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 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 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 MoreFun with Financial Calculators
Ok, so you can’t really have much fun with them, but a very insightful and valuable tool. Knowing a few functions on the financial calculator will go a long way toward learning the true cost of debt and why it is essential that you get rid of all consumer debt as quickly as possible. In this video I quickly outline the true cost of carrying $50,000 dollars of credit card...
Read MoreFinancial Advice from our Grandparents
Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser. This recession has many of us wishing that we would have listened to our grandparent’s financial advice. You know, when they told us to spend less than we make, save more and don’t take on debt. No,...
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