This is an eye-opener for me because I thought all along that the new FTC regulations cover all including those made through the internet. Why can't the authorities make it all-inclusive when it will spell benefit for everyone who enrolls in this service? Would doing this be as simple as just changing or adding a bit of phrases in the new regulations?
I am glad though that Illinois is doing its share and so is Pennsylvania who I heard closed down a pretend court hearing complete with a raised dais where a judge could sit and then they could collect money from the attendees.
I am so glad for this article as it has cleared a lot of cobwebs. It is also a good thing that FTC has come up batting for the consumers for a lot are hurting not just from the economic conditions but from the scammers when the debtors try to solve their debt problems.
This is a good article on paying off debt. I agree it is not right not to pay off the debt because it is a very expensive proposition. With double digit interest on the credit card debt and almost zero interest on savings, it does not take a brain surgeon to figure out which road to take.
Bankruptcy for retirees should not be an option but this reality is here to stay until we do something about this issue. John Pottow who is professor of law at University of Michigan is right that credit card debt and fixed income are driving our golden agers on the road to bankruptcy. In fact, I've seen more and more retirees going back to work just to survive.
Finally, we have the report on the student debt statistics. There are good news and bad news. The bad is on the rise of student debt. The good news though is that there has been a rise on some student employment. I like this report because it gives the reasons why the statistics may not be completely accurate but there are recommendations on how to improve the gathering of data.
Excellent recommendations, that's what those suggestions are. And if people follow them to the letter, they will be debt free the rest of their life. Being debt-free is a powerful way to live so everyone should strive to do so. The start is at this article, right here, right now.
Those are all good strategies that the debtors can use in their quest to pay off their debt. It requires some discipline but if one truly wants to be out of debt, a little sacrifice now will go a long way in maintaining one's financial health. It really depends on how much is that desire to be debt free.
This is a good article to read and digest before going into either the debt consolidation and debt settlement. There are ramifications for sure that are not visible within our own radar screen. And so reading an article such as this will help increase our understanding on the effect each process will have on our financial well-being.
This refinancing of the mortgage truly makes sense especially when the mortgage interest is so low and what you will earn in the financing institutions is lower still. Now when it comes to the market investments, I do not know because the three month earning from the stock portfolio I know is quite high.
Experts Answer Questions on Roth IRA Conversions, 401(k) Contributions, Debt Consolidation
Experts Answer Questions on Roth IRA Conversions, 401(k) Contributions, Debt ConsolidationI love this question and answer presentation for it clears up misconceptions. One should not really rush into changing their 401K, Roth and so on without much thought and research into the process and some help from the experts especially those who give ideas without any conflict of interest. They also answered questions on the difference between debt consolidation and debt settlement.
The Nation’s Debt Crisis Looms
I hear you and I agree that we are in trouble but of the two choices you left us, I kind of lean to the second one as at least there is still hope. The gas could get cheaper before the crash. Besides, down markets create opportunities and businesses could spring from this and businesses that do so during the tough environment become stronger by necessity.
Well, it is not only in the down-market that we have to be careful in investing our hard-earned money but this alert is good for all year round decisions. I agree with the author though that with the weakness of the US dollar, investors are driven to the emerging market. I say proceed with caution and make sure the fundamentals are there first.
Those new rules for debt settlement companies as set up by the Federal Trade Commission are heaven sent. It is about time that this has been done and I commend FTC for stepping up on the plate to do what is right. Things really have to be regulated not only in this industry but in others as well particularly the communication industry.
Thank you for this article as it will alert some people on what to do when dealing with the IRS. People there are helpful as long as you tell them the truth. Now when it comes to asking the professionals, I am wary of this too because sometimes they give the wrong information.
This is indeed a sad story of people taking advantage of others for many of those for-profit colleges just use the students to make money for themselves with not much concern for the students' achievement. That is why over half of the students just accumulate debt and then drop out without finishing their education. I am glad though the government is now investigating this and considering some regulations.
