Consumers, Lenders, and New Year’s Resolutions

I don’t plan on writing much today as I suspect that most computer users are either hung over, watching football, trying to lose weight, or cleaning up all of the holiday mess.

Mr. ToughMoneyLove has been informally surveying New Year’s Resolutions posted by various internet users, particularly in the personal finance world.  Even the federal government has published a list of the most popular New Year’s Resolutions.  Second on the list is “Manage Debt.”  That’s outstanding. Read more

Your Candidate Cannot Solve Your Financial Problems

Change is Coming but Not in the Way You Might Expect

Election campaigns are all about calls for “change we can believe in,” a “new direction for America”, and “spreading wealth and prosperity to all Americans”  When I see or hear campaign slogans such as these, my reaction is essentially “blah blah blah.”  Other voters have different reactions.  Their thought processes go something like this:  “This candidate will get my vote because he will make changes to solve my financial problems.  More money is coming my way.  I will have less debt.  The government under this candidate will find me a better job and lessen my financial burdens.”  These voters are deluding themselves.  They have the same mindset as those who are mesmerized by preachers of the prosperity gospel.  So, they offer up votes to the candidate and money to the preacher.  In return they get ….. more of the same financial problems. Read more

How to Maintain Optimism in Tough Economic Times

Yesterday Mr. ToughMoneyLove suggested that ordinary Americans protest the credit and market meltdowns by burning their credit cards.  Expressing your anger is helpful when channeled in a symbolic way. 

But do not let your anger morph into feelings of hopelessness, helplessness and resignation.  You can’t afford it.  You must fight back.  Read more

Responsible Credit Score Strategies for Young Adults

You Can Improve Your Credit Score and Build Wealth

Yes – you read that title correctly.   Mr. ToughMoneyLove is going to discuss credit score strategies.  Why?  As I continue my tough love campaign against credit score obsession, I have to acknowledge that it is unlikely that readers will choose my path of being completely oblivious to my credit score. Read more

Guilt May Be the Antidote for Debt Addiction

On the various personal finance message boards that I read regularly, it is easy to find posters who debate the wisdom of purchases of non-essential goods and services by use of credit cards and other consumer debt.  The defenders of such purchases are often debt or credit addicts, carrying large balances on multiple credit accounts.  Equally often, these debt addicts argue that their purchases are justified because they work hard and therefore “deserve” or are “entitled to” things that bring them pleasure, even if they do not have the money to pay for them. Read more