People open their wallets to push Dow to 10,000 October 15, 2009
Posted by BDO in News.Tags: 10000, 401K, anti-consumerism, consumer, Debt, Dow, economy, frugal, milestone, News, spending
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If the recession is over and the recovery is around the corner, volunteers at BDO understand that we will have a more difficult time in convincing people to stay away from debt.
“Dow 10,000 may be largely psychological”, said Lawrence Glazer, managing partner at Mayflower Advisors in Boston
However, that euphoria of good news will trickle down to people’s wallets and help them buy more stuff. The optimism of the good times can have people take on more debt now, thinking that they will be able to pay it off with their newly inflated 401K later. But does that make long term financial sense?
Does a bigger 401K create a sense of frivolity to your spending decisions?
As the Dow achieves milestones, does that give you the feeling to be less frugal?
Do events like these create ideas of taking out more personal debt for “nice” things during this “nice” time?
The BDO volunteers will continue the hard work in trying to convince people to stay away from debt, even in the “good times”. Because remember, the “bad times” will come again eventually and how will you be prepared for those times, if you go into debt during the “good times”?
For more on this article, click here.
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Volunteer or Donate to Help Convince More People To Stay Away From Debt.
Show others how much you’ve beaten debt
for the price of one latte a year. – – Beating Debt Charts
Credit card debt down by 13.1 percent October 9, 2009
Posted by BDO in News.Tags: Debt, beating, credit, loan, consumer, clock, federal, reserve, revolving
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In some continued good news, the Federal Reserve released its latest findings of revolving consumer credit, better known as credit card debt. Credit card debt was down for the month of Aug by 13.1 percent. Overall, consumer credit was down 5.8 percent for August. That is great news because it means that we are more willing to pay off consumer credit and earn our freedom than struggle under the painful agony of debt.
These numbers should help the Consumer Debt Clock to continue to go down. How much more can we, as a nation, continue to drive the clock down?
For more info on the Federal Reserve’s numbers, click here.
To add the Consumer Debt Clock to your blog/website, click here.
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Volunteer or Donate to Help Convince More People To Stay Away From Debt.
Show others how much you’ve beaten debt
for the price of one latte a year. – – Beating Debt Charts
Ditch your debt gremlin October 7, 2009
Posted by BDO in Descriptions, News.Tags: beating, consumer, Debt, government, IBR, loan, student
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A video on how the Feds will base your loan payment on your income and how they will forgive your federal student loan debt.
Learn more about the dangers of student debt here.
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Volunteer or Donate to Help Convince More People To Stay Away From Debt.
Show others how much you’ve beaten debt
for the price of one latte a year. – – Beating Debt Charts
Executive Director Interviewed by Prudent Money Show September 24, 2009
Posted by BDO in Multimedia, Organizational, VLog.Tags: Debt, money, beating, credit, consumer, radio, prudent, bob, brooks, show, kdkr, interview
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On Monday, Bob Brooks of the Prudent Money Show on KDKR 91.3 FM interviewed Eric about what he is doing for BeatingDebt.org.
Below are some clips from that radio interview.
To hear the full audio interview and radio show, please click here.
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Volunteer or Donate to Help Convince More People To Stay Away From Debt.
Show others how much you’ve beaten debt
for the price of one latte a year. – – Beating Debt Charts
Will America stay thrifty? September 18, 2009
Posted by BDO in Multimedia, News, VLog.Tags: anti-consumerism, beating, consumer, Debt, green, live, recession, thrifty
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Articles used in this week’s video.
Face the numbers with personal finance “stress test” – By PAMELA YIP
Debt puts a strain on relationships – By MARK CIOCCA
Cheap is the new cool but will Americans stay thrifty? - By CLAUDIA PARSONS
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Volunteer or Donate to Help Convince More People To Stay Away From Debt.
Show others how much you’ve beaten debt
for the price of one latte a year. – – Beating Debt Charts
Another quarter of less debt for Americans September 17, 2009
Posted by BDO in Debt is Slavery, Organizational.Tags: anti-consumerism, beating, card, clock, consumer, credit, Debt, federal, loan, mortgage, outstanding, quarter, reserve
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On September 17th, the Federal Reserve released its latest findings on Consumer Debt Outstanding. In reflection of good personal choices, personal debt went down by 1.7% for the second quarter 2009. This is amazing because it brings the total personal national debt down to just under $13.7 trillion. Also, for the first time ever, personal debt did not grow for the fourth quarter in a row. This decrease was due to a 1.4% drop in household home mortgage debt AND a 6.5% drop in consumer credit.
Maybe we can interpret that as people are starting to turn away from using loans and credit cards and are starting to pay off their debts and earning their freedom. This is great news! Since debt is going down, BeatingDebt.org updated the scripts on the Consumer Debt Clock to continue counting down. Isn’t that wonderful?!
