TimothyMobley

We have all heard the statistics – 50% of marriages in the US end in divorce. It’s a shocking and a very discouraging statistic and one that has not changed much in the past three decades, according to recent data from the National Survey of Family Growth (NSFG). Marriage counselors and divorce attorneys will confirm that most couples list financial issues as a significant cause for their failing marriage. Especially in difficult economic times as the present, arguments over money can really bring most couples to at least alienation, if not worse. And without a doubt, one of the worst offenders from the money troubles category is debt. It is stressful and overwhelming. But with the right approach, it can be managed. Forget the blame . It does not matter much whether you are working towards repaying debt that you have accumulated together as a married couple or debt that one of you brought into the marriage. Concentrating on the fact that one of you brought more debt to the...

A significant part of my practice at the Baron Group is helping families get out of debt. Without a doubt, being debt-free is not only a requirement for financial freedom but also in most cases what is needed to be able to achieve financial goals and be able to retire. The unfortunate reality is that so many of us, even the most financially disciplined ones are forced at one time of our life or another to take on debt due to unforeseen circumstances, very often urgent, such as job loss, medical emergencies, funeral expenses etc. And once there is too much debt we all know what happens – higher interest rates which then make it difficult to repay, inability to take advantage of the current lower interest rates environment in order to refinance a home mortgage for example… and it really becomes a vicious circle that it is difficult to get out of. However, if getting out of debt is approached with a methodical plan which is followed diligently, then being debt-free could beco...