June

							                            Center For Consumer Credit Counseling
C C                       715 Douglas
                         712-252-5666
                                                   Sioux City, IA 51101
                                                      800-509-5601
                                                                          Center For Siouxland


                               www.centerforconsumercredit.org
C C              June 2005 Newsletter                                            June, 2005




  CCCC will no longer be accepting cash as pay-
  ment! You may pay in the form of money order, cash-
  iers check, or sign up for automatic withdrawal. If you
  bring in cash we will not accept it and you will have to
  go get an acceptable form of payment.                                      Dates to
                                                                            Remember
  Please make sure your name, address and account num-                    CWCID Tuesday
                                                                          June 14, 5:30
  ber appear on the money order. Please write legibly!
                                                                          Office will be closed
                                                                          from 9:00 to 10:00
  Remember, we do have a locked drop box that you can                     every Thursday.
  utilize that is located to the left of Center                           Office closed from
                                                                          9:00 to 10:00
  For Siouxland’s doors.                                                  June 22nd for staff
                                                                          meeting.




NOTICE!! We have made some updates to our Client
Agreement forms that we have clients sign when entering a
Debt Management Program. If you have signed an agree-
                                                                           Special points of in-
ment with us in the past 2 years, we will be contacting you to             terest:
                                                                           • CCCC No longer ac-
sign a revised agreement. Please call our office if you have                 cepts cash
                                                                           • Consumer Advisory
not been contacted within the next few months.                             • CWCID—June 14th



 New Phone Extensions:

 Appointments or general information: 47

 Al Ford: 34
 Don Demaree: 22
 Kathy Craig (KC): 47
 Kelli Jaacks: 29
      Page 2                               Center For Consumer Credit Counseling

                          CREDIT WHEN CREDIT IS DUE

If you have not already attended Credit When Credit Is Due, please try to do so. This one hour class and
self study book is an important part of your Debt Management Plan, and your goal to become debt free.
The CWCID book covers 12 separate lessons. Once you have completed a lesson, you then complete the
test for that lesson. When you have completed all of the tests, you send your answer sheet back to our
office. We then score your tests and send them to the American Center for Credit Education. You will
then receive three consumer cards that you can send to the three credit reporting agencies. They will in
turn put on you credit report that you have participated and passed this course. This shows to future
lenders that you are prepared to handle your personal finances in the future. We strongly encourage all
of our clients to take advantage of this wonderful opportunity! Please call our office and let us know which
class you would like to attend.
Upcoming class times:
Tuesday, June 14th 5:30 pm
Monday, July 25th 10:00 am
Tuesday, August 23rd 5:30 pm
Monday, September 26th 10:00 am



                                   CONSUMER ADVISORY
                                      “Payday Loans”

Payday loans offer to give you cash to tide you over until your next pay-
day. But what consumers don’t realize is that they are paying an Annual
Percentage Rate (APR) of 300 to 400 percent. Nearly half of Iowa payday
loan users get payday loans frequently, so payday loans often just make it
even harder for Iowans to get off the debt treadmill. Expensive payday
loans just put them deeper into debt.

Here’s how payday loans work: If you want $100 in cash, you write
them a check for $116.67. The $16.67 is their fee. They give you $100 im-
mediately. They hold your check until the date you agree they can deposit
it, or you come back on your payday and give them $116.67 in cash or
money order to get your check back. Usually, it’s a two week loan, al-
though it could be up to a month. That two week loan for a fee of $16.67
works out to and APR of over 434%.

If you are having trouble paying bills, seek debt counseling. Remember,
trying to pay down debts with triple digit APR loans is likely to sweep you
downward.