Check out the Consumer Debt Clock that is going down in value and feel free to add it to your website to encourage others to help decrease our consumer debt addiction.
Can we keep up the trend of the clock going down for another quarter?
Can we help it along by paying off our personal debt?
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Volunteer or Donate to Help Convince More People To Stay Away From Debt.
Show others how much you’ve beaten debt
for the price of one latte a year. – – Beating Debt Charts
Non-Profits need your vote September 15, 2009
Posted by BDO in Descriptions, Organizational.Tags: beat, beating, charitable, congress, consumer, Debt, financial, government, ill, incentative, industry, organization, poor, shelter, tax
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There is a lot of rhetoric today about how we can empower the government to make this world a better place. How can the government do this? Simple: it has the power of taxation. Many believe that if the government raises taxes, America can be forced to act more generously and humanely by sending those taxes to government entities responsible for “good” social change. However, my question regarding this is:
What can Government do that your favorite charity is not doing already?
There are many that believe that creating a new entity within the government will help America become a better place. To that end, to ensure the entity is able to make a better place, the same people want to raise taxes enough to fully fund what is necessary to do the “good” function. However, again, my question to these ideas remains…
What can Government do that your favorite charity is not doing already?
If the people who see their “good” solution through the government have the political will and power to raise taxes and convince the populace to support their new “good” government entity, why don’t they save their power and will and just support nonprofit organizations that are already doing great things?
Nonprofits do great things for society (both in America and worldwide). Most people agree the reason many nonprofits are not able to do as much as they would like to is because they lack funding. Instead of negatively motivating people by raising their taxes, why not provide greater tax incentives for people who choose to give generously to their favorite charity? Tax incentives are a positive way to motivate America, where as raising taxes is a negative, forced solution. Tax incentives are a solution that gives people enthusiasm to be generous and the freedom to put their money towards their favorite charity instead of forced, fake generosity towards only one government entity.
If Americans have a choice between taxes or charity, then the government should give people every reason to be generous before forcing them to be generous. Let’s believe that people are “good” and just need proper motivation to be what is in their heart.
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Volunteer or Donate to Help Convince More People To Stay Away From Debt.
Show others how much you’ve beaten debt
for the price of one latte a year. – – Beating Debt Charts
Credit card debt down by 8 percent September 9, 2009
Posted by BDO in News.Tags: beating, consumer, credit, Debt, education, federal, loan, nation, reserve
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In some continued good news for the nation, the Federal Reserve released its latest findings of revolving consumer credit, better known as credit card debt. Credit card debt was down for the month of July by 8.0 percent. Overall, consumer credit was down 10.4 percent for July. That is great news because it means that we are more willing to pay off consumer credit and earn our freedom than struggle under the painful agony of debt.
These numbers should help the Consumer Debt Clock to continue to go down. How much more can we, as a nation, continue to drive the clock down?
Does this mean that our educational ads are working?
For more info on the Federal Reserve’s numbers, click here.
To add the Consumer Debt Clock to your blog/website, click here.
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Volunteer or Donate to Help Convince More People To Stay Away From Debt.
Show others how much you’ve beaten debt
for the price of one latte a year. – – Beating Debt Charts
Beating Debt Live: 1,000% increase in debt September 3, 2009
Posted by BDO in VLog.Tags: anti-consumerism, beating, card, college, consumer, credit, Debt, education, live, loan, show
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Here are the articles, I used for this week’s show.
Skyrocketing Consumer Debt by Keith Vance
Students not following national credit card use trends by Jeffrey Saulton
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Volunteer or Donate to Help Convince More People To Stay Away From Debt.
Show others how much you’ve beaten debt
for the price of one latte a year. – – Beating Debt Charts
Relief for consumers still coupled with discipline August 15, 2009
Posted by BDO in News.Tags: anti-consumerism, beating, card, consumer, credit, Debt, government, personal, responsiblity
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By Josh Verges
“A lot of people buy into the concept that paying the minimum balance is OK and whatever they want they should put on the credit card,” she said. “Consumers need to take responsibility, too. It’s a two-way street.”
This article does a great job in balancing the new Credit Card reform legislation with our continuing need for personal responsibility. I agree there are many marketers and corporations that use subtle and even blatant techniques to convince us to buy, buy, buy that should be reformed. However, no government will be able to protect all people from all things. There needs to be some level of education, responsibility, and discipline that must be found within ourselves to say “No!” to the many advertisements we see on TV, radio, and the internet. During the “greatest economic downturn, since the Great Depression“, many people are trying to use our frustration, hesitation, and fear to manipulate us to MAKE MONEY and wield power. Be on your guard and stick with your current plan to beat debt to make a successful financial marathon.
For more on this article, please click here.
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Volunteer or Donate to Help Convince More People To Stay Away From Debt.
Show others how much you’ve beaten debt
for the price of one latte a year. – – Beating Debt Charts
A Kid's Guide to Managing Money (Ready-Set-Grow Series)
