In 1990, I started my career as a stockbroker in Houston, Texas. Life was great. I was making a six-figure income, living with the girl of my dreams and driving a 1960 fully restored bright red corvette. On the weekends I was enjoying picture perfect days on Lake Conroe with my classic Century Coronado ski boat. Most importantly, I had NO DEBT. I felt like nothing could go wrong and my life was set.

Fast forward to 2004, one seeming normal day, the phone rang -on the other end of the line was my boss-the regional managing director of Well Fargo Private Bank, asking me to come to his office. When I arrived, the HR director informed me that my services as a portfolio manager we’re no longer needed.
Suddenly I found myself out of a job with no savings.

Over the next several months I struck out on a full time job hunt. Everywhere I applied for a position, it seemed they were looking for something I did not have, or someone with a slightly different skill set. How could this be? I had over a decade of industry experience and a graduate degree, yet no one wants to hire me?
What am I supposed to do now?

Since I could not find a job, I decided to start my own investment management business. Over the next 5 years, I kept borrowing more and more money to keep the business going, spiraling ever deeper into debt. I had to find a way out of this.

Since 2002, I’ve been teaching financial literacy classes to hundreds of people across the united states. I never really understood what it was like to be deep in debt until I found myself in the same situation, through a series of unfortunate circumstances that were outside of my control. I had to find a way to help myself, and my clients, deal with debt, in a fast and effective way.

Say Goodbye To The Debt Hamster Wheel & Learn How To Live Debt Free!

I started to notice similarities, patterns and commonalities among not only my own finances but my clients as well. I knew that there must be a common solution to our common problems. I knew that if I could find an easy to follow system that anyone could use, that just worked, I could help a lot of people, myself included.

Say No To Credit Cards & Learn How To Live Debt Free!

Who Is Craig D. Allen?

Craig D. Allen, CFA, CFP, CIMA, President of Montecito Private Asset Management, LLC has been managing assets for foundations, corporations, and high-net worth individuals for over twenty years. He is a Chartered Financial Analyst (CFA charter holder); a Certified Financial Planner (CFP); and holds the Certified Investment Management Analyst (CIMA) certification.

Mr. Allen holds a Master of Pacific International Affairs (MPIA) degree from the Graduate School of International Relations and Pacific Studies at the University of California San Diego (2003), with a Career Concentration in Comparative Policy Analysis, and a Regional Concentration in Latin America. He also holds a Bachelor of Business Administration (BBA) degree in Finance from Stephen F. Austin State University (1990).

You Too Can Learn How To Live Debt Free!Mr. Allen has helped thousands of people:

* REDUCE DEBT
* ELIMINATE DEBT
* REMAIN DEBT FREE

“Use the DUMP THAT DEBT! System to reduce debt fast, eliminate debt permanently, and take back your life!”

Learn How To Live Debt Free!

Mr. Allen is the President of the Board of Directors and serves on the finance committee of Transition House, a Santa Barbara-based charitable organization focused on transitioning families in need from homelessness and financial distress, to stability and home-ownership. He is also a member of the CFA Institute, a member of the Investment Management Consultants Association (IMCA), a member of the CFA Society of San Diego, and a member of the Southern California Investment Managements Consultants Association.

Mr. Allen is also a seasoned business consultant, drawing on his extensive experience in investment banking, financial accounting, financial and tax planning, and senior level management. Mr. Allen is the author of the book, “Short-Term Decisions equal Long-Term Disasters;” (iUniverse; 2003), and presents financial markets update each week on radio KZSB – AM 1290 in Santa Barbara, wrote a weekly column in the business section of the Santa Barbara News Press, and writes an economic and financial market Mr. Allen is frequently published and quoted in many publications including the Wall Street Journal, the Pacific Coast Business Times and other publications and websites. Mr. Allen is also a faculty member of Axia College of the University of Phoenix.

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If there’s one point I try to hammer home to anyone in search of credit repair, it’s the importance of paying your bills on time. After all, your payment history accounts for up to 35% of your overall credit history; missing too many payments is the quickest way to drop your credit score to a lower level than you’re likely comfortable with.

In an effort to help curb consumers’ anxieties over missed payments (or perhaps to capitalize on them), credit card companies started offering debt protection plans, as a way to ensure those card payments are made on time.

These plans seem like a great deal for consumers who don’t want to have to worry about missing their due date, but a new study from the Government Accountability Office shows different. The survey, conducted in 2009, revealed that consumers are actually paying an awful lot of money for relatively little protection.

Do you get what you pay for?

Of the nine credit card companies polled in the survey, not a one offered what I would consider an affordable protection plan. Most of the plans ranged at around $1 a month for every $100 in outstanding debt.

So say you have a $3000 credit card debt that you decide to take a debt protection plan out on – at $1/month, that comes out to $30 a month extra that you’ll be paying on that debt, or up to $360 a year (obviously, that fee will fluctuate based on the account itself).

So exactly what kind of protection do these plans afford? The policies vary by card company, but should you suffer any sort of personal hardship (disability, sudden job loss or unemployment, or death; some even extend protection to include child birth, marriage, divorce, or other important life events), the card issuer could cancel the balance or monthly payment. They could also suspend the monthly payment and waive the interest fees.

Obviously, some restrictions apply: If you lost a part-time job, or get sent to the hospital for a pre-existing condition, you might not get the debt protection you thought you would. Some plans limit the amount that you might receive for debt protection, while others place a cap on the number of emergencies you can have in a year (so don’t plan on getting divorced and losing your job in the same month).

According to the GAO survey, up to 24% of consumers who applied for debt protection were denied – many of them because they couldn’t provide necessary documentation the plans require, i.e., a piece of paper saying you were involuntarily laid off. Meanwhile, the card companies are raking in billions of dollars for their protection plans, and only paid out 21% of that amount in protection claims.

So are they worth your money?

In my opinion, these types of debt protection plans don’t really help you out in the long run; they only serve to add more fees on top of what you’re already facing. Based on the asking price for most of the plans, and the types of “protection” you’re getting out of them, your money is better spent on the debt itself.

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