Resources to build your own personal financial freedom
Tools to protect and maintain financial independence
In the landscape of personal finance, the traditional pillars of a robust portfolio have long been stocks, bonds, and cash. While these assets provide...
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Personal finance is the cornerstone of a secure and intentional life, far exceeding the simple act of balancing a checkbook. It is the practice of man...
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Personal finance extends far beyond simply earning and spending money; it is the strategic management of one’s resources to build security and achie...
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For many individuals, acquiring a vehicle is not just a convenience but a necessity, yet the financial path to ownership is often paved with debt. The...
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Non-profit credit counseling agencies can provide invaluable guidance. They can review your situation, help you understand if you're a candidate for a consolidation loan or balance transfer, and may even offer a Debt Management Plan (DMP) with better terms through relationships with creditors.
Do not ignore the lawsuit. Respond by the deadline, either personally or with an attorney. You may be able to negotiate a settlement or payment plan before the court date.
Auto debt is problematic because it finances a rapidly depreciating asset with often high interest rates. You are paying interest on an item that is losing value, which is a wealth-destroying combination.
Participating in a DMP may require closing your credit cards, and it can be noted on your credit report. However, it is generally less damaging than debt settlement or bankruptcy and shows a proactive effort to repay debt.
Programs like SNAP (food assistance), Medicaid, LIHEAP (utility assistance), and TANF (temporary cash assistance) can help cover basic needs during an income shock.