NEW YORK — Kristina McKinney was left with no recourse when her mother used her identity and rented six apartments during her stint in the army, leaving her on the hook for the unpaid rent.
When the creditors started garnishing her wages, McKinney, 23, who is now a manager at a Walgreens drug store in Colorado Springs, Colorado, faced only two heartrending options — file a police report and send her mother to prison for fraud for the leases she signed over five years or file for bankruptcy. Unable even to obtain a cellphone contract or rent her own apartment because of the debt, McKinney decided her only option was to file for Chapter 7 in January.
“I feel like I did the right thing even though it sucked,” she told MainStreet. “The debt made me look like an irresponsible person.”
“I don’t have that much to my name, but I did it more so that we could survive since I am about to have a baby,” she added.
While many millennials and Gen-Xers may have more debt than assets, they should determine if they need to file for bankruptcy
Seek Counseling Before Filing
McKinney sought the free
Governments enjoy taking credit for times of plenty and denying responsibility for busts. So it comes as no surprise when Keith Morgan, chief executive of the government-owned and run British Business Bank, makes the bold statement that his organisation is behind the rise of one of the most exciting industries in the UK – the nascent alternative finance sector.
From crowdsourced cash to asset finance, bonds and invoice-based credit, alterative finance has become a crucial port of call for small firms that have been refused traditional loans by the banks.
The sector grew 160pc last year and 150pc in 2013, and is projected to dole out £12.3bn in 2020 – 10 times the £1.2bn it lent in 2014.
Despite only being cleared to operate at the end of 2014, the BBB has been instrumental in the growth of these new financial models, says Morgan.
“When you look at the increases in lending and growth in the alternative finance sector, we’ve absolutely been part of that,” he says. “We’ve been playing a role to catalyse and accelerate activity in that area.”
This role mostly involves cash. The BBB, which has a warchest of £3bn, has the power to
Several members of our staff recently went to an investment conference at which a hot topic was women and money, and they suggested that we do a story on the subject. The office reaction was mixed. “It sounds patronizing,” said one female colleague.
For me, it was a case of déjà vu. Ten years ago, I was asked to write a book about women and money, and I had a similar discussion with my editor at the time. Money is gender-neutral, he argued, so any financial story we did should apply equally to men and women. Wouldn’t it be unnecessary, even insulting, to suggest otherwise? I replied that it certainly would be insulting if we adopted the attitude that financial information needed to be dumbed-down (or softened up) for women. But we’d be doing a real service if we reflected reality: Women often need specific financial advice tailored to their needs.
In the end, I wrote the book, originally titled “Think Single! The Woman’s Guide to Financial Security at Every Stage of Life.” The idea of “thinking single” had nothing to do with a woman’s matrimonial state. Rather, it referred to a state
Buying a new dishwasher can be exciting, especially if you’ve been living with an ailing, outmoded machine that struggles to clean even the wimpiest of stains. But people tend to overlook one big factor in getting a new machine: What, exactly, should you do with the old one?
There are actually a lot of ways to dispose of an old dishwasher—from resale to recycling. Whether you’re getting rid of a hunk of junk or simply upgrading to a more advanced model, we’ve got you covered.
The Energy Star program offers a variety of rebates, special offers, and tax exemptions.
But before we begin, it’s a good idea to review the rules and regulations surrounding proper appliance disposal. Check with the EPA if you have any questions not addressed in this guide. Be sure to look into any rebates or tax benefits that might be available in your area.
The EPA’s Energy Star program offers a variety of rebates, special offers, and tax exemptions on certified appliances. Finally, don’t forget that tax write-offs are available for charitable donations.
1. Sell It
If it’s possible, reselling your dishwasher is the smartest route to take. You can find private buyers by posting an ad on Craigslist, and figure
Financial rules of thumb have their place. They can help remove the complexity from financial decisions we have to make. Relying on them blindly, however, can be a costly mistake. In fact, some rules of thumb are flat out wrong in many cases.
Here are five of them to watch out for as you make your next big financial move.
1. Pay off debt before saving for retirement. I cringe every time I hear this one. It’s sad to see families toiling away for what can be years paying down debt while ignoring retirement savings. Watching them is like watching a movie where everybody but the heroine knows the bad guy is lurking behind the door. And If they are foregoing a company match with their 401(k), they might as well just peek behind that door and get it over with.
Debt, particularly consumer debt, creates financial hardships. And getting out of debt is an important goal. But ignoring all other financial goals in the process is rarely the best option. Instead, guard your credit score, refinance debt to the lowest interest rates possible, and begin saving for retirement as part of a comprehensive, holistic approach to your finances.
2. Spend three times your