Get Out of Debt Articles
Debt Consolidation – What to Look For, What to Watch Out For
With recent market dynamics, the average American has accrued more debt than savings, which is detrimental to long-term financial health. Many options are available that can assist you in achieving your financial goals to free yourself of heavy debt. Debt consolidation has become a growing trend for consumers to conveniently lump all of their monthly payments together into one solution. Many professional debt consolidation experts can help you through the convenience of the Internet. Debt consolidation ...Credit Card Debt
"You’ve been pre-approved!" You see these all the time. Credit card companies do anything to gain your business – why wouldn’t they? With their huge interest rates, that’s a lot of extra cash they can profit off you, if you carry a balance every month. And with it being so easy to simply put all your purchases on this convenient little piece of plastic, it’s no wonder so many people carry massive credit card debt. ...Payday Loans – Rip Off or Smart Financial Tool?
Running short of cash with bills to pay? Should you consider a Payday loan to get you through a tight spot? If you’ve been reading any of the other financial advice articles on this website, you know that we make it a point to encourage you to make smart financial decisions. Taking out a short term loan from a Payday lender with an effective annual percentage rate that makes most hand-held calculators produce an “error” message ...Your Short-Term Bucket
We’ve talked about dividing up your future financial needs into 3 Buckets: Short-Term, Mid-Range, and Long-Term. Your assignment was to write out a list of expected financial obligations that will occur in the future, and then group these obligations into these 3 Buckets. The goal for this assignment is to attempt to actually prepare for the future instead of constantly reacting to the present. Wouldn’t it be cool if when that car ...How Do You Fill the 3 Buckets?
You’ve written down your needs for your 3 Buckets and divided them up into your Short-Term Bucket, your Mid-Range Bucket, and your Long-Term Bucket. Now it’s time to fill the Buckets with assets – to pay for those future debts as they occur. Again, I don’t care what you put on your lists – they are YOUR needs, not mine. You’ll just need to figure out a way to pay for them from your ...The Future is NOW! A further explanation of Your 3 Financial Buckets
I always thought that saying was stupid. “The Future is Now!” That doesn’t make any sense. The future happens later, and right now you have creditors to pay. So you should take care of your old debt before considering the future, right? Those bills are sitting on your counter NOW! Those collectors are calling NOW! That other investing stuff comes later, right? Absolutely wrong! The problem with ...Are YOU Spending Wisely, or Emotionally?
In the article, “The Cost of Whistles”, I shared with you a story about how Benjamin Franklin once bought an overpriced whistle from a peddler at a fair, and regretted it all his life. What Franklin was trying to teach us with this story was that purchases based on emotion – desire & want – are almost always bad purchases. Whenever you emotionally pass the point where you can no longer “walk away” from ...Can You Get Out Of Debt By Eating Better?
In other articles on this website, we’ve talked about the need to watch out for “Latte Factors” (A phrase coined by David Bach concerning the tendency of many people to “automatically” spend money everyday on something they don’t really need). The point Bach makes is that most financial troubles can be solved by making better spending decisions. In this article, we’ll look at another way to “automate” yourself to success. One common “Latte ...S.P.F. Your Debt – A Formula to Pay Off Your Debts Without Getting Burned
Too many bills? Credit scores suffering? Credit payments taking every last dime each month? You try to pay a little extra on each account, but the balances don’t seem to ever go down? How can you possible get out from under this dark cloud of debt? Well, don’t fret. Sunnier days are on their way, if you can figure out a good way to start getting rid of some of your ...Latest Articles
Should You Pay Off Your Mortgage Early?
I often find myself in long conversations with my borrowers over the best way to pay off mortgages early. Do I recommend the “Bi-Weekly Payment” ...
Making Sense of the new Tax Credit Extension
Homebuyer Tax Credit Extension
Okay, I think I get it now and I’m ready to give you the scoop on the new tax credit extension. ...
Variable Rate vs. Fixed Rate
Choosing a Variable Rate is like Ordering a Pizza
“Should I pick an adjustable rate mortgage, like a 3/1 or 5/1 ARM, or go with ...
Washington Women Veterans Summit 2009
"Top 10 Ways to Get Out of Debt and Build Wealth" is the title of my workshop at the Women Veterans Summit this year. I’m ...
Know your Statutes of Limitations
“Can you just make a small payment as a show of good faith?” Have you been called by a collection agency trying to collect on ...