For a program that was supposed to last until November, Cash for Clunkers is quickly, and I mean light-speed-quickly, running out of voucher money. The $4,500 that consumers were supposed to get when they trade in their clunker is not guaranteed anymore.
On Thursday evening, car dealerships across the country were told to stop the Cash for Clunkers program, only a week after the program began. While there’s still confusion as to whether the money is there and consumer will get their voucher, or whether the program is in fact suspended, it is known that the $1 billion that was allotted for the Cash for Clunkers program is just about dry.
The White House said on Friday that “cash for clunkers” was still alive, Matthew L. Wald of The Times is reporting. Robert Gibbs, a White House spokesman, said the administration was looking for ways to continue the program. “If you were planning on going to buy a car this weekend using this program, the program continues to run,” he said. “If you meet the requirements of the program, the certificates will be honored.” Mr. Gibbs said the administration planned to meet with Congressional leaders to find ways to save the program. By the way, the “money meter” has been taken down from the C.A.R.S. Web site. —NYTimes
According to many sources, including the Phoenix Business Journal and the Detroit Free Press, congress is considering pumping $2 billion more into the Cash for Clunkers program to keep it alive. The money will come from unused recovery funds, and congress is hoping to get a vote by today (Friday).
Unlike many economic-growing ideas that have come out of congress and the white house, this is one of the few that has actually worked. Other voucher and tax rebate programs for energy efficient technologies has also been effective.
So, the real question is this Cash for Clunkers program helping? The answer: a little bit. Many car companies are seeing a rise in sales as compared to last year, and Ford Motor Company is reporting a “dramatic” rise.
After getting your Cash for Clunker voucher, get out of debt with http://www.thedebtsettlementprogram.com.
Friday, July 31, 2009
Thursday, July 30, 2009
New Credit Card Rules
Thanks to Obama’s signature on the Credit Card Accountability, Responsibility and Disclosure Act, your credit card company absolutely has to give you a 45 day notice before raising your interest rates. The downfall to this great news is that credit card companies will definitely be raising your interest rates before the rest of the Act goes into effect next year. For now, there is no interest rate cap. In a year, there will be.
As of August 20, your credit card company must notify you of the impending interest rate hikes, and must also give you some options. You can either pay the higher interest rate and just go with the flow. If you have a low balance on your credit card, it might not really affect your monthly payments, but it might affect your credit score if you keep a small balance on the card. Keeping the balance at around 20% could be a good thing for your credit score, if you can afford to do that.
Your credit card company must also give you the option to pay off your current balance at the current rate, before the interest rate rises to something outrageous. This might seem like a great option, considering your credit card company will probably take advantage of the no cap, but it also might affect your credit score negatively.
According to USA Today, paying off your balance at the old rate usually ends up in a closed account, and a closed account is one less account reporting positively to the credit bureaus for you. When you close your credit card account, your total available credit shrinks, which could possibly bring down your credit score because, even though you paid off the account and have no negative reports from them, you also have no positives because you now have less available credit to your name.
It’s really a catch-22, because who wants to pay the outrageous interest rates when you are responsible and making your current payments on time? But, these days who wants to affect their credit in any negative way? So, what do you do?
It depends on your balance, and if you think that you can afford to keep paying it when they raise the interest rates. You have 45 days to come to a decision, so weigh out your options and decide whether your credit is a work-in-progress and you need to keep it as active and positive as possible, or whether your credit is already steady and high and you’re just not worried about it.
For more information on how to pay off your credit card debt, visit http://www.thedebtsettlementprogram.com.
As of August 20, your credit card company must notify you of the impending interest rate hikes, and must also give you some options. You can either pay the higher interest rate and just go with the flow. If you have a low balance on your credit card, it might not really affect your monthly payments, but it might affect your credit score if you keep a small balance on the card. Keeping the balance at around 20% could be a good thing for your credit score, if you can afford to do that.
Your credit card company must also give you the option to pay off your current balance at the current rate, before the interest rate rises to something outrageous. This might seem like a great option, considering your credit card company will probably take advantage of the no cap, but it also might affect your credit score negatively.
