A good income-to-debt ratio will help you tremendously in just about all aspects of your financial life. You’ll qualify for credit more easily because you’ll have a good credit score, and you’ll pay a lot less when you borrow money. You’ll also be a more desirable job applicant if you apply for a new job [...]
If you’re buried in debt, your situation is not hopeless. There are three steps you can take – beginning today – to get back on track. 1. Pow-Wow Before doing anything – and I mean anything – get your family together to sit down and discuss the situation. My suggestion is to be completely transparent [...]
If you are in debt, especially credit card debt, you might be so focused on getting out of debt that you overlook one of the most important steps – reduce your cost of debt first. The reason this is important is because if you reduce your cost of debt, you can get out of financial [...]
Financial resilience is a critical quality to have. We all face financial trouble at one time or another. The important point is to be able to bounce back. But how? It’s not easy to recover — especially when you’ve fallen from great heights. John was the “dentist to the stars.” He treated the biggest names in Hollywood. [...]
People who use debt settlement companies almost never walk away with less credit card debt. Many end up with more debt and worse. Their credit is ruined and the collection agents and lawsuits are intensified. As you’ll see, these services are usually debt relief scams you should avoid. The FTC recently passed new rules to [...]
If you have the right debt payment plan, you don’t have to worry about debt anymore. If you do have debt, your number one financial mission in life is to get rid of it as fast as possible. You don’t need to get taken advantage of with slimy debt relief scams either. Think of your debt [...]
If you’re sick and tired of having to deal with debt – or hearing someone close to you complain about being in debt – it’s time to deal with it once and for all. Your money should enable you to live your dream. You should not have nightmares about your finances. Life’s too short. I’ve [...]
Let’s say you were approached by your friend Stacy who needs help qualifying for a mortgage to buy a home. She asks if you’d be interested in co signing a loan for her. You generally trust Jane and think she’s pretty responsible. But you’re concerned about being on the hook for that money. Keep in mind that [...]
You can solve debt problems in a variety of ways. One (terrible) way is to use a debt consolidation company. But you should know that you probably don’t need these companies and they might even make things harder for you. Debt relief scams are everywhere you look. If you value a high credit score, [...]
The best way to understand what a credit line is to think back to when you were a kid. Hopefully, you had a benevolent uncle who would always throw you some cash if you were in a tight spot. His largess had limits of course, but within those limits, you were golden. You didn’t have [...]
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