Credit counseling, also called “debt counseling,” is a service provided by organizations that offer professional counseling for consumers in need of assistance in the areas of debt repayment, debt management, and money management. Credit counseling is also a requirement that must be met prior to filing chapter 7 or chapter 13. The types of debt that credit counseling agencies may assist you with include credit cards, personal loans, home loans, car loans and student loans. Credit counseling agencies also assist with utility bill repayment and tax debt.

Getting Started with a Credit Counseling Agency

Credit counseling agencies will require certain documentation to begin the process, so it is important to organize your records before visiting an agency. The credit counseling agency will ask for credit card statements, copies of utility bills, mortgage payment statements or your rental amount/lease. The agency will also expect you to bring a record of spending or a budget that should  include household expenses and any miscellaneous expenses. This documentation is needed in order for the credit counselor to create a realistic budget and debt repayment plan.

Benefits of Credit Counseling

A major benefit to credit counseling is that the credit counselor will handle all lenders, collection agencies, and credit card companies for you. This helps to eliminate the stress associated with collection agency and creditor phone calls. Your credit counselor will negotiate a repayment plan that may significantly lower your monthly payments and interest rates.

You may opt to send monthly payments to the credit counseling agency (by check) or you may authorize a monthly electronic funds transfer from your bank account. Depending on the credit counseling agency, they may offer an option called “debt management system.” If you opt for a debt management system, you will pay the credit counseling agency a lump sum. Out of that lump sum, payments will be made on your behalf. This system can be used as a safeguard against skipped or late payments, which can save money on interest, fees, and any penalties associated with the debt.

An additional benefit to credit counseling is, it can educate you on how to better manage your finances and it will eventually help to minimize or prevent future debt.

Disadvantages of Credit Counseling and Protecting Yourself

While there are advantages to credit counseling, there are also disadvantages. Credit counseling could have a negative effect on your credit, initially. In some cases lenders, specifically mortgage lenders, may not want to extend credit to an individual that may be in the process of completing a credit counseling program. Fortunately, credit-counseling notations will be dropped from your credit report, roughly one month after the credit counseling program is complete.

Another disadvantage to credit counseling is the potential for fraud. This means that in some cases a credit counseling agency could turn out to be a scam. Look out for the following red flags:

• -Unrealistic promises (“settle for pennies,” or “this won’t affect your credit report”)
• -Big upfront fees (fees are typically $10-$15 U.S.)
• -Delayed or missing payments
• -No accreditation

To protect yourself against fraudulent credit counseling agencies, it’s best to make sure that the agency is approved by the approved by the U.S. Trustee Program of the United States Department of Justice. Locating an approved agency is simple. Just log onto www.usdoj.gov and follow these steps:

• -Under “Resources” click “DOJ Agencies”
• -Scroll down to “U.S. Trustees Program”
• -Under “Bankruptcy Reform” click “Credit Counseling & Debtor Education”
• -Under “Credit Counseling for Consumers” click “Approved Credit Counseling Agencies”

The search function allows the user to browse through approved agencies by state. Please follow the link below, which should take you directly to the search page http://www.usdoj.gov/ust/eo/bapcpa/ccde/cc_approved.htm.

The results are in and the Princeton Review has revealed the list of America’s best colleges for financial aid. What this means is, these colleges have the best financial aid ratings out of more than 600 colleges surveyed, so they were able to meet the financial aid needs of their students better than all others. The top 11 are:

• -Bowdoin College (Brunswick, ME)
• -California Institute of Technology (Pasadena, CA)
• -Claremont McKenna College (Claremont, CA)
• -Harvard College (Cambridge, MA)
• -Lake Forest College (Lake Forest, IL)
• -Princeton University (Princeton, NJ)
• -Stanford University (Palo Alto, CA)
• -Swarthmore College (Swarthmore, PA)
• -Thomas Aquinas College (Santa Paula, CA)
• -Washington University in St. Louis (MO)
• -Williams College (Williamstown, MA)

The Princeton Review also listed schools where financial aid options are “not so great.” The top ten are Pennsylvania State University (University Park, PA), Quinnipiac University (Hamden, CT), New York University (New York, NY), Elon University (Elon, NC), Duquesne University (Pittsburgh, PA), University of Maryland (College Park, MD), Sonoma State University (Rohnert Park, CA), DePaul University (Chicago, IL), Miami University (Oxford, OH), and Grove City College (Grove City, PA). Eleven through 20 include:

• -California State University-Stanislaus (Turlock, CA)
• -Hofstra University (Hempstead, NY)
• -Auburn University (Auburn, AL)
• -Villanova University (Villanova, PA)
• -Spelman College (Atlanta, GA)
• -Howard University (Washington, DC)
• -Washington State University (Pullman, WA)
• -The College of New Jersey (Ewing, NJ)
• -University of Kentucky (Lexington, KY)
• -Westminster College (New Wilmington, PA)

For a full list of the best colleges for financial aid, visit www.PrincetonReview.com.