According to USA Today, paying off your balance at the old rate usually ends up in a closed account, and a closed account is one less account reporting positively to the credit bureaus for you. When you close your credit card account, your total available credit shrinks, which could possibly bring down your credit score because, even though you paid off the account and have no negative reports from them, you also have no positives because you now have less available credit to your name.
It’s really a catch-22, because who wants to pay the outrageous interest rates when you are responsible and making your current payments on time? But, these days who wants to affect their credit in any negative way? So, what do you do?
It depends on your balance, and if you think that you can afford to keep paying it when they raise the interest rates. You have 45 days to come to a decision, so weigh out your options and decide whether your credit is a work-in-progress and you need to keep it as active and positive as possible, or whether your credit is already steady and high and you’re just not worried about it.
For more information on how to pay off your credit card debt, visit http://www.thedebtsettlementprogram.com.
Tuesday, July 28, 2009
Cash for Clunkers
We’ve talked about the cash for clunkers before, but it seems that since the auto makers and dealerships have started advertising the program as their own, it’s really been picking up steam. The house and Obama’s administration have finally come to a decision on how the plan will exactly work, and the auto makers and taking it and running.
Since the recession, car dealerships have been losing ground dramatically. Car sales are currently at the lowest they’ve been in 30 years, and the dealerships are looking for anything to help them pick up the pace again.
The program provides vouchers ranging from $3,500 to $4,500 as an incentive for consumers to turn in older vehicles to buy more fuel-efficient cars. It runs through Nov. 1 or when the $1 billion that Congress allotted runs out, according to the Detroit Free Press.
If your car gets less than 18 miles to the gallon, and is less than 25 years old, you could qualify for the voucher when purchasing your new and more efficient vehicle. The government is expecting a sharp increase in car sales due to this Cash for Clunkers program. Before November 1st, or the money runs out, their foreseeing 250,000 auto sales, spurring an industry that is down 35%.
While most are happy to get rid of their gas-guzzlers through the Cash for Clunkers program, many are concerned about the trashed parts that could be used to fix older cars. According to Newsday, more auto parts supply chains are filing bankruptcy every day, which leaves people wondering where they’re going to get their replacement parts if thousands of older cars are about to be destroyed.
Cash for Clunkers officially began on Friday.
Looking for ways to get out of debt while you're getting your voucher? Visit http://www.thedebtsettlementprogram.com.
Since the recession, car dealerships have been losing ground dramatically. Car sales are currently at the lowest they’ve been in 30 years, and the dealerships are looking for anything to help them pick up the pace again.
The program provides vouchers ranging from $3,500 to $4,500 as an incentive for consumers to turn in older vehicles to buy more fuel-efficient cars. It runs through Nov. 1 or when the $1 billion that Congress allotted runs out, according to the Detroit Free Press.
If your car gets less than 18 miles to the gallon, and is less than 25 years old, you could qualify for the voucher when purchasing your new and more efficient vehicle. The government is expecting a sharp increase in car sales due to this Cash for Clunkers program. Before November 1st, or the money runs out, their foreseeing 250,000 auto sales, spurring an industry that is down 35%.
While most are happy to get rid of their gas-guzzlers through the Cash for Clunkers program, many are concerned about the trashed parts that could be used to fix older cars. According to Newsday, more auto parts supply chains are filing bankruptcy every day, which leaves people wondering where they’re going to get their replacement parts if thousands of older cars are about to be destroyed.
Cash for Clunkers officially began on Friday.
Looking for ways to get out of debt while you're getting your voucher? Visit http://www.thedebtsettlementprogram.com.
Friday, July 24, 2009
Debt Settlement vs Debt Consolidation
It seems to be the question of the hour today, so I figured we dwell on it for a while. When you’re drowning in debt, sometimes it’s hard to know what path to take in order to get out of debt. There’s bankruptcy, debt consolidation, debt counseling, debt settlement, and then there’s the path where you do nothing and just hope it all goes away. My advice, don’t take the latter.
Basically, debt consolidation is taking all of the credit card debt that you are in, each with probably a high interest rate, and consolidating them into one monthly payment with hopefully a smaller interest rate. Seems simple, right? Well, if you read the fine print you’ll realize that it’s not as easy as it may seem.
