Tag: debt

March 5, 2024 Off

Financial First Aid: Building Your Emergency Fund

Many Americans struggle to cover unexpected expenses, with only 41% having savings to do so. The article suggests building an emergency fund and offers four practical ways to do so: cut car insurance costs using EverQuote (potentially saving $610/year), earn up to $225/month watching movie previews with InboxDollars, consolidate credit card debt with a low-interest loan through AmOne, and explore side gigs to increase income.

March 1, 2024 Off

The Human ATM: When Family Finances Drain You Dry

By The Admiral Staff

The article, compiled from the “Dear Penny” advice column, addresses the recurring issue of family members financially burdening others. It highlights situations where individuals are pressured to constantly support relatives, leading to strained relationships and financial instability. Examples include a couple struggling to support their parents, a woman facing a decades-long car loan obligation to her daughter, a woman dealing with a jobless husband, a niece living rent-free, and a sister attempting to avoid eviction. The advice emphasizes setting boundaries, recognizing the

February 24, 2024 Off

Inheriting Debt: What Happens When a Parent Dies Owed Money

By The Admiral Staff

A reader is concerned about inheriting their father’s house and being responsible for his substantial debts. The advice is that they likely won’t be personally liable for the debt beyond the assets in his estate. If the estate is insolvent (more debt than assets), creditors may not be fully repaid, but the heirs won’t be sued. Debt collectors may still contact them, but they are generally not responsible for the debt. It’s advisable to consult an attorney if questions arise and to report any

February 18, 2024 Off

Second Chances & Second Mortgages: A Financial Crossroads

By The Admiral Staff

A 71-year-old woman is hesitant to disclose her debt to her 72-year-old boyfriend, with whom she is committed but not planning to marry. The advice columnist suggests she isn’t obligated to share this information unless they were considering marriage or cohabitation. However, she encourages consideration of whether withholding the information impacts her spending habits or causes undue stress. Ultimately, the columnist advises that his reaction to the disclosure will reveal a lot about him, and suggests talking to

January 11, 2024 Off

Hitting the Road: Your Guide to RV Loans

By The Admiral Staff

This article explores RV loans as a way to finance the purchase of a recreational vehicle, which can range from $35,000 to $300,000. RV loans function similarly to auto loans but often have longer terms (potentially up to 20 years) and higher interest rates (typically 4-6%). The article outlines financing options including dealership loans, bank/credit union loans, and personal loans, emphasizing the importance of comparing rates and pre-approval.

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