TaxACT Weekly Favorites: October 18, 2013 Don’t Get Sucker Punched By Your Own Debt Denial via Jeff Rose “Oh, we don’t have that much debt. Our house is paid off. We don’t have that many consumer loans.” These famous last words were uttered by a couple who had come to me for help with retirement planning. Or […]
Should I use cash or credit? This is a question that many consumers are asking because of the current economic uncertainty in our nation. In fact, revolving credit—largely made up of credit card debt—fell by nearly 20% last year according to the Federal Reserve. Credit card usage is definitely slowing due to less borrowing by […]
Have you started managing your personal finances? Need some actionable tips you can put to use today?
You don’t need to start earning a six figure salary or own a business spanning several states before you start managing your personal finance. In fact, if you delay, you might never achieve your financial objectives.
Here are the basics you need to know and practice.
Unlike your traditional loan, debt consolidation loans are used to pay off outstanding debts. All of your debt is added up to create the amount.
Instead of paying a number of different creditors each month, you take out one big loan and pay off all those accounts. Then you make a single payment on that loan once a month.
Although it is possible to use debt consolidation loans for debts that are already on your credit report, it is better to use this option before the debt goes to your credit, in order to save it.
Do you head into a purchase with a budget but end up spending far more than that amount? Here’s a theory… The gap between what you can afford and what you want can be measured by how well aspirational marketing works on you. If aspirational marketing works well on you, (read: Real Housewives, Dom Perignon […]