Bank of America has already agreed to mortgage meltdown-related settlements totaling more than $50 billion, so what’s another dozen or so billion dollars heaped on top of that pile? That’s the latest figure being thrown about in the seemingly never-ending series of complaints and settlements tied to the bank’s bad behavior in the home loan business. [More]
life and debt
There are countless ways to wind up in the red, and many of them start with the best of intentions. Seemingly smart investments, luxury purchases you thought you could afford and once-in-a-lifetime vacation deals can all place you in the chokehold of compound interest.
If college sent you into the real world last year saddled with $10,000 in student loan debt, take solace in the realization that there is someone out there who owes $40,000 in order to average things out. A newly released study found that the average balance of a student who took out loans and graduated in 2010 was $25,250 — a 5 percent increase from the previous year.
No one likes to be contacted by a debt collector. Those who do the job know this better than anyone, and come prepared to get you to acknowledge them whether you’d like to or not. Some in the profession have a reputation for crossing legal and moral lines when attempting to shake you down, so it’s best to know how to operate if you come in contact with a collector.
Interest, which us cool cats call “juice,” is always flowing. It pours into the lives of those who know how to find it, while draining resources from those who buy stuff with money they don’t have. It’s much easier to build wealth when the juice is flowing toward you rather than away, but the trick is discovering just how to make that happen.
The first step to get yourself out of a hole is to stop digging, but that’s a lesson the federal government refuses to acknowledge, allowing the national debt to soar past $14 trillion.
If you die owing money, that means you won the game of life. But some folks harbor a silly fantasy of actually clawing their way out of the imploded Chilean mines of debt they’ve created for themselves. They put themselves on a budget, hope for job security and the eventual reinstatement of raises and map out exactly when they might taste the financial freedom all too few get to taste.