Why You Need To Pay Off Debt As Quickly As Possible
August 31, 2009 by Erik Folgate
Filed under Credit and Debt
Have you ever had a conversation with a friend or acquaintance about how they are only paying the minimum payments on their student loans because the interest is so low? Many people fall into the trap of keep debt around as long as possible, because they’d rather do something else with their disposable income. This is a pretty huge debate in the personal finance community, so I am going to lay out a few reasons why I think paying off debt early and often is the way to go.
It will free up your best wealth building tool: your income
When Should You Sell Your Home To Improve Your Financial Situation?
August 24, 2009 by Erik Folgate
Filed under Credit and Debt, Real Estate, Spending and Saving
Owning a home can be a great blessing, but it can also be a great burden. There are many advantages to owning a home like building equity, the freedom to customize it, and various tax advantages. But, homes are not cheap and they come laden with expenses. You have homeowner’s insurance, property taxes, home maintenance, home improvements, and the list goes on. Some people buy homes at the wrong time in their life or they buy too much house than they could afford. When this happens, homes can be a real burden and so much that selling it may be the only option to getting ahead with your finances. Here are three signs to help you know when the house is the root of your financial problems.
Kids And Money: Should Your Kid Apply For A Credit Card While In College?
August 18, 2009 by Erik Folgate
Filed under College, Credit and Debt
Many parents will be sending their kids off to college in the coming weeks, and the issue of credit cards always comes up. Parents don’t want their kids to be high and dry if they need an emergency car repair or have a medical issue. For many college freshman, it is a rite of passage to apply for their first credit card and swipe the card for the first time. It makes them feel like a responsible adult, because they are using credit. This is a load of garbage, and it’s exactly what credit card companies want young people to think. Credit card companies have done a superb job at making credit cards feel like a status symbol. That’s why they use words like “gold” and “platinum”.
We Want To Hear Your Debt Elimination Story!
August 14, 2009 by Erik Folgate
Filed under Credit and Debt, Economy
Do you have a great story about how you became debt free? Did you sell a bunch of stuff, make sacrifices to speed up your debt elimination? What’s your story? Maybe you started getting out of debt, and you are on track to destroy your elimination goals. We want to hear your story, too!
Still in debt? Read my debt elimination series.
The Prize
How Stupid Could Credit Card Companies Be?
July 20, 2009 by Erik Folgate
Filed under Credit Cards, Credit and Debt, Real Estate
I don’t know what it is with credit card companies, but they do some awfully dumb things. Credit card issuers have automated the entire process of extending a line of credit. Even with the massive credit crunch this country has experienced, banks are still issuing credit cards to anyone, and when I say anyone, I mean ANYONE.
What To Do When You Can’t Pay Minimum Debt Payments
July 10, 2009 by Erik Folgate
Filed under Credit and Debt
There’s no doubt we have gone through some hard economic times, and some of you have had a hard time paying all of your bills each month. There’s no need to be ashamed of it or get depressed about it as long as you are working actively to reverse the situation. Here is a short step-by-step guide to helping you make the right decisions about your money and ways to help you stay current on your bills.
Do You Still Pay For A Land Line?
July 7, 2009 by Erik Folgate
Filed under Credit and Debt, Spending and Saving
Why?
Since I left home at the age of 18, I have owned a land line for two years of out the ten years that I have been on my own. The first time I paid for it, I had gotten rid of my cell phone a year before, so my roommate and I split a land line so I could make phone calls when needed. The second year that I paid for a land line was my first year of marriage with my wife. I traveled here and there for work, and the apartment we rented required a land line to activate the security alarm. We hardly ever used it to call people, and the only people that called us on the land line were our mothers.
Credit Card Regulations Bill Passed By Congress
May 20, 2009 by Erik Folgate
Filed under Credit Cards, Credit and Debt, Politics
The bill to regulate certain credit card policies has now passed through the Congress. Why is Congress regulating credit card companies? Because, they recongize the abusive consumer practices that credit cards perform each and every day, yet we still continue to use them. Here is an excerpt from the article from Fox News:
Meanwhile, the credit card portion is aimed at addressing consumer concerns.
The new restrictions would protect debt-ridden consumers from many of the surprise charges common in the industry, like over-the-limit fees and a charge to pay the bill by phone.
How To Reverse The Debt Cycle
May 4, 2009 by Erik Folgate
Filed under Credit and Debt, Real Estate
What is the debt cycle?
The process of spending more money than you make on a consistent basis that forces you to borrow money each month to reconcile the deficit.
How To Get Out Of The Debt Cycle
- Cut up your credit cards. It’s the only way to stop using them. If you eliminate the temptation to use them, you will force yourself to find a way to pay your bills and expenses each month without using them.
Dow Jones Index Drops to 6800 For The First Time In 12 Years
March 2, 2009 by Erik Folgate
Filed under Banking, Credit and Debt, Economy
I don’t know what to tell you. Even Warren Buffet has lost confidence in our economy. Much of the country is not paying attention to the fact that we are 10 percentage points away from nationalizing a bank, the government pledging about $1.5 trillion dollars in 6 weeks, and the largest insurance company and auto maker dwindling to nothing.
Here are my thoughts on why the stock market continues to go south:
- Investors are reacting negatively to the massive amounts of spending in the Obama economic recovery agenda.
