Money Watch Q & A: Paying Down Debt - KTVN Channel 2 - Reno Tahoe Sparks News, Weather, Video

Money Watch Q & A: Paying Down Debt

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Digging out of holiday debt is the focus of tonight's Money Watch Q & A. Lucy Dealba Powell is the Director of the Financial Guidance Center in Northern Nevada. Some of her tips for getting out of debt include establishing a budget and then paying down your most expensive bills first; choose the bills with the highest interest rates. She encourages you to pay more than the minimum balance – if possible. Also, if you frequent online stores, it is wise to delete your credit card information from their files, so as not to make is convenient for you to make frivolous purchases. If you have questions about strategies like balance transfers and credit counseling, we will open our Money Watch Q & A lines during Channel 2 News at 5. Lucy will be taking your calls at (775) 858-2222.

Here is more information about services available through the Financial Guidance Center:

Debt Management
A Certified Consumer Credit Counselor will review your financial information at no cost or obligation to you. After complete evaluation, your counselor will provide you with options, resources, and if your budget permits, a repayment plan to consolidate your debts may be worked out with your creditors. You will then make regular deposits to FGC and, in turn, we will forward payments on your behalf to your creditors to obtain concessions such as reduced or waived finance charges and penalty fees.

Budgeting Assistance
Meet with a Certified Consumer Credit Counselor to establish a realistic budget to organize your expenses, find creative ways to reduce or eliminate unnecessary spending to free up money you can use towards debt liquidation, savings or housing.

IRS or Student Loans
Do you owe taxes to the IRS? As part of our Advocacy Program, in cooperation with the IRS, our counselors can establish a repayment plan and complete all required paperwork at our office.  We can also assist you in paying off student loans or provide payment consolidation information.

To learn more, log onto

3100 Mill Street #111

Reno, NV 89502

Phone:  (775) 337-6363

Fax:  (775) 337-6679

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