Why Are Some People So Ignorant About Money?

Some people are good with money and others make downright horrible financial decisions.  What’s the difference between the two groups?  Why are some people so bad with money? My wife was watching Suze Orman give people advice on credit card debt and home loan issues last night on Oprah and I was amazed at how […]

Are Credit Repair Companies Worth the Fees They Charge?

Are people wasting their money when they pay a company to repair their credit?  This question came up today when I discovered a coworker had previously worked at a credit repair company. Credit Repair Services ProvidedBased on what my co-worker learned in his time with the credit restoration company they did not provide a service […]

How to Talk Your Way into Debt

Some people go into debt by buying too much house. Others spend too much on their credit cards. I met a guy today at the UPS store who managed to go into debt by simply talking too much. Cell Phone Debt He signed up with Verizon for cell phone service then two cell phones, hundreds […]

Kindler, Gentler Credit Cards? Credit Card Reform Long Overdue

Credit card companies are going to ratchet down their money grubbing under the pressure of recent political scrutiny according to the June edition of Kiplinger Personal Finance. No more double-cycle billing for JPMorgan Chase Citi won’t arbitrarily raise its rates and fees No more universal default for Citi Bank of America relaxes time period on […]

Personal Finance Decision Guide – 1st Edition

Simplifying Your Personal Finance Welcome to the inaugural edition of the Personal Finance Decision Guide! Read more about the goals and strategy behind the decision guide here. Then check out the articles listed below to help you focus on simplifying your personal finances by making one decision at a time. If you’ve written about a […]

How Do You Hold a Debt Intervention?

Thanks everyone for your feedback on the credit card debt vs. emergency fund post from yesterday. The consensus seemed to be that not paying down the credit card debt was foolish but with the caveat that the couple should address the spending problem that amassed the 10K debt in the first place. Another common suggestion […]

Should You Use Your Emergency Fund to Pay Off Credit Card Debt?

If you had $10,000 of credit card debt and $10,000 in an emergency fund would you use the emergency fund money to pay down your debt? My wife’s co-worker likes to spend money. She and her husband have accumulated a $10,000 credit card bill that they just can’t seem to pay off. The wife would […]

Defaults Rising on Subprime Loans. What did New Century and Everyone Else Expect?

When rates were low almost anyone could get a home loan with no money down. The booming real estate market flooded financial institutions with cash and companies like New Century Financial and Accredited Home Lenders Holding Co couldn’t loan money out fast enough. It was inevitable that rates would rise and that subprime lenders would […]

Payback Time for Payday Loans – Contest Winner

Thanks to everyone that participated in the Payday Loan Payback contest! I’ve listed the two stories that were submitted below and have bolded some key points. Charles Rady I’ve used one in Florida…..right after hurricane “Charley” came through and wrecked my house. I needed the fast cash to do some immediate repairs, but ended up […]

Are Colleges Creating a Legacy of Credit Card Debt for Students and Alumni?

If you don’t graduate with credit card debt your alma mater may try and help you accumulate some once you’re gone. Not only are some schools allowing credit card marketing to students on campus, selling their students’ personal information to credit card issuers, and failing to provide student education on the proper use of credit […]

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