If you have been debating whether or not to take out a loan to get rid of some of your debt, you may be on your way to finding a good solution to the problems of high interest and that nagging feeling that it will take forever to pay off that debt. One of the reasons that things like old credit card debt take so long to pay off is that the debt often keeps growing long after you have cut up the card and stopped using it. For example, I have a few old credit card balances that I … Continue reading →

When you are desperately looking for ways to save money, it is often hard to see the forest through the trees. What’s more, wishing that trees grew money isn’t going to help your situation. If you are drowning in debt and are about to hit rock bottom, you may be overdue for some solid financial help. Believe it or not, assistance is not hard to find. In fact, most people don’t realize that there are almost as many ways to find debt relief as there are credit card offers that flood your mailbox. The trick is finding the option that … Continue reading →

Has anyone claimed the $336.4 million Powerball jackpot? The winning ticket was sold in Rhode Island earlier this month. Goodness knows it wasn’t sold to me… otherwise you wouldn’t be reading this post. Talk about alleviating financial stress. Even if the winner took the lump sum payout, he or she would still walk away with more money than anyone could possibly spend in a lifetime. Well, maybe. Living in debt and trying to survive paycheck to paycheck can be physically and emotionally draining. However, there are ways to stabilize your financial footing, even when it seems like the deck is … Continue reading →

I know what you are asking: “How can there be any cons related to paying down debt?” If you are not careful, there are several ways you can dig yourself deeper into debt trying to pay loans and other bills. In a previous blog I addressed the option of cashing in retirement accounts and other investments to pay down debt. While there are a number of benefits to doing this, there are also quite a few downsides as well. In fact, the Department of Labor went public recently warning Americans that making permanent withdrawals from their retirement accounts is not … Continue reading →

With gas prices creeping to the $5 mark, I have a feeling that many of us are going to be cash poor very soon. That’s if you aren’t already digging out of debt from losing a job or getting your hours reduced when the economy first started taking a nosedive. Getting out of debt can be very challenging. While some people, whose debt has grown out of control, turn to consumer credit counselors, others take matters into their own hands. Studies show more and more people are borrowing from retirement accounts in order to pay down debt. The problem with … Continue reading →

Don’t go near my purse. My wallet’s still smoking from my Mega Monday shopping spree. The good news is I didn’t burn through my checking account scooping up super savings at Macy’s and Target. Rather, I used the Christmas gift cards I received yesterday, so I could treat myself to a new pair of gloves, a slew of seamless undies (buy three, get three free—-score!), and some black trouser socks. Do I know how to live on the edge or what? According to the National Retail Federation, I am one of a declining number of people who actually uses every … Continue reading →

Who doesn’t want to live a debt-free life? Shelling out hundreds of dollars in interest each year on car loans, credit cards and mortgages is not exactly the financial situation most of us strive to be in. Paying down debt is an arduous process, but it can be made tolerable if you follow a few simple steps: Step #1: Carefully examine the details of your debt. Look at your balances and APRs affiliated with credit cards. In addition, review mortgages or other loans to fully understand the financial parameters you are working with. Step #2: Make a list. Write down … Continue reading →