When To Use Collateral

Thought for today: Secured debt is debt that’s backed by collateral, such as a house, car, or other asset.  When a person borrows against collateral, they guarantee that they will turn over this property to the lender if they default on payments. Members share: “I once took out a home equity loan to build an accessory apartment […]

Continue reading →

Do-It-Yourself Debt Repayment Planning

Thought for today: Debt consolidation companies have been known to charge up to an extra 60% of a person’s total debt, on top of an interest rate sometimes 7 percentage points or more above prime.  How are they able to charge such exorbitant fees? Fear of talking with creditors is the main reason these businesses […]

Continue reading →

Learning From Bankruptcy

Thought for today: What happens after bankruptcy is over?  The saying “If nothing changes, nothing changes” may apply. A member shares: “I was a kid when my family declared bankruptcy.  Credit card debt for business expenses had become untenable.  Payrolls couldn’t be met for their business.  IT was a mess of confusion and angry phone […]

Continue reading →

Acceptance Leads to Prosperity

Thought for today: History is strewn with stories of people denying their need to change, resisting to the end.  Dictators have fought to the last breath.  Alcoholics sometimes need to lose everything to try recovery.  What is it about denial that is so blinding? Embarrassment, spurred on by pride, keeps us in denial. It’s embarrassing to […]

Continue reading →

Listening to Intuition

Thought for today: Intuition is something we need to listen to – the “gut reactions” that come from our unconscious, pre-frontal cortex brains.  How we integrate intuition has a lot to do with how successful we are. Emotional intelligence relies on intuition.  We intuit a person’s needs, and reach consensus on an issue. Intuition is a spiritual connection to help us […]

Continue reading →

Vacationing and Prosperity

Thought for today: As underearners, some of us find it hard to take vacations.  The time off seems like a waste.  It costs too much money and time.  It feels extravagant. Some of us preferred vacations separated from family.  Guilt, rooted in a childhood where time off was never enjoyed, sets today’s agenda. Circumstances leave us exhausted and unable […]

Continue reading →

An Underearner’s Turnaround

Thought for today: After the housing bubble burst, many homes were worth less than the money owed on them to the bank.  In that market, many people sold at a loss, or simply walked away from their properties. DA helped us change the patterns of behavior that had led to unnecessary risk taking around money.  Once we accepted the […]

Continue reading →

Why Say No To That “10% Off” Employee Credit Card Purchase?

Thought for today: A true compulsive debtor is powerless over the first credit card charge.   There is never enough credit to satisfy the appetite. A member shares: “I work for a department store chain that offers an employee discount if we use the store’s credit card.  I always purchased on the card but then accumulated interest and late penalties […]

Continue reading →

“I Own My Happiness When I’m On Vacation”

Thought for today: Debtors tend to either be anorexic with spending, or over-indulging, or both.  These extremes can leave them unsteady and miserable.  Their chances are better if they envision their goals, and develop a clear Spending Plan and Action Plan. A member shares: “After years of rejection, I sometimes feel stuck in negative or depressed thinking,” […]

Continue reading →

How Not to Panic When Discussing Money

Thought for today: One of the signs of compulsive debting is “unwarranted inhibition and embarrassment” around normal discussions of money.  A false sense of shame can inhibit our growth.   We need to counteract these feelings by remembering to have dignity, however humble our finances.  Our money is important to focus from time to time with an advisor. A member shares: […]

Continue reading →