Credit Corp

OCTOBER 25, 2023

Debt consolidation allows you to take multiple debts and combine them into one, and you can do this with your credit card debt. Doing this makes managing the debt a little easier, and you may be able to get a lower interest rate. Table of Contents: What Is Credit Card Consolidation?

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Collection Industry News

FEBRUARY 21, 2022

If you’re just making the minimum payments on your credit cards, it may be worthwhile to consider one of these debt repayment strategies. Americans are racking up credit card debt at a record-setting pace, according to the Federal Reserve Bank of New York. Outstanding credit card debt is still about 7.7%

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Debt Guru

JUNE 22, 2020

We talk a lot about credit card debt because it’s so pervasive in our society. In fact, the Federal Reserve estimates that the average American household carries $5,700 in credit card debt. Remember, paying off credit card debt can take time, so you’ll need a plan that is sustainable over the long term.

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Credit Corp

MARCH 16, 2021

Is your credit card debt behaving like an unruly boy and has gone completely out of your control? Are you spending sleepless nights wondering how to get yourself out of a debt spiral? Or perhaps it’s a burgeoning credit card debt? How to Control Your Debt Yourself. Look Where You Are.

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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

DECEMBER 22, 2020

Whether you make your debt payments on time makes up 35% of your credit score. Making on-time payments is one of the smartest ways to use your debt to your advantage. If you need a little help, debt management apps can help you organize and manage all of your debts in one place. Debt Manager .

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Credit Corp

JULY 20, 2021

We’ll also talk about how to get back on your feet if debt has knocked you down. Credit Card Debt. Credit card debt occurs when you spend more on using a credit card than you pay off each month. How to Avoid Credit Card Debt.

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Titan Consulting

SEPTEMBER 22, 2020

Consumers in need of debt relief have three primary options to reduce their debt: credit counseling, debt settlement, or bankruptcy. Credit counseling requires the repayment of the debt in full. What is the difference between debt settlement and a debt management plan ?

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Debt Guru

JULY 19, 2020

If you’re consolidating credit card debt, an effective method is to use a balance transfer credit card. Depending on the lender, you may even be able to combine other types of debt. The post Consolidating Your Debt? Don’t overpay for convenience.

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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

MAY 19, 2021

College students have to get used to debt. But when you’re laboring under the burden of college debt, do you really want to add a credit card to the mix? Credit card debt, managed correctly in the short-term, can actually open your horizons as a college student, enabling you to make better financial choices and purchases.

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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

JANUARY 7, 2021

Unfortunately, holiday credit card debt lingers far longer than leftover turkey. If you don’t—or can’t—repay holiday debt promptly, it’ll accumulate over time. With the avalanche method, you make minimum payments on all debts and use any leftover money to pay down high-interest debt.

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Sawin & Shea

AUGUST 24, 2020

If you’re dealing with debt and considering filing for bankruptcy, it’s a good idea to get professional legal advice on how to handle the proceedings. There are countless scams and “credit repair” cons trying to take advantage of your situation when you need help the most. Should I File for Bankruptcy?

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Sawin & Shea

AUGUST 9, 2023

Credit card debt is a huge reason people end up filing for bankruptcy. The incredibly high interest rates alone plus the ease of procuring cards contribute to what can be a vicious cycle of maxing out limits, paying only minimums, and applying for more cards. But can you file for bankruptcy on credit cards only ?

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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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Sawin & Shea

NOVEMBER 8, 2023

Factors like inflation, high interest rates, and economic uncertainty have found more and more Americans relying on credit cards to get by. 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.

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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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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. Debt consolidation loans involve a single loan to pay off multiple debts.

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Credit Corp

APRIL 1, 2021

The average US household debt is $137,063 , including mortgage debt, credit card debt, and other forms of debt. It’s no wonder that many families feel they’re drowning in credit card debt and debt in general. Do you feel like you’re always trying to catch up?

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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 list should include any personal loans, mortgages, car leases, and credit card debt.

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Debt Guru

JULY 26, 2020

If you’ve run into financial straits with seemingly insurmountable credit card debt, don’t hesitate to call on the friendly experts at DebtGuru.com. The post I Missed a Credit Card Payment… So What? appeared first on DebtGuru Credit Counseling and Debt Management Services.

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Collection Industry News

MARCH 10, 2024

Total credit card debt in the U.S. trillion in credit card debt as of the end of December, according to the Federal Reserve Bank of New York’s latest Household Debt and Credit Report. People have less money to contribute to their financial goals like paying down debt.”

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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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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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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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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? Debt Management. Do-It-Yourself Debt Relief.

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Credit Corp

MAY 19, 2021

Overwhelmed with debt? Whether it’s unpaid credit card debt or medical bills, you might feel like you have nowhere to turn. If you’re seriously considering uprooting your life just to avoid debt, you probably have a few questions. How do you start over in a completely new place?

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Credit Corp

DECEMBER 4, 2024

Here are some of the more common: Personal loans: These loans are typically issued by banks, credit unions, and online lenders. You can use the funds however you see fit, including consolidating your debt. This can save you money in the long run and help you pay down your credit card debt faster.

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Credit Corp

MARCH 1, 2023

They could simply write the debt off and be done with it, but if they sell the debt to a debt buyer, they’re able to recoup at least some of their losses. Many common types of debt can be sold to debt buyers. You can’t buy your own debt because no one sells individual debts.

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Credit Corp

MAY 1, 2021

Get Your Free Credit Report Card. My Debt-Free Life Started Late in My Adult Life. The average American has about $6,000 in credit card debt , with a large percentage of this amount resulting from accrued interest.

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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. This incredibly high number is mostly composed of financial situations relating to peoples’ homes, vehicles, and loans taken out to pursue higher education.

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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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Sawin & Shea

MARCH 6, 2024

Also, if your credit score is already quite low, you may not be able to qualify for low interest which makes debt consolidation a useful method of debt management. How Does Debt Consolidation Work? Pros & Cons of Bankruptcy Bankruptcy, like other methods of debt management, has its benefits and drawbacks.

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Credit Corp

APRIL 12, 2021

For example, you may have a significant amount of credit card debt. Rather than setting a goal to pay off all of your credit cards , a SMART goal could be to pay off the card with the highest interest rate first. This goal is more attainable.

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Better Credit Blog

APRIL 4, 2022

Most commonly, a debt collector will try to make you feel guilty, implying you’re stealing or not doing your part as a responsible citizen by not being able to pay your medical bills or credit card debt. What Debt Collectors can’t do. Don’t fall for this nonsense. It’s all an act.

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Debt Guru

JANUARY 24, 2022

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. If you’ve gotten in over your head with credit card debt, it can be tempting to just stop paying. But ignoring the debt won’t make it go away – that will only make it worse.

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