Consumer Debt
« Previous EntriesFolks: Doing the Math AFTER You Take Out a Loan Doesn’t Work!
Monday, April 29th, 2013A front page article in this Sunday’s NY Times was about pension advances. I don’t know about you but, when I hear the term “advance” a red flag appears. I automatically see a high interest loan. Being true to their “painting everyone as a victim” ways, the article detailed an advance taken by a Mr. [...]
Mr. Money – The Wise Use of Credit
Tuesday, April 23rd, 2013Yes, this is very dated. It’s also very serious (I wish we took these things as seriously today). I love “The Three Cs”: • Character • Capacity • Capital Finally, I love this quote: “The wise buyer makes certain he’s getting good value for his money and always reads the fine print to make sure [...]
From WSJ: 12 Debt Myths That Trip Up Consumers
Thursday, February 28th, 2013From 12 Debt Myths That Trip Up Consumers: 1. Once you marry, you’re responsible for your spouse’s debt. 2. Credit cards from your favorite retailers are a good deal. 3. You’re too rich for federal student loans. 4. Dutifully paying off your mortgage each month will do wonders for your credit score. 5. Money from [...]
What’s in your debt regret bucket?
Wednesday, October 3rd, 2012When is it ok to carry a balance on your credit cards or use consumer loans? Inquiring minds want to know. I don’t carry any credit card balances, but have been keeping a fairly large HELOC (i.e. Home Equity Line Of Credit) mostly as “dry powder” to be used in case of emergency or in [...]
Should I Pull Money Out of My 401(k) to Pay Off Debt?
Wednesday, October 3rd, 2012This is good but he misses one point. I’m not sure if it’s true of all 401(k) plans but interest on a 401(k) loan usually is paid into the 401(k) account. In other words, the interest is your money. It’s as if you borrowed from the Bank of You. Also, some companies do allow contributions [...]
Reading the Fine Print on the HSBC GM Rewards Card
Friday, August 3rd, 2012NOTE: Notice there are no links to sign up for the credit card. That’s because I don’t hawk credit cards here at AFM. Received a GM Rewards Card offer in the mail today. This particular card offers 0% APR on purchases and balance transfers for 15 months (3% balance transfer fee with a $15 minimum) [...]
Americans Are Back to Borrowing…
Wednesday, February 8th, 2012From today’s WSJ: Household borrowing through credit cards, car loans, student loans and other installment debt—which excludes mortgages—rose at a seasonally adjusted 9.3% annual rate in December, following a 9.9% rise in November, the Fed said Tuesday. That was the biggest two-month surge since late 2001, when auto makers rolled out zero-percent financing after the [...]
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