There is a lot of interest right now in reducing debt, and that’s a good thing. And there are several debt reduction approaches that have proven successful for many people. We can focus on paying the smallest debt, the largest debt, or the debt with the highest interest rate. Or we can use debt consolidation […]
Tag Archives: debt elimination
There are several debt reduction approaches that have proven successful for many people. We can concentrate or focus on paying the smallest debt, the largest debt, or the debt with the highest interest rate. Or we can use debt consolidation and simplify the situation with a single bill each month. To compare the methods, let’s assume […]
The most popular approaches to debt elimination are: paying off the largest debt first, paying off the smallest debt first, paying off the debt with the highest interest rate first, and loan consolidation. In my book “Personal Finance Simply Understood” I walk through a detailed analysis of these approaches using various loan and debt amounts, and […]
We’re often surprised by our credit card statements, and not just because of how much we’re charging. The balance amount always seems to be a number that we wouldn’t have guessed, and some purchases that we expect to see aren’t on the statement, and some that we don’t expect to see are listed. This is […]
Let’s face it, prudent personal finance is like swimming against the current. We spend wisely and save according to a plan that meets short-term and long-term needs; we’re paying down debt, and more than the minimum on credit cards, and we’re making some sacrifices along the way. There are trade-offs in every financial decision we’re […]
Financial headlines and articles about the federal budget in Washington, changes in HealthCare costs, interest rate predictions, and the daily changes of foreign markets, do their best to make a case for our attention. There is a continual supply of recommendations for financial changes we should make based on the latest news and insight. If […]
When we’re just starting out with little or nothing in terms of a personal finance plan, the task can seem daunting, even ominous. We struggle with where to begin, finding all of the information, condensing it, and determining a course of action. There are other important things demanding our time and as long as there’s […]
Economic changes over the last 3 decades have been dramatic, especially in recent years. The housing market, unemployment rate, and increases in medical expenses (to name a few), have contributed to many financial hardships and difficulties. Headlines tout glimmers of hope as enough jobs are created one month, the stock market rallies one day, or […]
Ben Franklin is quoted as saying that a penny saved is a penny earned, but he actually said that “A penny saved is two pence dear”, meaning a penny saved is two pennies earned. Apparently in Mr. Franklin’s day, pennies received a lot more attention than they do today. We tend to leave pennies behind in that little tray […]
There will be many financial prophesies about the coming year and recommendations for how we should adjust our finances to prepare for them. And many of them will contradict each other, leaving us wondering if anyone really has a good idea of what will happen and what financial changes we should make (if any). The […]
Personal Finance Simply Understood 