The highly respected and well-regarded financial expert Ray Dalio had published a video back in 2018 about his Principals for Success. What utterly amazed me was how much he says also applies to people trying to get out of debt or dealing with bad debt. I’ve embedded the video above, but here are the key … Read more
Question: Dear Steve, I incurred a credit card debt of about $9,000, and I stopped making payments on this card. I signed up with a large debt consolidation company and made monthly payments of $250 toward my escrow account. My credit keeps getting hit every month because the debt consolidation company and the credit card … Read more
Question: Dear Steve, I earned a pretty good living in the healthcare field and was paying my debt, saving and investing well until a family illness struck last July. My Mom was hospitalized and sent to hospice due to heart failure. I took time off work to be the primary caregiver to care for my … Read more
Question: Dear Steve, I owe 46,000 on 3 credit cards, with a monthly combined payment of 930.00, and the monthly combined interest of 464.00. I get debt consolidation offers in the mail which I have thought of using, but I am not sure they are legitimate. I have thought of trying to get a second … Read more
The holidays are done, the gifts have been unwrapped and all you’re left with in the new year is a big fat credit card bill. From gifts to holiday parties to flights to family, it’s easy to spend more than you were anticipating in the span of a few short weeks. But don’t worry — … Read more
Question: Dear Steve, I owe at least 60k on credit cards, 35k on a truck, 100k on a 30 yr fixed mortgage. House mortgage and insurance cost per month are about 1300, car note 630; credit card payments almost 1500. Our net monthly income is 4000 for a family of 5. after asking a debt … Read more
Question: Dear Steve, I have $25,000 in credit card debt. I am not behind on my payments, my son is going into high school and I am turning 56. I want to pay off the debt as quickly as possible and start to save money for college and retirement. Mika Answer: Dear Mika, I applaud … Read more
Question: Dear Steve, Just retired in after 26 yrs. in NYS Corrections as an officer, wife left me 2017, finalized divorce in 2019, have $17,800 on 2 credit cards that are in divorce settlement that I have to pay off in minimum of 3yrs, (plus gave $25,000 to sign off on house, remortgaged house), and … Read more
Question: Dear Steve, I was just sued by one of my credit cards and another isn’t too far behind. They are all wanting to set up payments, but I can’t financially do it. I feel like I am treading water all the time. I don’t know what to do. What to do when all the … Read more
Question: Dear Steve, My husband and I both went to school about ten years ago. He has federal student loans ($30k-ish) and I have both federal student loans (40k-ish) and private student loans (30k-ish). We are both currently enrolled in school again, full time online. So all of his and my federal student loans are … Read more
Jordan Weissmann over at Slate posted this article recently. Weissmann was in somewhat disbelief that the post “Debt: A Love Story” could be a truthful representation of a couples financial condition. “To be entirely honest, I didn’t really believe the Kate and Tom story was real when I first read it. It was just too … Read more
Question: Dear Steve, I had 3 credit cards. I lost my job and place for a little while (about 4 months). I slowly got back on my feet but still barely make enough to stay afloat. I haven’t had a chance to settle any debt because I don’t have extra income. I also have no … Read more
Question: Dear Steve, Credit card debt. Working overtime to pay%. Two years didn’t miss any payment. All money goes to live and pay cards. We want to study. Before applying to college, need help with this 70 K debt which in two years went down only to 60K. We are from NY. We need financial … Read more
Question: Dear Steve, My husband and I decided to prepare for a family. We got two family-friendly vehicles before trying for a child (since I actually totaled my paid off the car after hitting a deer and his truck wasn’t safe for a car seat). Everything was going great. We had bought all main essentials … Read more
Question: Dear Steve, I’m 41 and married with kids, 2 and 5 years old. Home loan and credit cards on hold while we identify affordability. Van unregistered just received penalty notices. 20 years history of spending more than we earn. We’ve got a box of beer at home and chocolate biscuits and now can’t afford … Read more