Doing It Your Way Embracing Debt And Dying
An Exploration of Seniors, Debt, and the Journey Beyond In the sunset years of life, the weight of debt intertwines with the complexities of health, family, and mortality. The struggle…
Are You A Debt Burnout?
Throughout my career, I have seen many clients go through a range of emotions when experiencing debt relief. Obviously, at first, clients are ‘gung ho’ to get their debt paid off – excited, anxious, motivated. They have many questions about the process of debt and how it will impact their lives. Usually, clients expect big changes to happen quickly and the turnaround to be immediate.
Sometimes, unfortunately, people experience debt fatigue during the repayment process. What is debt fatigue, and how can you manage it?
Gambling and Payday Loans
Recently a new casino (aka ‘gaming facility’) opened up in my area. Since it’s opening, new payday lending stores have been popping up all around the vicinity. Coincidence? I think not.
Payday loans provide the quick cash that fuels a gambling addiction. When the gambler is losing, they can simply head next door to the payday lender, get some instant cash, and head back to the casino to win back their loan and the rest of the money lost, right?
Do You Need Debt Insurance?
What is debt insurance? Debt insurance is never called debt insurance, it’s called mortgage insurance, balance protection insurance, and other names. Essentially this insurance is to pay back your creditors in the event of your death or life-threatening injury or illness, depending on the specific coverage. Debt insurance has more benefit for your creditors than it does for you, and here’s why: it’s expensive, the monthly premiums do not go down although the coverage does as the debt decreases over time, and it pays only that creditor for that specific debt. Of course it benefits you too if that is your only insurance option, but it isn’t.
Should You Roll Your Debt Into Your Mortgage or Car Loan? (Secure your Unsecured Debts)
When people are struggling with credit card debt, lines of credit and other unsecured debt, they have a few options available to help them. One popular choice is to refinance your home (if you own it with enough equity) which means to increase your mortgage and use that extra money to pay off your credit cards and unsecured debt. That way the unsecured debt you had will now be part of your mortgage, a secured debt. The benefit to doing this is saving money on interest, thus making it more affordable to repay. Mortgages these days have very low interest rates, thanks in part to being a less risky loan for the banks because they are secured by the home. If you cannot make your payments, the bank simply repossesses your home to recover its money. In contrast, credit cards can have much higher interest rates and make repayment of the debt very difficult.
Answers to the Most Asked Debt Questions
We get a lot of great debt questions from our readers. In this post we’re going to share some of the best and most common debt questions we receive, along with our answers, so read on to find out what everyone wants to know!
