Six Figures and Broke » General http://www.6figuresnbroke.com Getting Out of Six Figures of Debt with a Six Figure Income Wed, 15 Oct 2008 18:45:32 +0000 http://wordpress.org/?v=2.5 en How Has the Financial Crisis Affected You? http://www.6figuresnbroke.com/2008/10/how-has-the-financial-crisis-affected-you/ http://www.6figuresnbroke.com/2008/10/how-has-the-financial-crisis-affected-you/#comments Tue, 14 Oct 2008 22:32:41 +0000 BigSpender http://www.6figuresnbroke.com/?p=27 SHARETHIS.addEntry({ title: "How Has the Financial Crisis Affected You?", url: "http://www.6figuresnbroke.com/2008/10/how-has-the-financial-crisis-affected-you/" });]]> I’m starting this blog back up again in light of the current economic status here in the United States. I’m curious, how has the financial ‘crisis’ affected you? I’ve read online about families with both wage earners out of work, people with non-adjustable mortgages losing their homes to foreclosure because of employment and elderly living off of retirement having to cut back.

It saddens me to see so many people affected to such severe levels. I am thankful that we are not being affected much. Sure the 401 (k) took a hit but we’re in our 30s so we have plenty of time to make that up. Some of the grocery prices are higher but this year my son is attending a school that is closer to home so our savings in gas more than makes up for the increased grocery prices.

Additionally, my freelance writing has really taken off and I am supplementing our income at a level that I could have never imagined for part-time work from home. I got a bit off track the past few months but am now more motivated than ever to continue my debt snowball.

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]]> http://www.6figuresnbroke.com/2008/10/how-has-the-financial-crisis-affected-you/feed/ Maxed Out Documentary Review http://www.6figuresnbroke.com/2008/04/maxed-out-documentary-review/ http://www.6figuresnbroke.com/2008/04/maxed-out-documentary-review/#comments Sun, 20 Apr 2008 17:31:42 +0000 BigSpender http://www.6figuresnbroke.com/?p=19 SHARETHIS.addEntry({ title: "Maxed Out Documentary Review", url: "http://www.6figuresnbroke.com/2008/04/maxed-out-documentary-review/" });]]>
After seeing Maxed Out (a documentary) mentioned on several websites, I decided to check it out. What better way to spend a Saturday night than cuddling up on the couch and watching a movie about debt, right? The film, by director James Scurlock, provides an insider’s view of debt collectors and the credit card industry. In all honesty, as a user of credit, the documentary was a bit scary to watch. I’ve seen enough documentaries to know to take everything I see with a grain of salt but even if only a portion of what was presented is true, it is definitely the right time to stop using credit.

One of the facts that I found most disturbing was that MBNA, who is now owned by Bank of America, helped to write the Bankruptcy Abuse Prevention and Credit Protection Act of 2005 (BAPCPA). According to an article that appeared in the Journal of Economic Issues, “MBNA (one of the country’s largest issuers of credit cards) spent more than $17 million lobbying Congress from January 1999 to June 2004 for reform.” Now I’m not trying to support bankruptcy as an easy way out or the right decision for everyone, but knowing that credit card companies, those that would benefit from more stringent bankruptcy laws, had a major hand in the passing of the bankruptcy reform act. Food for thought, indeed.

Dave Ramsey, author of The Total Money Makeover and Financial Peace Revisited, has several scenes in the show. The documentary’s creator not only interviews Ramsey, who tells of his own personal financial woes, but also has some clips from his call-in radio show. Ramsey fans everywhere will be pleased to see his inclusion in the film.

This documentary is not a light and fluffy look at debt and the credit card industry; it is a serious examination of the flaws of credit and at times can move a viewer to tears. For anyone who is considering a move to get out of debt, I highly recommend the film Maxed Out.

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]]> http://www.6figuresnbroke.com/2008/04/maxed-out-documentary-review/feed/ Site Redesign http://www.6figuresnbroke.com/2008/04/site-redesign/ http://www.6figuresnbroke.com/2008/04/site-redesign/#comments Fri, 11 Apr 2008 03:43:27 +0000 BigSpender http://www.6figuresnbroke.com/?p=13 SHARETHIS.addEntry({ title: "Site Redesign", url: "http://www.6figuresnbroke.com/2008/04/site-redesign/" });]]> Six Figures and Broke has been redesigned to provide information in a more clear and concise manner.  Look for up-to-date information on the topics of consumer debt and personal finance plus continue to follow me in my journey to get, and stay out, of debt!

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]]> http://www.6figuresnbroke.com/2008/04/site-redesign/feed/ Getting Out of Debt http://www.6figuresnbroke.com/2008/02/getting-out-of-debt/ http://www.6figuresnbroke.com/2008/02/getting-out-of-debt/#comments Sun, 24 Feb 2008 03:39:09 +0000 BigSpender http://www.6figuresnbroke.com/2008/02/getting-out-of-debt.html SHARETHIS.addEntry({ title: "Getting Out of Debt", url: "http://www.6figuresnbroke.com/2008/02/getting-out-of-debt/" });]]>
Welcome to 6FiguresNBroke.com - that stands for “six figures and broke.”  I am a stay-at-home-mom to two young children and my husband is an engineer-type who earns a six figure income, annually.  We have mountains of debt and have vowed to make a lifestyle change - stop spending and start getting serious about paying down this debt.  Thankfully we are not in dire straits.  We have a fixed-rate home mortgage with a great interest rate, a fantastic interest rate on our car loan and credit cards, and both have good credit scores.  However, we have realized that we need to stop the financial bleeding and start getting serious about getting out of debt.  Once we’re out of debt then it will be even easier to plan for the future.

I have started this website to help hold us accountable for our plan.  In addition to progress updates on our personal finance journey, I will also be blogging about the latest in personal finance news.  Whether it is the latest live event from Dave Ramsey or news on an interest rate cut by the fed, I plan to post it here.

If you are on a get out of debt journey yourself, I’d love to add you to my blogroll.  Please leave me a comment and I’ll get you added as soon as possible!

Yours Truly,

Big Spender

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