Tag: debt

January 4, 2026 0

Beyond Debt: Why Your Net Worth Matters More

Shift focus from solely eliminating debt to building wealth by tracking net worth—assets minus liabilities. Rather than just focusing on debt reduction, understanding net worth provides a broader financial picture and allows for better long-term goal setting. Aliche encourages incremental investing, even small amounts, to build assets that can eventually generate passive income and work for you, ultimately leading to wealth creation.

December 1, 2025 Off

Raising Financially Savvy Kids: A Guide to Debt-Free Living

By The Admiral Staff

The article emphasizes the importance of teaching children about debt and financial literacy to prevent future financial struggles. A survey found those without early financial education are significantly more likely to have no savings. Rather than lecturing, experts suggest using relatable, concrete examples—like calculating how many work shifts are needed to afford a desired item—to make lessons engaging. The article outlines four key lessons: budgeting (spending less than you earn), understanding interest (including compound interest), the importance of credit scores (potentially building credit as an

November 16, 2025 Off

Beyond the Budget: 3 Unexpected Ways to Cover Your Bills

By The Admiral Staff

Facing financial difficulties and struggling to pay bills? The article suggests exploring alternative cash sources beyond traditional options. These include: **refinancing your mortgage** (potentially lowering payments or accessing equity, but with closing costs and potential impact on payoff timeline), **applying for a home equity loan (HELOC)** (offering lower interest rates than credit cards but risking foreclosure), and **getting a credit card cash advance** (easy and immediate but with high interest rates and low limits). Each option has pros and

August 24, 2025 Off

What Happens to Your Debt When You Die?

By The Admiral Staff

When you die, your debts typically don’t disappear. Generally, debts must be paid off by your estate using your assets like cash, homes, or cars, before any inheritance is distributed. Creditors will notify your estate executor and may pursue legal claims in probate court, sometimes agreeing to settlements for less than the full amount owed.

Here’s a breakdown for different debt types:

* **Co-signed Loans/Credit Cards:** The co-signer is responsible for paying.

August 12, 2025 Off

Reclaiming Your Credit: A Step-by-Step Guide After Collections

By The Admiral Staff

A reader with $25,000 in debt, including medical bills, collection accounts, and a repossessed car, seeks advice on improving their credit score. The expert advises that paying off collection debts won’t negatively impact credit scores under current scoring models (FICO and VantageScore) and may even improve them. If updates aren’t reflected in credit reports, disputing the information with credit bureaus is recommended. Additionally, sending a “goodwill letter” to collectors requesting deletion is

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