Should I Borrow from 401K to Pay Credit Cards
One of the major pitfalls to acting on financial advice given to a general audience is that the advice is…well, general. A perfect example revolves around using a 401k to pay off debt. If a consumer was to read several personal finance books and blogs, they would easily come to the conclusion that you should never use a 401k to pay off credit cards. I disagree with that conclusion and say...
Read MoreCost of Livin – High and Going Up
Ronnie Dunn, Cost Of Livin’ Lyrics Everything to know about me Is written on this page The number you can reach me My social and my age Yes I served in the army It’s where I learned to shoot Eighteen months in the desert Pourin’ sand out of my boots No I’ve never been convicted of a crime I could start this job at any time. I got a strong back Steel toes I rarely call in sick A good...
Read MoreHow To Get Out Of Debt – Carnival of Personal Finance
Today I thought I would try something different and take a stab at hosting a Personal Finance Blog Carnival started by my friend Steve Rhode over at How to Get Out of Debt. For those of you who don’t move in blogospheric circles, a blog carnival is simply a roundup of articles from various blogs, typically centered around a common topic. I’ll admit that I was fairly selective this...
Read MoreConsumers in Debt are easier to Scam!
It has now become almost a daily occurrence for me to help a consumer fix the mess that a debt settlement company has dropped them into. The universal reaction from my clients after I explain how debt settlement really works and why the program they have been sold never even had a shot at working, is “How could I have possibly signed up into such a horrible deal?” If you are a...
Read MoreAggressive Phone Closers Needed for Debt Settlement – Training Provided
The following is just one of many advertisements that I see every single day. Please read it and understand that when you call an ad or an 800 number looking for help with your debt, you will typically be speaking with a person with the qualifications sought after in this ad. Ask yourself if this is the type of person that is going to give you the sort of advice you need to resolve your...
Read MoreNo upfront fee-debt settlement is nice-but tell me the risks-you neglected home slice
No Upfront Fee Debt Settlement The ink was not even dry on the new FTC law banning Debt Settlement Companies from charging advance fees before many debt settlement sales people started spinning a new rhyme of risk free debt settlement. Go ahead and sign up. You can trust me you see. We won’t charge you til after. So for you, it’s risk free. (Credit my 4 year old) Since the...
Read MoreShred your Credit Card-Make a Video, Enter to win $1,000
On Friday I got wind of a contest at ShredYourCreditCard.com being offered by Lending Club and PerkStreet Financial. They are asking consumers to shred a credit card in an interesting or creative way and capture a video of the dirty deed. They are offering a $1,000 first prize to the submitted video which captures the most votes from now until Jan 31st, 2011. In addition to the grand prize,...
Read MoreIf someone doesn’t want you to get a 2nd opinion, You Better Get One
I was listening to the Ric Edelman podcast this evening and a caller came on the line and mentioned he had met with a financial planner and was told that he should use annuities and life insurance products as a vehicle to sort of shelter some money in a way that would be more favorable for his son to qualify for financial aid when he went to college. In a much more artful way than I...
Read MoreExcuse Me – I’m Calling Bullshit
After months of debate, mostly with myself, I have decided to start a new series on my blog entitled “Excuse me, I’m calling Bullshit!” Professional? Not really. Effective? I really hope so. Every day I sit at my desk and read mountains of articles, press releases, ads, websites, all designed to target cash strapped, emotionally drained consumers just looking for honest help...
Read MoreDamonDay.com is in Transition
DamonDay.com is currently undergoing some renovations and design changes. We apologize for all of the noise and dust while we are making some necessary modifications and upgrades to our website. We have learned that we are much better at breaking our site then we are at putting it back together. As a result many of our pages have turned into half English and half html, making them difficult...
Read MoreDebt Snowball – When does it make sense?
The Debt Snowball method to paying down debts has been around for a long time but it has become popularized and almost synonymous with Financial Planner and radio personality Dave Ramsey. Although from a financial standpoint, Dave takes a little different approach in how he recommends the debts be ordered, he praises this approach as a simple and straightforward way for people to dig out of...
Read MoreGet Out of Debt – What Strategy Makes the Most Sense?
Help!!!! I am on information overload. Can you look at my financial circumstances and tell me exactly what debt reduction strategy will make the most sense for me? Sound familiar? You are not alone. Thousands of people ask this question every day and set out on the Internet looking for the answer. Unfortunately instead of honest and unbiased advice they typically encounter salesmen that...
Read MoreDebt Help – Who can You Trust
You are in Debt, you are struggling, you can’t pay your bills. What do you do? Like most people, you turn to the Internet. After all, the Internet has all of the answers. It is true that you probably can find the answers you are looking for online. However, you are definitely going to also find all of the wrong answers, and no shortage of websites, sales people, and hucksters more than...
Read MoreDebt Collection Statute of Limitations
Debt Collection Statute of Limitations In the game of Debt Collection, Knowledge is King. The more educated you are about your legal rights and what your creditors can and can not do if you are unable to pay them, the better off you will be. If you are dealing with older debt, it is very important to know the Debt Collection Statute of Limitations in your state. The Statute of Limitations...
Read MoreCitigroup increases clients debt by raising interest rates!
A few days ago Citigroup sharply increased their rates on about 15 million of their card holders. Could the reason be because starting next month there will be laws in place to prevent them from doing this? Nah, couldn’t possibly be the reason. Citigroup claims the rate hikes where merely part of regular account reviews. What do you...
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