The financial world and the stock market have been rocked by the downgrading of the US credit rating by Standard and Poors. Given the poor state of the US economy and the government’s recent infighting to reach a consensus regarding the debt ceiling in a short time, have all spelled an end to the United States…
Category: Debt
What the ‘Debt Ceiling Increase’ debacle in the US has Taught us
The on-going ‘debt ceiling ‘ crisis in the US is a great example of why we need to have a budget and live within our means. If the government of the United States of America-the most powerful government of the most powerful country on earth- can’t meet its financial obligations due to ever increasing spending,…
Foolish ways of Using your Credit Card
Here at Budget Sense, we almost always recommend against credit card usage, unless in extreme and desperate situations. But of course, credit cards can come in handy in certain situations. But they can also be abused by being used to buy things that just don’t justify the purchase. What are some foolish ways of using…
A New Generation of unconcerned Credit Card Spenders
I have an admission to make and please stop me if you have been guilty of this same feeling or thinking as well: there are times when I don’t feel an extreme rush or urgency to pay off my credit card balance simply because there is no visible harm being done. Accumulating interest rate? who cares,…
A Faster Approach to Paying off your Credit Card debt
When it comes to eliminating your credit card debt, paying the minimum payments will only mean that you are covering what is necessary to ensure a good standing order with your card issuer. But that is about it. You are not getting ahead in terms of paying off the remaining balance on your credit card….
The Dangers of Consumer Financial Illiteracy and Ignorance
In a CGA-Canada survey, more than half of the people surveyed had no idea how much interest they were paying on their credit card balances, thinking it was 3-4% like prime rate! How disappointing is that? Sure this may not be something that everyone of us know to the cent, but don’t people look at their…
How can others Afford big purchases while you can’t?
Your friends and coworkers are buying new cars, taking vacation after vacation, and seem to be able to afford anything they wish to get their hands on. You on the other hand, can’t find money to buy even the affordable items. Why are your friends and others around you able to afford these items while…