One of the problems with debt consolidation is that going down this road usually takes good, or at least decent, credit. If you are drowning in debt and have many credit cards on their way to collections, you probably do not have good credit. If you do find a company that offers debt consolidation loans and options to those with bad credit, keep your eye on the fine print. There will more than likely be a sea of fees and upfront costs coming your way, as well as finite guarantees stating that if you do not pay off your debt consolidation loan there will be huge consequences.
If you are considering debt consolidation companies, do your homework. Make sure there are no upfront fees and no hidden print that will inevitably put you at risk later. Debt consolidation companies will sound like the easy way out, offering better interest rates, but if your credit card rates are at 25 percent, and the debt consolidation company is offering 21 percent, it’s still not a good interest rate. Debt consolidation companies might also end up charging you more in interest, but have worked it out so that your monthly payments are lower. In reality, you are paying more in the long run to get out of debt.
The best move that you can make is to either ‘cowboy-up’ and find a way to pay off your credit card debt on your own, or get help from a debt settlement company. If you chose to pay off your debt on your own, good for you! It’s hard work, and will take extreme dedication and willpower, but it can be done.
If you chose to use a debt settlement company, they will take the stress out of dealing with you creditors and worrying about harassing phone calls. Debt settlement companies will negotiate with your creditors for you, and even set you up with an easy to use savings account. They’ll negotiate a monthly deposit amount with you that will fit within your budget, and while you’re working to build up that savings account they’ll harass the creditors for you. They’ll get your settlement down to a reasonable rate, usually you original balance (or lower) with no extra fees or interest rates tagged on.
When deciding whether to you a debt consolidation company, or a debt settlement company, even simply the names of the two distinct paths offers some reassurance. The debt consolidation company will probably get you into deeper debt, while the debt settlement company will do just that, settle your debt.
For more information on debt settlement, visit http://www.thedebtsettlementprogram.com.
Basically, debt consolidation is taking all of the credit card debt that you are in, each with probably a high interest rate, and consolidating them into one monthly payment with hopefully a smaller interest rate. Seems simple, right? Well, if you read the fine print you’ll realize that it’s not as easy as it may seem.
One of the problems with debt consolidation is that going down this road usually takes good, or at least decent, credit. If you are drowning in debt and have many credit cards on their way to collections, you probably do not have good credit. If you do find a company that offers debt consolidation loans and options to those with bad credit, keep your eye on the fine print. There will more than likely be a sea of fees and upfront costs coming your way, as well as finite guarantees stating that if you do not pay off your debt consolidation loan there will be huge consequences.
If you are considering debt consolidation companies, do your homework. Make sure there are no upfront fees and no hidden print that will inevitably put you at risk later. Debt consolidation companies will sound like the easy way out, offering better interest rates, but if your credit card rates are at 25 percent, and the debt consolidation company is offering 21 percent, it’s still not a good interest rate. Debt consolidation companies might also end up charging you more in interest, but have worked it out so that your monthly payments are lower. In reality, you are paying more in the long run to get out of debt.
The best move that you can make is to either ‘cowboy-up’ and find a way to pay off your credit card debt on your own, or get help from a debt settlement company. If you chose to pay off your debt on your own, good for you! It’s hard work, and will take extreme dedication and willpower, but it can be done.
If you chose to use a debt settlement company, they will take the stress out of dealing with you creditors and worrying about harassing phone calls. Debt settlement companies will negotiate with your creditors for you, and even set you up with an easy to use savings account. They’ll negotiate a monthly deposit amount with you that will fit within your budget, and while you’re working to build up that savings account they’ll harass the creditors for you. They’ll get your settlement down to a reasonable rate, usually you original balance (or lower) with no extra fees or interest rates tagged on.
When deciding whether to you a debt consolidation company, or a debt settlement company, even simply the names of the two distinct paths offers some reassurance. The debt consolidation company will probably get you into deeper debt, while the debt settlement company will do just that, settle your debt.
For more information on debt settlement, visit http://www.thedebtsettlementprogram.com.
