Debt

Getting out of debt is hard for everyone, but when you’re broke, it can feel impossible. Living from paycheck to paycheck is stressful. Add high-interest debt to the mix, and you’ll find yourself in a vicious cycle. Trying to pay off debt when you are broke can lead to missed bill payments, overdraft fees, poor […]

Bankruptcy promises freedom from your debt, but it comes at a high cost. The economic impact and stigma of a debt discharge can be long-lasting and take years to overcome. It’s possible to rebound from bankruptcy, but it requires patience and a solid strategy to rebuild your financial health. 

Updated May 10, 2023 Before taking on a debt of any kind, it’s a good idea to know whether it’s considered good debt or bad debt. Not all debt affects your financial health equally. Certain types are considered good debt while others are bad. 

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 […]