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 …
Debt Avalanche vs. Snowball: Which is the Better Way to Repay? Read More »
Debt relief services can seem overwhelming when you’re already struggling with debt. It’s difficult to know which options will work for you, and there’s no one solution that works for everyone. Credit counseling is one option. Here’s what you need to know about whether it will be the best fit for your financial situation. Are …
Is Credit Counseling Right for You? Everything You Need to Know Read More »
According to the Federal Reserve Bank of New York, household debt now totals $16.90 trillion, $986 billion of which is on credit cards. If your debts are causing you serious stress, you must take action. Debt settlement and Debt Management Plans are two of your leading options for dealing with unsecured debts like credit card …
Debt Settlement vs. Debt Management: What You Need to Know Read More »
According to the National Center for Health Statistics, in 2018, there were 2.1 million marriages in the United States. Most people who get married don’t even think about what happens to their credit now that they are a couple. You may wonder, how does getting married affect my credit score? What does going from a …
What Happens to Your Credit When You Get Married? Read More »
There are 43.2 million student loan borrowers in the United States, each with an average balance of $39,351. It’s difficult to keep up with such large amounts of debt, especially when you’re just starting out in the workforce. But what happens to the people who fall behind on their payments? Are the penalties purely financial, …
Can You Go to Jail for Not Paying Student Loans? Read More »
If you’ve gotten too far behind on bills, debt collectors might start bugging you. And debt collectors generally are allowed to contact you about overdue debts. But there are a number of things they’re not allowed to do. As a consumer, it’s important that you understand what debt collectors can and cannot do. Follow along …
The Fair Debt Collection Practices Act: What are Your Rights? Read More »
Here are some of the most important financial terms you need to know: Adverse credit history: A credit history that shows regular late or missed payments on one or more loans or lines of credit. It can also be used to describe a credit history that includes default judgments against an applicant, bankruptcy … basically …
Debt Glossary: Here are the Terms You Need to Know Read More »
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, that means a significant amount of people fall behind on their …
Many people think all debt is bad debt, but there are times when debt can be helpful. It may not always be easy to distinguish between good debt and bad debt. However, learning the differences can make it easier to determine whether your money’s going where it should or not. If you’ve ever wondered about …
It can be scary and intimidating when the debt collector calls. Their threats are designed to make you pay them when they say things like “we can take you to jail” or “we’re going to send law enforcement to your job” or even “when you go to jail, child protective services will take your children …
How to Deal with Debt Collectors When You Can’t Pay Read More »