Finding out that you’ve lost your job can bring a lot of worry and stress in your life. Some people are ready for it – they’ve saved up their money and have enough to live off of comfortably until they find a new job. However, others may not have been able to save up enough, or any at all, either due to bad spending habits or things going on in their lives. This situation is playing out in Tunica as Harrah’s is closing. Caesars Entertainment Corp., which is financially strapped right now, will shut down the casino and the accompanying high-rise hotel on June 2, leaving 1,200 workers in need of jobs. Here at Darrell Castle & Associates, we don’t
This summer, Bartlett residents might get tapped out paying for water. The Commercial Appeal reported today that the cost of living in Bartlett is about to rise. Try to forget that cereal is already $4.50 a box. Now it’s ice for those hot Tennessee days that might break your wallet. Bartlett’s utilities are in financial trouble, and starting July 1, those of you on the suburb’s utility system will be paying higher prices than what you’re used to. Bartlett residents: expect to pay 42% more in water and sewer rates than you are paying now. Residents living outside of Bartlett but using Bartlett’s utility system could face even higher costs. This news might be welcomed for some homeowners, since
Currently both houses of Congress have legislation pending that might affect the student loan community, including one bill sponsored by Memphis area Representative Steve Cohen. These new laws working their way through Congress would allow you to discharge overwhelming private school loans through bankruptcy. Up until bankruptcy laws changed in 2005, privately-backed student loans were not specially protected in the case of bankruptcy, which meant they fell in the same category as credit card debt and other unsecured credit. Bankruptcy attorneys like us could help if you came to our office with outstanding private loans. As the law stands now, student loans can follow you around for the rest of your life. Perhaps these bills will provide some protection again
So you’ve never ever had a budget and don’t know where to start. Or you tried to use a budget once and it didn’t last. It’s happened to most of us. Setting up a budget is a huge factor in getting your spending in order. If you don’t keep track of what you have and what you’re spending, your bank account can get out of whack fast. But what if budgeting your money has failed before? Or what if your debts are so overwhelming you don’t know where to start? Getting control over your finances takes time. Rather than trying to fix everything at once, start with baby steps. You want to have a solid foundation when creating a budgeting
In the first step of creating a budget, we discussed putting together all of your financial information and figuring out your expenses. The next step is to organize that information. Putting the numbers in the right place will help you to cut expenses and stay accountable to your budget in the future. Here are some tips for how to list your expenses so that you can keep better track of your spending. Use Categories When Starting Your Budget Take all of your expenses from the last step and, using them as a guide, create categories. Start with big categories (for example: housing). Under a category like housing, include your rent or mortgage, your maintenance costs, your utilities, furniture costs,
By: Darrell Castle A recent article on Credit.com chronicles the story of Charles Phelan, a debt settlement expert, who found himself in a load of debt, totaling more than $60,000, while counseling several others out of their debt. After seeing the need for transformation, Charles and his wife gave up their home in order to pay off the debts that had accumulated from unforeseen medical bills. By selling their home, they were able to repay their debt, move into a leased home and recreate a savings account which had dwindled. Amazingly, Charles and his wife were able to successfully leave debt behind them. But what about those who don’t know where to start? Charles’ story is one of hope and
Memphis has approved a new budget. Again. In general, every major city works off a fiscal year, meaning they have to update their budget annually. Memphis begins working from their new version on July 1, but with the city in bad financial shape and no real consensus on how to deal with taxes or social programs, the approval process isn’t always an easy one. If you’re struggling with your own finances, there are certain lessons to be learned from the way cities handle their budgets, and mistakes to avoid as well. First, have a budget in the first place. If you aren’t already working from a budget, set one up ASAP. Unlike many cities do, make sure your budget
Credit cards can be very destructive to your finances, however if used correctly, credit cards can be beneficial. Here I talk about the good, the bad and the ugly when it comes to credit cards. Video Transcript Hello, this is Darrell Castle. I’m an experienced Memphis bankruptcy attorney licensed to practice law in the state of Tennessee and on this video, I’m talking to you about credit cards – the good part of credit cards and the bad part. And in my mind folks, this is just the way I look at it, there aren’t many good things to say about them. They’re mostly bad. They’re destructive. They’re destructive of your financial life. I say that to you because
Understanding credit-to-debt ratio can really help you By: Darrell Castle Many of us are concerned with our credit and maintaining a good score, which is good – you should be. But, often times, people make things more difficult on themselves when trying to figure out how to improve their credit score. Here, I’d like to touch on one simple aspect – your debt-to-credit ratio. Your debt-to-credit ratio is how much you owe verses your total available credit. This makes up a good chunk of your credit score – 30% to be exact. This is why carrying high credit card balances is something you don’t want to do. But you shouldn’t look at this information in a negative way, but spin
In recent weeks, banks like Bank of America have announced new fees, including charging for debit card use. The charges generally affect those people who don’t keep large balances in their accounts. In other words, the fees hit lower-income individuals the hardest. In response to these changes, a lot of people have begun talking about credit unions. A credit union is a cooperative financial institution owned and controlled by its members. Because the unions run on a membership basis, they are typically smaller, with more competitive rates than banks – including lower or nonexistent banking fees. They often pride themselves in strong customer service and promote local community development. Credit unions have a lot to offer, and many people are switching