Is Your Compulsive Spending an Addiction?
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Is each slot of your wallet filled with a credit card of some sort? Do you find yourself experiencing a euphoric feeling or “high” when you swipe your credit card at any type of store? Is this feeling of euphoria followed by a low feeling shortly afterwards? Do you find yourself making excuses for why you must have an item? Are you the first one to the mailbox each day in hopes of getting the credit card bill before anyone else does? If you answered yes to any of these questions or to all of these questions you may have an addiction. (more…)
If you're new here, you may want to subscribe to my RSS feed. Want more frequent updates follow me on Twitter. Thanks for visiting!
Is each slot of your wallet filled with a credit card of some sort? Do you find yourself experiencing a euphoric feeling or “high” when you swipe your credit card at any type of store? Is this feeling of euphoria followed by a low feeling shortly afterwards? Do you find yourself making excuses for why you must have an item? Are you the first one to the mailbox each day in hopes of getting the credit card bill before anyone else does? If you answered yes to any of these questions or to all of these questions you may have an addiction. (more…)
In times of economic crisis, we may need to seek help from as many outlets as possible. Loans are available from banks with good credit and collateral to protect the bank from losses. As banks are out to make a profit, they must protect themselves from defaults by securing collateral to use if a borrower cannot pay their loan back.
Before you decide to settle your debt for less than it’s worth, realize that there are consequences to this action. It may be tempting to want to get rid of your debt overnight, but doing so can completely ruin your credit for many years. If you have an option to renegotiate the terms of the loan, or consolidating multiple loans, this might eventually be the best solution even if it adds 2 to 5 years of more debt elimination on your plate. If you choose to settle instead, that information is recorded in your credit history and it can affect your chances of getting an apartment, employment, or even financing for a home. 

