Tag: financial security

Barbara O’Neill, Ph.D., CFP®, Rutgers Cooperative Extension, oneill@aesop.rutgers.edu

The best way to select a credit card is to match it to your intended use and bill-paying habits. Are you a “revolver?” Revolvers are credit card users who rarely, if ever, pay their credit card bills in full and, thus, pay finance charges each month to carry outstanding debt. If you plan to carry a balance from month to month, select a credit card with a permanently low-interest rate; i.e., not …

Barbara O’Neill, Ph.D., CFP®, Rutgers Cooperative Extension, oneill@aesop.rutgers.edu

Got outstanding loan balances and credit card debt? Do monthly payments seem overwhelming? You are not alone. The ability to “buy now and pay later,” coupled with slick advertising, has made living beyond one’s means very tempting. As a result, many Americans, at all income levels, went on a credit-fueled “spending spree” during the late 1990s and early 2000s. Now it’s time to pay back what we owe and get out of …

Barbara O’Neill, Ph.D., CFP®, Rutgers Cooperative Extension, oneill@aesop.rutgers.edu

The term “consumer debt” refers to all types of non-mortgage debt obligations. Examples include outstanding balances on credit cards, installment loans for cars and other “big ticket” items (e.g., furniture and appliances), and student loans. For every person with outstanding consumer debt, there comes a point, called “enough,” where carrying too much debt starts to cause financial stress. Even minimum required payments become difficult to make or perhaps some payments get skipped …

Barbara O’Neill, Ph.D., CFP®, Rutgers Cooperative Extension, oneill@aesop.rutgers.edu

Outstanding credit accounts often go to collection agencies when people fail to pay their creditors. One of the most stressful parts of being in debt is receiving phone calls and letters from collection agencies requesting immediate repayment of outstanding balances. It is typical for calls and letters to become more aggressive and threatening over time. The term “collection agency” describes a variety of business models that have one thing in common: recovering …

Barbara O’Neill, Ph.D., CFP®, Rutgers Cooperative Extension, oneill@aesop.rutgers.edu

According to Webster’s Dictionary, debt is defined as “the state of owing.” Most commonly, the word debt is used in reference to money that is owed to various creditors as in the case of debt incurred through loans and credit cards. How do you know when you have taken on too much debt? Take the following quiz to determine whether you are using credit wisely or getting in over your head.

Circle …