It’s no secret that American’s are now living in an employers market. Gone are the days when headhunters lined up at your door hoping to sign you as a client. Hundreds of hopeful job seekers are even lining up to compete for positions that pay less than what was offered (for the same job) just a few years ago. So what does this mean for today’s job seeker? You need a strategy and it starts with knowing your skills and accepting your strengths and weaknesses.

To get started with assessing your skills and finding a suitable match in the job world, the first thing you need to do is understand the difference between a skill and what you “like” to do or “feel” you’re good at. According to Laurence Shatkin, Ph.D. and career expert:

A skill is a learned capability to perform actions. A skill is a capability because it gives you the potential to do something competently. A skill is learned because it is not something you are born with, and it is not acquired through normal sensory development or through special physical conditioning. It is not a talent or aptitude. A skill allows you to perform actions rather than just know or feel something, which is what makes it valuable to employers.

Keep in mind that critical thinking and a positive attitude are considered skills because they require actions on your part such as learning how to see things from someone else’s point of view, speaking with an upbeat tone or offering assistance with any given task. These skills, combined with certain technical skills such as typing, programming, etc., all make up a skill set and they all contribute to completing projects and other work related tasks.

So, now it’s time to take out a pen and a piece of paper and jot down your skills. After you have written your skills on a piece of paper, take a long, hard look at them. Now rate them. Use 1 for “low level,” use 2 for “moderate level” and use 3 for “high level.” Once you have done this, choosing the best jobs for your skills will be easy.

Below are just a few examples of best jobs for people with a high level of communication skills, equipment use/maintenance skills, computer programming skills, management skills, science skills, and social skills. These positions are listed as the top ten best jobs for your skills out of 50 by JIST Works, America’s Career Publisher. Please note that these careers require a “high level” of the listed skill and each list offers a wide variety of positions for all different education levels and personality types.

Communication Skills

• - Teachers (Postsecondary)
• - Surgeons
• - Dental Hygienists
• - Medical Scientists
• - Personal Financial Advisors
• - Physical Therapists
• - Physician Assistants
• - Pharmacists
• - Social and Community Service Managers
• - Market Research Analysts

Equipment Use/Maintenance Skills

• - Network Systems and Data Communications Analysts
• - Anesthesiologists
• - Management Analysts
• - Network and Computer Systems Administrators
• - Computer Support Specialists
• - Pipe Fitters and Steamfitters
• - Plumbers
• - Medical and Clinical Laboratory Technologists
• -Airline Pilots, Copilots, and Flight Engineers
• -Forest Fire Fighters

Computer Programming Skills

• - Computer Software Engineers (Applications)
• - Computer Software Engineers (Systems Software)
• - Computer Systems Analysts
• - Computer and Systems Information Managers
• - Network Systems and Data Communications Analysts
• - Computer Security Specialists
• - Network and Computer Systems Administrators
• - Financial Analysts
• - Accountants
• - Actuaries

Management Skills

• - Computer and Systems Information Managers
• - General and Operations Managers
• - Computer Security Specialists
• - Medical and Health Service Manager
• - Sales Managers
• - Management Analysts
• - Marketing Managers
• - Accountants
• - Auditor
• - Medical Scientists

 Science Skills

• - Anesthesiologists
• - Internists (General)
• - Obstetricians and Gynecologists
• - Psychiatrists
• - Surgeons
• - Family and General Practitioners
• - Computer Software Engineers, Systems Software
• - Pediatricians (General)
• - Pharmacists
• - Teachers (Postsecondary)

Social Skills

• - Internists (General)
• - Obstetricians and Gynecologists
• - Psychiatrists
• - Registered Nurses
• - Family and General Practitioners
• - Pediatricians (General)
• - General and Operations Managers
• - Dental Hygienists
• - Auditors
• - Medical and Health Service Managers

For a complete list of jobs, profiles, salaries, expected job growth and more, visit the Bureau of Labor Statistics at Bls.gov.

