Greetings!
Well, 2020 turned out to be quite the year. I may get a little sentimental in our final newsletter of the year.
My advice for heading into 2021 is to remember that you are not alone. I can't tell you how many people I talked to in 2019 and 2020 who thought that their financial struggles were a character flaw or some kind of failure. So many people think they have to live with constant financial stress and fear of checking their bank account because they don't know what options and tools are out there and think that checking out those options is admitting failure.
Our featured blog post talks about when you should think about consulting with a debt and credit strategy attorney. We also have some featured articles on practical tips for credit scores, student loans, and reducing financial stress during the holidays. The Debt Therapy podcast also has a great episode about renting vs. buying.
In closing out 2020, all of us at Jen Lee Law wish you a very happy holiday season and a great start to 2021.
Thanks,
Jen
Thank you for reading and please feel free to forward our newsletter to any friends, colleagues, or family members who may be interested in learning more about debt, credit, and solutions to financial stress.
|
Renting vs. Buying
Season 2, Episode 3
Everyone thinks it is a cut and dry decision, but it isn’t that simple. Each situation is different. Part of being financially savvy means understanding what works for you and your family.
In this episode, we dive into factors that you should consider when trying to decide to rent or buy. Because let's face it, owning isn't for everyone and neither is renting!
|
BLOG POSTS
When Should I Consult an Attorney about my Debts?
by Leo Spanos, Senior Associate Attorney at Jen Lee Law, Inc.
|
Living on credit is a day-to-day reality for millions of Americans.
Consumer debt in the United States totals $14.1 trillion — that’s $14,100,000, 000,000 – with the average person owing over $90,000 (according to Experian’s 2019 Consumer Debt Study). This includes credit cards, consumer loans, secured loans on personal property (electronics, furniture, jewelry, etc.), car loans, mortgages, and student loans. Given that many people are living paycheck-to-paycheck and the job insecurity caused by the global pandemic, it may be reasonable to consult an attorney about financial stress and debt management options. This may be the case even if you have a six figure income and have never missed a payment; it is better to consult an attorney early (and know your options) than to wait until your back is against the wall.
|
NEWS ARTICLES
5 Fast tips to Improve Your Credit Score
by Digital Journal
|
On July 8, 2020, Experian released a report that showed the average credit score actually increased by 1% from January to May in 2020, the early months of the pandemic. Average credit balances decreased by nearly 14% and credit utilization was also down.
Federal Borrowers Get to Skip Another Student Loan Payment
by Nasdaq
Millions of student loan borrowers who haven't had to make a payment since the pandemic shut down the nation last winter just got an additional reprieve.
The payment pause, known as a forbearance, began March 13 as part of the original coronavirus relief package and has now been extended twice by the Trump administration, most recently through Jan. 31
Four Tips to Reduce Your Financial Stress During the Holidays
by R.J. Johnson
In a year that never felt like it would end, we are rapidly approaching the most wonderful time of the year. However, with the COVID-19 pandemic still raging across much of the United States, many have found themselves out of work due to no fault of their own even as we approach the season of giving. And while the holidays are always a magical time of year for people, they can put a lot of pressure on people's finances.
|
|
A caring approach to debt and credit strategy. |
SPEAKING ENGAGEMENTS-
The Elephant in the Room: How Financial Stress is Destroying Productivity, Relationships, and Health
January 12, 2021
at 1 p.m. PST
Rotary Club of Newark
|
WE'VE GONE VIRTUAL!
To schedule a speaking engagement with Jen,
|
|
