The DebtHammer Blog

Learn how to get a grip on your personal finances.

How to Handle Fake Debt Collectors of Payday Loans

By Nick Gallo | Nov 23, 2020 | Comments Off on How to Handle Fake Debt Collectors of Payday Loans

Payday loan borrowers are used to giving up their paychecks to their lenders, many of whom offer services that already border on predatory. In an industry so full of shady practices, it can be difficult to discern the blatant scams from the more subtle ones. Thieves frequently try to take advantage of the fact that …

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What is a 0% Balance Transfer Card? (And When to Use One)

By Nick Gallo | Nov 23, 2020 | Comments Off on What is a 0% Balance Transfer Card? (And When to Use One)

A guide for those looking to determine whether or not a 0% balance transfer card will help them get out of debt. Table of Contents What is a 0% Balance Transfer Card?How Do 0% Balance Transfer Cards Work?What Happens if You Don’t Pay Off a Balance Transfer?How Much Can I Save With a 0% Balance …

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How are Credit Scores Calculated?

By Nick Gallo | Nov 16, 2020 | Comments Off on How are Credit Scores Calculated?

There’s a lot of misinformation out there about credit scores. People have been perpetuating myths about how they work and what affects them for years, so it’s no surprise that so many others are confused about how their credit scores are calculated. But in truth, the process is pretty easy to understand if you can …

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How to Protect Yourself from Payday Loan Scams

By Nick Gallo | Nov 16, 2020 | Comments Off on How to Protect Yourself from Payday Loan Scams

Payday lending is an inherently predatory practice. Ignorant or desperate borrowers who have little to no financial recourse are often scared, frustrated, and uncertain due to financial stress and intimidation tactics. That makes them the perfect targets for con-artists, who have seized the opportunity to implement a variety of payday loan scams. These scams are …

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Can Payday Lenders Sue You?

By Nick Gallo | Nov 5, 2020 | Comments Off on Can Payday Lenders Sue You?

The payday loan trap is scary. Once you’re caught, predatory lenders will use all kinds of underhanded tactics to make more money off of you. One of their favorite strategies is to threaten you into paying them, even if it means that you have to take another loan out to do so. Legal penalties are …

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8 Practical Alternatives to Payday Loans

By Nick Gallo | Nov 5, 2020 | Comments Off on 8 Practical Alternatives to Payday Loans

Payday loans are usually a borrower’s last resort. If you’re considering one, you’ve probably exhausted most of the traditional and easy means of financial support already, so it may seem like there are no more practical alternatives to payday loans for you. But there are viable options out there, even if your circumstances are making …

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Installment Loan vs. Payday Loan: What’s the Difference?

By Nick Gallo | Nov 5, 2020 | Comments Off on Installment Loan vs. Payday Loan: What’s the Difference?

Table of Contents Are you considering taking out a fast cash loan? Before you borrow, take a careful look at your options.What is an Installment Loan?Secured vs. Unsecured LoansWhat is a Payday Loan?Installment Loan vs. Payday Loan: The Key DifferencesWhich One Should You Choose? Are you considering taking out a fast cash loan? Before you …

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Debt Relief or Bankruptcy? (The Options and the Differences)

By Nick Gallo | Nov 5, 2020 | Comments Off on Debt Relief or Bankruptcy? (The Options and the Differences)

Debt relief can be a saving grace when your monthly payments become unmanageable. And debt can spiral out of control very quickly, even in the best of times. In 2020, expensive health emergencies and rampant unemployment have only compounded the issue. But debt relief includes a wide range of strategies. And all too often, people …

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How Does Debt Consolidation Affect Your Credit Score?

By Nick Gallo | Nov 5, 2020 | Comments Off on How Does Debt Consolidation Affect Your Credit Score?

Debt consolidation can lower your monthly payments, but can it also lower your credit score? Well… it depends. 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, you’ll get nothing for your trouble except a …

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Debt Avalanche vs. Debt Snowball: Which is the Better Debt Repayment Strategy?

By Nick Gallo | Nov 5, 2020 | Comments Off on Debt Avalanche vs. Debt Snowball: Which is the Better Debt Repayment Strategy?

Paying off debt can be one of the biggest challenges in all of personal finance. Credit cards, student debt, and payday loans are all designed to trap you in a loop of endless minimum payments. But as long as you stay disciplined, it is possible to escape. All you need is the right debt repayment …

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