Citigroup 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...
Read MoreThe Difference between Chapter 7 and Chapter 13 Bankruptcy
During my Consultations I am often asked about the differences between a Chapter 7 and Chapter 13 Bankruptcy. When considering a Bankruptcy filing, the number 1 thing that you need to know is whether or not you can qualify for a Chapter 7 or if you will be forced into a Chapter 13. The answer to that question, may just determine whether or not Bankruptcy will even make sense for you. The...
Read MorePersonal Bankruptcy filings are up 40% from this time last year
I am afraid this number is only going to get worse as the recession slogs on. Unemployment is continuing to rise as companies rush to downsize in an attempt to survive. The unfortunate reason for many of these bankruptcies is that these families where carrying too much debt and living paycheck to paycheck. When they have a hiccup in their income situation, they are left with no wiggle...
Read MoreWhy are There 1000’s of Debt Settlement Companies All of the Sudden?
I couldn’t make this stuff up if I tried. Now more than ever it is crucial that you are very cautious about who you are seeking help and advice from. The financial problem is an epidemic and it is going to get much worse before it gets better. Remember back 5 years ago when it seemed like everyone was in Real Estate in some form or another? Now it seems that yesterdays real estate...
Read MoreHow The Debt Snowball Method Works to Pay Off Debt Fast
A Quick and Simple Method to Pay Down Debt. The Debt Snowball is one of the most talked about methods for paying off debt, although there’s some disagreement about one of the basic premises of the Debt Snowball – whether to start paying off the smallest debt first or the one with the highest interest rate.I tend to prefer the method of starting with the highest interest rate first...
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 MoreDebt Settlement is coming out of the closet?
I woke up this morning, poured the last of a pot of coffee into my cup (my wife usually drinks most of the pot before I get out of bed) and sat down with the modern day newspaper, my google reader. I came across a story in the New York times about debt settlement. The second thought that came to my head was a little amazement about how many articles I have seen lately on the topic of debt...
Read MoreFinancial advice from our Grandparents
This recession has many of us wishing that we would have listened to our grandparents financial advice. You know, when they told us to spend less than we make, save more and don’t take on debt. No, no, no, that is old fashioned. This is a whole new world. We have evolved past that. Maximum leverage is the ultimate way to wealth. Or so we thought. The unfortunate reality for...
Read MoreJamey Johnson – The Dollar
This song from Jamey Johnson is one of my favorite songs. As the father of two young boys myself, it really puts in perspective the things that are important. Debt freedom is really time freedom. Time to do the things you want and enjoy. Most of us are taught to trade time for money, and the more debt we accumulate, the more time we have to trade to pay for it. Pretty soon many of us find that...
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