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
Question: Dear Steve, I have a bachelors degree, a masters degree in English and Writing, and I currently write freelance for about $12,000 per year. My husband makes the money currently, $55K. We have $199,000 mortgage left, $13K personal loan, and $90K in student loans. Yikes. We’re paying off the personal loan as fast as … Read more
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
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
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
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
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
When faced with problem debt people typically make an emotionally charged choice on how to deal with it. Generally the choice they make addresses their emotional needs but fails to logically solve the underlying math problem. This is a subject I’ve talk about a lot here. Today I want to talk about the real cost … Read more
“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
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
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
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
“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
“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
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