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A Few Good Reads
Here are a few of my favorite reads from the past week.
1. 7 easy steps to pay off debt:
Let’s be honest. Did you overspend in 2013? If the answer is “yes” you are not alone. American consumer debt rose 1.1 percent to $11.28 trillion in the third quarter of 2013, according to the Federal Reserve Bank of New York. That’s the highest increase in household debt in more than five years!
There is never a quick-fix solution to getting out of debt. But dealing with debt doesn’t have to be painful. Here are seven steps to consider when making your debt payoff plan:
1. Create a debt payoff strategy. If one of your financial goals for the year is to get a better handle on debt, put together a debt payoff strategy that complements your budget and won’t overextend you financially. It’s also a good idea to create a master list of all your recent holiday-related expenditures that were paid for with a credit card or a personal loan. Knowing what your total debt load is will make it much easier to create a realistic payoff strategy. And reward yourself when you hit certain milestones to keep the momentum going! Get more info
2. How to Create a More Effective Debt Pay-Down Plan:
With the new year well under way, and with many still reeling from holiday debt, it’s no surprise that many resolutions revolve around paying off debt. If you are among those who want to pay down debt in 2014, you should make a plan. A good plan can help you pay off debt faster, and save you money overall—especially in interest.P
Here are the steps to creating a more effective debt pay down plan
Look at Your Monthly Cash Flow:
“First, take stock of your personal monthly cash flow,” says Anthony Manganiello, a financial literacy expert and author of The Debt-Free Millionaire: Winning Strategies to Creating Great Credit and Retiring Rich. Get more info
3. Harassing debt collectors can be stopped:
When it comes to debt collectors calling for your cash, you might feel like you don’t have any options. But, you do.
You can complain to the Attorney General’s Office. In fact, debt collectors topped the list of highest consumer complaints in Colorado.
But, there are other options and there’s one simple thing you can do to stop the calls. All you need is a piece of paper.
Debt collectors can be demeaning, aggressive, even obscene. “They cussed at me. They would have me in tears,” said one victim, Roxanne from Loveland. Get more info
4. Obama’s Calculations on the Deficit and Debt:
On Tuesday, the Obama administration released an interesting if dead-on-arrival 2015 budget. The big message is that the White House wants to bolster support for the poor and middle class, paying for such measures with increased taxes on high-income households.
But it also would accomplish one other big, big goal: It would set the country on a budget path to much smaller deficits and falling debt in relation to economic output. Here’s the relevant chart.
So how does President Obama start to bring the debt down? Simple arithmetic: Smaller deficits fueled by increased taxes and reduced spending, along with the presumption of solid economic growth. Get more info
5. White House Proposes Broader Debt Forgiveness for Student:
The White House’s latest budget proposal includes new initiatives to ease Americans’ student-debt burdens while nodding to concerns that a debt-forgiveness program enables universities to boost tuition.
The latest proposal would enable a greater share of Americans with federal student loans to enroll in a program known as Pay As You Earn. The program, also referred to as income-based repayment, caps borrowers’ monthly student-loan bills as a percentage of their income and ultimately forgives some of the debt.
Currently, only borrowers who took out loans after Oct. 1, 2007 and demonstrate a “financial hardship” are eligible. Tuesday’s budget proposal would remove the October 2007 provision, allowing anyone to enroll regardless of when they took out their loans. Get more info
Recent Posts On This That and the MBA
This That and The MBA was included in several carnivals over the last weeks:
Thank you for the mentions last week. I really appreciate it. Have a great weekend!