 40 For Profit Sites in Niagara County
Did you know that the City of Niagara Falls has 23 for profit tax prep companies—and that Lockport has 18?  And that they charge on average $500 for a tax refund? Every tax season, for profit tax preparation companies take advantage of low income individuals.
Knowing this, several years ago, Consumer Credit Counseling Service (CCCS) formed the Niagara County Financial Literacy Coalition (now known as the Niagara County Financial Empowerment Coalition) to economically empower low income Niagara County residents—and free tax preparation is a central service provided. Our main goal was to provide these services in Niagara County as no other group helped the low income population increase their financial capability. Free Tax Prep Programs in Niagara Falls and Lockport are held every year.
We kick off our 2020 VITA (Volunteer Income Tax Assistance) Program/Free Tax Prep Program on January 28thbut encourage you to call now to set up an appointment! Our appointments book up very fast.
And here are some more reasons why Free Tax Prep is so important:
  • The average fee charged for a tax return is approximately $350. For those individuals who earn minimum wage, that can represent nearly 5 days of work. This does not include the cost for the “rapid refund” which is usually about $200. Low income filers can easily pay nearly $500. Our goal is to keep that money in the pockets of low income Niagara County residents—and keep them away from the for profit sites which prey on the financially unstable population.
  • To increase their business, for profit tax companies cluster in low income neighborhoods. Current statistics show that nearly 70% of low income families use a commercial tax preparer. This is why our program—and our locations—is vital for our communities.
We have two Niagara County locations:
Orleans/Niagara BOCES: 50 Main Street, Lockport
Tuesdays 3:30 – 7:30 pm
Pinnacle Community Services (Formerly known as Family and Children Services) 1522 Main Street, Niagara Falls
Wednesdays 3:30 – 7:30 pm
Appointments for this service can be scheduled by calling 712-2060. Household income must be approximately $56,000 or less. Appointments are available on Tuesdays in Lockport and on Wednesdays in Niagara Falls from January 28th through April 8, 2020.
Parachute Services

What is Financial Counseling? What is Credit Counseling? What are Debt Management Plans? What’s the Difference?!?!?

What is Financial Counseling?  What is Credit Counseling?  What are Debt Management Plans?  What’s the Difference?!?!?

Financial Counseling can also be called budget counseling or financial coaching.  This is a service provided by many nonprofit or for-profit service providers to review a personal budget.  An agency offering Financial Counseling may or may not be offering Credit Counseling and Debt Management.  When a Credit Counseling organization offers a Financial Counseling session, it will always include components regarding Credit Counseling and Debt Management. 

Credit Counseling and Debt Management are often synonymous when locating information.  While very closely related, they are not the same activity.  Let’s first review what each of those truly are:

·         Credit Counseling is the process where a counselor reviews a consumer’s budget debt scenario that can be resolved through all the various methods available; including, 1) self-budgeting and power payment methods, 2) consolidation loans or housing refinancing options, 3) Debt Management Plans, 4) debt settlements, and 5) bankruptcy.

·         A Debt Management Plan (DMP) is a contracted service offered by an organization offering Credit Counseling.  The DMP includes all unsecured debts with the ability to workout arrangements with the perspective creditors listed.  The creditors listed usually offer one or more benefits for their inclusion on the DMP; including, 1) lower interest, 2) lower monthly payment, 3) payoff within 60 months, 4) re-age of past due amounts (bringing the account current for credit reporting purposes), and 5) stopped late and over-limit fees.  The only people knowledgeable enough to provide the specifics of how a DMP can work for you are those that offer a DMP directly. 

It’s for these reasons that Credit Counseling and Debt Management are inseparably linked services.  An individual cannot have a Credit Counseling session without the review of an actionable Debt Management Plan; an individual cannot have a Debt Management Plan without first engaging in Credit Counseling.

The Federal Trade Commission notes that “most reputable credit counselors are non-profit and offer services at local offices, online, or on the phone” (source, FTC website).  The FTC also states that reputable counselors are trained in consumer credit, money and debt management, and budgeting; without each of these a counselor would fall short of the FTC’s definition of a reputable organization.

Housing and Urban Development (HUD) trained housing counselors are experts in housing related issues.  Their training consists of 1) pre-purchase counseling to assist those in obtaining a new home, 2) post-purchase or delinquency mortgage counseling, 3) rental counseling for those that have difficulties with their landlord, 4) reverse mortgage counseling, and 5) budget only counseling to train individuals on personal budget techniques and provide ideas on how to reduce personal expenses to better balance their budget.  HUD housing counselors that don’t work with an agency that provides Debt Management Plans are not trained to provide information on how a Debt Management Plan will work for anyone.  It’s understandable though, how can they provide specific information on a service they do not directly engage.

