There are several different schools of thought about what order that you should employ when paying off debt. Some say to attack the high interest debt first. Others say that you should get rid of the smallest debt first. Depending on your style of personal finances, and what motivates, either of these methods can work for you. But there is another method for deciding what to pay off first that I read about at Poorer Than You: How annoying the debt is.
Debt annoyance theory
This theory of paying off debt has you look at what debts are bothering you the most. …read more

There are few things in life as scary as getting a debt collection notice. Indeed, getting a phone call or letter from a collection company can be quite unnerving. For many people, the instinct is to pay it immediately (if possible) and move on. However, before you start giving out personal and payment information, take a deep breath. Did you already pay off the debt? Do you actually owe the money? Can you afford to pay it right now?
A good way to start straightening everything out, and to make sure that you actually owe the debt, is to get a …read more

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This is a guest post from Scott Spiker with First Command Financial Services.
Recent survey results from the First Command Financial Behaviors Index leave no doubt that the economic downturn has many Americans feeling stressed about their finances and wondering where to turn for help. But there is a silver lining amidst all of this turmoil: consumers have rediscovered how to save and that’s one of the single most important things you can do to regain control of your finances and reduce financial stress.

You might be thinking “I can’t afford to save right now.” Maybe you are focused on paying down …read more

10 reasons to pay off debt now.

Mothers will be celebrated across the country today, but if you really love mom, you’ll encourage her to take a good look at her finances. That, according to Eleanor Blayney, CFP, is the greatest gift you can give.
Mothers are involved in 95% of family financial decisions. The make up one of the largest occupations (motherhood!) in the United States and are the chief supplier of our nation’s productive capital. However, they earn no salaries, insurance, days off, retirement accounts, or Social Security benefits. And to top it off, women live longer than men, which means they’ve got to be especially intentional …read more

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