Debt

Feeling defeated by 2020? Perhaps you are hoping that 2021 will bring you a brighter financial future. The symbolism of passing from one year to the next invites us to enact changes in our lives and can be a great opportunity to jump-start fresh goals. If ditching debt is something you’d like to address in […]

Filing for bankruptcy is an important decision that is usually made under stressful circumstances. If you are overwhelmed by your debt, default is a legal process that could relieve you of your financial burdens. In the short term, filing for bankruptcy could stop a foreclosure or car repossession, protect your wages from garnishment, or keep […]

If you’ve decided a balance transfer credit card is right for you, following these steps can help the process go smoothly. A balance transfer is a great way to take advantage of a special introductory rate that can help you pay down your credit card debt faster. 

If you are managing high-interest credit card debt, a balance transfer could help you pay it down faster and with less interest. People often use balance transfers to take advantage of 0% introductory rates on new cards, as well as other incentives that may be offered to entice borrowers to transfer their balances.

One of the hardest parts about paying off multiple debts is knowing where to start. It can be easy to become overwhelmed by or apathetic to minimum payments. Unfortunately, this leads to being in debt longer and racking up interest and fees. Reprioritizing your debts and pursuing a repayment strategy can help increase your long-term […]

A debt-to-income (DTI) ratio is the percentage of a person’s monthly gross income that is dedicated towards paying back debts. Your DTI ratio is an important piece of data that will help lenders determine the likelihood that you’ll repay a loan.

According to the New York Federal Reserve, America’s household debt is the highest it’s ever been (in nominal dollars), with the previous peak being in 2008. But why? Well, one possible reason is that the current era of low and negative interest rates is tempting many people to load up on mortgages, credit cards, auto loans […]

Updated July 2020 If you are considering debt consolidation or have already begun the process you might be concerned about what it could do to your credit score. It is common for credit scores to decline after consolidation, at least in the beginning. Fortunately, the effects are usually temporary and repairing your score is easier […]

Updated July 2020 If you have multiple forms of debt, you are probably familiar with the frustration of keeping track of many different interest rates, payment amounts and due dates. Managing multiple debts can be stressful, especially if you struggle to organize your finances or have an irregular income. Add late or missed payments to […]

Updated June 2023 If paying off debt were easy, fewer people would be in debt! We know that’s not the case because the average American household has more than $9,654 in debt, and the average American with credit card debt owes $3,911. The problem is not that we have debt, but instead, the mistakes that […]