Tag Archives: debt

The Debt Problem: Your Financial Worries, and How to Fix Them

Everyone worries. Even the most optimistic person has worries — most likely that people think they’re too optimistic. If not careful, these worries can fill people’s heads, leaving little space to figure out how to correct their ongoing issues. You also have worries — mostly in the financial category. With a young family which seems to need more every week, your worries morph into apocalyptic scenarios where you’re all out on the street, or the bank is hammering a Foreclosure sign on your home, or one of your children needs emergency surgery or dental work. And when you review your checking account, you worry how you’ll ever get out of the mess you made when you started said young family, as now you’re in a bundle of debt.Continue Reading

Your Financial Perseverance: How Bad Do You Want It?

Over the last year or so, we at Young Family Finance have provided you with tips and plans on how to make you and your young family as financially stable as possible. We’ve given advice on insurance, home shopping, car purchases, schooling and vacation planning. We told you where your money should be at this time and provided encouragement to reach your goals. You’ve read many of our articles, agreed with them and then went back to watching cat videos.Continue Reading

Let’s Go House Hunting — Or Not

Spring and summer mean different things to young families. For some it’s a time of fun and adventure, while others anticipate a lengthy period of relaxation and recharging. And then there are those who don’t fit in either category. They’re the families who page through Trulia and Zillow looking for a new home to move into before the new school year begins.Continue Reading

Why You Need to Get Out of Debt

Debt has been in the news as of late, whether it’s a discussion of the government debt ceiling or the accumulated student loan debt of college students. Then there’s the continued issue young families have with consumer debt, which averages around $15,000 per household. The first debt problem is something politicians need to handle at some point in time. The other two issues are solely in the laps of young families. Yet some folks want to pretend that debt isn’t there.Continue Reading

What to Teach Your Children About Money

In these times, when many young families are still digging themselves out of debt after the Great Recession, talking to your kids about money should rank up there with discussions on drugs, sex and why Justin Beiber should be deported. You may not want to believe it now because they’re still in elementary school, but your children are the next generation of leaders, and they need to learn from our mistakes before they continue the trend of overspending without the available funds.Continue Reading

The Credit Scale: Where You Want to Be

It’s important to know how your credit scale can affect you when applying for loans, buying a car, or a home. Money may be needed for other reasons and being able to access it at the right time is vital. The credit scale is an estimation of how credit worthy an individual or business is. It’s based upon detailed analysis of overall personal and financial credit history. The higher the score the more credit worthy. And lenders become very willing to make a loan, extend credit or advance money. Lower scores will mean loan denials or loans granted at much higher interest rates. A person with a low credit scale and score is considered a riskier bet because they may not repay the debt. There are a couple of things that you need to know if planning to apply for any type of credit. First, it’s a good idea for everyone to know what their credit score is, and second, how that score is tallied into the credit scale.Continue Reading

Debt Tips: The Light at the End of the Financial Tunnel

Debt sucks. There’s no sugarcoating this dilemma. Ranging from a few hundred dollars to tens of thousands owed to someone or some organization, financial debt hangs around your neck like an albatross. And no matter how many times you try to pull the bird off of you it seems to get heavier when something else comes along that pushes you further away from becoming debt free.Continue Reading

Easing the Pain of Student Loan Debt

The goal of young families is to start their lives with a clean financial slate. Sometimes this can be accomplished by getting rid of credit cards, spending less than they earn, and building an emergency fund. Other times, like with excessive student loan debt, clearing the slate is harder to accomplish. According to the website American Student Assistance, outstanding loan debt has exceeded $1 trillion in 2013, almost $900 billion of that in federal assistance. It seems a daunting task to reduce this debt, but there are some things to help mitigate the consequences. Below are a few of them.Continue Reading

The Light at the End of the Financial Tunnel

This past summer was not the best for my family when it came to finances. With growing and constantly eating children, new school clothes and supplies, and a busy schedule where any chance to earn additional money to pay off debts fizzled in the heat, my goal toward financial freedom seemed even further away then it did during the first half of the year. This scenario plays out across millions of households as those in charge of finances shake their heads at their growing or stagnant debt and wonder how to find the light at the end of the tunnel.Continue Reading

Answer Yourself Out Of Debt

Your paycheck isn’t doing as much as it used to, and it has nothing to do with inflation. As you make your way down the budget categories you realize the money you make is going into several areas where there are more red highlights than black. In other words, you’re in debt. Every time this ritual is performed you declare the time is now for your young family to become debt free. However, the red numbers keep getting bigger.Continue Reading