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John F. O'Hara

John F. O'Hara
731 W Skippack Pike  Blue Bell  PA 19422
Phone:  610-277-4060
Office:  215-643-3200
Cell:  267-481-1786
Fax:  267-354-6973

My Blog

5 Tips to Get a Handle on Debt

February 16, 2016 1:48 am

Be it a mortgage, student loan or unpaid credit card, the majority of households hold some form of debt. Not all debt is detrimental, but for the sake of your financial future, it pays to have a handle on it.

Better manage your debt with these tips, courtesy of American Consumer Credit Counseling, a national non-profit organization.

1. Determine exactly what you owe.
Do not live in denial and allow your debt to pile up. Write down every debt you have, as well as the amount you owe. With this information, create a plan on how to best go about paying off each debt.

2. Get organized.
Pull all those bills out of the drawer and get your finances in order. Organization will help motivate you to manage—and ideally, erase—debt.

3. Set up a calendar.
Create a calendar devoted to payments. Mark when each bill is due on your calendar and cross it off once it has been paid.

4. Look for ways to cut costs.
Carefully examine your bills to see if there are ways you can reduce them.

5. Reduce your spending.
Shrink your monthly spending to help you get out of debt at a faster rate. Review your credit card statements to see where your money has been going each month. Create a budget with a budgeting worksheet and stick to it each month. 

Source: ACCC

Published with permission from RISMedia.


Can Homeownership Status Affect Auto Insurance Rates?

February 16, 2016 1:48 am

Recently released research has shed light on a startling statistic: auto insurance costs for renters may be up to 50 percent higher than those for homeowners.

According to an analysis by the non-profit Consumer Federation of America (CFA), auto insurance premiums average 7 percent higher—about $112 per year—for a 30-year-old safe driver who rents a home instead of owning it. The CFA argues that weighing homeownership status when determining auto insurance rates disadvantages low- and moderate-income drivers—Federal Reserve Board data show the median income of renters is $27,800 and $63,400 for homeowners.

To conduct the analysis, the CFA solicited premiums for a basic policy from eight of the nation’s largest insurers, across 10 cities, for a 30-year-old, female motorist with a perfect driving record operating a 2005 Honda Civic. The CFA altered homeownership status during the test, discovering that premiums assigned to renters were significantly higher—even by double-digit percentages in some areas, like Baltimore, Md., Louisville, Ky., Newark N.J., and Tampa, Fla.

Notably, Geico was the only insurer tested that did not consider homeownership status in any city analyzed.

Consumer protection laws in California prohibit auto insurance companies from considering homeownership status or other socio-economic factors when setting premiums.  The CFA confirmed compliance through a separate analysis focused in Oakland, Calif.

Source: Consumer Federation of America

Published with permission from RISMedia.