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Community Meeting August 1, 2010

Community Meeting August 1, 2010. Topic: CREDIT trap will destroy your EQUITY. What is EQUITY?. Property (personal and real) MINUS financial obligations due (debt) to the said property, if any. Equation Property – Debt = EQUITY Illustration examples later on.

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Community Meeting August 1, 2010

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  1. Community MeetingAugust 1, 2010 Topic: CREDIT trap will destroy your EQUITY

  2. What is EQUITY? • Property (personal and real) MINUS financial obligations due (debt) to the said property, if any. • Equation Property – Debt = EQUITY Illustration examples later on.

  3. Asset - Debt = Equity • Car loan $25,000 $25,000 $0 ($2,500) 0 ($2,500) • Home Loan $350,000 $350,000 $0 Real Estate bubble burst at current market value “say” $250,000 ($100,000)

  4. Building equity is important to our financial health • If you earned $1 you should spend less than $1. This result into POSITIVE equity. • If you earned $1 and spend $1.10 you incur deficit. This result into NEGATIVE equity.

  5. What creates NEGATIVE equity • Too much debt. Lets get real & use cash! • Easy access to credits like credit cards • Anticipation of income (spending future income today) • Impulse buying habits • Plastic money vs. cash Bottom line: You can’t solve credit (debt) by incurring more debt! Who will think GM will go bankrupt?

  6. Electronic Fund Transfer (EFT) and Identity Theft • Call your bank and document your claim. • Your account must be credited in 24-hours without any further question. • The institution must conduct investigation ASAP and inform you of the results. • Place a fraud alert on your credit report ASAP and review your credit report. TransUnion: 1-800-680-7289; www.transunion.com; Fraud Victim Assistance Division, P.O. Box 6790, Fullerton, CA 92834-6790 Equifax: 1-800-525-6285; www.equifax.com; P.O. Box 740241, Atlanta, GA 30374-0241 Experian: 1-888-EXPERIAN (397-3742); www.experian.com; P.O. Box 9532, Allen, TX 75013

  7. Question & AnswerYou may also email your questions to: Noel atnsoria60@gmail.comSalamat po.

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