Justifications For Going Into Debt

It’s usually wise to avoid spending your way into the red, but sometimes it makes more sense to go wild and take on some debt rather than play things conservatively. [More]

Not-So-Fun Facts About Home Equity Lines Of Credit

Homeowners whose property is worth more than what they owe have the option of using their equity to get a hold of more money. Home equity lines of credit can fund education expenses, home improvements or help you pay off debt with higher interest. The credit can be a lifesaver, but can also get users in trouble. [More]

Obsessing Over Debt Can Stop You From Getting Rich

Obsessing Over Debt Can Stop You From Getting Rich

The credo preached by just about every personal finance writer is that debt is an enemy that must be eradicated before you can think about building wealth. But there’s a reason many rich people have no problem with taking on more debt to finance new ventures. Those who think big and take manageable risks tend to be the biggest winners. [More]

Despite What TV Commercials Tell You, Cars Aren't Gifts

Despite What TV Commercials Tell You, Cars Aren't Gifts

There are some occasions in which cars can be gifts. Say, you turn 16 and your parents give you the hunk of junk in the garage that barely runs. Or you’re on The Price is Right and Drew Carey tells you you’ve just won one. Other than that, the image — popularized by commercials — of a new car with a giant bow on it sitting in the driveway on Christmas morning are nothing more than an attempt at inception by ad wizards. [More]

Online Tools That Show You The Benefits Of Paying Off Debt

Online Tools That Show You The Benefits Of Paying Off Debt

The longer debt hangs over you, the easier it is to become used to it and disregard the damage it’s causing. In particular, credit card debt can nail you the hardest if you ignore high interest rates while paying the minimum balance every month. [More]

Banks Agree To Take 50% Loss To Ease Euro Zone Crisis

Banks Agree To Take 50% Loss To Ease Euro Zone Crisis

European banks this morning agreed to take a 50% loss on Greek debt, a critical step towards ending the financial crisis gripping the euro zone. [More]

Top 10 States With Highest Debt Per Capita

Top 10 States With Highest Debt Per Capita

Are you in a state that has saddled its citizens with a big debt load per person? This list tells you. It may surprise you that the state with the highest debt per capita is also the one with the most penny loafers per capita. [More]

4 Things Debt Collectors Won't Tell You

4 Things Debt Collectors Won't Tell You

Of all the industries the Federal Trade Commission receives complaints about, debt collectors are involved in the most, accounting for around 27% of all complaints received in 2010. A big part of the problem is misinformation about the rules regarding what debt collectors can legally say and how nuch authority they actually have. [More]

Obama's Debt Reduction Plan Includes Letting Debt Collectors Robo-Call Cellphones To Collect On Federal Student Loans

Obama's Debt Reduction Plan Includes Letting Debt Collectors Robo-Call Cellphones To Collect On Federal Student Loans

One part of the debt-reduction bill Obama sent to Congress is a provision that would let debt collectors robo-call cellphones to collect on what’s owed to the government, like federal student loans. [More]

How To Tell Whether A Debt Is "Bad" Or "Good"

How To Tell Whether A Debt Is "Bad" Or "Good"

While most types of debt will financially hobble you and should be eliminated as soon as possible, other varieties can enrich you. Those who distinguish between the effects of debts and tune their financial plans toward paying down the most destructive types will sit the prettiest. [More]

JP Morgan Explains Euro Debt Crisis With Legos. Really.

JP Morgan Explains Euro Debt Crisis With Legos. Really.

In order to explain the Euro debt crisis, Michael Cembalest, the Chief Investment Officer of JP Morgan’s private bank, sent around a research note that used Legos to depict the different players. The Legos were fashioned by his 9-year old son. This really happened. Here’s the legend to explain which parties each figure represents, or you can play a fun game and guess on your own first. [More]

Buffett Begs Congress To Raise His Taxes

Buffett Begs Congress To Raise His Taxes

Famous uberrich guy Warren Buffett has penned a NYT editorial begging Congress to please, please, raise his taxes. Last year, he writes, they were only 17.4 of his taxable income. He says folks like him, who make over $10 million a year, are treated by Washington “as if we were spotted owls or some other endangered species.” It’s time to stop the “coddling,” he says and make the super-rich pay their fair share. [More]

Chase Drops Thousands Of Debt Collection Cases Against Borrowers

Chase Drops Thousands Of Debt Collection Cases Against Borrowers

Chase is dropping thousands of pending debt collection cases against defaulted credit card borrowers, WSJ reports. Remember the big deal over robo-signing foreclosure cases a few months ago? The problem of bulk signing sloppy paperwork, and, in some case, filing fraudulent documents, could be even bigger when it comes to credit cards. It looks like JP Morgan Chase is trying to get its house in order before they’re forced to by government and legal forces. [More]

Class Of 2011 Have Most Debt Of All Time

Class Of 2011 Have Most Debt Of All Time

Congratulations, graduating class of 2011. You’ve pulled all-nighters, subsisted on ramen for weeks, and worn pajamas to class, all to achieve the beautiful shining goal of a college degree. Add to that another distinction, one that probably won’t be mentioned during too many commencement speeches. You’re also graduating with the highest debt of all time, an average of $22,000 a person. Hope that business about a degree giving you a higher earning potential is true, because you’re gonna need it. [More]

Forgiven Credit Card Debt Over $600 Is Taxable Income

Forgiven Credit Card Debt Over $600 Is Taxable Income

Did you negotiate a debt settlement in 2010 on your credit card? If the amount you knocked off is more than $600, LowCards notes, the IRS considers it income and you’ll have to pay tax on it. Sorry Charlie, you’re not out of the woods yet. [More]

Lawmaker Tries To Stop Modern Day Debtor's Prisons

Lawmaker Tries To Stop Modern Day Debtor's Prisons

We’ve brought you several stories about so-called modern day debtor’s prisons that have starting rising across America as shady debt collectors pervert the power of the courts to their own end. They’re basically deputizing the local police to do their debt collecting for them. Now a Washington lawmaker has put forward a new bill to try to put a stop to the practice. [More]

You Can Donate Money Toward The National Debt

You Can Donate Money Toward The National Debt

Are you outraged at recently proposed federal budget cuts, and dismayed that you just aren’t contributing enough in taxes to help pay off the national debt? Good news! The Treasury Department has a program in place to donate toward the national debt. The program began in 1996, and has collected more than $406,000 so far this year. [More]

Delawareans Racked Up Most Debt

Delawareans Racked Up Most Debt

Delawareans lead the nation in average consumer debt, according to a new report. Misplaced sense of state pride? (A lot of credit card companies are headquartered in Delaware because of the state’s relaxed attitude towards usury and their low taxes). Whatever the reason, $20,233 is the average per-person consumer debt load in Delaware, and the next 9 states aren’t that far behind: [More]