Debt and Debt Management News, Information and Guidance

Paying Off Debt

Paying Off Debt? First Celebrate then Do THIS!

Whether it is a credit card, car loan or the holy grail of all debts — your mortgage, paying off debt and eliminating monthly payments is a really big deal.When you pay off a debt, it is a huge opportunity to rethink your financial situation.  Your cashflow will have suddenly improved.  What are you going…

rising interest rates

How to Prepare Your Retirement Plans for Rising Interest Rates in 2017

Most experts agree that we will see rising interest rates in 2017.  Interest rates impact our lives in a wide variety of ways — especially financial. Why Will Interest Rates Rise? Since 2008, interest rates have been at historic lows, below 1 percent. Traditionally, rates have been much much higher — ranging from 16.39 percent…

What happens to your debt when you die

What Happens to Your Debt When You Die? If You Run Out of Money, Are Heirs Responsible for the Bills?

A lot of retirees will run through their savings before they die.  And then what?  What happens to your debt when you die?  Will your debts wipe out the assets you’d hoped to leave for your heirs? Will your family members be on the hook for your debt? The short answer is, it depends on…

credit score

Does Your Credit Score Matter in Retirement?

Whether you’re living the dream of a debt-free retirement or you’re still working towards paying off debt, there are some pretty compelling reasons to continue caring about your credit score after retirement. In a perfect world, everyone would enter retirement with a paid-off mortgage, zero debt, and a nest egg large enough to ensure they…

Eliminating debt

Expert Interview Series: Steph Halligan About Eliminating Debt While Saving For (or in Preparation of) Retirement

Do you want to eliminate debt and save for retirement? It’s not impossible. In today’s world, it can be easy to feel rushed, overwhelmed, and spread thin. But don’t let that stop you from meeting your goals. If you want to be debt free, it will require some discipline and sacrifice; but eventually, it will…

Retirement savings

Expert Interview with JoAnneh Nagler Of The Debt Free Spending Plan About Retirement Savings and Supporting In-debt Children During Retirement

“The principle of living debt-free is not about being good money-citizens for the sake of it. It’s not about getting a gold star. It’s about getting clarity with our money so that we can fund more of what we want, not less. I like to say, ‘It’s about creativity, not credit cards.’” This is a…

Retirees

Expert Interview with J. Douglas Hoyes About Retirees Living Debt-Free

We asked J. Douglas Hoyes, bankruptcy trustee, founder of Hoyes, Michalos & Associates, and advisor for MoneyProblems.ca, how big of a problem debt was for individuals today. He said the answer really depended on your perception. While the average Canadian now owes $1.62 in debt for every after-tax dollar they earn (a number that keeps…

Money management

Expert Interview with Lauralynn Schueckler About Credit Counseling

Working with a credit counselor is something people of all ages can benefit from. These trained professionals help individuals reduce debt, save more, and reach financial goals. Lauralynn Schueckler of Advantage Credit Counseling Service understands that money worries are a common occurrence in individuals just starting out and in retirees, but she knows that credit…

How to Get Out of Debt? The Financial Gurus Answer

Retirement planning is a lot easier with the weight of debt off your shoulders. Some debt is almost unavoidable, but that doesn’t mean you can’t clear it away, and smooth your path forward. All it takes is a plan, and the stick-to-itiveness to see it through. If you’re trying to hone in on the best…

Retiring With Debt is a Bad Idea; 6 Ways to Have a Debt Free Retirement

If you are a typical American approaching retirement, chances are you’re carrying some form of debt. In fact, the average person age 65 or older typically carries $9,300 on their cards, according to a study by national research organization Demos. But retiring with debt can be “detrimental” to retirement planning, says credit counselor Thomas Nitzsche,…