Monthly Archives: March 2017

How Do I Know If I’ve Got Too Much Debt?

Did you know that household debt for the entire nation has almost reached its highest point since 2008? That’s when the Great Recession started, but experts don’t think that household debt will spark off another economic crisis anytime soon. However, that doesn’t mean that this load of debt won’t overwhelm you and cause your own personal financial meltdown. Do I Have Too Much Debt? It’s estimated that U.S. households owe $12.58 trillion in debt, which is 0.8 percent lower than the high point in 2008. Now, most of that debt load is considered good debt because it is on things like mortgages and student loans, but that good debt can go bad, depending on your circumstances. If you are worried that your debt load has grown beyond what you can handle, here are some questions you need to ask yourself. How much debt are you comfortable with? –  Does having…
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Bad Debts and How to Avoid Them…

Do you know what a bad debt is? A bad debt usually involves owing money for something that is neither essential to your way of life, nor does it advance your future prospects. So, student loans, mortgages or car payments wouldn’t necessarily be bad debts, but they can turn into them. Bad Debts: How They Happen and How to Avoid Them When a Mortgage Goes Bad– Owning a home is probably going to be one of your greatest assets, but if you are not careful, you could get in over your head. Carefully analyzing your income to determine if you can afford a home is key, but you also need to take a good look at your potential mortgage as well. Will the interest rate be fixed or adjustable? Will it be easy to refinance later? Are there hidden fees like fines for early payment or balloon payments? Not knowing…
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How Do I Know It’s Time to File for Bankruptcy?

No one plans for bankruptcy, but many people can fall into a situation where bankruptcy is their best option and not even realize it. The stress and accumulated debt aren’t going anywhere, so it can be precisely what the doctor ordered. When asking yourself if it’s time to file for bankruptcy, here are some red flags to look out for. Signs That it’s Time to File for Bankruptcy You’re behind on your mortgage – The possibility of losing your home is definite cause for immediate action. As the most valuable asset you possess, your home is not something you can afford to lose. It’s worth what bankruptcy costs when it means holding on to this investment. You’re moving debt from one credit card to another – Making an occasional credit card payment using another one can be an apt financial move. It can help you to avoid higher rates on…
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