A charge-off is poison for your credit score. It’s a serious negative item on your credit report and will harm your chances of getting competitive rates on loans or being approved for a credit card. It’s not easy to remove a charge-off from your credit report unless it’s a mistake. However, it isn’t impossible. Here’s […]
If you’ve racked up several missed payments and are watching your credit card debt increase rapidly, you have more to worry about than your rising balance. Your creditor may have the loan charged off as bad debt. According to the Federal Reserve of St. Louis, this happens to about 2.25% of credit card debts in […]
Making a big payment at once isn’t always an option. But thanks to the rise of Buy Now, Pay Later plans, you can order what you want and pay it off over time. Also known as BNPL, these point-of-sale payment options have rocketed into a $100 billion industry, partnering with major retailers and allowing you […]
Many experts will try to warn you against debt settlement. However, even though it isn’t the right choice for everyone, sometimes it’s actually a good idea. Suppose you don’t qualify for a consolidation loan or are considering bankruptcy. In either case, debt settlement will be a better option – especially if you think you’ll need […]
Delinquent debts are still an unfortunate reality in the United States. Over the ten years ending in 2021, the delinquency rate on consumer loans averaged roughly 2.3%, though it reached 4.85% during the recession of 2009. In a country with over 330 million citizens, a significant number of people fall behind on their debts each […]
There are 43.2 million student loan borrowers in the United States, each with an average balance of $39,351. And federal student loan interest rates have risen to the highest level in a decade. It’s difficult to keep up with such large amounts of debt, especially when you’re just starting out. But what happens to the […]
Tracy didn’t know where to turn. Her husband had been out of work for almost a year, and the family had been relying on payday loans to keep the lights on and the kids fed while he searched for a job. By the time he found work, they had nine payday loans totaling more than […]
What happens if you fail to repay your payday loan debt? Will you face felony charges and run the risk of jail time? Is it considered a misdemeanor? Don’t worry. Jail isn’t a legal punishment for defaulting on debts. And you won’t be arrested. However, an unpaid loan can make life difficult in many other […]
It may seem crazy that many high-income medical professionals are struggling with debt. But you’d be shocked by the number of doctors who earn $600K+ a year but are living paycheck-to-paycheck due to crippling student loans with high interest rates. One survey found that one-third of healthcare workers said their financial security was impacted by […]
A guide for those looking to determine whether or not a 0% balance transfer card will help them get out of debt. What is a 0% balance transfer card? A balance transfer involves moving your outstanding credit balance from one account to another with a lower interest rate. A 0% balance transfer card is ideal […]