Better Credit Blog

APRIL 11, 2022

Debt is the amount of money you owe to a lender or creditor. Some examples of debt are mortgages, credit card dues, and personal loans. Although accruing lots of debt isn’t ideal, it may sometimes be unavoidable, such as mortgage payments or student loans. What Are the Strategies to Get Out of Debt?

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Credit Corp

JANUARY 7, 2021

. >> Try these debt management apps. Go for Debt Consolidation. If you want to lose the plastic altogether, think about applying for a debt consolidation loan. Go for a loan with a low interest. Compare Rates on Debt Consolidation Loans. Check Your Credit Score.

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Credit Corp

JULY 26, 2021

Mortgage Debt. Joint mortgages pass directly to co-borrowers, who become responsible for the loan. the decedent—pass to listed beneficiaries, who then become responsible for the loan. If beneficiaries can’t or won’t assume the loan, they can sell the property to settle the debt instead. Car Loan Debt.

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Debt Free Colorado

JANUARY 20, 2024

They can also help with potential debt management plans. Home Equity Line of Credit (HELOC) can consolidate debt. You can also find more income sources or refinance loans. Bankruptcy and medical debt relief are tools to give you a fresh financial start. Work With Our Bankruptcy Attorneys Today!

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Credit Corp

APRIL 9, 2021

To be sure, you would only make the minimum payments on the rest of the loans. For instance, a hypothetical situation might look like this: Mortgage Balance: $240,000 Car Loan: $18,000 Line of Credit: $9,000 A – Credit Card: $5,000 B – Credit Card: $2,000 C – Credit Card: $800. Gathering All Your Credit Balances.

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Credit Corp

MARCH 3, 2021

Here’s an example of what someone’s debt load might look like: Amount Owing Interest Rate Monthly Payment Credit Card A $10,000.00 Car Loan $17,000.00 True, but the mortgage is good debt, as it’s secured, or tied to an asset. What about the car loan and the mortgage? But pay off that debt, and fast.

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Credit Corp

APRIL 23, 2021

Next, shift your focus to other higher-interest debt, such as student loans. Finally, focus on debts for depreciating assets such as auto loans. Although you’ll need to make minimum payments monthly toward all debt, the quickest way to eliminate debt (and avoid unnecessary interest payments) is to make extra payments.

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Credit Corp

MAY 1, 2021

The average American builds credit by opening a credit card account, acquiring student loan debt, or making car payments. Many people also live paycheck to paycheck , making it difficult to avoid applying for loans if they urgently need money. My Debt-Free Life Started Late in My Adult Life. Limited Financial Literacy.

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Credit Corp

APRIL 1, 2021

In general, your mortgage will likely be your largest loan, and it’ll probably come with the lowest interest rate. Remember your list of debt and the interest? Well, you aim to pay off the debt with the HIGHEST interest rate first, using your monthly surplus. Here is how the avalanche method works.

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Credit Corp

JULY 9, 2021

As of the end of 2020, the level of American consumer debt hit $14.56 This incredibly high number is mostly composed of financial situations relating to peoples’ homes, vehicles, and loans taken out to pursue higher education. The average American home owes around $6,270 in credit card debt.

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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. Becoming debt-free is a big goal that will likely take a long time to accomplish. You’ll make progress quicker, and progress leads to persistence. Calculate Your Credit Card Payoff. Set Micro-Goals.

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