All of the talk in Washington about financial reform is just that: talk.
This has been a good news week for homeowners looking to re-finance their mortgage loan into a lower rate. Mortgage interest rates fell sharply this week following more rescue actions by the government. The average interest rate for a fixed 30-year mortgage loan dropped to under 6%, a seven week low. Mortgage loan re-financing activity has already picked up. Unfortunately, re-financing a mortgage loan also creates a substantial risk that the borrower will end up with a larger loan balance. Read more
Mr. ToughMoneyLove has voted in elections since 1968. In 1971 The Who (remember them?) released my favorite of their songs, “Won’t Get Fooled Again.” I think of that song each election night, particularly the last lines: Read more
If you ever listen to Dave Ramsey, you know that he acknowledges that what he teaches is “abnormal” compared to the “normal” financial behavior we see engaged in by a substantial majority of American consumers. I don’t agree with everything that Ramsey preaches but his statements about normal financial behavior ring true to me.
So, I have compiled my own list of ten signs or indicators that someone is engaged in bad financial and money behaviors that are now, unfortunately, considered normal. These are not in any particular order of significance. You may have others to suggest.
In part 1 of this post, I discussed the tough love options (and reasoning behind those options) available to a family member when another family member asks for a loan. In this part 2, I want to cover a further aspect of responding to a family member’s request for a loan. Read more