Debt Management

Back in Debt? A Strategy to Pay It Off for Good

Debt is one of those things that’s very easy to get into and much more difficult to get out of. I spent 14 months getting out of debt, only to find myself right back in a similar place about a year later. Like me, you probably didn’t even notice debt was piling up until you were staring up …

Struggling With Student Loans? How to Lower Your Payments

If you’re struggling to make your student loan payments, one option to explore is income-driven repayment plans. These plans are available to federal borrowers to help manage student loan debt. Under these plans, monthly payments are lower than under the Standard Repayment Plan. They make it so what you’re paying every month is tied into …

Debt-Free Payment Methods: Alternatives to Cash

Whether it’s Target, Home Depot, or Sony, it seems like every couple of months another huge corporation is hacked, exposing vast amounts of customer information. So it’s no wonder more Americans are turning to cash for their spending needs. This solution has its own set of problems, as well as benefits. If you’re thinking of switching to a cash-only …

Debt Forgiveness and Taxes

In 1726, author Daniel Defoe wrote in “The Political History of the Devil” that, “Things as certain as death and taxes can be more firmly believed.” A modern twist on that time-honored quotation would be, “Few things can affect your taxes more than debt.” Exactly how much debt are we talking about? As of March …

Categories: Debt Management, Taxes

How Student Loans Affect Your Credit

Whether you’re making your payments on time, paying extra every month, or struggling to pay the debt, student loans impact your credit report and score – for the good and the bad. Here’s how: Accentuate the Negative Any time you fail to make a student loan payment on time, this is going to have a …

Six Debt-Busting New Year’s Resolutions for 2015

Welcoming the New Year invokes a lot of emotions for people. It’s a time to look back on the past year and reflect on mistakes we’ve made and lessons learned. Along with that, it’s a time to hope for a better year ahead. We want to do things better and become better people. Enter New Year’s …

10 Steps to Rid Yourself of Credit Card Debt Forever

No one likes being in credit card debt. It’s one of the easiest payment methods for overspending, and yet is the most difficult to pay off because of the high interest rates and other fees. So how can you pay off credit card debt and remain free of it forever? These steps will show you how. …

Expose a Fake Debt Collector by Asking These Three Questions

By Craig T. Kimmel It’s late and your phone is ringing off the hook. The caller ID reads a number you don’t recognize, but you pick up anyway. With someone calling at such a late hour, it could be important. “Hello?” The unfamiliar voice quickly informs you that you owe hundreds of dollars on an unpaid …

Debt and Your Marriage

When you marry your spouse, you’re merging lives. You’ll need to make room in yours for their books and furniture, sure, but also their family, maybe their pet — and, more often than not, their debt. In fact, seven out of 10 Americans enter into marriage with debt, according to debt.org. To make matters worse, those first few …

Debt Snowball vs. Debt Snowflake: Which Works Best to Pay Off Debt?

Being in buried debt and not knowing how to get out of it can be very overwhelming. Add to that the many strategies, methods, and tips for paying off debt, and you may be ready to quit before you’ve even started. Not to worry though. There are two very popular, proven ways to pay off debt: the …

Should You Tell Your Kids About Your Debt?

Parenting is a no easy task, as you already know. There is no playbook or instruction manual to tell you the best way to handle a given situation. One tough parenting dilemma and highly debated issue is whether your children should know when your family is struggling with debt. There are many schools of thought on …

The True Cost of Debt

By Doug Hoyes Everyone knows that they have to pay interest when they take out a loan. It’s the price we pay to use someone else’s money to purchase something we don’t have the cash for today. But beyond that, it’s hard to comprehend just how expensive debt can be. Generally speaking, we don’t really consider …

Student Loan Consolidation: Pros and Cons

Graduating from college comes with the acknowledgement of great achievement — and, if you’re like 70% of graduates, a burden on your back in the form of student loan debt. The average college grad leaves school with $40,000 worth of debt. But if you switched majors, transferred colleges, or went on to graduate school, you may be among the …

The Best Debt Repayment Tools and Apps

The first major step toward reaching financial freedom is to regain control of your spending and pay off debt. However, this is often harder to do than it sounds. Thankfully, technology is making it a lot easier to set and reach your financial goals and stay on top of your debt. Here are some of the best …

Best Debt Management Companies for 2015

Debt management is one of several debt-relief options for those who are struggling to keep up with a growing pile of bills each month. When you sign up for a debt management plan, you pay a single company every month instead of all of your creditors. The debt management company then pays off your creditors …

Best Debt Consolidation Loans for 2015

When you’ve fallen behind on your payments, it can feel like there’s nowhere to turn. One potential option to get organized and streamline your bills is debt consolidation. Debt consolidation lets you roll several debts into one loan with a lower interest rate and longer payment term. That means you’ll pay less each month to …

10 Things You Can Do to Tackle Your Debt Right Now

Consumer debt in the U.S. now totals $11.4 trillion, including mortgages, auto loans, credit cards, and student loans, according to Debt.org. If you’re responsible for any portion of that, especially more than you’d like to be, there are a lot of emotional effects of that debt you may be dealing with. One common emotion is feeling …

The Emotional Effects of Debt

Whether it’s considered “good debt” or “bad debt,” the truth is, any debt can cause serious emotional effects. Studies show what many of us already know: Debt is about much more than money. Being in debt can lead to a number of other emotional and psychological issues. The average American has $15,950 in credit card debt, and 39% …

Best Debt Settlement Companies for 2015

If you’re drowning in debt you’re unable to pay, you may be confused by the sea of options available to you, including debt settlement. Debt settlement is when a company negotiates with your creditors on your behalf to reduce the amount you’ll pay. The rest of the debt is typically forgiven. It sounds like a …

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