getoutdebt
Getting rid of your mortgage is one of the biggest financial goals for many people. After all, once you are mortgage-free, you’ll be able to relax, be more financially flexible, and plan for retirement sooner. Although there is no one-size-fits-all solution for becoming mortgage-free faster, there are a few things you can do to speed up the process. 1. Make larger monthly payments.The simplest way to become mortgage-free sooner? Make larger payments than the required minimum. Of course, how much extra money you can devote to your mortgage will determine this. However, if you can pay $50 or $10...
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There is no doubt that we have a credit card problem. A survey by GoBankRates found that 30% of Americans have debt up to $5,000 on their credit cards, 15% have debt that is over $5,000, and about 6% have debt that is over $10,000. This may seem like a small amount, but based on the survey results, over 14 million Americans have debts of over $10,000. In addition, 15% of Americans are in credit card debt for over 15 years. Also, nearly half of all Americans have added more credit card debt since March 2020. Even more troubling, 57% of Americans have missed one or more credit card payments — wh...
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Without a job that allows them to be self-sufficient, most people cannot reach financial independence. Despite this, young people are taking longer than in the past to reach this milestone. Case in point, people in their 20s were able to find jobs that made them financially independent forty years ago. Most young adults must wait until their 30th birthday before they can find jobs that allow them to support themselves fully, according to a study by Georgetown University’s Center on Education and the Workforce (CEW). It is possible to work towards becoming financially independent, even if you a...
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I believe that it was Josh Billings, the pen name of 19th-century American humorist Henry Wheeler Shaw, who once proclaimed, “ Debt is like any other trap, easy enough to get into, but hard enough to get out of.” Managing debt is a challenge many of us face. According to the Federal Reserve Bank of New York’s quarterly report on household debt and credit, household debt totaled $15.58 trillion in the fourth quarter of 2021, an increase of $340 billion. That brings the total debt balance to $1.02 trillion more than it was at the end of 2020. Still, getting out of debt is no easy task. It requi...
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During a much-needed break from work, I struck up a conversation with a colleague. It started out as your typical workplace conversation, but I could sense that something was weighing on her mind. So, I asked her what was going on. It turns out that while she was reviewing her bills, she spotted a rather distressing fact about her credit card. Like so many of us, she assumed that whenever you use your credit card to make a purchase, interest doesn’t kick in until 30 days later. Nope. The credit card determines when the interest starts. So, for her and using a Chase credit card, it was 21 days....
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Annuities are insurance products that are usually used to enhance your retirement’s financial goals and plans. Overall, in terms of financial security, annuities are among the most powerful tools available. Unlike other retirement vehicles, annuities guarantee a lifetime income. As such, they’re a probably way to supplement other retirement income streams like a 401(k), IRA, and Social Security. But, is it possible to use an annuity to pay off your debt? The short answer? Yes. In fact, when it comes to annuities, you can use them to purchase a home or business. What’s more, you can use the cas...
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