With the number of personal bankruptcies sadly soaring in the UK over the past decade, debt management has become a keyword for those in search of help. Compared to the situation ten years ago, when consumers looking for a way out only had a handful of debt management companies to choose from, today an entire […]
Yes, I included a Charlie Sheen Twitter reference in the post title. But when you are a personal finance #warlock with #tigersblood, it is only appropriate.
I just saw a commercial advocating bankruptcy as a good option if you are in trouble with your debts. That is misleading and far from the truth. The fact of the matter is that bankruptcy is a serious issue and can have serious implications that impact you for decades.
If you are getting a loan, or have a credit card, or have money in a bank account, or partake in any number of other financial activities, you have seen the term interest rate thrown around. Interest rates are one of the most important financial concepts, and understanding where they come from is important to your financial future.
I was wondering what your take is on borrowing from a 401K to pay off credit cards. Everything I’ve read says not to but 1) I have an interest rate on one card that is 27%; 2) I’d be paying myself back an annual rate higher than anything I’m getting now. So why not?
Debt addition is a real thing. Unlike drugs, it is not a chemical dependency. It is more like a food addiction, it is a mental state where you cannot conceive living another way. It is a very real and very serious issue around the world, but particularly in North America.
