Recent data regarding consumer debt from a Consumer Reports survey, released just before the new year, revealed some startling facts about how the holiday season affects our bills. By the end of 2010, 13.6 million people had still not paid off their holiday debt from the year prior.

As you’ll see below, while about two-thirds didn’t bother to set a holiday budget (first mistake), a large number of those who did so still went over anyway. It seems Americans have a big problem when it comes to overspending.

Can you imagine living on less than $200 a month for the rest of your life? That’s the reality that many baby boomers are facing as they close in on retirement. According to a study by Wells Fargo, the average retirement savings of the average American in their 50s is $29,000.

That may seem like a decent chunk of change, but if you simply crunch those numbers in a retirement calculator, you’ll find how drastically scary that outlook is. Based on a retirement period of 20 years and a 5 percent return, you’re looking at a monthly allowance of $190 a month. One hundred and ninety dollars a month. For most people, that doesn’t even cover food costs, let alone rent, utilities, clothing and just about anything else that involves any type of lifestyle.

Worrying about how finances need to be managed is a common beginning-of-the-year concern. Many people create their New Year’s resolutions with personal finance somewhere in the picture, which is actually a great idea. The only problem is if money was their enemy in the past, the idea of making new financial decisions can feel overwhelming.

A great way to overcome this feeling is by creating a love affair with finances. By thinking about the great benefits that money provides and how paying bills can make life easier–not more difficult–along with what it is doing for you instead of to you, you could very well fall in love with your finances.

Struggling with bad credit can be daunting and frustrating. The negative impact on your financial future can overwhelm even the most optimistic of people. Don’t lose hope; there are legal ways to get back on track and improve your credit score. Read on for some helpful information.

Are There Laws Related to Credit?

Hello, 2011! You sure got here quick.

A new year is upon us, and with it comes a mix of hope and uncertainty. Looking back at 2010, the previous year certainly had its share of good and bad, yet all things considered, the economy has made a lot of progress from being on the verge of collapse just a few years ago to making its current climb–albeit slow and uneasy–back to recovery.

The Federal Reserve and the Obama administration seem committed to jump-starting the economy, whether or not the rest of the population will follow will be the biggest ongoing development of 2011. Here’s a look into a few of the key 2011 predictions and areas that will determine whether your money has a good year, or one that leaves more to be desired.

Those in the market for a new home will receive an addition to their mortgage loan applications starting Jan. 1, when lenders begin including information regarding how individual credit scores might affect mortgage interest rate quotes and terms.

This is good news for individuals looking to purchase a new home, as they will not only have a chance to compare rates and price mortgage loans, but will also have an opportunity to make changes to their credit before agreeing to a mortgage.

Making New Year’s resolutions is an annual tradition for most, and as each new year approaches, many people take a look a close look at what parts of themselves they want to improve. Whether it’s saving money, paying off debt or living a little healthier, the goal is to be better off in the following December than you were in January.

That said, how many people actually follow through with their plans? More than half of the people who make New Year’s resolution don’t get past the first six months, but those that really commit to achieving their goals have a higher chance of success. Check out some of the most popular resolutions people make each year. Then tell us what your resolutions are and how you plan to accomplish them in 2011.

The holidays are over and just like every year, you’re probably stuck with a bit of a hangover from all that spending. Packing on an extra layer of holiday debt isn’t that uncommon for most people, especially if you’re the jolly and festive type. In fact, 13.6 million Americans are still struggling to pay off debt from last year’s holidays. With Black Friday, Cyber Monday and the general month of December breathing down the neck of frenzied shoppers, it’s no wonder avoiding debt is so difficult during the holidays.

However, that doesn’t give you an excuse for poor debt management. Staying within a budget is hard enough during normal periods of the year, but you really have to be careful during the holidays. Marketing to shoppers really ramp up during the holiday months, and as most of you have noticed, it starts earlier and earlier every year.

This guest post comes from Michael, a contributing editor of the Dough Roller, a personal finance and investing blog, and Credit Card Offers IQ, a credit card review site.

Who hasn’t watched with glee as Judge Judy or Judge Joe Brown hand down rulings? They may be entertaining, but in reality, these shows aren’t courtrooms, but what is called binding arbitration. Both parties agree beforehand to abide by the ruling of the “judge.” So if someone owes you a debt of some kind and isn’t paying up, you’ll want to know how small claims court works in the real world.

While many homeowners don’t hesitate to use their home equity strategically, consumers aren’t aware that the same can be done with a car loan. Approximately only 1 out of 20 people know they can refinance their car loan, and those who do are saving an average $1,412 a year. Refinancing a car loan is very similar to refinancing a home mortgage, where you pay off your previous loan in full and take out a new loan on your car at a different interest rate and/or a different loan term.

Who Should Refinance?