Sawin & Shea

MARCH 6, 2024

Being overwhelmed by debt is a stressful situation that can make it challenging to decide on the best path forward. Two of the most common options for dealing with unmanageable debt are filing for bankruptcy and pursuing debt consolidation. How Does Debt Consolidation Work?

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Collection Industry News

APRIL 13, 2024

But now finances have been stretched thin by rising costs of essentials like food, housing and energy, so many people have had no choice but to turn to borrowing products, like credit cards, to help cover their costs. In turn, getting out of high-interest credit card debt needs to be a top priority for most people.

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Credit Corp

MAY 4, 2021

For instance, work on getting rid of your high-interest credit card debt before moving on to your federal student loans. Calculate Your Credit Card Payoff. Becoming debt-free is a big goal that will likely take a long time to accomplish. “We Apply for a 0% Balance Transfer Card. Set Micro-Goals.

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Sawin & Shea

NOVEMBER 8, 2023

In fact, Americans are at an all-time high when it comes to credit debt to the tune of $1 Trillion. On average, Americans individually carry about $7,951 in credit card debt. With those figures, chances are you are among the millions of Americans needing credit debt relief.

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Better Credit Blog

APRIL 11, 2022

Although accruing lots of debt isn’t ideal, it may sometimes be unavoidable, such as mortgage payments or student loans. In these situations, debt is considered positive mainly because your financial objective has value and long-term benefits. This event will be noted on your credit report and may remain there for up to seven years.

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Credit Corp

MARCH 4, 2021

Since the COVID-19 pandemic, a sharp spike in unemployment levels has prompted talk of an emerging debt crisis in the US. As Coronavirus began to take hold, household debt in the US peaked at over $14 trillion, mostly consisting of mortgages and student loans, alongside credit card debts. Image: GPF ).

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Credit Corp

AUGUST 24, 2021

The credit counselor helps you create a plan. This might include options such as budgeting, debt settlement, consolidation loans, or debt management programs. If you go through a nonprofit credit counseling service, the counseling itself is usually free. Does Credit Counseling Hurt Your Credit?

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Credit Corp

FEBRUARY 20, 2025

Have you ever felt in over your head with debt? According to a 2024 study, the average level of personal debt, not including mortgages, is over $22,000. Maybe youve been hit with unexpected medical bills or accrued credit card debt over time. It can simplify your payments and potentially lower your interest rate.

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Debt Guru

MARCH 6, 2020

But, of course, a lot of our other liabilities are just that – liabilities – like that out-of-control credit card debt. Categorize your debt just like Clint Eastwood: Good: You got a low-interest fixed loan to buy something that will grow in value, like your house or your small business.

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Debt Guru

AUGUST 30, 2021

When your voicemail is filled with messages from collection agencies and stacks of bills arrive in your mailbox that you have no chance of paying, it’s time for some serious debt relief help. So, when should you seriously consider debt relief? Bankruptcy. Chapter 7 bankruptcy comes with some serious downsides.

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Better Credit Blog

JANUARY 20, 2022

This is why many people engage the services of a debt relief agency. TransUnion calculates that paying off $5,000 of credit card debt at the minimum rate costs $10,000 in interest. The fees you can expect to pay for Freedom Debt Relief’s services range from 15–25%. National Debt Relief vs. Freedom Debt Relief.

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Collection Industry News

JANUARY 13, 2024

household debt grew by $800 million from 2022 to 2023, including a 16.6% growth in credit card debt. While the new year marks a time for new beginnings and a fresh start, millions of Americans entered 2024 with more debt and less to put in their checking and savings accounts. At the start of the year, U.S.

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Collection Industry News

JUNE 17, 2024

Our experts used debt statistics from the NYFRB broken down by debt category and down to the state level to get a detailed picture of what kinds of debt Americans are holding and where they are holding it. Household Debt Is at an All-Time High Household debt across all categories grew by 4.8% over the same period.

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Credit Corp

JULY 9, 2021

The average American home owes around $6,270 in credit card debt. You may also be relieved to hear that you’re not out of options if you have past due debt. Fortunately, there are a few alternatives to credit card and other debt settlement. Although some may be considered as a last resort.

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Titan Consulting

SEPTEMBER 2, 2020

Debt consolidation might include a debt management repayment plan, credit card balance transfer, personal loan, or equity line of credit. The main strategy in any debt consolidation strategy involves replacing one debt with another debt, usually with a lower interest rate or monthly payment.

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Credit Corp

DECEMBER 4, 2024

Debt consolidation is the process of taking out a loan or a new line of credit and using the funds to pay off or dramatically reduce your current debts, ideally at a lower interest rate or with a lower monthly payment. You can use the funds however you see fit, including consolidating your debt.

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Debt Guru

JANUARY 24, 2022

You are still legally obligated to pay the debt, though, and your lender can sue you for the amount you owe until it’s paid (or settled in bankruptcy). It may be sold to a debt buyer or transferred to a collection agency – and those institutions are usually ruthless in hounding you for payment.

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Credit Corp

FEBRUARY 13, 2025

Some states have specific restrictions and requirements for debt management companies. A reputable debt settlement company will understand your state’s specific regulations. Red Flag: If the company cannot confirm that it is licensed to settle debt in your state, it might be time to move on.

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Sawin & Shea

MAY 29, 2024

Here are a few strategies that will minimize your risk of damaging personal finance ramifications from future rate hikes: Manage credit card debt: Prioritize paying down debt aggressively or explore options like balance transfers or debt consolidation to mitigate increased interest costs before rates rise.

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