When I was 27, I finally took my head out of the sand and did what I had been dreading for months. I added up the balances of my credit cards and discovered that they had skyrocketed to over $15,000! By looking at the statements separately, I had tricked myself into believing my debt was much less. I was blindly writing checks each month, just enough to pay the minimum required. Every time I opened the mailbox, I felt a little queasy. Keep reading »
One Venti latte five mornings a week. You could probably pay for your caffeine addiction with cash, but who carries around stacks of green besides strippers and Lil Wayne? Plastic is so much more convenient.
A couple coffees probably won’t send you to the poorhouse, but are you swiping the plastic for groceries? Rent? Routine living expenses?
If so, you’re not alone, says Clarky Davis, The Debt Diva, author of The Debt Diva’s Financial Guide. Davis says most Gen Y-ers have more than three credit cards, and one-fifth of them owe more than $10,000. Of those households in the U.S. with credit card debt, the average debt is $16,007. So, when are you in over your head? If you are struggling to meet your minimum payment, your phone is blowing up with collections calls, or you cannot pay off your entire credit card balance in three months … the Debt Diva is talking to YOU. Keep reading »
Your stud may be stunning, but there’s nothing pretty about being in a relationship with someone who’s been laid off. While your heart may break for Mr. Unemployed, his perpetual presence on your sofa can get ugly – fast. When your partner gets downsized, how do you prevent a downsizing effect on your relationship? We consulted a dating expert for tips on navigating the turbulent waters of a layoff without crashing your (relation)ship on the rocks. Keep reading »
Hopefully, you’re proud of your credit score and shred the five credit card offers you get every day, knowing that you worked hard to earn a rating as high as Matthew McConaughey on any given Sunday afternoon. But what if your man’s score isn’t nearly as pretty as he is? Sure, he might be awfully talented with his hands, but when those hands just don’t know how to pay bills on time, it can make you wonder if he’s worth it in the long-term.
Handling this situation can be complicated, but relationship expert Susan J. Elliot and Stacy Johnson, creator and host of “Money Talks,” a nationally syndicated financial news series, offered these tips on how you can delicately deal with a guy who’s in need of some major credit rehab. Keep reading »
Things have changed recently for Connie. She just moved in with her boyfriend and her last purchase was a Foosball table (he’s rubbing off on her already!). And although he’s really good at Foosball, she’s worried his financial behavior might mess up their future together. Finance Expert Manisha Thakor
encourages her to have the talk — the “What’s Your Number?” talk.
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Are cutting credit cards up a new recession trend? The Atlantic thinks so:
“Cutting up credit cards is a classic solution to the temptations of easy credit, but as Americans have become more and more reliant on plastic, there’s been a resurgence of interest in swearing off credit entirely.”
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