"I do something I want even if I know I don't have the money. I don't see why I shouldn't buy a sweater or go out with friends." That's 23-year old Crystal talking, and she and her 25-year old husband Jeremy are $25,000 in debt.
on Yahoo! |
"I do something I want even if I know I don't have the money. I don't see why I shouldn't buy a sweater or go out with friends." That's 23-year old Crystal talking, and she and her 25-year old husband Jeremy are $25,000 in debt.
on Yahoo! |
on Yahoo! |
It may not feel natural to be transparent about your finances, but five Vancouver women have shown that being honest with others about your financial situation can make you feel more accountable for it. The Smart Cookies money club started as a group of women conversing about personal money issues and the lessons learned from their time together have been turned into a book, The Smart Cookies’ Guide to Making More Dough.
Andrea Baxter gathered four other women together to form the money club in 2006 after she'd accumulated $18,000 in debt beyond her mortgage, and in two and a half years the five members have helped get everyone on track and keep them there.
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Forty-seven percent of you have credit card debt, and another 12 percent of you are almost finished paying off your balances — keep plugging away! It's common to lose momentum in becoming financially healthy once you are rid of debt; enjoy the feeling of having a huge weight lifted from your shoulders, but avoid the temptation to relax your rein on spending.
Hopefully you were able to put some money aside while paying off your credit cards, but when you're done with your debt, turn your main focus to saving and building an emergency fund.
on Yahoo! |
The years of consumer excess have finally begun to take their toll on retailers — they constantly asked people to sign up for credit cards in exchange for discounts, and now that strategy is backfiring as consumers struggle to pay back their debt. Hopefully those of you that are carrying store credit cards in your wallets are not part of the growing population that are falling behind on their store credit card bills.
Stores like Target, Home Depot, and Macy's are caught in a bad place going into the holiday season.
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