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Gas or Bills?

By Neil Goldberg
An alarming trend is starting to rear its ugly head as millions of Americans have to make the tough decision of whether to pay their bills or fill up their cars with gas. As the price of gas has risen, there has been a steady and frightening increase in the amount of delinquent credit card payments. Delinquencies reached a record high for the second quarter, 4.81%, and with the effects of Hurricanes Katrina and Rita putting further pressure on gas and heating oil prices, the prospects for the third quarter and beyond do not bode well. And with natural gas prices 71% higher than a year ago and heating oil up 31% and winter right around the corner, a third choice enters the equation – gas, bills or warmth!

James Chessen, the American Bankers Association’s chief economist said “The last two quarters have not been pretty. Gas prices are taking huge chunks out of wallets, leaving some individuals with little left to meet their financial obligations.” And with personal savings at an all time low, there is no reserve for many to fall back on.

At TCCF we are certainly aware of the difficulties that many of our clients are experiencing, as we have seen a marked increase in the number of clients requesting further reductions from their creditors. Sadly, there has been no offering of additional relief from the creditors except for those who were directly affected by these two disasters.

As valued clients, you have our pledge that we will continue to lobby on your behalf. In the meantime however, we urge all of you to make every effort to continue to make your payments to your Debt Management Program on time, as there are dire consequences if you do not. Many creditors will drop your account from the program if payments are more than 30 days late. Once this happens, they will raise your interest rates up to their pre-program levels or possibly higher, while ceasing all other program benefits. Additionally, most creditors will not accept you onto another Debt Management Program for up to five years, meaning that once dropped, you will have no relief from these higher interest rates. And with the new bankruptcy law taking effect on October 17, 2005, this option will be far more difficult to obtain.

Therefore, if you or anyone you know is facing these daunting problems, we urge you to call us to discuss your situation. We stand at the ready to offer help with better budgeting techniques as well as proposing possible alternatives for you to consider. Regardless of the circumstance, know your TCCF family is here, ready to assist you, so pick up the phone and let us help!

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