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Learn about good debt and bad debt and find out how to optimize your debt situation.
Debt is not always a bad thing when it comes to personal finance and financial wellness. Debt is commonly used by corporations and individuals to make large purchases that would otherwise be unaffordable (like houses and cars). Debt can be a good financial decision if the thing you are purchasing gives you utility and will maintain value of over time (like houses and cars).
The definition of debt is that you have borrowed something with the condition that it is to be paid back, usually with specific terms. The terms of a loan may include the term (time period for repaying the loan) and interest. Interest is usually defined as a percentage of the loan amount that the borrower will pay on top of repaying the balance or borrowed amount.
Interest is charged so that the lender is compensated for the opportunity costs of not having access to the money themselves and for taking on the risk of the loan.
There are different kinds of debt: secured, unsecured, revolving and mortgage. Interest is is something, usually money, borrowed by one party from another. Debt is used by many corporations and individuals to make large purchases that they could not afford under normal circumstances. A debt arrangement gives the borrowing party permission to borrow money under the condition that it is to be paid back at a later date, usually with interest.
Want to retire in your 50s and withdraw from savings? You need to understand the Roth 5 year rules to avoid penalties.
Debt isn’t necessarily terrible. Good debt helps you get ahead. Bad debt puts you in a hole. Understand the differences for better financial outcomes.
Mastering the financial basics is doable by anyone at any age. Here is a simple guide. Steps to take at 20, 25, 45, or even 55 to get and stay on track to a secure future.
Debt levels have climbed to an all time high. Reducing this financial burden is a very worthy goal. Not sure how to get out of debt? You have options. Use this article to get motivated and find a way to approach your debt that feels right for you and your priorities. Mortgages aside, the average […]
One of the greatest threats to retirement today may not be saving too little, but owing too much. According to the Federal Reserve Bank, Boomers (Americans born between 1946 and 1964), are carrying ballooning amounts of debt into retirement.Will your debt take a big bite our of your retirement? For many people, that debt is […]
What happens to your debt when you die? It’s possible that an individual can have so much debt after they die that it will wipe out the assets that they’d hoped to leave for their heirs. In some situations, family members may be on the hook for their deceased relative’s debt.However, this all depends on […]
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 […]
You’re 70 years old. You shuffle out to your mailbox on a crisp Monday morning and you are not at all surprised by what’s inside: junk mail and bills. “You’ve been pre-approved for this credit card.” — garbage “I’ll do great things for your city. Vote for me!” — garbage “It’s that time of month. […]
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 in 1981 to a low of 3.02 percent in 1993. The low […]
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 […]
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