Debt Management

Setting Attainable and Exciting Financial Goals

When I look back at my personal finance progress, I’m most proud of the long-term success. The changes that have happened in my life over the last several years have been absolutely incredible, and I feel a strong sense of personal pride when I think about it. Here’s the kicker, though: if I flip the …

How to Save Money With a Balance Transfer

When you’re carrying a lot of high-interest debt, it’s hard to imagine how another credit card can possibly help your situation. However, the right kind of credit card – a balance transfer card – may actually provide some relief. But before you can realize the benefits of a balance transfer, you have to consider how …

Should You Pay Off Your Mortgage Early?

If you have a mortgage on your home, you’ve probably wondered at least once whether it would be worthwhile to pay it down ahead of schedule. And if so, you’re not alone. The debate over whether to prepay your mortgage has persisted in the personal finance world for some time now, and it’s not going away any time …

20+ Ways to Make Extra Money to Pay Off Your Student Loans

You graduated college, started your career, but you still don’t have enough money to make headway with those student loans. While the best option would be to find a higher paying job or wave a magic wand — or find a magic job — that eliminates your loans altogether, there are some things you can do to …

Nine Life Milestones That Double as Debt Threats

By Doug Hoyes Most people I meet with are truly surprised at just how much debt they have accumulated. They didn’t go out yesterday and borrow that much money, but it did come from somewhere. The truth is that debt tends to follow a pretty predictable timeline. Most of life’s major milestones — from high …

Seven Things to Know When Filing for Bankruptcy

Filing for bankruptcy is often seen as a scary but necessary option. But it’s important to know that even when you’re facing what seems like financial ruin, you have choices. Bankruptcy laws have changed over the past few years and offer benefits as well as drawbacks to filing. If you’ve talked with a lawyer about …

Balancing Act: Pay Down Student Loans or Save More?

You’re finally there: You’ve graduated from college after many hard years, you’ve got a job in your field, and you’re actually able to balance your budget so you’re not only paying your bills, but you have a bit of extra money left over each month. Now the question is, what to do with that extra …

Take These Steps to Deal With Massive Student Loan Debt

Dealing with any student debt is challenging, but what about when the amount is simply overwhelming? About one in five borrowers owes more than $50,000 in student loans, and 5.6% owe more than $100,000. It’s no wonder studies are showing that this generation of debtors is putting off marriage and having children, forgoing homeownership, and unfortunately defaulting on their …

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 …

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