— Brayden Atherton @ 2:45 pm — 
June 27, 2011
There is currently a lot of controversy over whether or not debt settlement works as a debt elimination strategy. Many states are considering regulating debt settlement companies as a result of an increase in consumer complaints. Several other states have already taken action to limit the damage debt settlement companies can cause for unsuspecting consumers. If you are considering debt settlement as an option to get out of high interest debt, there are some things you should know before proceeding. Here we look at questions you should be asking before you decide if debt settlement is right for your situation.
One of the best things you can do for your financial position is enhance your understanding. The more time I spend reading blogs around the personal finance community, the more I realize how many great and generous writers there are out there. One of these is Neal, who runs the very insightful blog Wealth Pilgrim. I was given the chance to interview him and heres his great input:
1. Some of my readers may be interested in following Wealth Pilgrim. What value or overall message do you think your readers get from your blog?
I try to provide practical action steps to help people make real improvements in their financial situation no matter what.
2. You’ve become one of the most successful personal finance blogs on the internet. W
Today, lets step back and look at the bigger financial picture for a few minutes. Focusing on your own budget, savings, and investments is a fantastic thing to do, but understanding your place in the overall financial picture can keep you ahead of the curve and away from any broad sweeping danger. Id like to base this post on the article, Of the 1%, By the 1%, For the 1%, appearing in the May edition of Vanity Fair.
Its becoming widespread knowledge that the vast majority of the private wealth in the United States is controlled by the very few, but what exactly does that mean? According to the article, the upper 1 percent of Americans are now taking in nearly a quarter of the nation’s income every year. In terms of wealththe top 1 percent control 40 percent. T
Today’s guest post is from Carol Schultz-Weil, author of In The Trenches, a personal finance survival guide intended to help people just like you overcome past financial disasters to build a better and stronger financial future.
Life is like a treadmill…if we don’t make a conscious effort to keep moving forward, we will automatically begin to slide backward.
This is true of every area in our lives, whether it be relationships, health, finances, or even house cleaning. The momentum of our decline can even speed up when unexpected tragedies and events occur. I wrote In The Trenches to help others keep moving forward rather than sinking backwards.
In The Trenches, what does that sound like to you? The term it is one commonly associated with the military and conjures associations of a battlefront. Indeed,
Unsecured personal loans are transactions in which funds are advanced to a borrower who has not pledged any tangible property or assets as security for the loan. Such loans do not, therefore, place the borrower in danger of losing things such as homes or cars in the event they fail to repay the amount due. Because the lender lacks security for the money they have advanced, this type of loan has traditionally been available primarily to borrowers with outstanding credit histories. However, particularly in the aftermath of the recent financial meltdown, lenders of all types have recognized the market for unsecured personal loans available to those with imperfect or even seriously damaged credit.
The economic downturn of the past several years has harmed the financial condition and credit ratings of many. Often, the damage to an individual’s credit occured as a result of circumstances beyond their control, including job losses and unexpected illnesses. However, even when fortunes take a turn for the worse, the financial necessities of life remain. Home and auto repairs, education expenses, medical bills and other obligations do not simply disappear in times of economic misfortune. Indeed, those hardest hit by the economic crisis are the people least likely to have asssets available for use as loan collateral. In such cases, unsecured personal loans may be the answer.
Bad credit borrowers considering unsecured personal loans must weight the costs and benefits of initiating such transactions. Despite recent interest rate declines in an overall sense, any unsecured personal loan product is almost certain to have a very high interest rate attached. Substantial fees and penalties may also accompany this type of transaction, as they are among the only incentives lenders have to justify the risk they incur by making this kind of loan. However, it is possible to comparison shop for the most advantageous unsecured personal loan terms, and find lenders willing to waive prepayment penalties and who will also report prompt payment history to credit reporting agencies. The latter loan feature will help the borrower begin climbing the credit score ladder once again. Anyone with damaged credit who is considering an unsecured personal loan must carefully examine their own circumstances and shop for the best loan product to meet their unique needs.