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Debt Reduction

I am Debt Free as of Today!

by Flexo

For several years, interest rates on high-yield savings accounts were high enough to justify choosing to leave extra money in savings accounts rather than using that money to pay off certain debts faster. I was paying only the minimum payment on my consolidated student loan. The loan’s interest rate was 4.25 percent and I had been ... Continue reading this article…

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Take Control of Your Finances Part 6: Get Out of Debt

by Flexo

Debt is like indentured servitude. You work and earn income, but you hand over that income to someone else. With debt, your finances are controlled by someone else, not you. For example, credit card companies have the right to change your interest rate at almost any time with advance notice. In fact, CitiGroup recently raised ... Continue reading this article…

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Smithee Update: October 2008

by Smithee

I’ve been naughty. I went a little nuts a few weeks ago and bought a whole bunch of audio/visual equipment. I didn’t do this just for fun, though. It’ll probably end up looking like an investment someday. I got a mixer and a bunch of microphones that we’re going to use to create alternative movie ... Continue reading this article…

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The Correct Way to Pay Off Personal Debt: The Debt Avalanche

by Flexo
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When it comes to mathematics, certain facts are universally agreed-upon. For example, regardless of your culture or educational system, you must agree that one plus one equals two unless you mistakenly fall for an invalid proof. When dealing with money, why are people inclined to believe that one plus one does not equal two? If ... Continue reading this article…

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Get Ready to Consolidate Your Student Loans

by Flexo

If you have variable rate student loans, mark July 1, 2008 on your calendar. After that date, you can lock in interest rates 3 percentage points lower than what’s available now. I’m not eligible for lowering the rates on my student loans because I’ve already consolidated and I have no new student loans to add ... Continue reading this article…

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Study: Payday Loans Cause More Bankruptcies

by Flexo

A new study by researchers at Vanderbilt University Law School and University of Oxford reveals a strong correlation between approvals for payday loans and bankruptcy filings. Considering that people who are rejected for payday loans have other (limited) options for credit, it’s surprising that the rate of bankruptcy isn’t as high with this group. It’s ... Continue reading this article…

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The Case Against Mortgage Pre-Payment

by Guest Author

This article was written for Consumerism Commentary by Adfecto, a mid-20s guy with a masters degree in engineering. He aspires to be wealthy and writes frequently for his own blog, Adfecto Abundantia. When I purchased a home it was not a lifetime commitment. I view a person’s choice of housing first as a financial decision ... Continue reading this article…

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Countrywide to Bail Out Overextended Borrowers

by Flexo

Countrywide, the country’s largest mortgage lender, is stepping in to “rework” 82,000 loans totaling about $16 billion. I believe that the lenders and the borrowers are both partly to blame for the mess. Lenders offer risky loans, and customers, happy to hear they can afford more than they anticipated, sign up without realizing they can’t ... Continue reading this article…

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$52,050.74: A Farewell to Student Loans

by Sasha

Ah, student loans. The things that remember you long after you’ve completely forgotten the entire college experience. Although I finished college in 1997 and graduate school in 2000, loan payments to Sallie Mae have been a constant fixture ever since, like a little wound I’d nurse which just wouldn’t stop bleeding. Even when making double ... Continue reading this article…

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Paid Off a Chunk of Debt This Week

by Flexo

With the savings rates falling like bricks lately, there is no advantage to me keeping my student loan payments low while keeping my bank account in the stratosphere. My student loan interest rate is 4.25 percent and I may not qualify for any tax advantages which would otherwise effectively reduce that interest rate. My savings aren’t ... Continue reading this article…

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Seven Home Equity Tips, Part 4: Know Your Interest Rates and Terms

by Flexo

The most basic piece of knowledge one needs in order to be in control of their finances is the importance of awareness. Many people will go through their lives blissfully ignorant of their own financial details. Why? For one, ignorance is bliss. The more financial trouble you are in, the easier it is to ignore ... Continue reading this article…

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Capital One to Get Out of Wholesale Mortgage Business (and Lay Off 1,900)

by Flexo

Just a week ago Capital One did the right thing by changing its policy about reporting true credit limits to the agencies that calculate credit scores. Hot on the heels of this positive change is another change that could be a good change for the company. Cap One is eliminating its GreenPoint mortgage company, which ... Continue reading this article…

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Seven Home Equity Tips, Part 3: Learn About Home Equity Loans and HELOCs

by Flexo

If you’re going to borrow against your home equity, you might want to understand the different options are available. David Bach in a recent column outlined the differences between home equity loans and lines of credit. Home Equity Loans. Generally called a second mortgage, this type of loan allows you to borrow a set amount ... Continue reading this article…

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Seven Home Equity Tips, Part 2: Use Equity to Build Assets

by Flexo

If a home equity loan is not ideal for paying off credit card debt, what other options are there for making the most of the cash that would otherwise be locked away? David Bach has a suggestion, and it is his second tip out of seven for dealing with your home equity. 2. Use home ... Continue reading this article…

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Seven Home Equity Tips, Part 1: Don’t Pay Off Credit Card Debt With Loan

by Flexo

Does it make sense to use a home equity loan to pay off credit card debt? As with anything, the answer is sometimes. While proponents of certain mortgage payoff acceleration loans might disagree, David Bach is offering some good reasons to let your home equity build without the burdens of extra loans or lines of ... Continue reading this article…

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Paying Off Debt: 6 Steps to Building a Better Snowball

by Flexo

The “snowball method” for paying off debt isn’t something out of the movie, Clerks. It is a way to organize your outstanding debt in such a way that the funds you have available for paying off debt are optimally distributed in the manner that will allow you to pay off that debt quickly and cheaply. ... Continue reading this article…

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Another Case of Misleading Statistics

by Flexo

Everybody Lies. That’s the mantra from House, a simple but entertaining television show, whose premises are strangely applicable to personal finance. Recently, Liz Pulliam Weston evaluated a survey about consumer credit card debt that used a mistaken assumption to create misleading data about average household debt. When a survey says 90 percent of Americans are either ... Continue reading this article…

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Question for Readers: Get Rid of Debt Before Investing for Retirement?

by Flexo

Joe sent me a question about priorities. He feels his chosen career path is not one destined for the big bucks, but in pursuit of said career, he has racked up some debt. Fair enough, that’s a common situation. He also has some decent retirement investing options laid out in front of him by his ... Continue reading this article…

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Go to College Without Going Into Debt: Impossible?

by Flexo

According to the Motley Fool UK, the Consumer Credit Counseling Service (CCCS) has stated that unless parents are in the fortunate position to provide their children with “absolute financial support” during higher education, that students must accept debt as a fact of life. (Students Must Accept Debt, Motley Fool UK.) The rising cost of a ... Continue reading this article…

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Get Free Credit Advice

by Flexo

Here’s a new resource for getting free advice from credit counselors associated with the National Foundation for Credit Counseling. The organization has teamed up with MSN, and during most weekdays counselors are on hand at the Ask a Credit Counselor Message Board to answer your questions. Here’s an example of a recent question and answer ... Continue reading this article…

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