Debt

Does your mail box fill up with offers from credit card companies? Sometimes they will mail you checks and pre-approved credit cards. It is annoying, and its also a waste of time to go through them. You must also shred them to be sure no one steals your identity. Those of you with an ecology or stewardship […]

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Emotions are a very powerful force. Don’t ever underestimate their pressure to go against your good senses. Christmas, maybe more than any other time of year, tugs on your emotions to be a good friend, spouse, parent, and child and demonstrate it through generosity–generosity so great that you spend more than you have and charge […]

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A new study shows that prior to the current economic crisis, it was the highly educated people that were more inclined to have unmanageable levels of debt. The percentage of Americans with more than 40% of their income going to debt payments increased from under 15% in 1991 to 27% in 2008. You would think […]

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Over the last 4 years we have seen an epidemic of late monthly debt repayments. Many of the borrowers have never been late on payments before. However, during the recession people often have to deal with multiple problems. It used to be common that someone just had to work through unemployment and get hired within […]

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The banking industry has never been known as innovators or centers of creativity. That’s why an article in the Wall Street Journal caught my attention today: Ice-Cream Bank’s Rocky Road. I’ll get to the article in a moment, but my gripe with credit cards and gift cards is that although they provide a definite convenience, their […]

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I’ve talked to several people who have been having difficulty staying current on their mortgage, some just over the past year, and others that have been struggling for several years that have qualified for help recently, and they are able to stay in their homes.  Some have even been turned down for loan modifications and short-sales […]

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If you’re one of the millions of people who’ve faced losing your home through a wrongful foreclosure, you might get help, but you must act quickly. Homes that were foreclosed on in 2009 and 2010 should find out about the free Independent Foreclosure Review (IFR) process. The IFR process is by the Office of the Comptroller of the Currency […]

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Often I am asked what I think about loans between friends or family. There are usually two reasons where I see this happening, either to help bail someone out of a difficult financial situation or as way for the lender to earn interest, while helping a friend reduce their debt. If the motive is purely […]

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The credit card industry, within the last few years, has come under closer oversight and regulation. Dave Ramsey in his Financial Peace University class lessons of Dumping Debt and Credit Sharks in Suits has been particularly critical of the bad behavior and sometimes illegal practices of credit card companies. Just last week Capital One Financial […]

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I just spoke to a good friend and veteran in Columbus Ohio that has a mortgage with JP Morgan Chase for 30 years at just over 6%. Chase lowered their interest rate to 1% for 3 years, which made their monthly payment drop by about $400. They were told that this was a special program […]

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There is quite a bit of miss-information when it comes to whether someone should pay-off their mortgage. On one hand it is wise to have as a goal to someday have a mortgage free home, especially as one enters the retirement years, and minimizing of cash flow and simplification are goals. Many people wonder if […]

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US households debt service ratio is now down to 11.5 percent from a high of 14.0 percent, in the third quarter of 2007. People are making great strides to reduce or eliminate debt altogether. This is good news, however many people are still concerned about their debt.  The conventional ways of debt reduction entail some […]

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This is a follow-up to an earlier article about an excellent series from The Columbus Dispatch about significant errors of credit agencies combining the credit history of other people, usually family members or others with similar names, that have bad credit. Some of the stories really blew my mind- click to read the full articles: Part […]

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The Columbus Dispatch reported significant errors of credit agencies combining the credit history of other people, usually family members or others with similar names, that have bad credit. Bad credit and other bad information on the reports prevents people from obtaining all sorts of loans, such as for cars or from their home equity. Bad credit […]

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A lot of people are stuck in a cycle of using Pay-Day and Checking Cashing stores, and they don’t know how to get out of them. First let’s understand how they work to both help people then trap them in an ever ending cycle of debt and pain. Loan is given, equal to one or […]

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The Wall Street Journal reported that BofA is initially offering in New York, Arizona and Nevada homeowners who are having difficulty making mortgage payments, to lease their home back to them, at market rates, in exchange for transferring the deed to the bank using a ‘deed-in-lieu of foreclosure.’ This could be a win for the banks, who […]

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When we find out we are going to receive what might be thousands of dollars in tax refunds from the Federal or State Governments, we have two competing impulses:  wants versus needs. Those that are struggling may want to give this issue serious consideration, because any windfall like tax refunds or bonuses can really help us […]

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Week #4 of Dave Ramsey’s Financial Peace University: Dumping Debt was a great motivating lesson. Since that class I have received numerous questions about Federal student loans. Therefore I put together the following brief about Federal Student Loans various repayment options to foster your additional research and consulting with your advisors. Please keep in mind, this […]

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If you are following the European debt crisis, you may be interested to know more about how the international banking system got its start, in a culture dominated by those whose leader’s believed it to be wrong: check out a piece aired on NPR 1/31/12 “In Italy, Art As A Window Into Modern Banking.” Interestingly Florentine merchants […]

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If you have had some difficulty with making debt payments recently, this article may be for you. It is has been reported in several places including the Wall Street Journal, that even though people declared bankruptcy, some lenders still tried to collect on the old debt. This is an illegal practice, where the lenders or […]

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