We have often provided tips and insights into how to better manage and rebuild your credit file – something that we all should take a bona fide interest in. Since seeing is believing, we felt compelled to provide some examples of how your credit score could actually affect you.

By examining the charts below, you can see that even relatively small shifts in your credit score can make a big difference in the rates you pay. And, what seems like a small difference in monthly payments can add up over time.

To put these savings into perspective, let’s say you invested $100 per month of money saved into a simple mutual fund that earned on average 10 percent per year. Well, after 40 years, your savings would be valued at somewhere around $559,500. You get the idea.

So remember, be diligent in keeping your credit score healthy – now and well into the future – because as you can see, credit scores really do matter.

DMB Financial, a leading provider of consumer debt resolution services, announces the selection of Booway Balhaajav as Chief Executive Officer. Mr. Balhaajav brings nearly 20 years of international diplomacy and business leadership experience to DMB Financial, and will lead the company’s efforts to become the premier client-focused debt resolution company in the United States.

Balhaajav comes to DMB Financial with 13 years of experience in business leadership, entrepreneurship, and financial analysis in the management consulting and financial services industries, and 6 years experience in international diplomacy, Mr. Balhaajav is uniquely qualified to assist DMB Financial in servicing their broad portfolio of debt resolution clients.

Prior to joining DMB Financial, Mr. Balhaajav served as the Founder and Managing Director of Triumph Partners, and Principal Consultant at Cayenne Consulting. He holds a Masters degree in Linguistics from Moscow State University as well as an MBA from Harvard Business School.

“I am thrilled to be joining DMB, particularly at this time, as the debt resolution industry is just beginning to take a defined shape.” says Mr. Balhaajav. “We have an opportunity to set new standards for the industry, and ethical debt settlement practices are greatly needed in today’s economic climate to maximize benefits for debt settlement clients.” 

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About DMB Financial

DMB Financial negotiates debt with credit card companies for significant savings to the consumer. They’ve saved 11,000 clients over $87 million in credit card debt and counting. DMB Financial is the industry champion of a “success fee” based business model, where the company only gains when and if it delivers real savings to the consumer.

View the Full Press Release here:

• File Attachment: DMB Names New CEO PR 052109.pdf (32 KB)

Odd to post an announcement of myself onto our corporate website, but it’s appropriate. I am thrilled to join this team, especially at this point in time. As one of only two major success fee based debt settlement companies in the industry, DMB Financial is poised to do great things over the next two years.

I’ve also been very fortunate in my first few weeks to engage directly with the New York Attorney General’s investigation into debt settlement companies. Having helped compile the DMB Financial performance statistics, I am incredibly proud of the very real savings percentages, graduation rates, and successes that DMB Financial has had in New York. This exercise really has been a blessing in disguise.

Please see the press release below or in the attached file:

• File Attachment: DMB New VP of Marketing PR 052109.pdf (32 KB)

Debit Cards – also known as Check Cards, are an effective tool in helping consumers better manage their money.

Because you can generally use debit cards at malls, supermarkets, restaurants, gas stations, online – anywhere most credit cards are accepted, debit cards are a convenient way of paying for everyday items without running up your debt. For those DMB clients looking for alternatives to credit cards, which are a “buy-now, pay-later” tool, a debit card draws funds directly from your checking account. As a result, there’s no credit involved, no interest charged, no burgeoning debt, and all of your purchases appear on your checking statement so you can easily track your spending. Additionally, since debit cards use your money and don’t affect your credit, they’re often easier to get than credit cards.

Here are eight tips that debit card users should be aware of to get the most out of their cards:

1. Know what type of debit card you have – and ask your bank whether you have a choice. Some consumers have complained that unknowingly, their bank changed their ATM cards to debit cards, which do not require personal identification numbers (PIN).
2. Always protect your debit card and keep it in a safe place, just as you would cash, credit cards or checks.
3. If your card is lost or stolen, or you suspect it is being used fraudulently, report it to your bank immediately. This reduces your liability if fraud losses occur.
4. Hold on to receipts from your debit transactions. Don’t throw them in public trash cans or even in your own trash without first shredding them. Criminals have been known to “dumpster-dive” searching for documents that have account numbers and other personal information.
5. Memorize your PIN, and do not write it on your card. Additionally, don’t choose a PIN a smart thief could figure out, such as numbers corresponding to your birth date or your phone number. And finally, n>ever give your PIN to anyone.
6. Always know how much money you have in your account and review bank statements carefully. Don’t forget that your debit card may allow you to access money that you have set aside to cover a check that has not yet cleared your bank.
7. Keep your receipts in one place for easy retrieval and better oversight of your account.
8. Never give your debit card number over the phone unless you initiated the call and are certain that the recipient is legitimate.

These eight simple, yet important tips could mean the difference between financial misfortune and success. A little financial discipline can go a long way!