Folks,

I had an interesting talk with a neighbor yesterday at lunch. He had a friend in New Mexico who was so deeply in debt that she walked away from all of her obligations; credit cards, home mortgage, student loans…everything. Generally its not a good idea to renege on your debts – it will destroy your credit. So if you are in this situation and don’t know where to get good honest help, here is what you might consider:

Contact the National Foundation for Credit Counseling. The NFCC is a network of nonprofit agencies with trained counselors who will help you assess your situation and lay out the most logical and realistic steps for you to follow. They are not miracle workers; you will have to pay off your debt. But the NFCC has been around for a while and has a good reputation.

Go to nfcc.org or call 800-388-2227.

For more about this, check out Liz Pullman Weston’s piece on NFCC and credit counseling more generally.

Good luck,

James

MANAGE YOUR MONEY TOGETHER

Here are some simple guidelines for DINKS to build wealth:

1) Collaborate: Meet regularly to talk about money, set goals together, track and monitor them.

2) Understand and respect your partner. Take time to understand your partners values about money.

3) Watch the numbers. Get a budget, monitor your spending and track your net worth.

4) Max your retirement. Maximize contributions to your tax deferred retirement accounts.

5) Invest in stock. Stocks perform better than bonds or cash.

6) Avoid high interest debt. Credit cards and title loans are financial cancer.

7) Diversify. Don't put all your eggs in one basket.

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