Go to Top

Blog Archives

Getting the Kids Back to School Without Breaking the Bank 

Getting even youngsters ready to go back to school can cost a family hundreds of dollars — and the cost only goes up from there, with the cost of outfitting a high-school or college student climbing into the four-digit range.    Between clothes, classroom supplies, and the increasingly necessary technology purchases, finding any savings you can is the key to avoiding breaking the bank while getting the kids back to school. Thankfully, …Read More

#AskanExpert: How Can I Speak to Creditors About Hardship When Starting a New Job?

Q: I’m currently a graduate student and I am a few months behind on credit card payments and loans. I just signed a contract for a job that will start August 1, but I will not get my first payment until August 31. How could I speak to creditors about this? Dear Reader, Meeting your financial obligations when you don’t have an income can be very challenging. Now that you are …Read More

#AskanExpert: Should I Consolidate All My Credit Card Debt?

Q. Can the NFCC help consolidate all credit cards, even ones under $500? Dear Reader, If you are considering loan consolidation to repay your credit cards, we encourage you to think about it carefully. We can also connect you with NFCC-certified credit counselors that can help you explore this strategy. But, just like a credit counselor, we can only offer advice, guidance and education.   Loan consolidation usually works best …Read More

#AskanExpert: What Happens If You Pay All But One Credit Card?

Q. What will happen if I do not pay off one American Express credit card? I have three other credit cards that I am currently paying off, but American Express wants $5,000 paid all at once. Dear Reader, It is hard to adequately predict what will happen if you do not pay your American Express card. However, I can tell you what to expect in general terms. If your American …Read More

#AskanExpert: Is it Legal for Creditors to Sell Part of a Debt to Debt Collectors?

Q. Can Creditors Sell Part of a Debt to Collection Agencies? Is that legal? Hello, I’m trying to help my wife with a credit card debt. In 2014, she had medical issues and was unable to make payments to her credit card. The account was referred to a collection agency, with which she negotiated a settlement (less than the original debt) and paid-off the account via authorized withdrawals from her …Read More

Ask an Expert: Is a Debt Management Plan Right for Me?

Q. What types of situations are recommended for Debt Management Plans? How much debt do I have to have? Dear reader, A Debt Management Plan (DMP) is a service offered by credit counseling agencies, where they will work with your creditors and establish a payment plan that will help you repay your debt in full. It may be a debt repayment option, if you have considerable credit card debt and you …Read More

Ask an Expert: What are the Best Small Business Healthcare Options?

Q: What are the best small business healthcare options? Dear Reader, Navigating the jungle of employee benefits can be a daunting challenge for small business owners, no matter if the decisions involve a sole proprietorship or a team of several employees. First and foremost, it should be noted that employer sponsored healthcare coverage is optional for businesses with 50 or fewer full-time employees. As the owner, you have a wide …Read More

Ask an Expert: Is it ok for the Collection Agency to do this?

Q. Is it ok for the collection agency to do this? My husband and I are trying to get out of roughly $50k worth of credit card debt. We are considering refinancing our home and using the equity to pay the debt. However, three years ago my husband moved out of his apartment in Seattle to the Midwest with me. He gave his notice to the apartment complex and paid the …Read More

Ask an Expert: Should I take out a startup loan for my small business idea?

Q. Should I take out a startup loan for my small business idea? Dear Reader, The prospect of starting your own business and growing your ideas must be very exciting. And the most difficult part is getting the capital to get it going, especially if your business is just starting out. Taking out a loan to grow your business has its pros and cons, but the ultimate decision depends on the …Read More

Ask an Expert: What’s the Best Way to Use My Inheritance?

Q. I have an inheritance of $19,000. I have some credit card debt (almost $20,000) on a card whose introductory 0% interest. I do not have an emergency fund for some repairs that are currently needed and would probably have to go back into debt to make the repairs. Should I start making payments on the current credit card debt and use the inheritance for repairs?   Dear reader, It …Read More