Things can be complicated in a marriage, and this includes finances in some cases. When debt enters the picture, there are often many questions that come with it. In today’s world, it is likely that at least one spouse will come to a marriage with some form of debt, from credit cards to cars to … Read moreAre You Responsible for Your Spouse’s Debt?
In the previous article, I discussed how to overcome a personal debt crisis. In this article, I want to discuss how to avoid it in the first place (or prevent it from reoccurring). The best way to overcome a personal debt crisis is to never have one. With some forethought, discipline, and planning you can … Read moreHow to Avoid a Personal Debt Crisis
You’ve hit a brick wall. You have run out of money and have no available credit. Everything is maxed out. You have no easy way to increase your income, and there are still bills due this month. The cable has been disconnected, and the power is next. You’re out of money and you’ve got bills … Read moreHow to Overcome a Personal Debt Crisis
On September 3, 2010, the New York Times ran an interesting article entitled ‘How Debt Can Destroy a Budding Relationship.’ Granted, I don’t think in previous history we were looking at individuals bringing a quarter of a million dollars in debt into a relationship, but it begs the question, is debt killing love? At the … Read moreIs Your Debt A Relationship Killer?
Did you watch any television last night? If so, then you probably saw at least one ad for some type of debt relief. And with all these companies making bold promises to help consumers, it’s no wonder people are confused when searching for help with debt. Which makes them easy targets for debt relief scams. … Read moreHow to Avoid Debt Relief Scams
Everyone knows that healthy personal finances requires debt reduction. However, paying down debt can become discouraging when you have a great deal of it, from a variety of sources. Paying a little bit extra every month on each of your debts doesn’t seem to make a dent, thanks to high interest charges. Instead, you can … Read moreHow to Prioritize Your Debt Repayment Plan
Prioritizing retirement savings against paying down student loans is a very common money management question for young workers today. This wasn’t the case in prior generations where college graduates start their first job with less student loans and were offered pension as part of their benefits package. Photo by Grisei via Flickr When I started … Read moreRetirement Savings versus Student Loans
Not long ago, I participated in a lively conversation in the GRS forums entitled: Debt Snowball vs. Emergency Fund. The premise is very simple. Should the person start an emergency fund while he’s still in debt? In this case, we are talking specifically about credit card debt averaging 15% in interest. Photo by redjar via … Read moreStart an Emergency Fund or Pay Off Debt?
For someone who doesn’t carry a lot of debt, I didn’t give Debt-to-Income Ratio a serious thought until I start lending money on peer-to-peer lending networks — i.e., Prosper and Lending Club. The truth is, DTI is important; especially in the business of borrowing and lending money. Definition of Debt-To-Income Ratios (DTI) Debt-to-income ratio, or … Read moreWhat is Debt-To-Income Ratio (DTI Ratio)?