AboutJaynee Sasso Expertise I can answer questions about how to develop an effective budgeting strategy, rebuild & repair your credit, getting out of debt, developing a financial plan beyond paying bills, money & relationships and positioning yourself to experience a lifetime of financial success.
Experience Jaynee Sasso is founder and president of Faithful Assistants Inc, which is an online financial empowerment center. Sasso has been a licensed real estate agent for ten years and a broker for five years. As a foreclosure specialist, she helped families understand their options and helps them survive foreclosure and financial ruin.
Prior to founding Faithful Assistants Inc. Sasso worked as a licensed registered representative (Series 6 & 63 securities license) and life insurance representative for three years. It was during this time, as well as, her continuation in real estate that lead to the creation of her company. With all the financial difficulties facing Americans today she feels compelled to help them uncover the root of their financial problems and teach them the financial principles that would change their mindset first and ultimately their behavior.
Publications I currently have a financial column in the Urban Views Weekly newspaper. Please visit www.urbanviewsweekly.com You can also get more financial tips by visiting my blog at www.commonsensewaytowealth.blogspot.com
Education/Credentials Sasso recently accepted the position of Chief Financial Officer of Mt Gilead Baptist Church in Newport News, VA. She attended Clark University in Worcester, MA and is an alumnus of the Congressional Youth Leadership Council & A Better Chance Inc., 1995. She also served as a member of the Short Hills BNI chapter and speaker for the Somerset County Coalition On Affordable Housing SCCOAH - Step by Step 1st time homebuyers program. She is the former host of the "Protect Your American Dream" radio broadcast featured on the WMCA 970 AM.
Question My fiance and I have a total of 6 credit cards (3 in each of our names). Since aquiring the cards when we were in good financial times, we have undergone many problems. Currently, my fiance works full-time, and I have just gotten a very part-time job. I am only able to work nights since we have two children and do not have any friends or relatives nearby (we had to move to low-income housing far away) to watch them. Nor can we afford childcare. I am thrilled to finally have found work, but between our credit cards and rent, we are facing the reality that we cannot afford to live. We are on food stamps and cannot even supplement with our own money, as we have barely enough for necessities like diapers and car gas. We have tried to get personal loans to consolidate our debt into one lower payment. However, my fiance cannot get one since he had a collection on his credit from before we met, and I can not get one without a job (and still not with working such part-time hours). We do not have anyone to borrow money from, and we owe a total of $5933 which includes a school loan. We are even selling many items that we have to get money for next month's rent. I am considering canceling our credit cards to eliminate the interest and the account protection fees charged monthly. We do not have any delinquinces on our cards, and we always pay atleast twice the minimum payment. My credit score is in the high 600s to low 700s, and I realize canceling the cards would lower both our credit scores we have spent years trying to keep up. I am also considering bankruptcy, but we cannot afford to file, and we did want to buy a house in the future. I am not sure if that is the answer as it seems extreme for our situation. However, I can't see the light at the end of the tunnel for us financially. I would really appreciate any help or advice you can offer, as I seem to have run out of ideas. Thank you.
Answer Hi Holly,
I am curious, How much are you paying out in credit card payments each month?
Another loan is not the answer. However, I suggest looking to enroll in credit counseling. This may be a less expensive way of paying off your debt. However, bankruptcy is still an option. Not knowing the details of your situation its hard for me to give you an answer. It may make sense to take the money you payout in credit card debt and file bankruptcy.
Please provide me with a detailed list of your household expenses so that I can better understand your cash flow situation.