Wednesday, July 22, 2009
Stephen Baldwing Files Bankruptcy
The middle class aren’t the only people struggling to make it through this recession, even the celebs are struggling. Today, Stephen Baldwin, Mr. Born-Again-Christian and part of the infamous Baldwin clan, has filed for bankruptcy. Apparently not even his short stay on “I’m a Celebrity, Get Me Out Of Here” could save his financial situation.
Not too long ago there were rumor s circulating that Stephen Baldwin was having financial troubles and was considering selling his million-dollar home. Of course, in classic celebrity style, Baldwin shot down those rumors with some story about simply refinancing to get a better deal while rates were good.
It’s funny, because it was as I was driving to work that I heard him on the radio denying every rumor about his financial situation. But debt and bankruptcy is no laughing matter, even for a celebrity, and it can be incredibly difficult and a little embarrassing to talk about.
But the truth of the matter is that bankruptcy and debt are two things that everyone is dealing with right now, so seeing a celebrity have to go down the same path that you may be walking down should assure you that times are hard for everyone.
Court documents show that Stephen Baldwin and his wife owe more than $700,000 in credit card debt, on top of millions for taxes and mortgages. Perhaps you should be feeling lucky that you’re not in debt that deeply.
Even the infamous Victoria Gotti is deeply in debt. Annie Leibovitz, famous photographer to the stars, is $715,000 in debt as well. The list goes on and on. What does this say about our lives and our economy? It says that the recession is hitting everyone, and you better learn how to limit your spending, even if you’re a celebrity.
For more information on debt settlement, visit http://www.thedebtsettlementprogram.com.
Not too long ago there were rumor s circulating that Stephen Baldwin was having financial troubles and was considering selling his million-dollar home. Of course, in classic celebrity style, Baldwin shot down those rumors with some story about simply refinancing to get a better deal while rates were good.
It’s funny, because it was as I was driving to work that I heard him on the radio denying every rumor about his financial situation. But debt and bankruptcy is no laughing matter, even for a celebrity, and it can be incredibly difficult and a little embarrassing to talk about.
But the truth of the matter is that bankruptcy and debt are two things that everyone is dealing with right now, so seeing a celebrity have to go down the same path that you may be walking down should assure you that times are hard for everyone.
Court documents show that Stephen Baldwin and his wife owe more than $700,000 in credit card debt, on top of millions for taxes and mortgages. Perhaps you should be feeling lucky that you’re not in debt that deeply.
Even the infamous Victoria Gotti is deeply in debt. Annie Leibovitz, famous photographer to the stars, is $715,000 in debt as well. The list goes on and on. What does this say about our lives and our economy? It says that the recession is hitting everyone, and you better learn how to limit your spending, even if you’re a celebrity.
For more information on debt settlement, visit http://www.thedebtsettlementprogram.com.
Wednesday, July 15, 2009
Cash-for-clunkers
Looking for a way to make some extra money? How about $4,500 extra? Well, Cash-for-clunkers, formerly known as Car Allowance Rebate System, could earn you a pretty penny when you trade in your old gas guzzler for something a bit more fuel efficient and eco-friendly.
Cash-for-clunkers was approved bank on June 1st, but will not actually go into effect until “on or around” July 24th. So, for now the details are a bit sketchy, but keep an eye on this one if you’re drowning in debt and looking to make a change regarding your transportation.
Preliminary rules saying clunkers must be less than 25 years old and get 18 miles per gallon or less in combined city/highway mileage also have hurt.—Wall Street Journal
If you’re driving a car that gets less than 18 miles per gallon, you are spending a ridiculous amount in gas money every month and should definitely get rid of that car. Cash-for-clunkers is a great incentive to get something that will not only save you money on gas in the long run, but will help the environment.
Cash-for-clunkers is being devoured by local car dealerships, hoping to cash in on the consumer incentives with higher car sales this year, but the reception has been limited. Consumers are leery of whether there car will actually qualify as a clunker.
If you’re drowning in debt, however, like most Americans during this recession, Cash-for-clunkers might be a great option for you. With a $4,500 incentive, purchasing a new and more fuel efficient car is easier than ever.
