In the tug o war of which creditor to pay, why is it that credit cards win over taxes and child support? I’m accustomed to clients who pay creditors rather than provide for their own health care, emergency fund, or retirement. That’s taking care of commitments to others before self. But I haven’t figured out […]
Who To Pay When There’s Not Enough Money To Go Around
If you can’t pay your bills, the squeaky wheel should NOT get the oil… At least, not until you’ve assessed all the other demands for oil. That’s a quaint way of saying that your decisions about which of your creditors to pay when you can’t pay your bills should not be based on who is […]
Smoke, Mirrors, And Budgets: Are You Missing Where Your Money Goes
Budget tricks keep lots of us from seeing where our money goes. If you don’t know where it’s going, you don’t know whether your spending priorities are sound. As a bankruptcy attorney, I hear this alot:I can’t save anything because it takes every dollar I make just to get by. Sound like a description of your […]
What Is Really Scary About Debt Collectors
When I tell a client to stop paying credit cards, they look at me as though I’d suggested they jump into shark infested waters. “But they’ll start calling me”, they wail. “I’ll be sent to collection“. In their mind, “collection” is a real place, with manacles dangling, barred windows, and water dripping down moldy dungeon walls. Turns […]
What Goldilocks Knew About Tax Season
It’s so easy to get a tax filing extension and put off the unpleasant work til fall. Procrastination is easy, and even sanctioned by the simplicity of an extension. But doing it now is important to your financial wellbeing From a purely selfish point of view, you need to know where you and Uncle Sam […]
The Most Powerful Debt Management Tool
The most powerful debt management tool isn’t a software program. It isn’t a website, nor a consulting firm. It isn’t even a calculator. The most powerful debt management tool is a letter opener. If you don’t open the mail, you don’t really know where you stand with your creditors. If you don’t open the mail, […]
The Worst Reason To Choose Debt Settlement Over Bankruptcy
The guy with an old debt asked if bankruptcy or debt settlement would cause greater damage to his “credit”. The money advice columnist gave the right answer to the wrong question. She got it backwards. She advised that bankruptcy was more damaging given that the nagging debts were already three years old and would drop off his […]
Pay Down Debt Or Save? Which Should Come First
Pay off debt first or start saving now? It’s a debate almost as convoluted as which came first, the chicken or the egg? Experts heatedly take opposite sides. You get rid of debt faster if you put all available cash into paying off balances. BUT You have no reserves for the unexpected if you spend everything that […]
Caution: Freedom Debt Relief
Here’s the consent decree obtained by the Consumer Financial Protection Bureau against Freedom Debt Relief in mid-2019. Freedom Debt Relief stip. For some perspective on debt settlement as a solution to serious debt, see these posts over more than a decade from Bankruptcy Soapbox. Debt Settlement Is A Dud How Debt Settlement Really Works The […]
- 1
- 2
- 3
- 4
- Next Page »
