Will the Greek Debt Crisis Affect Your Finances?

The Greece debt default has been a major story in Europe for the past several years and has been a major influence on currency markets and international stock markets. Now that Greece has officially defaulted on its debt, the belief is that the country may be about to exit the European Union. Could the issues surrounding Greece's finances have an impact on your personal finances?

What Can You Do Without Debt?

Today’s economy makes it seem nearly impossible to function without some sort of debt. From car loans to credit cards and even house payments, all of the niceties of life come at a cost, and society suggests paying for those things over time not upfront.

The Do’s and Don’ts of Dealing with Debt Collectors

It can be a real challenge when trying to settle out of control debts to come up with a settlement or repayment plan that is affordable. However, once you've finally put together a financial recovery plan you can live with, how do you actually go about making payments? Not all payment methods are equally safe and effective. While there is no method that is best under all circumstances, here are some things to consider before you decide what method of dealing with debt collectors works best for you.

DebtGoal: Jenny Craig for Debt Junkies

  I hear an ad for a new debt settlement company almost everyday. Frankly, most are pretty shady, and I would never recommend their services to someone looking for debt help. The last thing people in debt need is to give their hard-earned cash to someone else to "hopefully" make their problems go away. I mean, even if the company is legitimate, what does anyone learn from that? What's to stop the person from making the same mistakes again in the future?

Forgiven Debt Now Tax-Free for Many Homeowners

Under normal circumstances, debt forgiveness results in taxable income. Not a fun position to be in if you're the original debtor. However, in December 2007, Congress passed the Mortgage Forgiveness Debt Relief Act in an effort to provide tax relief for struggling homeowners by temporarily lifting this rule for debts forgiven on primary residences. More recently, in October 2008, Congress extended the relief to include debt forgiven in calendar years 2007 through 2012 as well. So, if you have restructured your home loan and reduced the amount owed, or had debt forgiven as part of a foreclosure during this time, it's important to remember that you may no longer owe taxes on that amount.