Thank you for this excellent presentation. I understand how the debt is counted as a liability in one side of the equation and as an asset on the other side of the coin but our own balance sheet is still going south. So this begs an answer to this question: Are we in debt or are we not?
Of the three approaches to the debt dilemma, I prefer the frugality one the best but I know this is too simplistic a solution so I read the whole article and tried to be consciously competent of its substance. I ended up still liking the frugality way. That's how our forefathers dealt with their finances and they came out fine even after the great depression.
Debtors have a friend in Liz. Her excellent article on recommendations as what to do when debt collectors come calling is something we can add to our arsenal to protect ourselves from debt collectors who are bullies. Now they even enlist the help of the police when taking you to court.
This highly comprehensive article can serve as a guide for people who are in debt. If they will only follow the suggestions here, they should be able to get out of the debt hole just like Jennifer did. I like the part too about the future for we can't and should not really hold it hostage for the wild spending we do today.
Debt will trigger US collapse? I beg to differ but I don't think so. The down economy creates many opportunities and entrepreneurship in the US is alive and well. And I am convinced that like Rafael Cruz, regional director with the small business development that "Business born in a tough environment becomes stronger by necessity."
Once again Michelle S. has written an excellent article. I always eat up her articles because they are full of meat. Anyway she has opened my eyes to the reality that the dropping of credit card debt is an illusion as the uncollectible debt has been taken out of the loop.
This is an excellent post. The added information for the consumers will help a lot in understanding how this affects their credit score and how much the loans that they apply for will cost them in interest rates. It is best to lighten the debt load anyway. We do not want most of our money to go to servicing the debt rather than to enjoying life.
I thought businesses like debt because the cost is tax deductible but now I see, thanks to this article, there's more to it than meets the eye. Like the author, I don't know why not many businesses take advantage of this. Even though there are not too many profitable projects out there, still they can put it in CD's or some other investments that will earn more interest than the borrowing cost. It will still be a win-win situation.
Wow, there isn't love there, that much I'm sure. But actually I don't blame the fiance to break off the engagement because such a large student loan could be a sign of a deep-seated spending problem which may cause a marriage breakdown down the road. He might as well cut his loss early when there are no children involved.
That is so true. Even with the federal debt, an ounce of prevention is worth more than its weight in gold. The example the author gave on the juvenile delinquency in Missouri and New York is an excellent proof that prevention works and is the key to addressing the debt issue.
Don’t Fear the Debt The author has given us something to think about. Really, debt is not to be feared if it is done in the right way. If it is something that will add value to one's life down the road and if it is something one can carry the payment load, then it will be a wise move to incur the debt as shown in the illustration the author has given us.
The comments on the National Debt Not a Priority are right on. It is true that whatever the politicians say do not seem to amount to a hill of beans because there are always ulterior motives that drive those statements. In this connection, I am reminded of what a great man said that his loyalty to his party ends where his loyalty to his country begins.
Debt incurred to courts can be forgiven if you act right away but I have a question. Is the forgiven debt taxable? Anyway, it's still a good deal for people who have a sizeable court debt although there are some exceptions and the short time provided for this transaction might not be enough for some who will have to raise the cash. It is also too bad that some people who are already paying their debt are out of luck on this deal.
I didn't know we had a student debt clock but what I like best in this article are the recommendations on what to do to prepare. The links the author provided are most helpful so I will add this on my Facebook update and tweet it as well.
It feels good to know that people are spending less on credit cards. It shows we are learning how to use credit more wisely. Knowing the states with the highest and lowest credit card debt is also interesting although the statistics could change in a heartbeat.
First of all, I would like to thank the author for such a comprehensive list of mistakes to avoid while investing, so much so there is no room for other mistakes especially I am such a careful investor. However, I made a mistake on the tax implications on the investments I made not because I wanted to disregard them but rather I didn't know about them.