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Debt

Ask an Expert: How do I pay my credit card debt when my wages are garnished?

Q: How do I pay my credit card debt when my wages are garnished? Dear reader, I’m sorry to hear that you are having to deal with a wage garnishment while trying to keep your credit card payments on track. Paying your credit card debt when your wages are garnished can be very tough because you have limited options. However, you can carefully plan and enlist the help of NFCC certified …Read More

An Explanation of Your Credit Card’s 4 APRs

The Fine Print of APRs Whether we like it or not, the whole wide world seems to be filled with fine print. Even a receipt from the donut shop has its own share of tiny script laying out the rules and limitations on your purchase. But while it’s usually perfectly safe to ignore the fine print that comes with your morning bear claw, sometimes the paperwork is just as important …Read More

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: I’m struggling to make payments on my student loan. I have all federal and Perkins loans. Should I consolidate them to get lower interest?

A: Dear reader, consolidating your federal student loans could be an option to help you manage your payments and potentially avoid default. However, combining your loans may help you for other reasons that do not necessarily include lowering your interest rates. If you are thinking about consolidation, you can start by looking into Direct Consolidation Loans. This type of loan offers a consolidation option at no cost to you through …Read More

The Debt-To-Income Ratio Explained

Dear Kim, I am considering buying my first home. I have been doing some research and keep hearing about debt to income ratio. What exactly is the debt-to-income ratio and how does it affect my mortgage application?   Dear Reader,   The debt- to- income ratio, or DTI, is a ratio that lenders use to determine how much of your monthly income is being used to pay your debt.  There are …Read More

Tips to Settle Credit Card Debt

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 service representative …Read More

3 Tips for Budgeting as a Couple

 By Lauren Lovett, Certified Credit Counselor and Grant Writer for Navicore Solutions  Finances play a vital role in relationships.  When it comes to managing a household together, it is important to work as a team. These three tips can help! I. Be honest and open about all sources of income, expenses, debts and assets. You have selected one another to be partners in life, and therefore, partners in managing finances. …Read More

5 Tips for Improving Your Financial Literacy

By Jessica Kane Americans are struggling with financial literacy. The FINRA Investor Education Foundation, which completes national studies on financial capability, reports that current financial education is not enough to make us money smart. According to their reports, Millennials and young adults were the groups with the most to learn about financial matters. Lack of financial literacy can spell trouble, often resulting in bad money decisions, lack of savings, and …Read More

CFPB Announcement that will Ease the Minds of Consumers

By Tara Carter We’re all familiar with the headache that can come along with the consistent nagging of debt collectors, however the Consumer Financial Protection Bureau (CFPB) has just proposed new regulations that will give us a break from persistent debt collectors. Here are highlights of the proposed changes: To protect consumers from being contacted for debts that may be incorrect, debt collectors now have to confirm that they have …Read More

5 Ways to Keep Bank Accounts Cool During Hot Summer Months

 By Tara Carter Temperatures are heating up this summer, but that doesn’t mean you’re spending has to increase with these hot temperatures. Here are 5 ways to help keep spending under control, and bank accounts cool this summer:   1) Set a Budget  Pay attention to spending habits so you don’t end up spending more than you earn. Over spending is a quick way to lead yourself into poor financial health and …Read More