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Debt Consolidation vs. Debt Settlement vs. Debt Management Program

What is Debt Consolidation? Debt consolidation typically involves getting a lower interest loan to pay off multiple high interest secured or unsecured debts, such as credit cards or payday loans. The consolidation loan is generally secured against the borrower’s assets such as a home or a car.  Because credit card debts have such high interest rates, even an unsecured consolidation loan can significantly reduce the borrower’s monthly payment. For some this …Read More

Ask An Expert: What is a credit report and how do I read it?

Dear reader, we all know that credit reports are important. But not many people know what reports look like or how to read the information on them. Understanding a credit report is easier than it seems if you know what to expect when you review your report. Your credit reports are generated by the credit bureaus or consumer reporting agencies, each containing detailed data about your credit behavior. This data …Read More

Graduating This Year? Now’s the Time to Take Control of Your Financial Health

By Bruce McClary The average 2016 graduate has more than $37,000 in student debt- up 6% from last year and levels of delinquencies and defaults are alarming. For many borrowers, managing student loan repayment is one more financial burden they have to consider on top of housing costs, credit card payments, car loans and more. Many don’t know where to turn for help or are not paying attention to the …Read More

Will Your Kids Inherit Your Debt?

By Jason Alderman Many people finally get around to writing a will in order to safeguard their assets for their heirs. But what if you’ve got the opposite problem: Your nest egg was decimated by the recession, bad investments, or simply living longer than expected and now you’ve got a mountain of bills you can’t pay off. Will your kids inherit your debts after you die? The short answer is, …Read More

Tips to Settle Credit Card Debt

By Melinda Opperman Settling debts is not easy. Many individuals ask us for tips to settle credit card debt. Settling your debts may be possible when a verifiable hardship exists, such as medical problems, unemployment, underemployment, divorce, or death of a family member. Recent credit card debt is more difficult to settle than other kinds of debt (medical debts in particular are generally a good candidate for settlement). The customer …Read More

How to Get Out of Debt

By Lauralynn Schueckler The recent recession affected the financial lives of people all over the country. The recession led to much higher rates of unemployment and underemployment. Because of this, many people needed to rely on credit cards to meet all of their financial obligations and pay for emergencies that arose. While this may have been a good short-term solution, many now find that they have an insurmountable amount of personal …Read More

Elderly Mom Destitute With Credit Card Debt

By Erica Sandberg Erica, My mom is 77 years old. She lives in a one-bedroom apartment and has no assets (no car in her name, no IRA, no stocks, no retirement income, absolutely nothing). She lives entirely off her Social Security check each month. However, she managed to rack up about $15,000 on a credit card that she can no longer pay. She has no savings left. I consulted a …Read More

Destroy Your Debt

By Mark Foster It’s more fun racking up debt than it is paying it back. But, to have some measure of financial freedom in your life you need to focus on destroying your debt.  The 2012 NFCC Financial Literacy Survey showed that 39% of adults carry card credit card debt over from month-to-month. Don’t be content with merely paying the minimum due on your credit card debt, or else it …Read More

How To Mess Up Your Financial Life

By Matt Bell I thought I knew a thing or two about making financial mistakes.  After all, I’m the guy who once received a $60,000 inheritance and turned it into $20,000 of credit card debt.  And it only took me two years! I messed up with money the old fashioned way.  I didn’t pay attention to my income and expenses and blindly went about living beyond my means. But I …Read More

Tips For Managing Medical Debt

Most people prefer to leave the hospital feeling better than when they entered. However, with today’s cost of health care, and an increasing amount of that cost being passed along to the consumer, the discharged patient may exit with a financial migraine coming on. A Harvard study found that the number one reason (62%) of all personal bankruptcies in the U.S. were caused by health problems. And this isn’t only …Read More