Are Financial Advisors Worth It? Insider Tips You Should Know
Are Financial Advisors Worth It? Insider Tips You Should Know
Develop better strategies for eliminating debt to save money and avoid default
From covering healthcare costs to paying off debt, there are wiser ways to spend your tax refund than vacations and luxury buys.
It’s also about tension, conflict and controlling your “money blueprint.”
These books can make it easy for you to keep your own books.
Some say he went off the deep end, but he didn’t care.
We paid down $50,000 in less than a year with these frugal living tips.
Tackle your high interest first to save yourself time and money.
Using scissors, needles, and pie tins, you can earn lots of extra cash.
It took hard work, sacrifice and a lot of sweat.
The economy is showing improvements and Americans are doing something about it.
Just because everyone else is in debt doesn’t mean you have to spend your life paying creditors.
Did you spend 2017 awake at midnight, worrying about bills? Create a budget and sleep debt-free.
Tired of being haunted by the specter of purchases past? Get rid of debt in 2018 and ditch living paycheck to paycheck.
Hawaii has 539 times more debt than Washington DC.
As social issues roil the country, some have attacked our basic economics. They’re wrong.
Surprisingly, income level doesn’t determine who has a side gig
They’ll also (literally) drive you into the poor house.
More Americans living in Southern states can put more money toward their student loan debt since cost of living is cheaper.
It has to do with cars, but not really auto loans.
The debt she accrued wasn’t her fault this time, but it was her responsibility.
The number of Americans without an emergency fund is at a six-year low.
She put every extra penny toward her student loans and carefully tracked her spending.
Sadly, we’re No. 1 in one of the categories we don’t want to be.
Crippling debt can totally kill our credit history, which makes buying a home or car or even getting a credit card nearly impossible. But some new changes to reporting are going to seriously boost your credit score.
This week: clueless about student loans, passionless about work, passionate about boycotts.
Not saving enough for retirement is a bigger regret than taking on too much debt
It left the Notorious D.E.B.T. writer and her husband hopelessly in debt — but they’re making a comeback.
If you break this Commandment, you’re probably broke.
We’re paying off unsecured personal loans faster than auto loans, mortgages, and credit cards and we probably shouldn’t be.
It not only helps him stay debt-free, it also protects him.
Most Americans don’t have a plan to deal with an average debt of $37,000.
Sure, it hurts, but he’s been through worse.
Nearly 90 percent of young employees would commit to an employer for 5 years – if it helped them pay back their debt.
She once relied on welfare. Now she’s a successful personal finance coach.
Because let’s face it — those aren’t relevant anymore
You’ve heard the term, “work smarter, not harder”? Try “work less, save more.”
The vast majority of middle-class military families — like commissioned officers and senior non-commissioned officers — are planning to improve their finances this year, even though they make at least $50,000.
The generation that will soon take over the world has yet to conquer its own financial woes.
Two-thirds of young adults have an actual fear of debt, even though they plan their spending on a constant basis.
Companies could be doing their employees a huge service if they offered some — and sometimes better — student loan repayment assistance.
National League of Cities gets those in debt to pay it back by giving them time, not money
Knowing how you think about money can help you save more of it.
Hint: It’s not as bad as you think.
Do you know when to be patient — and when to be angry?
Here are the numbers behind what’s happening to household debt, and what they mean. You shouldn’t worry too much.
Learn these lessons and you can save more than China does.
It’s not a candidate. It’s an attitude.
I have very mixed feelings about this. So should you.
Asian Americans have a higher median personal income, believe they can retire earlier, and save more money than the general population.
Do these 5 things, and you’ll be able to deftly execute your business idea.
All three credit bureaus will soon have to cut some bad information from credit reports, which could give a huge boost to many consumers.
The higher the APR on your debt, the more you must work to eliminate it. Interest charges eat away at every payment you make. And when it comes to credit cards, high interest rates eat up over one half of each minimum payment; if your rates are over 20% that jumps to two thirds of each payment.
