Five Ways to Get Out of Financial Trouble

Pangea Properties CEO Discusses How to Stop Breaking the Bank

Chicago, IL, September 19, 2013 --( Each year thousands of people find themselves in financial trouble whether it’s the result of unemployment, medical bills or plain old overspending. Al Goldstein, CEO of Pangea Properties, a private Real Estate Investment Trust (REIT), explains that debt can have a crippling effect on one’s overall financial well-being as bad credit (or no credit) can dictate important factors such as one's ability to rent an apartment.

“Bad credit scores can have a large impact in today’s society,” says Goldstein. “It’s becoming harder and harder to secure a good credit rating, which can then affect other facets of one's life, right down to where we live. Just a few simple missteps can really set you back.”

Below are five of Goldstein’s tips for straightening out your finances:

- Determine the Root of the Problem: Whether it was some unexpected bills one month or finances seem to be a constant struggle, pinpointing the problem is half the battle. A few bumps in the road is easier to account for and smooth out than breaking bad spending habits.

- Be Honest: Overspending is an issue that affects all income levels; after all there are millionaires who find themselves bankrupt due to living beyond their means. Acknowledging where large portions of your paycheck are going (sports tickets, new shoes, etc.) will help decide which purchases are necessities and which are expendable luxuries.

- Understand the Ability to Fight Debt: The best way to fight debt is to increase your disposable income and decrease your living expenses. Changes in how you commute to work, where you live and how and what you eat can vastly improve your ability to fight debt. If you can’t make more money or have trouble saving, cutting other costs will help to bridge that gap.

- Set a Budget- and Stick to it: Determining how much money should be spent on groceries, car payments, household expenses and even entertainment will provide a clear outline of how much money is spent on weekly or monthly living expenses. Allocating a percentage of each paycheck to those expenses, and sticking to them, will help reign in the spending.

- Use Credit Card Sparingly: If you are short on cash, do not use your credit cards based on future or “potential” income because the money may never materialize. High interest rates can quickly put big spenders in the hole so charge sparingly.

About Pangea Properties:
Pangea Properties is a private real estate investment trust (REIT) targeting the distressed residential multi-family real estate market. Pangea was founded in 2008 by Al Goldstein and Steve Joung with one mission: to bring service, value and care to its residents. The entrepreneurs saw an opportunity in the Chicago market to create a real estate firm that serves as both the property owner and the building manager, utilizing a call center to support the high bar for service and scalability. Today, Pangea has over $250 million into 8,000+ apartment units throughout Chicago, Indianapolis and Baltimore, with the goal of continuing to expand within current markets as well as into new markets. Pangea has been highlighted by several media outlets including WGN TV, Chicago Magazine and the Baltimore Business Journal, among others. Pangea’s founder Al Goldstein has been named one of Crain’s 2013 40 under 40 and is a recipient of the Ernst & Young Midwest Entrepreneur of the Year. For more information, visit Pangea online at,, or on Twitter @PangeaRE.
Empower Public Relations
Natalie Cammarata