Marriage and Family Issues: Debt

We know that financial problems can strain a marriage and in fact stress the entire family. How does a family manage debt without making that hole deeper? With predatory lenders advertising at alarming rates, not to mention alarming interest rates, it is no wonder some families end up compounding their debt rather than alleviating it. Do any of the following facts surprise you? Couples or families that borrow even more money in an attempt to get out of debt are the number one source of profits for many lenders. Predatory lenders target families in debt for high interest loans and … Continue reading

Is Debt Consolidation a Good Idea?

Debt consolidation companies are a big business. Many are non-profit organizations that will help you pay off your debt. They will negotiate with your creditors to bring down the amount that you owe them. They will take a monthly payment from you and distribute it to all of your creditors. This will mean that you may save money over time, you will pay just one company, and eventually your debt will be paid off. This sounds like the perfect solution to many people. However, debt consolidation does have definite drawbacks. It does not look particularly good on your credit report … Continue reading