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Debt Reduction

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

by Luke Landes

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 […]

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

by Luke Landes

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 […]

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Paying Off Debt: 6 Steps to Building a Better Snowball

by Luke Landes

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. […]

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Another Case of Misleading Statistics

by Luke Landes

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 […]

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

by Luke Landes

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 […]

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Go to College Without Going Into Debt: Impossible?

by Luke Landes

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 […]

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My Struggle: Spending on Food is Really About Motivation

by Luke Landes

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 […]

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

by Luke Landes

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 […]

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7 Ways To Kill Your Net Worth

by Luke Landes

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 […]

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Guest Post: Stop, Drop, Roll

by Luke Landes

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 […]

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