For all the info you need on how to get out of debt, visit http://www.thedebtsettlementprogram.com.
Cash-for-clunkers was approved bank on June 1st, but will not actually go into effect until “on or around” July 24th. So, for now the details are a bit sketchy, but keep an eye on this one if you’re drowning in debt and looking to make a change regarding your transportation.
Preliminary rules saying clunkers must be less than 25 years old and get 18 miles per gallon or less in combined city/highway mileage also have hurt.—Wall Street Journal
If you’re driving a car that gets less than 18 miles per gallon, you are spending a ridiculous amount in gas money every month and should definitely get rid of that car. Cash-for-clunkers is a great incentive to get something that will not only save you money on gas in the long run, but will help the environment.
Cash-for-clunkers is being devoured by local car dealerships, hoping to cash in on the consumer incentives with higher car sales this year, but the reception has been limited. Consumers are leery of whether there car will actually qualify as a clunker.
If you’re drowning in debt, however, like most Americans during this recession, Cash-for-clunkers might be a great option for you. With a $4,500 incentive, purchasing a new and more fuel efficient car is easier than ever.
For all the info you need on how to get out of debt, visit http://www.thedebtsettlementprogram.com.
Friday, July 10, 2009
Credit Card Debt and Your Health
Being in debt can make you do some crazy things sometimes. Take Steve McNair’s debt-stricken girlfriend, for example. That may be one extreme, but the stress the debt causes can be unbearable at times.
According to an AP poll done in 2008, people dealing with stress from credit card debt are far more likely to report health problems and subsequently visit the family doctor, which will involve more payments and probably more debt. It is an endless cycle.
Although most people appear to be managing their debts all right, perhaps 10 million to 16 million are "suffering terribly due to their debts, and their health is likely to be negatively impacted,'' says Paul J. Lavrakas, a research psychologist and AP consultant who analyzed the results of the survey. Those are people who reported high levels of debt stress and suffered from at least three stress-related illnesses, he says.—MSNBC
The 2008 survey showed that muscle tension, severe migraines, panic attacks, ulcers and even heart attacks can be a realistic result of credit card debt. It’s more than just a matter of money, credit card debt is a matter of your health.
With the economy in shambles, it’s understandable that most American’s are feeling the pinch and are struggling to make their payments, and are more likely to also be struggling with their health. Revolving consumer debt, almost all from credit cards, now totals $957 billion, compared with $800 billion in 2004, according to the Federal Reserve.
It’s ironic that in most situations it is a health crisis or unexpected accident that causes most people to fall into debt in the first place. In today’s climate, when that credit card debt results in extreme stress, you are right back to where you started from with unexpected health concerns and more money to pay out.
Getting out of debt with a trusted and reliable company might be the answer you’ve been looking for to relieve your stress and save your health. With The Debt Settlement Program, we can take care of the harassing phone calls and negotiate a settlement that you can afford. Why would you want to continue this cycle of despair, when there is a way out?
According to an AP poll done in 2008, people dealing with stress from credit card debt are far more likely to report health problems and subsequently visit the family doctor, which will involve more payments and probably more debt. It is an endless cycle.
Although most people appear to be managing their debts all right, perhaps 10 million to 16 million are "suffering terribly due to their debts, and their health is likely to be negatively impacted,'' says Paul J. Lavrakas, a research psychologist and AP consultant who analyzed the results of the survey. Those are people who reported high levels of debt stress and suffered from at least three stress-related illnesses, he says.—MSNBC
The 2008 survey showed that muscle tension, severe migraines, panic attacks, ulcers and even heart attacks can be a realistic result of credit card debt. It’s more than just a matter of money, credit card debt is a matter of your health.
With the economy in shambles, it’s understandable that most American’s are feeling the pinch and are struggling to make their payments, and are more likely to also be struggling with their health. Revolving consumer debt, almost all from credit cards, now totals $957 billion, compared with $800 billion in 2004, according to the Federal Reserve.
It’s ironic that in most situations it is a health crisis or unexpected accident that causes most people to fall into debt in the first place. In today’s climate, when that credit card debt results in extreme stress, you are right back to where you started from with unexpected health concerns and more money to pay out.
