The other night, I went through my filing cabinet looking for tax documents. I found an interesting item from my past instead: a credit card statement of my former spending habits. In glaring detail, it is evidence of a spending spree that would eventually lead me to the lowest point in my life.
Last year I finished paying off $35,000 worth of credit card debt. I was unemployed for about a year. When I found a new job, I took a significant paycut. My debt to income ratio was about 78%. I did not declare bankruptcy, or settle with the credit card companies. I paid it off [...]
This is scary. Student-Loan Default Rate Rises according to the Wall Street Journal. The majority of the defaults are coming from private lenders. Government issued loans, which have much lower rates than private loans, are in turn experiencing much lower default rates. It looks like many people are abandoning their higher interest rate debts altogether [...]
In article The 10 Key Actions That Finally Got Me Out of Debt”, Leo lists an emergency fund as #5 in the keys steps to getting out of debt.
I’m a firm believe that you CANNOT get a handle on your finances until you have a buffer of quick cash. Desperate to get out of [...]
It’s a strange thing. I started off with much better financial sense then most. I started working my first job at 16. I saved every dollar that I made (which at $5.25/hr part time wasn’t much!). By the time I started college, I had $6000 in savings. I didn’t spend [...]
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