Did you know that many employers offer Employee Educational Assistance Packages to employees interested in pursuing an associate or undergraduate degree, graduate degree or certificate? Currently, around 33 percent of employees that attend college through Employee Educational Assistance Packages (EAPs) earn an associate degree, 23 percent earn a bachelor’s degree, 22 percent pursue master’s degrees, and 15 percent pursue professional certificates. EAPs offer tuition reimbursement and reimbursement for books and program associated fees.

Employee Education Assistance Packages are common at large firms, although some smaller firms may be receptive to the idea. More on this later. Larger companies in the insurance industry, public utilities, financial, hospital care and education will almost always offer EAPs to employees. And contrary to popular belief, many plants and retailers do offer tuition packages to employees under certain circumstances. A good example is Ford Motor Company. Back in 2004, when Ford’s Edison, New Jersey and Avon Lake, Ohio plants closed leaving 1,500 workers without jobs, workers became eligible to receive up to $15,000 a year toward tuition as long as they were enrolled as full-time students.

There are two types of EAPs: job related EAPs and self-improvement EAPs. Job-related EAPs offer the most benefits for employers. They are tax deductible for employers and the training the employee receives will increase the employee’s worth (i.e. performance and productivity). Job related EAPs are also tax-free for employees. Self-improvement EAPs may or may not be tax deductible, so it’s best to consult the most current tax regulations before applying for EAP funds.

To apply for EAP funds, employees must complete the application through the Human Resources (HR) department. Depending on the company, the HR department may evaluate the application based on the institution, the program, the employees work history, salary and whether or not the course of study fits within the objectives of the company. Again, this depends on the company. Some companies may offer assistance for just about any program as long as the employee maintains a B average or better.

Approximately half of all companies that offer EAPs pay 100 percent of tuition costs. Twenty percent pay between 50 and 90 percent of tuition costs and 30 percent pay below the 50 percent mark. While most employers offer tuition reimbursement through EAPs, other plans may pay for tuition up front, but with one caveat. If the employee drops out or does not pass with a B average or better, the employee will have to reimburse the employer in full. If the employee quits his job before paying the employer back, the employer has the right to collect through the appropriate legal channels. Remember, all employees that receive money from EAPs will have to sign an agreement stating that they agree to pay the employer back if the employee fails, drops out or quits his job.

Not every employer has a formal employee education assistance program in place, but they might be open to the idea on a case-by-case basis or as a group. If the employee or group can prove that higher education will result in returns for the company, the employer may be willing to make an offer. It’s best to schedule a meeting with the boss to present your case.

Overall, EAPs are well worth the effort. They offer an excellent way for employees to finance their education. Remember, billions of dollars are readily available through employers to cover the costs of tuition. No other financial aid avenue offers a salary plus free money for higher education.

The list below represents only a fraction of the companies that currently offer Employee Educational Assistance Packages.

• -American Fidelity Insurance
• -AT&T
• -Chicago Mercantile Exchange
• -Cigna
• -Ernst & Young
• -Farmer’s Insurance
• -General Mills
• -Google
• -Hilton Hotels
• -Johnson & Johnson
• -Kaiser Permanente
• -Lockheed Martin
• -Microsoft
• -Nike
• -Philip Morris
• -Starbucks
• -U.S. Bank
• -Wal-Mart
• -Wells Fargo
• -Xerox

*Google image provided by Shutterstock.com.

According to a TIME report, women have surpassed men “in terms of college enrollment and competition,” but according to a new Pew Center Research survey, they are also “more likely than men to say college is a valuable experience.”

The survey results, released August 17, show that when asked to rate the job the U.S. higher education system is doing in terms of providing value for the money spent by students and their families, 50% of women who graduated from college say the experience was money well spent, while only 37% of men feel the same.

In addition to the divergent opinions over the value of college, the survey found more women than men reported feeling positively about their personal growth while enrolled. Seventy-three percent of women said college helped them grow and mature as a person, while 64% of men said the same.

The nationwide study also uncovered opinions about college affordability and intellectual growth.

Eighty-one percent of college-educated women say college was “very useful” in increasing their knowledge and helping them grow intellectually compared to 67% of men. One of the only areas where men topped women was in terms of college affordability: 14% of women agreed with the statement that most people can afford college today, compared with 26% of men.

