Debt Management

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 …

How to Handle Debt in Collections and Pay Less Than You Owe

Debt collectors often make an already stressful situation — feeling stalked by past debts — a lot worse if you give them the chance. They can be merciless, overbearing, and sometimes downright abusive when it comes to interacting with you about your financial history. But you have rights, and you have options! Before hurriedly sending off a …

Nine Debt-Forming Habits and How to Break Them

The average American household with a credit card carries more than $15,000 in credit card debt, according to debt.org. Add to that $1.2 trillion (and growing) in student loan debt, sprinkle in car loans, a mortgage, personal loans, and medical debt, and we’ve got ourselves an issue. How did we get here? The reasons we’re …

15 Ways to Reduce Your Loans While You’re Still in College

Stories of college graduates struggling to deal with their student loans are enough to scare away any bright-eyed college hopeful. If you’re thinking about college or in school right now, there are plenty of steps you can take to help reduce the amount of student loan debt you’ll be saddled with after graduation. Here are 15 ways to reduce your …

Best Student Loans in 2015

Are you having a hard time finding out what the best student loans are? You might also be wondering how to nab the best student loan rates. You’re not alone if you think figuring out how you’ll pay for college is a stressful, complicated process. In this article, I’ll summarize federal student loans and private …

Student Loan Forgiveness: Joining the Military

Dealing with student loan debt can seem unbearable and overwhelming. As I mentioned in 15 Ways To Deal with Student Loan Debt, the average student owes a whopping $40,000 after graduation — but almost one in five students owes $50,000 or more, and 5.6 percent owe over $100,000. Maybe you worked hard to save money in college, diligently …

Student Loan Forgiveness: Jobs That Pay Off Your Debt

Dealing with student loan debt can seem unbearable and overwhelming. As mentioned in 15 Ways To Deal with Student Loan Debt, the average student owes a whopping $40,000 after graduation — but almost one in five students owes $50,000 or more, and 5.6 percent owe over $100,000. Maybe you worked hard to save money in college, diligently keeping your …

Student Loans 101: Vocabulary

Money and college can be confusing. Whether you’re just starting out on your college journey or dealing with student loans from years ago, here is a glossary of helpful terms you may need to know: Accredited: If your college and program is accredited, it means that it has met specific requirements by the U.S. Department of Education. …

Student Loan Forgiveness: Move to a Place that Pays Your Loans

Dealing with student loan debt can seem unbearable and overwhelming. As mentioned in the article, 15 Ways To Deal with Student Loan Debt, the average student owes a whopping $40,000 after graduation but almost 19 percent owe $50,000 and above with 5.6 percent owing over $100,000. Maybe you worked hard to save money in college …

15 Ways to Deal with Student Loan Debt

Dealing with student loan debt is tough. You’re probably no stranger to the student loan crisis we’re facing with $1.2 trillion and growing in debt. The average student will graduate with a whopping $40,000 in student loans, but for those who pursued graduate or higher degrees, switched majors, or went back to school, that number …

How to Use the “Snowflake” Strategy for Debt Repayment

When you’re facing a giant mountain of debt, it feels almost impossible to overcome it. When your total debt exceeds your household income, it can feel like debt is just going to be a part of your life. It can seem as though, in order to live your life, you’re going to have to constantly …

How to Switch to Paying Cash for Your Car

In 2003, I purchased a 1997 Ford F-150 pickup. Given the financial disaster that my life was at the tiem, I “paid” for it entirely with a loan, which saddled me with car payments for the next three-plus years. In 2010, the Ford F-150 needed to be replaced, so we bought a 2004 Honda Pilot. …

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