When the flow chart looks like this, you know you’re probably in over your head. This definition is not much better. About the only economic terms that most of us understand are “red” and “black”. If your bank balance is in black, there is money in the account. If the balance is in red, do [...]
For those of us (this blogger included) who are mathematically challenged, consider this simple equation: 0.8 – 0.4 = Debt. In September 2011, consumer spending rose 0.8% while personal income climbed 0.4%. How will American families bridge the gap between the two figures? We will borrow the money. And, with personal income growth expected to [...]
For those of us who may have been living in a cave, here is the latest financial news: the United States government has a debt problem. In fact, one prominent bond manager says that the United States is addicted to debt. “The U.S., in fact, is a serial offender, an addict whose habit extends beyond [...]
…but not necessarily watching out for you. For macroeconomic reasons that this blogger frankly has problems understanding, the government wants higher prices on items like food and energy. And with wage growth expected to be moderate or unchanged, it doesn’t take a genius to see how American families will make up this difference. We will [...]
When selecting a bankruptcy attorney, it’s very important to ask about the lawyer’s “exit plan”. In other words, what will you do for me after I file my voluntary petition? There are a number of perfectly competent bankruptcy lawyers whose eyes will glaze over the moment you begin discussing “cram downs” and “strip offs”. You [...]
From the world of sports comes an object lesson in financial planning. You may or may not remember the 2004 Athens Olympics. Greece spent around $15 billion USD staging these Games. Now, many of those once-shining venues are in serious disrepair. Eight years later, Greece’s financial crisis has reached epic proportions and led to the [...]
4. Medical Bills Even if you have medical insurance, medical bills resulting from a serious illness can average over $13,000.00 ($36,000.00 for cancer patients). Even after they are discharged you can still make payments on your medical bills. But the payments would be made on your terms, not on the terms dictated to you by [...]
Although they say that lightning never strikes twice in the same place, it isn’t unusual for multiple financial setbacks to occur to the same family. If you have filed bankruptcy before, and find yourself in need of bankruptcy protection again, what are your options? The answer, according to the Bankruptcy Code, is almost completely dependent [...]
A sluggish job market means increased personal debt. Jobless consumers are obviously affected, but even those with jobs may find their wages frozen. The situation will probably not improve anytime soon. Maybe your family, or someone you know, is facing mounting personal debt due to a loss of income. You know that you shouldn’t ignore [...]
Ah, les bons vieux temps ou nous etions si malheureux! Ten years ago about 4% of residential mortgages in the USA were more than 30 days delinquent. Now, that rate has more than doubled. Obviously, the Great Recession and the mortgage crisis have affected delinquency figures. But, in addition, our mindset has changed. Generations of [...]