The study surveyed 2,142 adults ages 18 and older between March 15 and March 29 of 2011. A year earlier, Pew also reported that a record 36% of women ages 25 to 29 had a bachelor’s degree, compared to 28% of men in the same age group.

Some may argue that getting a college degree isn’t worth it, but unfortunately for them, the statistics don’t lie. According to the U.S. Census Bureau, over an adults working life, bachelor’s degree holders can expect to earn an average of $2.1 million; master’s degree holders can expect to earn an average $2.5 million; doctorate degree holders can expect to average $3.4 million, and professional degree holders average around $4.4 million. So, what can the average high school graduate expect to make during his working life? $1.2 million–if they’re lucky. The bottom line is, for the majority of professional jobs, a high school diploma just won’t cut it, and according to a recent NYT article, in many cases, a bachelor’s degree might not be enough either.

More employer’s than ever before now expect more education for positions that, years ago, may have required a bachelor’s degree only. As a result, the master’s degree is now the fastest growing degree in the U.S.

The number of [graduate degrees] awarded, about 657,000 in 2009, has more than doubled since the 1980s, and the rate of increase has quickened substantially in the last couple of years, says Debra W. Stewart, president of the Council of Graduate Schools. Nearly 2 in 25 people age 25 and over have a master’s, about the same proportion that had a bachelor’s or higher in 1960.

“Several years ago it became very clear to us that master’s education was moving very rapidly to become the entry degree in many professions,” Dr. Stewart says.

Colleges are turning out more graduates than the market can bear, and a master’s is essential for job seekers to stand out — that, or a diploma from an elite undergraduate college, says Richard K. Vedder, professor of economics at Ohio University and director of the Center for College Affordability and Productivity.

So, what does this mean for today’s high school graduates? It’s going to take careful thought and solid research to make the best decision for your future! First, choose your career field carefully, meaning think about what you’re good at, realistically, and where the career field is headed. Visit the Bureau of Labor Statistics to review projections, salaries, and requirements. Next, talk with a career counselor to find out what type of degree and experience are required for the career field you have chosen to supplement or reinforce what you have learned from the Bureau of Labor Statistics. Finally, contact several companies you might be interested in working for and inquire about their specific requirements. This should help you make an informed decision about which direction you should take.

Incomes are barely budging, while college costs keep rising. The median income has remained steady at around $33,000 since 1988, yet college tuition and fees have more than doubled since 1988. What’s worse is, college tuition and fees do not include room and board. According to Mark Kantrowitz, publisher of financial aid sites FinAid.org and FastWeb.com, as out-of-pocket costs of college education go up faster than incomes, it’s pricing low and medium income families out of a college education. Let’s look at the figures, provided by CNN Money:

Tuition: In 1988, the average tuition and fees for a four-year public university rang in at about $2,800, adjusted for inflation. By 2008, that number had climbed about 130% to roughly $6,500 a year — and that doesn’t include books or room and board.

Income: If incomes had kept up with surging college costs, the typical American would be earning $77,000 a year. But in reality, it’s nowhere near that.

In 2008 — the latest data available — the median income was $33,000. That means if you adjust for inflation, Americans in the middle actually earned $400 less than they did in 1988.

So, what can low to middle class families do to get past this obstacle? There are several popular and not-so-popular ways to cover college tuition costs without going broke. Let’s start with the popular ways. If the student does extremely well in high school, he or she may qualify for a number of scholarships that can help pay a portion of tuition. Some scholarships are also very specific, meaning, high school students with talents in certain areas such as technology, science, or even art may qualify for any number of scholarships.

If the student is into sports, many colleges will pay all or part of the student’s tuition for playing on the football team, basketball, track, or even the swimming team. There are also a number of scholarships and grants for minority students and women. To find thousands of scholarships, grants, and awards of all kinds, pick up a copy of the latest edition of The Scholarship Book: The Complete Guide to Private-Sector Scholarships, Fellowships, Grants, and Loans for the Undergraduate.

Now for a few not-so-popular ways to handle tuition costs. Many parents would prefer it if their college bound kids didn’t have to work. But the reality is this, many college students do have to work to help pay for college and some even work full-time. This can help lighten the load on the parents and teach the student a thing or two about managing money and what it takes to earn a living in America. This can be an invaluable experience for students when the time comes to enter the working world.