Getting out of debt with a trusted and reliable company might be the answer you’ve been looking for to relieve your stress and save your health. With The Debt Settlement Program, we can take care of the harassing phone calls and negotiate a settlement that you can afford. Why would you want to continue this cycle of despair, when there is a way out?
Is Your Credit Card Debt Giving You Ulcers?
Being in debt can make you do some crazy things sometimes. Take Steve McNair’s debt-stricken girlfriend, for example. That may be one extreme, but the stress the debt causes can be unbearable at times.
According to an AP poll done in 2008, people dealing with stress from credit card debt are far more likely to report health problems and subsequently visit the family doctor, which will involve more payments and probably more debt. It is an endless cycle.
Although most people appear to be managing their debts all right, perhaps 10 million to 16 million are "suffering terribly due to their debts, and their health is likely to be negatively impacted,'' says Paul J. Lavrakas, a research psychologist and AP consultant who analyzed the results of the survey. Those are people who reported high levels of debt stress and suffered from at least three stress-related illnesses, he says.—MSNBC
The 2008 survey showed that muscle tension, severe migraines, panic attacks, ulcers and even heart attacks can be a realistic result of credit card debt. It’s more than just a matter of money, credit card debt is a matter of your health.
With the economy in shambles, it’s understandable that most American’s are feeling the pinch and are struggling to make their payments, and are more likely to also be struggling with their health. Revolving consumer debt, almost all from credit cards, now totals $957 billion, compared with $800 billion in 2004, according to the Federal Reserve.
It’s ironic that in most situations it is a health crisis or unexpected accident that causes most people to fall into debt in the first place. In today’s climate, when that credit card debt results in extreme stress, you are right back to where you started from with unexpected health concerns and more money to pay out.
Getting out of debt with a trusted and reliable company might be the answer you’ve been looking for to relieve your stress and save your health. With The Debt Settlement Program, we can take care of the harassing phone calls and negotiate a settlement that you can afford. Why would you want to continue this cycle of despair, when there is a way out?
According to an AP poll done in 2008, people dealing with stress from credit card debt are far more likely to report health problems and subsequently visit the family doctor, which will involve more payments and probably more debt. It is an endless cycle.
Although most people appear to be managing their debts all right, perhaps 10 million to 16 million are "suffering terribly due to their debts, and their health is likely to be negatively impacted,'' says Paul J. Lavrakas, a research psychologist and AP consultant who analyzed the results of the survey. Those are people who reported high levels of debt stress and suffered from at least three stress-related illnesses, he says.—MSNBC
The 2008 survey showed that muscle tension, severe migraines, panic attacks, ulcers and even heart attacks can be a realistic result of credit card debt. It’s more than just a matter of money, credit card debt is a matter of your health.
With the economy in shambles, it’s understandable that most American’s are feeling the pinch and are struggling to make their payments, and are more likely to also be struggling with their health. Revolving consumer debt, almost all from credit cards, now totals $957 billion, compared with $800 billion in 2004, according to the Federal Reserve.
It’s ironic that in most situations it is a health crisis or unexpected accident that causes most people to fall into debt in the first place. In today’s climate, when that credit card debt results in extreme stress, you are right back to where you started from with unexpected health concerns and more money to pay out.
Getting out of debt with a trusted and reliable company might be the answer you’ve been looking for to relieve your stress and save your health. With The Debt Settlement Program, we can take care of the harassing phone calls and negotiate a settlement that you can afford. Why would you want to continue this cycle of despair, when there is a way out?
Wednesday, July 8, 2009
Debt Settlement In California
In this current economy, every citizen California is struggling to make those mortgage, car, and credit card payments each month. If you are feeling the pinch and spending late nights discussing bankruptcy as an option, consider The Debt Negotiators and our brand new option which offers debt settlement with no upfront fees and no hidden costs. Times are tough California, and we’ve taken the hassle out of debt settlement for you with The Simple Plan.
With The Simple Plan, we can help you get out of debt in California for less. We offer experienced negotiators, free consultations, and excellent customer service to guide you through the entire process and reach a debt settlement with your creditors that you will be satisfied with.