The best way to accelerate debt elimination is to reduce the interest rate applied to your debt. If you can, then more of each payment goes to paying off the actual debt you owe (principal). You can get out of debt faster even if you pay the exact same amount or even less each month.
Start by calling your creditors or lenders to see if they will work with you to lower your rates. For credit cards, you usually don’t have to open a new account to get a better rate – they can just give it to you. On loans, you would need to refinance to achieve a lower rate.
Debt consolidation is the process of combining multiple debts into a single monthly payment at the lowest interest rate possible. So, you get the benefit of lower rates explained in Tip One, while also simplifying your bill payment schedule. In many cases, consolidation can also lower your monthly payments.
Consolidating debt essentially allows you to pay it off more efficiently. Many debt consolidation solutions either accelerate repayment to lower total cost or lower your monthly payments or both. You can consolidate credit card debt, medical bills, payday loans, federal and private student loans and tax debt. In almost all cases, specific type of debt must be consolidated separately. So, you’d have one consolidation plan for your student loans, another for taxes and a third for credit cards.
People often get the impression that debt settlement is the fast, easy way to get out of debt. It’s not.
The only way debt settlement can be fast is if you already have the funds necessary to make a lump-sum settlement offer. If you had that, you’d probably be making payments already. So, most people generate settlement offer funds by stopping their bill payments entirely to pool the money for a settlement. That takes time.
According to lending statistics, the average settlement case equals out to about 40 cents on the dollar. You basically have to pay back 40% of what you owe. So, if you owe $30,000, then you’ll probably need around $12,000 to settle. If you don’t have that kind of cash just laying around, then settlement still takes time.
Your creditors and loan servicers are not debt collectors – and they shouldn’t be treated like them either. Even if the creditor or lender has an in-house collections department for delinquent accounts, that’s not the same as a debt collector. And it’s in your best interest to talk to these people.
Debt collectors must follow the Fair Debt Collections Practices Act; in-house creditor collections aren’t required to follow the FDCPA. Why? Largely because it’s bad business to abuse your customers. If you fall behind with a creditor or lender, it’s in their best interest to help you catch up – it’s their money and they want to get paid; they also want to keep you as a customer.
So, creditors, lenders and even in-house collection departments don’t usually harass or threaten you. Instead they want to work out a repayment plan. They may be willing to offer forbearance (read more below) or work out a repayment plan (also more below).
Until your debt is charged off by the original creditor or lender and sold to a third-party collector, don’t hide! Talk to them and make arrangements to get back on track. It’s in your best interest and it’s better for your credit and your sanity than dealing with an outside collector.
Forbearance is a financial relief option where the lender agrees to temporarily pause your payments. You can essentially “miss” payments without incurring penalties or credit damage as long as you talk to the creditor first. They agree to let you miss a certain number of payments, which can give you time to recover.
Most people only know about forbearance as it relates to federal student loans. With those, you automatically have forbearance as you go through school. Payments generally start six months after you graduate or drop below half-time enrollment. Then you can apply for forbearance if you can’t make your payments after that.
What most people don’t know is that you can ask for forbearance on almost any other type of debt. Even your mortgage lender may offer forbearance if you can’t make your mortgage payments and risk foreclosure.
So, if you lose your job or can’t work for a period of time because of a medical issue, call and ask for forbearance. Not every lender will give it to you, but even getting forbearance from a few would be better than nothing.
If forbearance isn’t an option, often creditors and lenders will work with you individually to set up debt repayment plans if you can’t afford your payments. If you lose your job or have a major life catastrophe that affects your budget, call your creditors to see if you can work something out.
Basically, you want them to agree to a reduced payment schedule for a certain period of time; it’s also beneficial if they’re willing to reduce or eliminate interest charges during that time. In exchange, you may need to agree to make “catch up” payments once you recover; they may also require you to freeze the account if it’s a credit card or open credit line.
If you can’t set up repayment plans on your own, work with a professional team. For example, if you need a repayment plan for credit card debt, you call a credit counseling agency. They can help you set up a debt management plan. Since you’re working with a third-party, creditors may be more willing to negotiate and work with you to catch up.
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