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PRESS RELEASE
Thursday, January 26, 2012
CCCS of Greater Dallas Provides Tips on Navigating the 2012 Economy
Empower Yourself to Make Your Own Hope with Financial Tips to Improve the State of Your Finances
Dallas - January 26, 2012 - One thing is certain in regard to the 2012 economy - nothing much is expected to change this year. Consumer Credit Counseling of Greater Dallas (CCCS) is advising that you empower yourself and make your own hope by creating your personal financial security rather than relying on the markets, a better job or less expensive goods and services. However, CCCS has identified a list of expected pitfalls in 2012, in addition to several tips that will help navigate the economy this year.
"In 2012, we continue to expect the unexpected while CCCS of Greater Dallas maintains the steadfast purpose of offering support and a proven path toward financial stability," said Todd Mark, vice president of education for CCCS of Greater Dallas. "Our mission is ensuring everyone has the opportunity to become empowered and make their own financial hope this year and every year. While we cannot predict what will happen this year in the economy, we can offer solid methods for consumers to prepare for the unexpected."
According to the Goldman Sachs 2012 Global Outlook, only 3.2 percent growth is expected for the world economy in 2012 and, although a recession is not predicted for the U.S., there will only be slow growth. Following are several observations CCCS of Greater Dallas sees on the horizon in 2012.
The potential for the price of gasoline to rise sharply, potentially to $5.00 per gallon, dramatically impacting commuting costs.
An increase in fuel costs will mean higher transportation costs for consumer goods, translating to higher prices for consumers.
We will not experience a positive shift in unemployment and have already seen several layoffs in the Dallas/Fort Worth area.
We should not expect any improvement in salary or wages.
Without a change in unemployment, we shouldn't expect much improvement in the housing market.
In spite of these predictions, CCCS of Greater Dallas implores consumers to seek self-improvement and make their own hope for the future. CCCS has proven that it is possible to build and maintain financial stability regardless of the current economic situation. Here are some tips for navigating the 2012 economy.
Create a plan and stick to it. The first step toward self-empowerment financially is to ensure you have a solid financial plan. There are many resources to help you create a personal financial plan that helps you live within your means and accomplishes your family needs and goals. Get off on the right foot in 2012, and work toward personal financial stability and security.
Take personal responsibility. Self-made turnarounds are the project du jour in 2012. Time used to reflect on where you and your family stand financially is time well spent. Conduct an audit of your personal finances - income, monthly expenses, savings and other assets. After this personal audit, you will most likely have a clearer picture of how to move forward financially, and what resources you can depend on in case of adversity or crisis.
Make your own hope. Focus on building emergency savings and/or reducing debts. Start or continue saving on your own. Finding the money to accomplish this can take many different forms, such as downsizing to make your finances more manageable, seeking a raise at work or adding a part-time job, strategically using coupons, or hosting a yard sale to bring in some extra cash.
Investigate making a lifestyle change. A new year is a good opportunity to investigate where you stand in your current financial lifestyle. Are you spending too much and saving too little to have peace of mind in an economy that is uncertain? A lifestyle change could include shifting from driving by yourself to work every day to finding a carpool or taking advantage of public transportation, finding a less expensive gym, or choosing to eat out less.
Consumers are also invited to participate in the "How Do I Get Out of Debt" webinar on Jan. 31 at 8:30 a.m. Register for the webinar at: https://www1.gotomeeting.com/register/762055336. For more information on financial literacy classes and webinars or information on free budget and credit counseling, visit www.cccs.net or call 1-800-249-2227.
About CCCS of Greater Dallas
Consumer Credit Counseling Service of Greater Dallas, Inc. is a nonprofit, community based credit counseling and debt management service. Established in 1974, CCCS of Greater Dallas and its affiliate offices provide financial education and counseling to consumers in-person, by phone, or Internet at more than 20 locations in four states. CCCS of Greater Dallas is a HUD-approved housing counseling multi-state organization and serves as one of seven counseling agencies supporting the 888-995-HOPE Hotline. The agency is also a member of the National Foundation for Credit Counseling (NFCC), the nation's largest and longest serving national non-profit credit counseling network. To learn more about CCCS of Greater Dallas' free seminars or the agency's services, visit www.cccs.net or become a fan of CCCS of Greater Dallas on Facebook to receive updates on agency events and offerings.
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