Debt Management

5 Ways to Deal With Debt Collectors and Harrassment

If you’re in a situation where debt collectors are calling you three times a day demanding that your debts be repaid, you’re probably rather worried and possibly rather frightened about the situation, especially if you are having difficulty paying back the debts you owe. Even worse, many debt collectors are highly unscrupulous, calling people that …

Categories: Debt Management

10 Options To Consider Before Getting A Payday Loan

Yesterday, I discussed in brief my conflicted opinions on payday loans. To summarize, I basically think they border on predatory, but they exist because society provides no safety net to low-income people, and thus they do fill a marketplace niche. The typical person who takes out a payday loan is an individual who has not …

Review: Generation Debt

My interest in Generation Debt comes from the fruits of a series of lengthy discussions I’ve had with my in-laws as well as the parents of other friends. These discussions basically focused on a two-pronged central concept: that Generation X and especially Generation Y have had a terrible financial hand dealt to them compared to …

Generation Debt: Expensive Schooling And Cheap Labor

This week, The Simple Dollar takes a look at Generation Debt, a book that proposes to show why today is a terrible time to be young, from a financial perspective, at least. Is there enough meat on this idea to make an interesting argument, or is this book just blowing in the wind? Let’s find …

Free Up Extra Money For Debt Payment & Investments

Every once in a while, I look through my collections of various media (more specifically, DVDs, books, video games, and CDs) and realize that it contains a lot of things that I’ll likely never look at or listen to again. I might have a sentimental attachment to some of the items, but for many of …

Buying a Car With Cash vs. Going Into Debt

Recently, I’ve had discussions with several readers about the concept of paying cash versus taking out a loan for medium-sized purchases, such as an automobile. In order to demonstrate how cost-effective it truly is to buying a car with cash rather than taking out a loan, here’s a clear example that you can calculate at …

Categories: Debt Management

Ten Ways To Accelerate Your Net Worth Growth

Now that you’ve calculated our net worth, you’re probably excited about seeing that number go up, and once it starts going up, you’re going to want to see it keep going up, faster and faster, rocketing to the moon. For my net worth growth, I have a thumbnail goal of a 2% increase per month …

Is An Auto Loan Good Or Bad Debt?

This is an issue that I continue to hear contradicting perspectives on. Is an auto loan considered to be “good debt” or “bad debt”? Let’s look at the viewpoints. An auto loan is a “bad debt” because Automobiles depreciate quickly When you borrow money against an asset that depreciates rapidly, you’re simply purging money. Automobile …

Should I Pay Off Student Loans or Invest?

Recently, I received an email from Nate, a reader of The Simple Dollar. He was wondering whether it makes more sense to invest or to pay off his student loans: I’m a regular reader of your site. I’m also a senior getting ready to graduate. I’m in an interesting situation and I was wonder what …

When Should I Begin Investing?

Lots of people who begin putting their financial house in proper order quickly begin to wonder when they should start investing in high-return items with risk, particularly the stock market. They see the 10%-12% average annual return, have cash that they want to sock away for a while, and talk themselves into investing before they’re …

Facts About Car Title Loans & Rent To Owns

Yesterday, a local talk radio show did a segment on the ethics behind car title loans and rent-to-owns. The host, one J. Michael McKoy, argued that such services are vital for low income families, while his more sensible sidekick was arguing vehemently against them. The callers were a motley crew of various opinions, as you …

Simple Money Management Steps

One of the first money management steps I took when I reached financial armageddon was to take on my credit cards. I was paying hundreds of dollars each month in finance charges and it had to stop or else I would never get out of debt. I didn’t really want to go to a credit …

Readers Reveal Painful Truths About Credit Card Debt

Recently, several readers of The Simple Dollar have emailed me and asked questions about managing and reorganizing their debt. These individuals are trying to find their way through the debt nightmare of the modern world, one that so many of us find ourselves in at some point in our lives. I hear questions about whether …

Debt Snowball Concept: How I Made It Work For Me

I’m a sometimes listener to Dave Ramsey’s radio show (it’s not consistently on the air in my area) and I’ve recently read Ramsey’s The Total Money Makeover. In both, Ramsey advocates a concept that he calls the “debt snowball.” Here’s how it works. First, make a list of all of the debts you have, with …

The Financial Turnaround Continues

Just seven months ago, I was on the edge of bankruptcy. I had more than 10K in credit card debt, owed more than 7K on an expensive truck payment, and had more than 35K in student loan debt. About three months ago, I hit my first milestone: I sent in the final payment on my …

Categories: Debt Management, Money

#4: Paying for a Home

This is part of a series in which we re-evaluate Money Magazine’s “25 Rules To Grow Rich By”. One “rule” will be re-evaluated each weekday until the series concludes; you can keep tabs on the action at the 25 Rules index. How Much Should My House Payment Be? Rule #4: Your total housing payments should …

If I Could Do It All Over Again: Advising Myself At Age Eighteen

Ten years ago, I was in the midst of my freshman year in college. I had very little concept of money or what to do with it, but at that point I still had an overall positive net worth. If only I knew then what I know now, I sometimes think to myself, particularly when …

The Road to Financial Armageddon #9: The Road to Recovery

Yesterday, I described my financial meltdown, when I reached a point where there was more money going out each month than coming in with no real hope for redemption without a change from within. Then, thanks to some inspiration, I made that change. The first thing I did was I laid out every single expense …

The Road to Financial Armageddon #8: Meltdown

Yesterday, I detailed the impact of a baby on my downward financial spiral; suffice it to say, the finances were not good. Everything was set up for a collapse and I inched up to the precipice, largely oblivious of how close I was to the lip of Mount Doom. The most fundamental problem was that …