Credit Card Consolidation & 0% Balance Transfers | Does It Really Help?

On a recent post telling how to deal with credit card debt problems, I shared some advice and resources for getting out of debt.  In that same post, Darren (from More Than Finances) asked what I thought about 0% credit card transfers.  I gave a quick answer and thought I’d deal with it in more detail today. From a purely mathematical standpoint, there is no denying that taking advantage of 0% … [Read more...]

Credit Card Debt Problem? Essential Resources to Beat Credit Card Debt

Want to guess why Wal-mart is so popular?  One stop shopping.  People like going to one place to get everything.  That’s how valuable our time is. When I started to put together an article on credit card debt problems that so many people face, I decided to put all of my best ideas and thoughts down on paper and then collect other articles related to credit card debt so that you could use this … [Read more...]

Lending Club: How To Participate in P2P Lending

The people are taking their stand, and one giant middle man is being removed – the bank. Borrowing and lending has been part of human society for generations.  It was prevalent enough that God included some borrowing and lending guidelines in the books of the Old Testament law. Historically, the wealthy lent to those in need.  In our modern society, the banks have long since held the … [Read more...]

Should You Consolidate Student Loans Or Pay Them Off?

Second only to the mortgage, the student loan is the American debt of choice.  Only a few loans are righteous enough to carry the title – good.  A student loan is typically one such loan.  As a result, people often like consolidating mortgages and consolidating student loans.  The negative result is that the student loan becomes not just a part of life, but a part of who we are.  Quite … [Read more...]

A Guide For Getting Out Of Credit Card Debt

Whatever it was, I’m glad you are now convinced – credit card debt is bad. Credit card debt will easily destroy your plans for any kind of a sensible financial future.  So, good for you.  Let’s get rid of the credit card debt so you can get out of debt. Get Out of Credit Card Debt: The 8 Steps 1.  Remember that things will probably get worse before they get better. Many credit card users … [Read more...]

Car Loan Payment or Pay Cash For A Car?

When shopping for a new car one of the first questions a dealer will ask you is – what kind of car loan payments are you looking for?  If you answer that question, you just cost yourself thousands of dollars.  Instead, when you buy a pay cash for a new car.  In other words, you should look at total purchase price, not the monthly car loan payment amount. Save Money On Your Car Loan Payment: Buy a … [Read more...]

Student Loan Payments When Poor

Every Friday I take a reader’s question and spend some time answering it.  Our question today was submitted via my reader survey.  If you want to ask a question contact me. How does one pay back student loans when they can barely make rent and buy groceries? The reason most financial folks call student loans “good” is because of their flexibility.  And in this case, that is a good thing for … [Read more...]

Should I Pay Off My Mortgage or Invest?

Beware, financial geeks. You’re not going to like my answer to the question, "Should I pay off my mortgage or invest?"  Not to worry, I've since gone back and added the math analysis regarding paying off your mortgage I’m making a few assumptions as I begin this post. Pay Off Mortgage or Invest?  Starting Assumptions If you’re asking this question, you’re in great financial shape. All … [Read more...]

Should Christians Lend Money and Charge Interest?

In early 2009 I was introduced to a concept called people to people lending (P2P).  P2P lending often takes advantage of the internet to connect a borrower and a lender.  This removes the banking middle man and allows direct people to people lending.  When I first heard of the program I was interested in learning more.  But I did have one lingering question to resolve before proceeding.  Does the … [Read more...]

The Real Truth About Borrowing Money To Buy Cars

In many ways convenience and lack of patience is the enemy of financial prosperity. Loans could be a statement about your selfishness.  A loan says I don’t have the money, but I want this and I want it now. Here are some important facts about car loans: The average American car loan payment is $400 per month. A 48 month used car average interest rate is currently 7.91%. Let’s say you … [Read more...]