Tagged With: loans

Don’t use payday lenders

Back when I was working at Kinko’s doing layout, one of my regular customers would often ask me to create or update an application form for his company. It was for some kind of loan, and as I had to type in the fine print myself, I got to read it closely. I was appalled … Continue reading »

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Should you get a loan to pay off your debt?

Paying off debt is hard. It can feel like you’re not even making progress. Sometimes this is actually true. If you make minimum payments on your credit cards, you’re basically never going to pay anything off. And if you’ve got an income-based repayment plan on your student loans, your loans may actually be growing each … Continue reading »

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The complicated ethics of peer-to-peer lending

  “If you lend money to one of my people among you who is needy, do not be like a moneylender; charge him no interest.” – Exodus 22:25 “Neither a borrower nor a lender be, For loan oft loses both itself and friend, And borrowing dulls the edge of husbandry.” – Polonius, Hamlet (Shakespeare) “Will … Continue reading »

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The Debt Math Throwdown (or testing the debt snowball)

  In my discussion about how to pay off your debt, I mentioned how there were primarily two schools of thought: pay off the highest interest rate first, or pay off the smallest debt first (a.k.a. “the debt snowball”). The debt snowball camp points to the psychology of the method as ensuring its success. The … Continue reading »

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How to figure out which debt to pay off first

  If you’re like most people, you have a few credit cards here and there, maybe a student loan payment, and perhaps a car payment. In addition, maybe you own a house and have a mortgage payment. That’s a lot of bills to manage. How do you tackle paying them off? Do you pick one … Continue reading »

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Is there ever a reason to buy a new car?

  New cars are alluring. Who can deny that? The combination of something being all new, mixed with the sense of freedom (real or imagined) creates an intoxication that is hard to resist. Notice I said “intoxication.” Like lots of intoxicants, it can cause you to do regrettable things.

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Ignore interest rates on debt

  “This card has a 12% APR.” “My student loan is fixed at 5%.” “I can get a new car with a 0% interest loan.” Interest rates are talked about quite often when it comes to financial matters. Mostly, this is because it’s easy; the numbers are usually low, whole numbers, and those are simple … Continue reading »

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