Should You Borrow From Your Retirement Account to Make Ends Meet or Pay Debt?

Male thinking

A couple of smarty-pants researchers at Ohio State University came out with a very interesting paper about people borrowing from their retirement accounts. When facing money troubles it seems people are too often willing to rob from their retirement accounts to deal with an immediate financial threat. This is the classic definition of hyperbolic discounting. … Read more

Why People Make Poor Decisions When They Have Money Troubles and Debt Problems

I’ve been helping people with financial problems since 1994. My passion for assisting others with this struggle was because I lived through my own set of financial misery in 1989. After going through that process, I was very depressed and inquisitive why my self-esteem had been so shattered along with my ability to make complex … Read more

Credit Card Debt

Finding yourself in trouble with credit card debt is a secret many suffer with in silence. And in that silence, people are often embarrassed to ask for help. Seeking the right solution to a bad situation is not a sign of weakness. Not asking for help and ignorantly picking the wrong solution is. Let me … Read more

Do You Want to Know Why You Are Absolutely Setup to Fail When Dealing With Your Debt?

As someone who has helped people with debt and money troubles since 1994 I’ve seen thousands and thousands of consumer situations when dealing with all sorts of debt. From mortgages, credit cards, car loans, bank loans, personal loans and students loans; I’ve seen it all. I’ve worked with people with gambling problems, shopping addiction, overspending, … Read more

How to Get Out of Debt. The Honest and Unvarnished Truth.

As a student of the history of debt, having lived through debt problems myself, and having founded and run a credit counseling organization, I have a unique view from inside and outside the debt world. If there were mistakes and beliefs to be had, I’ve had them. If there are perceptions about debt, they’ve floated … Read more

The Get Out of Debt Guy 8 Easy Steps to Eliminate Your Debt Checklist

So you want to get out of debt. Congratulations. To make your journey easier and to help you on your way, here is an easy to follow checklist to guide you on your journey. Getting out of debt can be broken down into some very simple steps to make the process easy, obvious, and help … Read more

Lost My High Paying Job and Now Want to Tap My 401(k) to Pay Off Debt. – Tom

“Dear Steve, 20 years same company making 200 or more each year in a sales role. Got fired unexpectedly. Been riding large debt load for years, but managing it I guess because of big income. My monthly nut is about 4k. + another 3k to float my excessive bad debt: Two cc: 32k 0% 12 … Read more

Why Are Some People Unsuccessful When Getting Out of Debt? – Denise

Steve, From the work that you have done helping people, I’m sure there are some people that are unsuccessful. What are the biggest reasons, in your opinion, that people are unsuccessful. Thanks, Denise Dear Denise, That is an excellent question. There isn’t one answer but a series of issues that lead people to not achieve … Read more

Aging South Koreans Falling into More Debt Troubles Says Credit Counseling and Recovery Service

Photo Credit: Wilson Loo The growing trend of the elderly falling into more problem debt is not restricted to the United States alone. Credit Counseling and Recovery Service of South Korea is reporting that of the total number of debt workouts they assisted people with last year, 24 percent were fifty years old or older. … Read more

More People Preparing to Eat Dog Food in Retirement

To make it through tough times more Americans have borrowed, stolen or raided their small retirement funds to make ends meet. Loans from retirement funds jumped 20 percent last year. This really can’t be a big surprise to many. Faced with difficult financial decisions people will tend to gravitate towards the oath that seems easiest … Read more

Why Are You Against Debt Settlement? – Nick

“Dear Steve, Why do you insinuate to people that they live in fear and always be cautious to people contacting them to provide them a service. Where are your statistics on the advise you give. Debt settlement is real and constantly I see people putting there trust into you to make there decisions for them … Read more

Should I Go With Debt Settlement to Deal With My Debt? – Deborah

“Dear Steve, i am thinking of going with a debt settlment company as i have alot of credit card debt that i cant afford to pay im just making min. payments and the credit card companies will not neogitate with me…i dont know what to do…ive heard of the horror stories with debt settlment companies … Read more

Bankcard Issuance High But Still Not Good Sign for Debt Relief Industry

Just like the economy, credit card issuers are sending mixed signals about consumer debt. I wanted to share my opinions and read the tea leaves this month. Equifax is reporting credit cards are being issued at a faster rate this year. “More than 18 million new bankcards have been originated between January-June 2011. While this … Read more