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Tag Archives: savings-account

Sad Findings Show Americans Suck at Managing Their Money. 1 in 3 Have No Savings Account.

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The Federal Deposit Insurance Commission (FDIC) recently released their latest findings on how people deal with managing their money. I’m not talking about high level issues like which mutual fund provides a better return, but like do you have a savings account. As a consumer debt expert the information is disturbing in two ways for me. First, I can visualize ... Read More »

Saving Money is Important When Getting Out of Debt


Here is a video from Cambridge Credit Counseling that speaks directly about the need to save even when dealing with debt. I can’t stress it enough, how important it is to make saving a priority even before debt repayment. The last place you want to be is broke from spending through your savings but still in debt. It’s so refreshing ... Read More »

We Can’t Seem to Make Ends Meet and Save. Is Bankruptcy Right For Us? – Matt & Patti


“Dear Steve, My wife and I gross $93K. We owe $38K in credit cards, $1290 mortgage and two kids in private HS @$15K/year. Take home is approx. $3200/mo. We are upsdie down on our house by at least $20K. Our current credit scores are – me 690′s, wife low 700′s. We make all our payments on time but emergencies like ... Read More »

You’ve Paid Off Your Debt, Now What?


Your final payment has been made, and you’ve contacted your credit counseling representative to let them know you will be finished with your plan. Wow! You are officially debt free! It’s so exciting that you can hardly contain yourself. That one payment you had been struggling to make for years is now yours – all yours. So now what? Well, ... Read More »

I’ve Never Missed a Payment But I Have No Savings and Not Really Getting Out of Debt. – Brian


“Dear Andy, I am 31 years old and I own my own house. I have never missed a payment, yet can’t get refinanced due to my lowered house value. (Currently I owe about 149,000 and I just had it appraised at 140,000). My mortgage rate is 6.2%. That is part of the story…the other part is: I have about 18,000 ... Read More »

I’m an Independent Recruiter, Living With My Girlfriend and Way in Debt. – Bill


“Dear Steve, 52 years old, Male, independant recruiter(start-up DBA), living with girlfriend/partner and 9 year old daughter in home owned by her. $21K unsecured debt. Car loan(upside down due to rollover from lease) with 43 months remaining at $358 per month. Monthly expenses ~$3K(but could reduce to $2.6K) including $750 month minimum payments on credit cards. Have been carrying this ... Read More »

Marriage and Money: How to Talk to Your New Spouse About Finances


So you’re engaged. Or thinking about it. If you’re really serious about spending the rest of your life with another person, it’s time to get some of the tougher issues out in the open. Somewhere near the top of your list should be MONEY. Conflicts about money issues can stop a relationship before it has a chance to be successful. ... Read More »

Do It Yourself Guide to Credit Reports: 10 Ways to Improve Your Credit


So your credit’s not so hot. A few late payments, maybe an account or two that went to collections. What’s the big deal? As you’ve probably found out, it may be a very big deal. You’ve probably already been turned down for the best credit cards and maybe you’ve had trouble getting a car loan. Perhaps you’ve even put off ... Read More »

Lowen Wants to Know “Can I Budget My Way Out Of Debt?”


Lowen “Dear Steve, I have $102,000.00 in student loans, $21,000 in credit debt, and can’t budget my way out of a wet paper bag. I make $21.40 per hr and work 36 hrs a week, my wife works and makes $11.50 per hr and works 30 hrs per week. I own nothing of value, no homes, my cars are at ... Read More »

We Have a Lot of Debt, But Not a Lot of Savings. – Ann


“Dear Steve, Currently we have a lot of debt. We are making this the year to pay a lot of this down. We don’t have much of a savings. Our current debt is this: a first mortgage = 170K, second mortgage that = 35K, first credit card = 17K, second credit card = 5K, and a truck that equals 25K. ... Read More »

Should I Still Save Money Even When I’m Trying to Get Out of Debt? – Lisa


“Dear Steve, I am a student and receive monthly disability compensation. I have about $40,000 worth of debt…credit card, car loan, student loan… I recently started a payment plan through a debt consolidation company and am working on getting out of debt. I do not work and have a fixed income. Should I still be putting money aside in savings ... Read More »

I Have $747 in Savings. How Can I Pay Down My Debt? – Annette


Annette “Dear Steve, I owe $94,023 total. I owe $41,089 on my mortgage, at 6% interest, and $2,754 on my car, at 6% interest. I owe $50,189 on my credit cards and line of credit, at interest rates ranging from 3.99% to 12%. My annual income is $56732. My house payment is $549, my car payment is $353, and my ... Read More »

I Don’t Want to Lose My Boat or Home. – Doug


Doug “Dear Steve, I have 20k of ccard debt and have lost my job. I am paying my bills with unemployment and savings but time is running out. I have thought about Bankruptcy but have been told i will lose my boat which is paid for and the court might auction my home also. My house is paid for also ... Read More »

I’m Feeling Defeated About My Financial Future. – Nicki


Nicki “Dear Steve, When I left college with credit card debt I had no way of paying, no real job and student loans piled on top, I was struggling to keep from drowning in debt. Top that off with medical isses (no insurance) and those bills, it took almost seven years to pay back the largest items after being delinquent ... Read More »

I Am Panicked About Our Situation. Help! – Deb


Deb “Dear Steve, I’ve been married for 17 years, I let my spouse take over finances for a 2 year period and found out end of last year that we were completely overextended (even though income is good), and more importantly have mutliple late payments on probably every account/credit card we had. Some in his name, some in both our ... Read More »

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