When it comes to debt and bankruptcy in California, it’s important to know there are options out there. Every state has their own set
of rules and regulations regarding debt, so do your research, but know that you are not alone in your struggle. The bankruptcy rate is climbing in every state, and California bankruptcy rates are no different. In 2007, 70,653citizens of California filed for bankruptcy. That may seem like an outrageous number, but in 2008 that number had risen to 130,503, and already in 2009 California bankruptcy numbers are at 41,700. Residents of California are struggling everyday with whether to file for bankruptcy or not.
With all of this information in mind, consider The Simple Plan as an option for your debt recovery. California debt settlement is within reach, and we can help.
Wednesday, July 1, 2009
Michael Jackson's Debt
Everyone is talking about Michael Jackson, his debt, his legacy, and his kids. You can’t turn on the television without seeing Michael Jackson’s face or hearing his music. Needless to say, it’s been an interesting few days and it will probably only get more interesting as Michael’s will is understood.
What we want to deal with today is Michael Jackson’s debt, his family’s new debt, and who will have to pay off his millions. When you pass, you want your family to be secure in the knowledge that your debt will not be transferred to them. You don’t want your unsettled debt and stress to be passed along to your family. However, when we are struggling and drowning in our own debt and worrying about how we’re going to make our next mortgage or car payment, getting out of debt to save our family from it is the last thing on our minds. Let me tell you though, it should be the first.
Michael Jackson was reportedly in debt over $400 million at the time of his death. Many of us will not even come close to making that much money in one lifetime. Jackson’s debt was nearly half-a-billion dollars! If you can wrap your head around that number, you might begin to grasp what kind of debt Michael Jackson’s family is left with. His net worth is unclear at the moment, which would be considered when deciding how to pay his debt.
When you pass, whether or not your family is responsible for your outstanding debt usually depends on what else you leave behind. The debt has to be paid, one way or another, and it could mean your family’s inheritance, the house you left to your children, your old baseball cards, or anything that credit card companies could use to pay for your unsettled debt.
Laws in each state tend to vary, so in California your family might be responsible for this percentage of your debt, while in Texas they might be responsible for a different amount. Everything varies and it’s incredibly important that you understand these things. It is also crucial that you have a will. Many financial questions will be answered by what you state in your will. Michael Jackson’s will left his entire estate to the family trust.
It is extremely important that you get out of debt before you pass so that your family is not burdened with more stress. The last thing that you want your children to have to deal with during that rough emotional time is how your unsettled debt is going to be paid and what items of your will be sold.
What we want to deal with today is Michael Jackson’s debt, his family’s new debt, and who will have to pay off his millions. When you pass, you want your family to be secure in the knowledge that your debt will not be transferred to them. You don’t want your unsettled debt and stress to be passed along to your family. However, when we are struggling and drowning in our own debt and worrying about how we’re going to make our next mortgage or car payment, getting out of debt to save our family from it is the last thing on our minds. Let me tell you though, it should be the first.
Michael Jackson was reportedly in debt over $400 million at the time of his death. Many of us will not even come close to making that much money in one lifetime. Jackson’s debt was nearly half-a-billion dollars! If you can wrap your head around that number, you might begin to grasp what kind of debt Michael Jackson’s family is left with. His net worth is unclear at the moment, which would be considered when deciding how to pay his debt.
When you pass, whether or not your family is responsible for your outstanding debt usually depends on what else you leave behind. The debt has to be paid, one way or another, and it could mean your family’s inheritance, the house you left to your children, your old baseball cards, or anything that credit card companies could use to pay for your unsettled debt.
Laws in each state tend to vary, so in California your family might be responsible for this percentage of your debt, while in Texas they might be responsible for a different amount. Everything varies and it’s incredibly important that you understand these things. It is also crucial that you have a will. Many financial questions will be answered by what you state in your will. Michael Jackson’s will left his entire estate to the family trust.
It is extremely important that you get out of debt before you pass so that your family is not burdened with more stress. The last thing that you want your children to have to deal with during that rough emotional time is how your unsettled debt is going to be paid and what items of your will be sold.
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