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Debt Reduction

What Are You Talking About, Willis? High-Interest Loans.

by Flexo

If you’ve watched television late at night, as I do when I’m trying to come up with things to write about here on Consumerism Commentary, you might come across Gary Coleman pitching cash loans. Here’s the commercial I keep seeing (embedded video). If you can’t see it, here’s the direct link. Arnold’s talkin’ ’bout CashCall, ... Continue reading this article…

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My Struggle: Spending on Food is Really About Motivation

by Flexo

Donna Freedman’s MoneyCentral article reminds me of an issue with which I consistently fail each time I’ve made the attempt over the last few years. In the article, the author provides some success stories for those who have saved money by “brown-bagging” their lunch rather than buying each day. Here is one example: “I never ... Continue reading this article…

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Where to Put an Unexpected $5,000, Part 1

by Flexo

Unfortunately, I don’t have this particular “problem” at the moment. But if I had, CNN Money can provide some suggestions (43 of them) for dealing with the unexpected income. 1. Best return with no risk: Pay off your highest-interest credit card debt 2. Best 12-month return (risky): Vanguard Growth Index fund 3. Best 12-month return ... Continue reading this article…

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7 Ways To Kill Your Net Worth

by Flexo

If you’re interested in seeing your bottom line decrease each month, here are a few tips courtesy of CNN Money. Personally, I’d rather see my number go up each month, but perhaps that is just me. Ignore your money. Buying and holding doesn’t have to mean “owning and ignoring.” Asset allocation is one of the ... Continue reading this article…

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Guest Post: Stop, Drop, Roll

by Flexo

All this week, Consumerism Commentary will be featuring guest bloggers. In this post, NCN from No Credit Needed hearkens back to elementary school fire safety seminars and applies the familiar mantra towards debt. In addition to his main blog, NCN manages the No Credit Needed Network and the No Credit Needed Podcast. Many of you ... Continue reading this article…

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What I Did With My Bonus

by Flexo

After taxes, my bonus amounted to about $2,000. The funds arrived in my checking account this morning, but thanks to an automatic transfer, the entire sum has been whisked away to a savings account at ING Direct for “relocation.” This account contains the funds that should be used towards my next move, whether a down ... Continue reading this article…

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Advice Needed: Newly Found Debt and Debt Collectors

by Flexo

I received an email looking for financial advice for a young worker living paycheck-to-paycheck, who recently discovered the existence of an old debt thanks to the collectors who came calling. I wrote back suggesting negotiation with the debt collectors by showing the amount could be paid back over a period of time, but perhaps readers ... Continue reading this article…

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The Case Against a Life Without Debt

by Flexo

Getting out of debt is a great goal to have. Perpetual debt is like slavery. All the money you earn beyond your necessities for living is turned over to someone else in the form of debt service and interest, and in many cases even your basic needs are paid on credit. Creating and enacting a ... Continue reading this article…

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How Captain Kirk Handles His Space Bucks

by Flexo

Money Magazine has an interesting feature with money-related thoughts from celebrities — mostly former celebrities — who have learned much through experience since their earlier days. The first example is William Shatner, one of my… favorite actors. Shatner managed to barely scrape by no matter how much income was coming in. He constantly worried about ... Continue reading this article…

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Rule for Building Wealth: Ditch Credit Card Debt

by Flexo

Isn’t it ironic that while I’m in the middle of writing a series about good credit card use vs. bad credit card use, to be concluded later today, I came across the ninth rule for building wealth from Fortune Magazine: ditch credit card debt. Fortune is talking about the Type A credit card user, who ... Continue reading this article…

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Wealthiest in the World: I’m in the Top 10%

by Flexo

According to the Global Rich List, my estimated income of $70,000 for this year puts me in the top 0.85 percent in the world on the basis of annual earnings. However, according to a new global study commissioned by the United Nations, my net worth of under $70,000 translates to “only” the top 10 percent of all ... Continue reading this article…

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Bad News for Affiliated Computer Services

by Flexo

For the last several years, Affiliate Computer Services has provided the technology that allows me to work with my student loan accounts online, tasks which include scheduling payments in advance, viewing tax forms, and staring at the pit of debt wondering if I concentrated hard enough, the money would no longer be owed. Apparently, this ... Continue reading this article…

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Young and in Debt: Five Twenty-Somethings Share Stories

by Flexo

U.S.A. Today is featuring a six-week series following five twenty-somethings and their adventures in debt. Debt seems to be the primary concern of most people as they emerge from their undergraduate education and begin working or continue onto graduate education. One of the first articles in the series, Young People Struggle With the Kiss of ... Continue reading this article…

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Where Do Hedge Fund Professionals Spend Their Money?

by Flexo

Breaking into the hedge fund industry is a sure way to find yourself with a large income. Culture seems to dictate that most of that income will be spent and not saved. After all, you have to look the part and live the life. If you had to guess, where would you say the hedgies ... Continue reading this article…

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My Lender Wants Me to Pay $10,000 Extra

by Flexo

After recently finishing the last of my formal education (so far), I was able to consolidate my student loans. I received two pieces of information in the mail from the lender, one good and one not really that good. First, the good news. You are eligible to receive a 0.25 percent interest rate reduction when you ... Continue reading this article…

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Student Loans Consolidated, Finally

by Flexo

I initiated the process to consolidate (again) my student loans in June, anticipating the completion of my Master’s degree in August. After a long delay, my outstanding loans have finally been refinanced as of October 10 at a fixed rate of 4.25 percent. Now comes the fun part: finding money to pay it off, and doing ... Continue reading this article…

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Today is National Get Out of Debt Day

by Flexo

Did you know that today, Tuesday, September 12, 2006 is “National Get Out of Debt Day?” Neither did I. Today, the National Foundation for Credit Counseling is taking questions online and over the phone… and answering those questions, free of charge. So, who are these people answering questions, and will they be trying to sell ... Continue reading this article…

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Drowning in Debt? 6 Tips for College Students and Recent Grads

by Flexo

One of the books I’m working on is The Ivey Guide to Law School Admissions, by Anna Ivey. I write a bit about decisions regarding graduate education, thanks to decisions I make in my own life, so I agreed to mention the book on Consumerism Commentary. One of the many things I learned while pursuing ... Continue reading this article…

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The Age of Credit

by Flexo

I’ve been talking with J.D. of Get Rich Slowly about the rise of (the social acceptance of) personal debt in the twentieth century, which was somewhat spurred on by my MoneyBloggerPodcast interview. J.D. has included a passage from a book, Ain’t We Got Fun, in his recent post, The Dawn of the Age of Credit. ... Continue reading this article…

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Selling a Car While Upside-Down

by Flexo

A few years ago, I woke up. It cost me more to go to work than I was making, thanks to commuting, living expenses, and a non-profit salary. I was the one not profiting. Life was great when I simply ignored the mounting debt. There was only so long that could last, though. There are ... Continue reading this article…

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