Debt

The Hard Truth about Easy Monthly Payments

Vendors offer “easy monthly payments” to lure buyers into purchases they should probably be avoiding. The problem is that these easy payments do not make your life easier; they are actually a recipe for a lifetime of debt. Here is why:

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Run — Don’t Walk — From These 3 Types of Loans

Are payday loans, pawn shops or other exotic loans against your assets a good way to get some short term money?  If you haven’t fared too well in the angry economy of late, you may be turning to loans to tide you over.  Here are three that have become more popular and why you should [...]

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Which Debt Snowball is Best for You?

Creating a debt snowball is a great way to reduce your debt, but not all snowballs work the same way. As you read about these, ask yourself, “Which one is best for me?”

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Proactive Options For Getting Out of Debt

Debt can be a terrifying, debilitating and even overpowering. You feel like you can’t fight off the anxiety and feeling of entrapment, and, as the unpaid bills and statements pile up, you have difficulty thinking straight. You feel cornered and know you must act soon, but you also don’t feel like you have many options. [...]

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Should You Pay Off Your Home Before You Retire?

Picture Dave, a 52 year old father of three who plans on working until he can no longer stand to work.  He really hasn’t saved much for retirement and has a mortgage payment of $1,200 with $50,000 left on the mortgage.  He and his wife have approximately $40,000 in savings and investments and he is [...]

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Co-signing for Your Spouse – Something to Think Twice About

I discourage co-signing for two reasons: it doesn’t help the one who is making the request and it invites trouble in the relationship. The reason someone needs a co-signer is because the potential lender has determined that this particular borrower is not a good risk. Therefore, the best way to help this borrower face the [...]

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How To Plan For Massive Debt

Why on earth would anyone want to plan for massive debt?  I’d rather have no debt, but we live in a world where having debt is more common than owning a dog.  With that in mind, it is smart to plan for massive debt, which includes your home, school loans and even a car loan [...]

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Debt Consolidation and Debt Settlement: Know the Difference

Whereas debt consolidation companies and debt settlement companies have some similarities (with both, you send one monthly payment in lieu of several), they are, in reality, quite different. Allow me to explain.

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An Overview of Chapter 7 and 13 Bankruptcy

Bankruptcy filing in the US is skyrocketing as consumer debt grows and our economy continues to melt down. Federal Reserve data reveals that 1,593,081 non business bankruptcy cases were filed in 2010. The debt stricken consumers, many of whom have little knowledge of the adverse effect on their credit scores, often resort to personal bankruptcy [...]

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