Debt and Debt Management News, Information and Guidance

Retiring free and clear of mortgage debt

Bankrate.com, April 30th, 2010 Should you continue to make mortgage payments after you retire? Or should you pay off the house before quitting your job for good? Financial experts are divided on this issue. Reasons you may not pay it off Bankrate’s own Dr. Don says it makes sense to compare the after-tax return on…

4 ways to tackle massive credit card debt

Bankrate.com, March 30th, 2010 Dear Debt Adviser, My husband had to take an early retirement for medical reasons. We owe about $50,000 in credit card debt. We can pay our house, utility, car and living expenses, but we have very little left for paying the credit cards. We don’t want to file for bankruptcy but…

Moody’s Says U.S. Debt Could Test Triple-A Rating

The New York Times, March 15th, 2010 The gold-plated credit rating of the United States — an article of faith across America and, indeed, around the world — may be at risk in coming years as the nation copes with its growing debts. That sobering assessment, issued Monday by Moody’s Investors Service, provided a reminder…

Iceland Voters Set to Reject Debt Deal

The New York Times, March 5th, 2010 After the dust began to settle last year — after the banks failed, the currency collapsed, the stock market crashed and the government fell — the dazed inhabitants of Iceland woke up to another unpleasant problem: They owed, it seemed, some $5.3 billion to more than 300,000 angry…

Eight States Have Shortchanged Pensions, Pew Study Finds

The New York Times, February 17th, 2010 Eight states have been given failing scores for their pension management under a new grading system developed by the Pew Center on the States, which also found a $1 trillion gap between what all 50 states have promised their workers and what they have set aside. The Pew…

Study: States must fill $1 trillion pension gap

Yahoo News, February 18th, 2010 States may be forced to reduce benefits, raise taxes or slash government services to address a $1 trillion funding shortfall in public sector retirement benefits, according to a new study that warns of even more debilitating costs if immediate action isn’t taken. The Pew Center on the States released a…

5 Proposals in Obama’s Budget for Retirement Savers

US News & World Report, February 2nd, 2010 President Obama’s budget for fiscal year 2011 includes many proposals aimed to help workers prepare for retirement. Here’s a look at the retirement projects the White House is asking Congress to fund. Automatic IRAs. Companies that don’t offer a retirement plan may soon be required to enroll…

Finances crushed by ‘upside-down’ car

The Oklahoman, February 3rd, 2010 DEAR BRUCE: A few months ago I purchased a car for $28,000. Now I’m regretting my decision. I was so excited about this shiny car that I jumped into a deal that I just can’t afford. I have been to several dealers hoping to trade the car in on something…

3 ways to shed credit card debt in old age

Bankrate.com, January 13th, 2009 Dear Debt Adviser, My parents are 88 years old and 86 years old. They are physically and mentally fragile, but still living in their home with the assistance of home aides provided by Medicare. My mother had a credit card that she maxed out at $20,000, which my father is struggling…

From the right source, reverse mortgages can save seniors’ finances

Belleville News Democrat – January 11, 2010 It’s foolish at a certain age to make New Year’s resolutions. We’ve been there and done that, which is how we got to be our age. Besides, you don’t need a resolution to be good to yourself in this new year, this new decade. It’s bound to be…