Archive for October, 2009
Debt Collectors
by Ryan Loos on Oct.19, 2009, under Debt
What has your experience been with debt collectors? I am currently on the phone with Bank of America and this is one of the few times that they have been helpful and willing to look my client’s situation. BofA is usually very hard to deal with. I was on the phone earlier with Chase and talked to two different people. One was extremely nice and offered a settlement of 50% and the other said pay in full. Seems to me that they need to get on the same page! Tell me what you think and how have your conversations gone with debt collectors?
Cost of Living
by Ryan Loos on Oct.12, 2009, under Budgeting
Is it just me or does it seem like prices for regular items (groceries, soap, etc.) are going up again? My wife and I went shopping for our monthly staples the other day and I was shocked at how prices have gone up even from last month. What are your thoughts? How are you saving money with your bills?
Saving and the Economy
by Shaun Somers on Oct.01, 2009, under Budgeting
Americans and Canadians are finally beginning to save money again. For a few years in the mid-2000′s savings rates actually became negative in America, meaning that families on average were going more in debt each year. Thanks to the recession, people are beginning to consume less and set aside more money for a rainy day. Unfortunately there are many commentators who percieve this as a bad thing! They think that people borrowing money and spending it is what is needed to return the economy to growth. Nothing could be further from the truth. The fact is that too much borrowing and spending (by individuals as well as governments) is what caused the current crisis; it can hardly be fixed with more of the same. The savings of today become the basis for future expansion and growth of the economy as they are put to use by entrepreneurs and investors to produce more wealth, instead of to merely spend on more stuff like the average consumer would. We Canadians are fortunate that our government has recognized the value of saving by creating the Tax Free Savings Account (TFSA), a fantastic vehicle that allows us to save for anything, not just retirement, and all growth is entirely tax free. Unfortunately governments the world over are also discouraging saving by setting interest rates almost ridiculously low. Even so, don’t be ashamed of saving instead of spending. Get out of debt, save an emergency fund and save for your and your children’s future; and do so knowing that it’s helping the economy more than people spending money they don’t have.
