The Ridgewood Blog Brings a Free Market Laissez-faire Point of View to Local, New Jersey State and National Issues.
Most people know that budgeting is an important part of managing money. But let’s face it—when it comes to sticking to a budget, many of us struggle. Sometimes, it feels like there’s always something unexpected coming up that throws the plan off course. Whether you’re trying to save for a vacation, pay off debt, or simply feel more in control of your spending, creating a solid spending plan is one of the most important steps you can take to ensure financial stability.
the staff of the Ridgewood blog
Ridgewood Nj, Village of Ridgewood Councilmember Evan Weitz once stated, “no big deal, we’ll just bond it and apply for grants”
Continue reading Village of Ridgewood : No big deal, We’ll just Bond it
Wage garnishment—it’s not a phrase you want to hear, especially if you’re already stressed about your finances. But understanding what wage garnishment is and how it works can help you navigate the process if you ever find yourself in this situation. Essentially, wage garnishment is when a portion of your paycheck is taken directly by a creditor to pay off a debt. It’s a process that can catch people off guard, but knowing what to expect and how to address it can make a big difference in managing the impact on your finances.
Situated in the core of the Pacific Northwest, Bellevue, Washington, stands as a beacon of opportunity and prosperity. Financial Planning in Bellevue Washington, is important to securing one’s future and achieving financial goals. From budgeting effectively to making informed investment decisions, every step is pivotal in ensuring economic stability and growth in this city. This article dives into the various facets of capital planning, covering everything from budgeting basics to advanced investment strategies for city residents.
the staff of the Ridgewood blog
Ridgewood NJ, 23% of Bergen County residents are losing sleep over debt.
Continue reading New Study Finds, Debt is Causing insomnia for over 1.9 million New Jerseyans
Running a small business can be rewarding, but it often comes with financial challenges. Many small business owners are burdened with debt, hindering growth and profitability. In such situations, exploring debt settlement options becomes crucial. Debt settlement is when a business negotiates with its creditors to reduce the amount owed. This article examines whether debt settlement is viable for small business owners, weighing its potential benefits and drawbacks.
Continue reading Debt Settlement for Small Business Owners: Is it a Viable Option?
Financial difficulties can strike anyone, at any time, and can be extremely stressful for individuals and families.
If you find yourself in a financially tight spot, it can be overwhelming to figure out how to get back on track. However, there are steps you can take to help your family improve its financial situation.
Continue reading How To Help Your Family Get Out Of A Financial Tight Spot
There are many reasons why people find themselves in debt. It can be tough to keep up with monthly payments and juggle different debts from different creditors. If you’re struggling with debt, you’re not alone. In fact, according to a 2018 report from the Pew Charitable Trusts, more than 4 in 10 American adults have an obligation that they are currently paying off. If you’re struggling with debt, consolidation may be a good option. Debt consolidation is when you take out a new loan to pay off multiple debts. This can be an excellent way to get a lower interest rate, simplify your monthly payments, or both. This article will provide some valuable tips on consolidating your debt from professionals.
Continue reading Useful Debt Consolidation Tips From the Pros
Nobody wants to get into debt. When creditors come calling after your debts are due, you will be under high pressure looking for ways to repay. Most borrowers get credit knowing that they will repay in a good time. Sometimes, due to the economic downturn or other unfortunate events, one may fall behind in the repayments, or fail to repay altogether.
Continue reading 6 Ways in Which Lawyers Can Help You Get Out of Debt
The construction industry is a huge business, and there are countless construction companies, small and large, making deals on projects every day around the world. Construction contracts can be too complicated, and with such huge amounts of money, resources, and workforce involved, both the rewards and risks of construction are enormous. In order to mitigate the risks between construction companies, customers, and contractors, surety bonds are often used to protect the interests of all parties.
Being in debt can be such a headache and the stress that comes with it can make everyone’s life difficult. It’s safe to say that the majority of people have been caught up in debt in one way or another; whether it’s credit card debt, mortgages, insurance, loans, and so on. However, there are ways in which you can manage your debts that will make your life a lot easier. This is why we’ve made a list explaining what you can do if you ever find yourself in debt.
Published: Mar 24, 2017 11:20 a.m. ET
Americans are dying with an average of $62,000 of debt
You’re probably going to die with some debt to your name. Most people do. In fact, 73% of consumers had outstanding debt when they were reported as dead, according to December 2016 data provided to Credit.com by credit bureau Experian.
