Master Your Personal Finances. Build True Wealth. Live A Better Life.
While bankruptcy takes an emotional and financial toll on anyone who files, many people recover quite well by following a few simple strategies for avoiding future debt problems. Even though your credit report will show a bankruptcy for up to 10 years on your credit report, that does not mean that your credit score will [...]
Are you shocked to find your credit card statement way above your expectation this month? Wait before you sign up with a debt settlement company! You might probably just be another victim of credit card fraud. Credit card fraud happens when someone steals your credit card or any information related to it. The person then [...]
I came across a recent study conducted in Germany by the University of Mainz showing that “over-indebtedness” has a direct link to obesity. To clarify over-indebtedness is defined as a scenario where a person’s debt becomes overwhelming and unmanageable. At first when I saw this report I was a bit skeptical and a bit in shock [...]
Somewhere along the way, you’ve probably heard the following definition: “Insanity is doing the same thing over and over, and expecting different results.” Makes sense, doesn’t it? So, how does the quote relate to you? Well, let’s say, somehow or other, you’ve gotten yourself over your head in debt. It really doesn’t matter how it [...]
I was asked this question the other day and the answer is a complex and convoluted 3 step process. I will do my best to break it down and give you the most relevant information. The standard method for determining a credit card payment is the Average Daily Balance Interest Calculation 1. Calculate your average [...]
When I was deep in debt, it was very overwhelming and very difficult to create a debt elimination plan. I didn’t know if I should pay the highest interest rate first, the lowest balance first, or use David Bach’s DOLP payment method (dead on last payment). It’s quite confusing when you have all of these [...]
1. Reality Check The first step to solving a problem is admitting that you even have one. Are you struggling just to make the minimum payments? How high is your debt to income ratio? All important questions in determining your financial position. I know in my darkest days of debt I lived in denial, refused [...]
SavvyMoney is a great online tool that helps you create personalized custom plans for getting out of debt. What Is SavvyMoney All in one location you will have access to overseeing all your debt, create payment goals, set up a plan, follow the plan and track your progress to debt freedom. What I like most [...]
Have you failed to pay back your private student loan in time? Well, you should immediately contact your lender or he might transfer your defaulted account to a collection agency. Although the federal government has a good number of debt recovery alternatives, it prefers to contact the collection agencies to collect all outstanding education loans. [...]
Do you own a credit card? And who doesn’t, really? Then you need to read this if you want to save yourself a huge headache and severe financial trouble. Roger, who is part of the Personal Finance Mastery community, shared with me a financial dilemma that he just recently faced when dealing with a certain [...]
According to a recent report by TransUnion – one of the Big 3 credit reporting agencies – credit card use is on track for record breaking declines. In 2010 over 8 million less people are using their credit cards. The report highlights that US credit card debt fell by more than 11% this year bringing [...]
