TheLoop21.com

Buried in debt? How to get out without getting scammed

by Shanon D. Murray
Plenty of companies will promise you a sure way out of your mountain of debt.

Debt relief companies are aggressively advertising on the radio, television, and the Internet – and some are even calling your home – hawking their alleged ability to eliminate your debt.

Here’s a word to the wise: You’ve already made some financial mistakes. Don’t make another one by getting duped by a debt-elimination scam. You’ll only find yourself with less money, more debt, and a worse credit score.

Read my full column on how to avoid getting scammed here.

Scottie Pippen and Method Man have money troubles, you can be smarter

by Shanon D. Murray
With two more celebrities in the news this week because of their finances being in disarray, one thing seems woefully clear: It just seems impossible for Black folks to escape financial slavery.

While we should be creating and amassing wealth, and accessing and distributing capital, we are instead stymied by paying bills on time, buying stuff we can’t afford, and not paying our taxes. It may be the 21st Century, but financial freedom is still a long way off for some of us.

Read my column on how blacks can break free of the shackles of financial slavery here.

How banks make bank when you pay with debit

by Shanon D. Murray
Paying with your debit card is so easy, right? But banks are making billions when you swipe, charging retailers swipe fees that are passed off to consumers through higher prices.

Read my column on this insidious practice here.

Kids are expensive, know what you're getting yourself into

by Shanon D. Murray
Raising a child costs around $160,000, not counting college. Better have a financial plan before you start making babies. Read my column here.

It's not morbid to prepare for your own death

by Shanon D. Murray
No matter how old you are, it's a good idea to plan what could happen if you die. Gary Coleman had the sense to leave a will, you should too. Read my column on the subject here.

Tax deniers like Wesley Snipes can get into hot water

by Shanon D. Murray
Paying taxes is no fun. Not paying them is worse, since it could land you in jail. Read my column this week on how to avoid becoming like Wesley Snipes.

Your credit score may not be color blind

by Shanon D. Murray
Your credit score can determine whether you get a loan or even a new job. Read my column on the latest news on credit scores here.

Credit cards can still rip you off, we need more reform

by Shanon D. Murray
As lawmakers in the Senate continue to spar and bicker over a financial reform bill, they missed an opportunity to finally put the consumer first. Late Wednesday, the Senate voted 60 to 35 to reject a proposal that would have provided a major perk for consumers – a virtual cap on credit card interest rates.

Senator Sheldon Whitehouse, a Rhode Island Democrat, prepared an amendment that would have eliminated a loophole that permits big credit card lenders to avoid state law interest rate caps.

Nips and tucks can help build your savings

by Shanon D. Murray
Have you ever wondered how sports stars lose nearly every dime of the millions they earn during their careers? The answer is simple: They buy dumb stuff. But while most of us can’t afford Evander Holyfield’s 54,000 square-foot house with 17 bathrooms or Mike Tyson’s $2 million bathtub, we often are just as reckless with our current income as these athletes were with their millions.

The rule of thumb for not losing it all is to stop spending everything you make, stop spending more than you make, and – most importantly - save.

According to TheLoop21.com’s 2010 Economic Survey of Black America, 58.3 percent of respondents said they “urgently” need to build up emergency savings and 90.5 percent said they planned to save for emergencies in the next 12 months.

Your personal debt clock is ticking

by Shanon D. Murray
At the close of business each day, a bewildering tweet shows up on my Twitter feed – the latest tally of how much the United States owes, according to the privately funded National Debt Clock in midtown Manhattan. Currently it totals an estimated $12,945,669,754,626.40, and tomorrow it will be up or down a few billion dollars. 

What an imposing amount - $12.9 trillion. It took generations to build that much debt and it’ll take generations to dig out from under it.

But, more importantly, how many digits would your Personal Debt Clock have?

Many of us have far exceeded our parents’ and grandparents’ generations when it comes to education, world travel, professional advancement, income and debt. The burdens of recession – lost jobs, lost homes, lost retirements, and lost confidence - have been great, and so has our own financial foolishness through the years.