Those consumers carried an average total balance of $61,554, including mortgage debt. Without home loans, the average balance was $12,875.
The data is based on Experian’s FileOne database, which includes 220 million consumers. (There are about 242 million adults in the U.S., according to 2015 estimates from the Census Bureau.) To determine the average debt people have when they die, Experian looked at consumers who, as of October 2016, were not deceased, but then showed as deceased as of December 2016. Among the 73% of consumers who had debt when they died, about 68% had credit card balances. The next most common kind of debt was mortgage debt (37%), followed by auto loans (25%), personal loans (12%) and student loans (6%).
These were the average unpaid balances: credit cards, $4,531; auto loans, $17,111; personal loans, $14,793; and student loans, $25,391.
That’s a lot of debt, and it doesn’t just disappear when someone dies.
https://www.marketwatch.com/story/what-happens-to-your-debt-when-you-die-2017-03-21?link=sfmw_fb
BY SALVADOR RIZZO
STATE HOUSE BUREAU |
THE RECORD
New Jersey faced $153.5 billion in outstanding debt obligations last July, hitting a new record, according to a report released by state officials Friday.
The cost of public employee benefits, school construction and transportation projects drove the 6.9 percent, or $9.9 billion, increase for fiscal 2015.
But not all of the increase was attributed to new debt.
Treasury Department officials said New Jersey transitioned to a new accounting methodology for pension and post-retirement health benefits last year. Those bookkeeping methods, which are more stringent than what the state used previously, were designed by the Governmental Accounting Standards Board.
Growth in unfunded pension liabilities, unfunded medical benefits for retirees, and the effect of switching to the new accounting standards contributed an $8.5 billion increase in the state’s non-bonded debt.
On the other hand, New Jersey’s bonded debt rose $1.4 billion, or 3.35 percent, according to the report, led by a $755 million surge in borrowing for school construction projects and $609 million in added borrowing for the state’s troubled Transportation Trust Fund.
That fund’s borrowing authority runs out at the end of June, and Governor Christie and lawmakers have not said how it will be renewed – through more borrowing, an increase in New Jersey’s gas tax, or another method.
https://www.northjersey.com/news/report-n-j-had-record-153-5-billion-in-outstanding-debt-last-july-1.1518816
The average 65-year-old borrower has 47% more mortgage debt than those in 2003
By
JOSH ZUMBRUN
Updated Feb. 12, 2016 4:17 p.m. ET
Older Americans are burdened with unprecedented debt loads as more and more baby boomers enter what are meant to be their retirement years owing far more on their houses, cars and even college loans than previous generations.
The average 65-year-old borrower has 47% more mortgage debt and 29% more auto debt than 65-year-olds had in 2003, after adjusting for inflation, according to data from the Federal Reserve Bank of New York released Friday.
Just over a decade ago, student debt was unheard-of among 65-year-olds. Today it is a growing debt category, though it remains smaller for them than autos, credit cards and mortgages. On top of that, there are far more people in this age group than a decade ago.
The result: The composition of U.S. household debt is vastly different than it was before the financial crisis, when many younger households took on large debts they could no longer afford when the bottom fell out of the economy.
The shift represents a “reallocation of debt from young [people], with historically weak repayment, to retirement-aged consumers, with historically strong repayment,” according to New York Fed economist Meta Brown in a presentation of the findings.
A pernicious cycle of collapsing commodities, corporate defaults, and currency wars loom over the global economy. Can anything stop it from unravelling?
By Mehreen Khan, graphic by Tom Shiel
10:00AM GMT 06 Feb 2016
A global recession is on the way. This truism of economics holds at any point in which the world is not in the grips of a contraction.
The real question is always when and how deep the upcoming downturn will be.
“The crash will come, but it would be nice if it came two years from now”, Thomas Thygesen, head of economics at SEB told over 200 commodity investors and analysts in London last month.
His audience was rapt with unusual attention. They could be forgiven for thinking the slump had not already arrived.
Commodity prices have crashed by two thirds since their peaks in 2014. Oil has borne the brunt of the sell-off, suffering the worst price collapse in modern history. Brent crude has fallen from $115 a barrel in the summer of 2014, to just $27.70 in mid-January.