16 Nov, 2006
Danger!! Money borrowed from the equity in your home should be used to conserve, not consume! Unfortunately, you can see many home equity lines of credit darting across the lakes or on the mountain slopes.
The equity in your home is not like an ATM. The worst thing you can do is borrow against your home equity and buy depreciating assets. You borrow equity to conserve not consume. Read the rest of this entry »
3 Nov, 2006
Sometimes a variety of circumstances combine to cause a cash flow crisis and the result is an over-extension of credit. This can lead to emotional and marital problems in addition to the financial turmoil. When a person has reached this situation, there are several steps to be considered:
- Immediate cessation of the use of credit
- Evaluation of the extent of the problem - listing debts
- Consideration of declaring bankruptcy
- Seeking the services of a credit counseling service
- Developing your own workout resolution Read the rest of this entry »