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Debt
How-To: Prepare For the Worst Monthly
No one likes a Debbie Downer, but these are trying times and you need a financial backup plan. Whether you feel a strong sense of job security or have a million bucks in the bank, it's crucial that you embrace the motto of the Boy Scouts ("Be Prepared!") so you don't end up in a serious financial and personal conundrum should you draw a short stick. The calendar changes so quickly it's easy to forget your egg's nest and backup scheme amid the momentum, but follow these basic steps and suggestions to keep yourself on track.
Reader Tip: Pick Up a Copy of How to Get Out of Debt
We each develop a unique saving style over the years, which is why we started the How Do You Save? group for you to divulge your winning tactics. It offers a place for you to dole out your advice to other SavvySugar readers trying to save a little moola and learn from their experiences.
Ask Savvy: Should I Reopen My Card After Being Deep in Debt?
Dear Savvy,
I've just paid off one of my credit cards that was in the Debt Management Program through a credit counseling service, which is something I'm proud of! It's nice to have accomplished that! The only issue is, I got a letter from that company offering to reopen the credit card line since I paid everything off.
Back to Basics: Achieve Your Goals With These Calculators
Sure, we'd all love to snap our fingers and achieve our financial goals. But successfully paying down credit card debt and saving money can only happen if you go in with a plan, and a realistic one at that.
Want to be debt free?
Guess How Much: Average College Grad's Student Loan Debt
Recent grads have been having a rough go of the recession-ridden real world. They're competing in a reduced job market and facing increased expenses as student loan repayment rears its head, plus interest. Can you guess how much the average college graduate has to pay back in student loans?
People in Debt Twice as Likely to Be Overweight?
There's a solution for every problem, and it appears two of the toughest to fix are heavily linked. New research from Germany shows that people in heavy debt are twice as likely to be overweight as the general population and more than 2.5 times as likely to be obese.
While the statistics are surprisingly high, it makes sense that individuals with intense financial stress would be struggle with weight.
Michael Jackson's Debt Load: Guess How Much?
We're all saddened by the sudden death of legend Michael Jackson, and as the world mourns, a debate over his estate is already in the works. It's a messy issue and the future discussions are sure to be ugly, which is upsetting given the many musical gifts Jackson left behind. However, despite his mega success, he also died in a mountain of debt.
Your Student Debt Load Could Soon Be Lighter
Student loan repayment can be burdensome on tight budgets constricted by modest incomes. The government has developed a program that it hopes will put graduates more at ease about the issue. The Income Based Repayment plan will take effect July 1, and the federal program aims to cap monthly payments at an affordable amount based on income, family size and state of residence.
Guess How Much: Student Loan Debt For New Grads
Higher education comes with a higher cost, year after year. Student loan debt is particularly problematic for new graduates because it's more difficult for them to find employment after graduation. While some can turn to their parents for help in making loan payments, it's not feasible for many families who have been affected by the recession.
Maxed Out: 26-Year-Old Single Mom Spends Rent on Clothes
This episode of Maxed Out is about Crystal, a 26-year-old legal assistant and single mom with two kids — she also happens to be $50,000 in debt ($20,000 of that is from student loans). She's been ignoring the state of her finances to the extent of not paying some bills in four months and owing $200 to a gym she's never used. Everything is in crisis mode all of the time and Crystal is completely stressed out.
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