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CNN Live At Daybreak
Restoring Your Credit
Aired January 10, 2003 - 06:46 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Got a huge national following on the radio, TV and in newspapers. He is Clark Howard, consumer advocate extraordinaire, and the author of "Get Clark Smart." Clark is a walking encyclopedia when it comes to saving you money. I'm not kidding.
So this morning, we kick off our new segment, "Clark, your Pocketbook Protector." He answers e-mails you sent to us.
Our first hot topic, if you've had money problems in the past, is it possible to restore your credit rating?
(BEGIN VIDEO CLIP)
CLARK HOWARD, CONSUMER ADVOCATE: This question is from Nicole (ph) in Portland. And you tell me, Nicole, that you enrolled in a credit counseling program last year and things have been going well for you in the program. You did a cash-only holiday this year and it went really well for you.
And you have a question that is one that show's you're really getting ready to graduate. You want to know now that you've been through a debt management plan where they've negotiated for you with your credit card companies and other people you owe money to, are you ruined in terms of getting credit?
No. What happens when you go into a debt management plan is you're like put into a freezer. You are restricted from getting credit while you're paying off your debts. But when you're done and you show you've successfully paid off your debts, the freeze thaws and you're going to be OK.
But it sounds to me like you're already AOK. You've already learned the advantage of doing a cash-only holiday purchase cycle. And I want you to do that for the rest of your life, because if you pay only what you can afford to pay, you're not going to get in trouble again. And best of luck to you as you graduate from owing people money.
(END VIDEO CLIP)
COSTELLO: OK, if you want Clark to answer your questions, all you have to do is e-mail us and we'll toss them to him. The address is wam@CNN.com. Wam@CNN.com, which is different from our normal address. But this time if you want to talk to Clark, wam@CNN.com.
In the meantime, you can get his money saving tips on the Web. That address is ClarkHoward.com.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Aired January 10, 2003 - 06:46 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Got a huge national following on the radio, TV and in newspapers. He is Clark Howard, consumer advocate extraordinaire, and the author of "Get Clark Smart." Clark is a walking encyclopedia when it comes to saving you money. I'm not kidding.
So this morning, we kick off our new segment, "Clark, your Pocketbook Protector." He answers e-mails you sent to us.
Our first hot topic, if you've had money problems in the past, is it possible to restore your credit rating?
(BEGIN VIDEO CLIP)
CLARK HOWARD, CONSUMER ADVOCATE: This question is from Nicole (ph) in Portland. And you tell me, Nicole, that you enrolled in a credit counseling program last year and things have been going well for you in the program. You did a cash-only holiday this year and it went really well for you.
And you have a question that is one that show's you're really getting ready to graduate. You want to know now that you've been through a debt management plan where they've negotiated for you with your credit card companies and other people you owe money to, are you ruined in terms of getting credit?
No. What happens when you go into a debt management plan is you're like put into a freezer. You are restricted from getting credit while you're paying off your debts. But when you're done and you show you've successfully paid off your debts, the freeze thaws and you're going to be OK.
But it sounds to me like you're already AOK. You've already learned the advantage of doing a cash-only holiday purchase cycle. And I want you to do that for the rest of your life, because if you pay only what you can afford to pay, you're not going to get in trouble again. And best of luck to you as you graduate from owing people money.
(END VIDEO CLIP)
COSTELLO: OK, if you want Clark to answer your questions, all you have to do is e-mail us and we'll toss them to him. The address is wam@CNN.com. Wam@CNN.com, which is different from our normal address. But this time if you want to talk to Clark, wam@CNN.com.
In the meantime, you can get his money saving tips on the Web. That address is ClarkHoward.com.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
