Weathering Rising Costs With Free Program

Spiking energy costs are prompting many Americans to find ways to conserve energy.

Escalating energy costs have affected low-income Americans the most, says a recent study by the National Energy Assistance Directors’ Association, forcing them to cut staples such as food and medicine.

Fortunately, there is a way that the most vulnerable Americans can mitigate soaring energy costs. Free of charge, the U.S. Department of Energy will help low-income families insulate and weatherize their homes and purchase energy-efficient appliances through a federal effort called the Weatherization Assistance Program. Every county and every Indian tribe is eligible to participate.

By installing energy- and money-saving products–many containing innovations made by American chemistry companies–the federal program on average reduces energy bills by $358 or more per household annually.

Approximately 100,000 low-income households participate every year, and more should take advantage of the program’s benefits. The government’s Oak Ridge National Laboratory found that only 16 percent of eligible households have participated in the weatherization program.

Since 1976, the Department of Energy has provided weatherization services to 5.6 million low-income families. In 2006, 25,574 households in New York participated, 11,964 households in California, 9,855 in Pennsylvania, 5,958 in Missouri and 4,173 households in Texas, to name a few of the states. Many weatherization clients are senior citizens, single parents or disabled.

According to Jack Gerard, president and CEO of the American Chemistry Council, “Insulation and weatherization materials such as vinyl windows help keep homes warm or cool, depending on the season. Refrigerators and other home appliances are also more energy efficient due to materials based on chemistry innovations.”

The extent of the weatherization program varies state to state. But it typically includes a home inspection to assess heat retention, air sealing, insulation to attics and sidewalls, and repair or replacement of heating systems. Some states replace windows and appliances such as refrigerators and stoves if funding permits.

For more information, visit the Energy Website or the American Chemistry Website. (NAPSI)

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Seven Common Credit Myths Dispelled

With the economy reeling and home loan rates at a nine-month high, lenders are scrutinizing everyone’s credit history like never before. Yet, many Americans don’t realize the impact of late payments on their credit score and their finances.

In fact, mortgage loan delinquency reached a national average high of 3.23 percent for the first three months of 2008, according to Trend Data from TransUnion.

“Being knowledgeable about your credit standing is becoming increasingly more important by the day,” says Lucy Duni, vice president of TrueCredit.com. “Businesses, ranging from insurance companies to wireless providers and some employers, are now reviewing consumer credit information as a routine part of their application processes.”

When it comes to credit, knowing fact from fiction and understanding how to act is critical. Here are some common credit myths that may be preventing you from engaging in effective credit management:

Myth: My score will drop if I check my credit.

Fact: Checking your own reports and scores is considered a “soft inquiry” and has no negative impact on your credit score.

Myth: Reviewing any one of my three credit reports occasionally will tell me everything I need to know about my credit standing.

Fact: Occasional monitoring will give an incomplete snapshot of your credit standing. You should, instead, check all three of your credit reports and scores frequently throughout the year because the information and scores contained in each of those reports can vary at any given point in time.

Myth: There’s only one score that all lenders use to determine my credit-worthiness.

Fact: There are literally hundreds of different scoring models used by lenders in the marketplace today.

Myth: Closing old credit card accounts will clean up your credit reports.

Fact: Some people advocate closing old and inactive accounts as a way to manage their credit. In most cases, closing your older accounts will make your credit history appear shorter, which can negatively impact your overall credit standing.

Myth: Once you pay off a delinquent loan or credit card balance, the item is removed from your credit report.

Fact: Negative information such as late payments, collection accounts and bankruptcies will remain on your credit reports for up to seven years. Certain types of bankruptcies stick around for up to 10 years. Paying off the delinquent account won’t remove it from your credit report, but it will update the account to indicate it as “paid.”

Myth: If I don’t pay a medical bill on time because I believe it is incorrect, I can’t be held accountable.

Fact: If you fail to pay a medical bill in a timely manner, the delinquent payment may be reported as late to a credit bureau. If you believe a medical bill you have received is wrong or was sent to you in error, it’s best to contact the provider to resolve or discuss the matter prior to the bill becoming past due.

Myth: The “credit bureaus” report people as having either good or bad credit.

Fact: Credit reporting companies compile information that is provided directly and voluntarily by consumer lenders. If you have a credit card, home or auto loan, or make other monthly payments, details of your payment track record on these are likely being reported by those parties.

For more details about credit myths, visit TrueCredit.com. (ARAcontent)

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Anger, Frustration, Fear and Insomnia Great Teachers For Investors

By W. Casey McDonald

In the past two months, I have purchased 7 houses with no money down. All seven are now occupied. I have increased my positive cash flow by about $500 per month plus I have pocketed another $4000 cash into HIP National Trust, also known as my wallet.

Do you want to do what I do? Before you answer, let me tell you about my four teachers that visit me anytime they feel like it. They don’t call to make an appointment. They just appear at all hours of the day or night ready to tirelessly pound away on my happiness.

Please meet anger, frustration, fear and insomnia. What I have learned in my two years of fulltime investing experience is to greet these teachers with the phrase, “Oh Boy!” instead of shouting “Oh Shiitake Mushrooms!!”

If I can learn from my teachers, they won’t eat me up for lunch. If I choose not to learn from my four friends, they will become my four fickle fiends.

Most times these teachers show up one at a time. Like Anger dropping in when I checked the mail today and saw that 25% of my portfolio still has not paid rent. Anger showed up to remind me that I have a company policy to send out three day notices on the sixth of each month.

With the July 4th Holiday and the weekend, I opted to extend that deadline to July 9th. That decision set me up for Anger’s arrival. Next month, and every month thereafter, 3 days will go out on the sixth. That way I won’t have to calculate or adjust my company policy.

Thank you Anger for teaching me that valuable lesson!

But what happens when all four teachers arrive at the same time? Can I still shout, “Oh Boy”? If I don’t look for the lesson, I will be consumed with the horror. Therefore, I choose to learn rather than squirm.

See if this makes you squirm…

Three weeks ago, I began the eviction process on a tenant who, with the help of a public assistance attorney, decided to hold $200 of my rent in escrow. The demand for repairs was generic and rather than let a month or two of confusion devour my profits, I calmly decided to act, via serving a 3 day notice.

Three days later, I get a certified letter from another attorney representing this same tenant who is now suing me for falling down the stairs back in February.

Enter the four teachers.

It took me awhile to learn the lesson from the four teachers while they all were shouting at me at the same time, “You’re ruined!!” “There goes your portfolio!!” “Welcome to hell!” They each took turns whispering and shouting exactly what would get the biggest reaction from me. It was not fun.

This torment lasted well into the night. Then, the lessons became clear. If I was willing to be fair and teachable, and the fact that I was insured, there may be an excellent outcome to this perceived crisis. What if my tenant gets a cash settlement from my insurance company that allows her to buy my house? I may see a windfall as a result of a slip and fall!

In short, I should worry about the stuff I have control over and don’t worry about the things I can do nothing about. If I can make friends with my four teachers and apply their lessons to my business routine, I will increase my ability to see opportunity in the midst of apparent crisis.

Copyright 2008. Contact Casey McDonald – Casey is President of REICNY

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