Jun25Written by:Betty Berry
6/25/2009 9:20 AM 
By Betty Berry
Wednesday, June 17, 2009
Q: In May, a friend attended a seminar in Ventura on “Financial Safety in the Golden Years.” She came back raving about how informative it was. Is there any chance that it might be repeated somewhere in the east county?
A: I am very glad to be able to tell you that this panel presentation will be repeated in the east county.
“Financial Safety in the Golden Years” is scheduled for June 25, from 9 a.m. to noon, at the Goebel Senior Adult Center, 1385 E. Janss Road, Thousand Oaks.
Subjects to be addressed include “What You Should Know About Reverse Mortgages,” “Protecting Your Assets When Hiring In-Home Care,” “Financial Elder/Dependent Adult Abuse” and “Mental Health and Financial Vulnerability.”
Also learn about Ventura County Area Agency on Aging Programs and Community Resources and the Long Term Care Ombudsman’s role when investigating financial abuse. Also hear first-hand from a county prosecutor and FBI agent about frauds and scams they have investigated.
Educate and empower yourself with the most up-to-date information and resources regarding financial safety. Learn how to avoid being a victim of fraud and abuse.
Seating is limited so reservations are strongly encouraged. You can make yours by calling the Goebel Center at 381-2744.
This event, which allows you to protect yourself with knowledge, is free, and refreshments will be served.
Don’t miss this great opportunity — reserve your seat now — and I’ll see you there.
Q: I am really concerned about a very good friend who seems to think that credit cards are a “gift from heaven.” She has run up extremely high balances and is now having trouble paying her bills. I would like to talk with her about the problem but don’t know what to suggest. Can you shed any light on what I can tell her?
A: You have brought up a very serious problem that is being experienced by many individuals, including a growing number of seniors. I am sure most of us know of people who use their credit cards to extreme without realizing the consequences of their actions.
Having a credit card can certainly be a convenience and in the case of an emergency a blessing. But having a card can also be a trap resulting in easy overspending.
If we use a credit card, we have a responsibility to ourselves to use it with restraint and to the credit card company to have the ability to pay the bill.
Remember that using a credit card is nothing more than obtaining a short-term loan. So before zipping out your credit card to make a purchase, you should ask yourself, “Would I really take out a loan to make this purchase?”
Keep your purchases within your income limits so that you can pay your bill in full each month. If you don’t pay in full, you’ll find interest charges added to the balance, and those fees accumulate quickly, making it even more difficult to pay the account in full the next month. If payments are late or missed, additional monetary penalties will be applied.
By paying only the minimum amount stated on the bill, you will take years to pay it off.
If you are finding it difficult to pay the entire balance each month, consider canceling your account or at least putting the card away until you have your spending under control.
If you have a card you are not currently using, make sure you are not charged an annual fee for non-use. One company I know of charges an annual fee if the cardholder doesn’t use it at least six times a year. If you have such an account, consider closing it.
Having good credit is very important in today’s environment, and it is up to you to establish and maintain a good credit record. No one else is going to do it for you.
— Betty Berry is a senior advocate for Senior Concerns. The advocates are at the Goebel Senior Adult Center, 1385 E. Janss Road, Thousand Oaks, CA 91362; or call 495-6250. You are invited to submit questions on senior issues.