Another not-so-popular way to save money on college is to live at home and spend the first 1-2 years at a local community college. First and second year courses such as history, English, math, science, and others may be taken at a community college, as most are transferable to a 4-year college. The best news is, most community colleges charge 50 to 75 percent less per credit hour than 4-year colleges. And finally, it’s possible to finish college in three years, but it will take some hard work and you will have to sacrifice summers, and possibly an active social life. In the end though, you will have one less year of tuition payments to worry about. For more ways to save on college tuition, visit FoxBusiness.com.

Millions of college students around the world graduated this year and they have more on their minds than finding a job. Most college students graduated with a mountain of debt and no means to pay it. Even if these graduates find a job right out of college, depending on the amount of debt, payments can range anywhere from $100 a month to more than $1,000 a month.

According to a recent news article, one student loan servicing center suggested that a recent graduate, working in an entry-level position for a Web company, pay $900 a month towards his $82,000 federal student loan balance. Of course, this is nearly impossible to manage on an entry-level salary – or even a mid-level salary for that matter, so what can borrowers do to delay or minimize payments? According to author and personal finance columnist Gail MarksJarvis, if you have federal loans, you can make use of new government rules that give people a break on student loan payments they cannot afford.

If you owe more on your loans than you earn annually, you are likely a candidate for some relief. Under the relatively new “income-based repayment plan,” you get relief if the regular payments you would have to make over 10 years will exceed about 15 percent of your discretionary income. That’s calculated based on a formula related to the U.S. poverty line. Besides income, the calculation involves the size of your family. Simply put, most borrowers will pay less than 10 percent of their adjusted gross income.

To find out if you qualify for the income-based repayment plan and to calculate your payment, visit the official Federal Student Aid website at: http://studentaid.ed.gov/PORTALSWebApp/students/english/IBRPlan.jsp.

Every fresh college graduate has experienced rejection based on lack of experience, but eventually most graduates obtain enough experience to move past an entry level position and into a position with more responsibility and higher pay. Having experience is usually a good thing, but lately having too much experience has become an obstacle that thousands of seasoned job seekers face every day. The reasons for this vary. For starters, according to a recent Tribune Media Services report, the talent pool is overflowing, thanks to mass lay-offs of people with 15 to 20 years of experience. This means older professionals with lots of experience, which brings a higher price tag, are now competing with younger professionals with some or enough experience, which means a lower price tag.

The potential price tag of someone with too much experience isn’t the only reason employers might take a pass. Many employers also believe that someone with so much experience might move on as soon as a better opportunity presents itself or they might get bored. Fortunately, there are ways to position your qualifications, says Maribeth Kuzmeski, author of “And the Clients Went Wild: How Savvy Business Professionals in Win All the Business They Want,” and it doesn’t involve downplaying them.

Job applicants should never downplay accomplishments. It’s better to position your qualifications as assets—which they are—rather than drawbacks. Job applicants should tailor their resumes to reflect  skills and achievements, not a laundry list of former employers and job titles.

Steve Langerud, director of professional opportunities at DePauw University in Greencastle, Ind. adds that “presenting job titles and years of experience provides just enough information for an employer’s imagination to run wild, and not in the favor of the job seeker.”

Kuzmeski points out that job seekers should spell out other important benefits of their experience, such as the life experience that makes them more capable of handling difficult client situations or coworker conflicts. They should also be the first to bring up the topic of being overqualified. This is especially the case if an interviewer seems hesitant or keeps bringing up past experience, Kuzmeski says.

If this is the case, just ask what the concerns might be. By asking, you’re again showing that you are proud of your achievements and you care and want to hear what the employer thinks. It’s actually a great way to build on the relationship.

Many reports have suggested that one of the worst career fields to take up in a bad economy is anything related to art. Well, a recent report by the National Endowment for the Arts says this just isn’t true. Between now and 2018, the report says job growth in artistic fields such as painting   photography, and architecture is expected to exceed the average growth rate across all industries. What’s seven more promising is, museum jobs such as archivists and curators are set to grow at nearly double the average rate.

Other art jobs that creatives can count on for future growth are animators, actors, graphic designers, interior designers, writers, interpreters, translators, and landscape architects. Although job growth is promising for these careers, the competition is still fierce. To get your foot in the door, you’ll need more than just talent. A degree and experience are equally as important.

For more information about creative careers, what they pay, and growth projections, visit the Bureau of Labor Statistics at www.bls.gov.