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What is the Student Loan Forgiveness Act and Is It a Good Idea?

Earlier this year a new bill was introduced to Congress called the Student Loan Forgiveness Act of 2012.

The potential legislation has some massive changes for the student loan industry.  Is this new student debt legislation a good idea or something that should be shelved by Congress?

What is the Student Loan Forgiveness Act?

The Act would make wide changes to the massive student debt load in the country.

In 2010 total student loan debt exceeded total credit card debt for the first time.  The Act is also in response to a poor economy: the idea is that former students are too cash strapped from paying their loans to spend any money in the economy and relieving them of this debt would greatly improve the consumer economy.

10/10 Payment and Forgiveness

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Why Maxing Out Your Credit Cards is Bad

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Sometimes you just need more money—we all do sooner or later.

It could happen because you’re hit with a flood of very large and unexpected expenses.  Medical bills, legal fees and major home repairs are some of the expenses that come to mind.

It can also come as a result of an income disruption.

The loss of a job, or of certain employment related income sources, such as bonuses, overtime or commissions.  You may also decide to leave a steady job to start your own business and that will require money, not only for business investment but also for living expenses for the first few months.

At a time when credit is so available, there can be a temptation to tap credit lines to cover the losses.  You might do that with the assumption that you’ll be able to pay them all back when your expenses have passed or when your income goes back to normal levels.  But we should never assume that.

One of the problems with tapping credit to cover living expenses is that once you get comfortable doing it—or other options fail to develop—you run the risk of maxing out your credit lines.  That’s easier to do than you might think.

Once you max out your credit lines, you’ll have a new set of problems to deal with.

Here is why maxing out your credit cards is a bad idea.

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Term Life Insurance Versus Whole Life Insurance

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Life insurance, in general, is not a subject many people want to talk about.

After all, its more about death than it is about life.  But it is a necessary part of financial planning and a form of insurance many people should have!  The two main forms of life insurance are Term Life Insurance and Whole Life Insurance.

Let’s take a look at term life insurance versus whole life insurance:

Term Life Insurance

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Five Habits That Keep You From Achieving Your Goals

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For every successful novelist, blogger, business owner, Olympian, inventor, and innovator you can name, there are countless individuals who never made it to the top of their game.

While luck and talent play an important part in these success stories, these individuals have ultimately succeeded because they have gotten out of their own way.  They have conquered these five bad habits that can keep even the most talented individual from achieving greatness:

The Five Habits That Keep You From Achieving Your Goals

1. Failing to plan.

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What is a MLM Business and What You Need to Know About Them

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Looking to improve your situation by starting your own business?

As you’re doing your research you may run across some amazing claims by potential business operations that promise you the ability to work for yourself while selling great products.

The old mantra of “if it is too good to be true, it probably is” should raise a red flag in your head.

When an individual or business claims they’re going to make everyone rich and successful, you are probably speaking to someone involved in an MLM business scam.

What is a MLM Business?

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The Different Stock Market Sectors – Are You Taking Advantage?

When we speak of the stock market we describe it with the term “The Stock Market”, as if it’s a single, unified market.

The reality is nothing close.

The stock market is really a group of sub-markets, many of them very different from the rest.  These sub-markets are commonly described as “sectors” and there are quite literally dozens of them.

Since sectors perform differently in various market conditions, it’s worth using them to your advantage in building your portfolio.

Common Market Sectors

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Review: Outright Online Accounting Software

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When you start a business, you don’t often think about the accounting aspects. You just want to see the money start rolling in.

However, you need to be on top of your accounting if you want to keep up with your taxes (or at least not make them difficult).

One of the ways that you can stay on top of things is to use some sort of accounting software or application.  As I started looking, I considered a number of options. While I eventually just settled on using Quicken (although now I’m using MoneyDance) to keep track of my business income and expenses, I did look into other options.

One of these was Outright.com small business accounting.

What is Outright?

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