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The Mental Health Impact of Debt.

Owing serious sums to your credit cards and other debt accounts may just be business and numbers on paper, but if you’re in that financial situation, then you know that the stress, pressure, and worry about paying bills has profound mental health implications. Of course, different people experience the gambit of reactions and psychological effects when faced with debt. While…

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The Math Behind the Minimum: Calculating the true cost of credit card minimum payments

Most credit card companies keep their exact algorithms for determining minimum payments under wraps. However, there are whole threads of research by mathematicians and statisticians who try to break down the math behind the minimums, using something called the Bond Evaluation Formula. Quite simply, it is: 𝐵=𝑃(1+𝑖)+𝑃(1+𝑖)2+…+𝑃(1+𝑖)𝑛=𝑃∑𝑗=1𝑛(1+𝑖)−𝑗 Got it? If that’s just slightly ahead of your high-school level calculus, we…

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5 Shocking Statistics About Debt.

When we talk about the economy and our finances, most of us check in on a number of key statistics, including unemployment rates, the Dow Jones stock market average, and even mortgage interest rates. However, the numbers we should be paying attention to on a macro scale paint a far gloomier picture of the U.S. economy and our finances. Debt.…

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Is homeownership still the American Dream?

When our parents and grandparents were growing up, this formula for a secure, comfortable, and happy life was simple: go to school, get a good job, get married, buy a house, pay off your mortgage (and raise your kids), and retire comfortably. In fact, since the end World War II, when millions of GIs came home and populated the newly…

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