How Good Debt Can Go Bad

Have you heard someone say, “debt is fine as long as it’s ‘good’ debt?”  The idea of good debt is defined as using debt to purchase something that will appreciate in value.  Some view it as a tool that helps you meet your goals faster and more easily.  Here are four common sources of ‘good’ debt and how these debts can actually turn bad. Home Mortgages Paying cash for a home is very difficult, … [Read more...]

Cosigning a Loan | A Chronicle of the Many Dangers

If you are a mean, hard, and calloused individual, you need not read this post about cosigning a loan.  However, if you have a tendency toward niceness and kindness flows within you, then you need to read this post line by line. MSN Money says you should never cosign a loan.  I'm not sure if never is the right word, but it would need to be a really unique situation. The nicer you are, the … [Read more...]

Student Loan Debt Forgiveness | For Ministers & Non-Profit Workers

The following is a guest post by Cary McCall.  While reading a post at One In Jesus I saw Cary made a comment about debt forgiveness for ministers.  I asked him to explain more and he sent me this post.  I read it and even got permission from the website owner, Jay Guin to use this post that he also has on his website.  If you have any questions either Cary or I could try and answer them in 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...]

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...]

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...]

Avoid $13,160 in Interest Payments & Get a College Degree

Too many people are playing financial catch-up. They made a dumb mistake or several dumb mistakes that unintentionally put them years behind on their current financial goals. In this upcoming series will look at the things you (as a young adult) can decide now to avoid YEARS of financial regret. Here's the topics we'll cover: Decide you will pay for and save for as much for … [Read more...]