debt Archives - Empathic Finance | Mike Pumphrey, AFC®

Was the student loan moratorium bad for borrowers?

Posted by Mike Pumphrey on June 12, 2023 | Featured | No Comments

It’s hard to argue that the student loan payment moratorium was somehow bad for borrowers. But some economists are still trying. … Read More

Tags: debt, debt payoff, student loans

You might now have less medical debt on your credit report

Posted by Mike Pumphrey on May 29, 2023 | Featured | No Comments

The three credit agencies give a benefit to those with outstanding medical debt, and in the process show how much power they wield over us. I’m on the Consumer Financial Protection Bureau (CFPB) mailing list, mainly so you don’t have … Read More … Read More

Tags: CFPB, credit agencies, credit report, debt, Equifax, Experian, medical debt, TransUnion

Past due: What to do when you’re behind on your debts

Posted by Mike Pumphrey on January 9, 2023 | Featured | No Comments

Getting current with past due debts is one of the most urgent tasks for you to take care of, pretty much before you do anything else. I’ve talked about how to pay off debt. That’s that “debt snowball” thing you … Read More … Read More

Tags: arrears, collections, debt, debt payoff, past due

Why not keep your debt and use the cash flow?

Posted by Mike Pumphrey on December 19, 2022 | Featured | No Comments

There is a school of thought that you can use leverage to create cash flow without ever needing to pay off debt. But there’s a small problem. I was recently listening to a radio show hosted by a real estate … Read More … Read More

Tags: cash flow, debt, debt free, debt payoff, investing

How to stay motivated when paying off a mortgage

Posted by Mike Pumphrey on December 5, 2022 | Featured | No Comments

Creating little milestones will help you stay motivated and give you a sense of accomplishment, even if your mortgage takes years to pay off. I logged into my mortgage account this month and saw something very exciting: Do you see … Read More … Read More

Tags: debt, debt snowball, mortgage, mortgages, motivation

What are your big money moves?

Posted by Mike Pumphrey on March 28, 2022 | Featured | No Comments

I discuss the high-level “money moves”, the important decisions you can make that will be the most impactful in your financial life. I hope by this point you’re not under the belief that just by cutting out coffee or by … Read More … Read More

Tags: cars, credit, credit cards, debt, impact, impactful

Beyond the Debt Snowball: Other ways to pay off debt (and are they worth it?)

Posted by Mike Pumphrey on November 15, 2021 | Featured | 2 Comments

I look at some non-traditional methods of paying off debt to see if they are any better than the Debt Snowball method. The problem: you have multiple debts, all with varying amounts, interest rates, and payback timelines. Some are secured … Read More … Read More

Tags: debt, debt free, debt payoff, debt snowball

Can you imagine life without debt?

Posted by Mike Pumphrey on March 29, 2021 | Featured | No Comments

Being able to envision what it would be like to be free from debt can help motivate you to take the steps necessary to make it a reality. For many, debt is a way of life. Or rather, it has … Read More … Read More

Tags: car loans, credit cards, debt, debt free, debt payoff, mindfulness, mortgages, student loans

How to Start: A beginner’s guide to managing your money

Posted by Mike Pumphrey on March 22, 2021 | Featured | No Comments

An overview of the first steps on the path to financial wellness, aimed at those who are just getting started. Recently, I was asked about what to do if you’re just getting started thinking about working on your finances. This … Read More … Read More

Tags: beginner, beginner's guide, budgeting, debt, spending, tracking

You can’t pay off your debt until you do this first

Posted by Mike Pumphrey on February 1, 2021 | Featured | No Comments

If you’re trying to pay off debt without making sure that you’ve done all the necessary work first, you’ll never make any progress. Debt looms large in our financial thoughts. For example, in a list of 50 hashtags in the … Read More … Read More

Tags: budget, budgeting, debt, debt payoff, debt snowball

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