The Black Friday sales have already started and it’s a tough time of year for anyone struggling to keep their debt under control. Last year, more than half of Americans said they planned to take on debt to cover their holiday expenses. This is no surprise, considering that almost half of Americans say they don’t […]
DebtHammer Newsletter #16: The Tools You Need to Become Debt-Free Read More »
The debt-to-income ratio (DTI) is a metric lenders use that compares your total monthly debt payments to your gross monthly income. It measures your ability to manage your existing debt obligations compared to your income. It is also usually a critical factor in determining whether you can borrow more money. Calculating your debt-to-income ratio is
How to Calculate Your Debt-to-Income Ratio Read More »
Are you wondering whether debt settlement might be right for you but afraid it will be too expensive? Despite what you may read, debt settlement can be one of the cheapest ways to get out of debt. Why? Let’s take a look. Key points How much do debt settlement companies charge? Debt settlement may sound
Debt Settlement Fees: It Can Be Surprisingly Affordable and Effective Read More »
As consumer debt continues to rise, so does the popularity of debt settlement as an option to solve Americans’ financial problems. U.S. households carried an average of $101,915 in consumer debt in 2022. According to a report by John Dunham & Associates, 1,453,567 accounts were settled by debt settlement companies in 2019, compared to just
Top Debt Settlement Companies: Which is Best for You? Read More »
It’s no secret that many Americans are overwhelmed with credit card debt. If you’re struggling to make your monthly payments, here’s a secret your credit card company doesn’t want you to know — lenders will often lower the total amount that you owe them through a negotiation process. That process is known as debt settlement.
Debt Settlement: How to Get Your Debt Under Control Now Read More »
Debt consolidation rolls your unsecured debts into one bigger loan with a lower interest rate. But will it work for you? Before jumping in and applying for loans, it’s essential to consider debt consolidation’s potential benefits and drawbacks. Pros and cons of consolidating your debts Before jumping in and applying for loans, it’s essential to
Debt Consolidation Pros and Cons: Know the Risks Read More »
Debt consolidation can lower your monthly payments, but will it also lower your credit score? Well… it depends. Why does debt consolidation affect your credit score? In some cases, debt consolidation will get you a better interest rate, simplify your paydown process, and put you on the fast track to being debt-free. But in others,
Four Ways Debt Consolidation Affects Your Credit Score Read More »
Personal loans and balance transfer credit cards can both be effective and low-cost ways to consolidate high-interest debt. But which works best? It will depend on several factors. Key points Should I get a personal loan or a balance transfer credit card? If you’re struggling with debt, both of these are good options. There are
No one wants to see extra tax forms in the mailbox, particularly if you don’t know what they mean. If you’ve completed a debt settlement program or qualified for student loan forgiveness, you’re no longer obligated to repay the canceled debt. However, you may have to pay income taxes on the total canceled debt. That’s
Do I Have to Pay Taxes if I Get a 1099-C Form? What You Need to Know Read More »
Debt relief can be a saving grace when your monthly payments become unmanageable. And the amount of debt you’re grappling with can spiral out of control very quickly. But debt relief includes a wide range of strategies. And all too often, people struggle to find the right plan or get pressured into a scam by
Debt Relief or Bankruptcy: Which is the Best Choice for You? Read More »