The Consumer Financial Protection Bureau echoes the view of the FTC, “Credit counseling organizations can advise you on your money and debts, help you with a budget, and offer money management workshops” (source, CFPB website).  Without a full spectrum review of an individual’s debts and advice of all of the options to pay them off, a counselor falls short of the CFPB’s definition of credit counseling.

New York State’s Department of Financial Services permits Debt Management activities under the “Budget Planner” license.  With the services synonymously and inseparably linked, only licensed Budget Planners in New York can ethically note themselves as Credit Counselors.

The only agency in Western New York able to provide Credit Counseling is Consumer Credit Counseling Service of Buffalo, Inc. (CCCS of Buffalo).  CCCS is a non-profit, full-service credit counseling agency, providing confidential financial guidance, financial education, counseling and debt management assistance to consumers since 1965.  CCCS helps consumers trim expenses, develop a spending plan and repay debts.  Counselors are trained and certified through the National Foundation for Credit Counseling and HUD housing counseling.  CCCS of Buffalo is licensed by the NYS Department of Financial Services as a “Budget Planner”.

Counseling is available at our Main Office in West Seneca, in one of our Satellite Offices, by telephone and via Internet.  Visit www.consumercreditbuffalo.orgfor more information.

Debt

Helping America Realize a Debt Free Future!

If you are struggling with debt, make sure your first call is to CCCS, your Money Mentors!

Non-profit credit counseling agencies provide financial education and non-biased advice on debt repayment options. Additionally, CCCS can review a Debt Management Plan for those who it may be appropriate for – reduction in interest rates and a structured payment plan allows individuals to become debt free in 5 years or less.

Contact CCCS to start your journey to a debt free future-now able to help those in Florida, Georgia, Massachusetts, South Dakota too! 800-926-9685

Debt, Student Loans

Student Loans – The Next Debt Crisis?

The last recession was fueled, in part, by a mortgage crisis; economists warn that the U.S. may suffer a student loan crisis next.
On a national level, graduates owe around $1.5 trillion in student loans — the largest source of household debt after housing — but it is at an individual level that the extent of the looming meltdown becomes clear. Analysis of recently-released data suggests that almost 40% of borrowers who entered college in 2004 may default on their student loans by 2023. Filing for bankruptcy is not an option, since “undue hardship” is the standard the borrower must meet despite the fact that the term has never been legally defined and can be liberally interpreted by a presiding judge.
The CCCS Student Loan Counseling Program has been extremely successful, primarily due to the complexity of the student loan market.  Many individuals with student loans feel overwhelmed with anxiety and fear as they try to navigate options available during repayment, with some falling prey to the abundance of unscrupulous companies claiming to help. We specifically designed our program to meet the needs of this growing population segment.
CCCS’ Student Loan Counseling Program provides the assistance, support, direction and sometimes hand-holding that our clients need, helping them create a solid plan to pay their debt.
Our goal is to help our clients achieve financial stability and we give them the tools and support needed to get to that point. We recommend our services to anyone who wants to achieve a financially healthy life. We are not just for people in crisis—we can help people who proactively want to take charge of their finances, creating budgets and developing spending plans so that they can live a stable and successful life free from financial stress.
CCCS has many other programs to help. In addition to Student Loan counseling, we provide one-on-one financial counseling, financial coaching, creditor repayment counseling, small business counseling, pre-purchase housing counseling, foreclosure mitigation counseling and bankruptcy counseling.
Contact a Certified Student Loan Counselor at Consumer Credit Counseling Service to get help. To get started, consumers can visit www.consumercreditbuffalo.org  or call 712-2060/1-800-926-9685.
Parachute Services

Know the Difference!

And we keep growing! Now able to help residents in Louisiana, Washington and Hawaii 🌴 become debt free! Call 1-800-926-9685 or visit us at consumercreditbuffalo.org.

Know the difference between Debt Management and Debt Settlement, and take advantage of the financial education and non-biased advice of a non-profit such as CCCS/Money Mentors. Our appointments are not consultations or a sales pitch, it is a true analysis of your unique financial situation and an honest review of what the pros and cons are to your various options to become debt free.
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🤩Washington
🤩Hawaii
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