The average American household carries roughly $15,000 in credit card debt, not including mortgages or loans. Economists are concerned both for the present generation’s debt problem (Millenials are projected to be in debt their entire lives), and for the Boomer generation’s ability to retire without racking up huge amounts of credit card debt. With such […]
Unless Congress acts, and the President signs off on it, interest rates on federally subsidized student loans are set to rise to 6.8% on July 1, 2013. That’s double the current rate of 3.4%. For graduates repaying their loans, that could mean a significant increase in monthly payments. If your budget is already stretched, and […]
Last week, the House passed a bill that would require bondholders and Social Security beneficiaries to be paid first in case of a failure to raise the ceiling on the national debt later this summer. While the bill passed, there’s doubt it will get past the Democratic majority in the Senate; the White House has […]
It seems like everything we do is set up on a payment schedule. We make monthly payments for rent, mortgages, credit cards, school loans, and car payments. We even make payments for our music — Pandora One, anyone? It’s a convenient way of life, especially since few people have the means to pay for all […]
One of the strategies that consumers employ to help them pay off debt is consolidation. Debt consolidation puts your debts together in one place, making it a little easier for you to pay them down. For some, this works remarkably well. Unfortunately, debt consolidation ends up being more problematic than helpful for most debtors. How […]
One of the best things you can do for your finances is to pay down your debt. Not only does debt cause stress in your life, since your money is no longer your own, but it also reduces your ability to build wealth effectively. You can’t use your financial resources for your own good (and […]
