In the last few months I’ve helped several families refinance and consolidate their credit card debt using the equity in their houses. One family was able to save $1,100 per month, another family $1,300 per month, and another family $1,700 per month. That represents a significant amount of any family’s monthly cash Read More >
“Why” You Want to Get Out of Debt May Influence “How”
Posted on: 03.01.16
For the most part, Americans live in a fast food, shake and bake, society, which is to say that we have come to expect and demand instant gratification for anything we want in life. That’s typically how people accumulate credit card debt; instant gratification coupled with not having an emergency reserve. Instant Read More >
A Simple Formula For Getting Out of Debt
Posted on: 01.21.16
Credit card debt represents the single biggest threat to the financial health of countless millions of Americans. According to the Federal Reserve, after peaking at $1.021 Trillion in April 2008, the global financial crisis motivated Americans to trim their credit card debt to $832.4 Billion by April 2011. Since then, Read More >
Is Interest Rate the Most Important Factor When Paying Off Debt?
Posted on: 12.17.15
I deal with this issue frequently as I help my clients get out of debt and the short answer is NO! That is not to say that interest rate is not an important consideration. It just means that there may be other considerations that may have a greater impact on the speed and efficiency with which you get out of Read More >
The 6 Biggest Mistakes People Make When Paying Off Debt
Posted on: 12.10.15
There are three primary types of debt available today: 1) Revolving, 2) Installment, and 3) Mortgage. Revolving debt is the most costly type of debt and is typically made up of credit cards, which allow you to use someone else’s money, pay down the balance, and use that money again. Installment debt is typically a Read More >
6 Outside the Box Methods to Get Out of Debt
Posted on: 12.01.15
Last week I wrote a post about ways a homeowner can use the equity in their home to consolidate and transfer their credit card debt to a more efficient method of financing. But not everybody owns a house and not everybody that owns a house has enough equity to allow them to utilize that strategy. This week I want to Read More >