Debt Guru

SEPTEMBER 14, 2020

At the end of 2019, American household debt surged past $14 trillion (yep, that’s TRILLION with a “T”) for the first time. Most of this debt is in the form of mortgages, but credit card debt also hit a record high of $930 billion. Minimum Payments Only.

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Debt Guru

AUGUST 21, 2020

That is why most experts and financial planners suggest prioritizing debt repayment first, before many other goals, and recommend paying down that debt as fast as possible. But not all debt is created equal, and a good debt repayment plan will keep these differences in mind. Slow payoff or no payoff.

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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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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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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

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

AUGUST 9, 2021

Even just one outstanding debt is a headache that can drag down your credit rating and make it tough to get a loan for a home or a car. Having several outstanding loans is even worse, as it can be difficult to keep track of payments and due dates, which makes it easier to miss a payment and thus damage your score even further.

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Better Credit Blog

AUGUST 9, 2021

Even just one outstanding debt is a headache that can drag down your credit rating and make it tough to get a loan for a home or a car. Having several outstanding loans is even worse, as it can be difficult to keep track of payments and due dates, which makes it easier to miss a payment and thus damage your score even further.

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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. Personal Loan Debt.

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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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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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Sawin & Shea

MARCH 6, 2024

Understanding Debt Consolidation Debt consolidation is the process of taking out a brand-new loan and using the money to pay off other loans or debts. Pros & Cons of Debt Consolidation Debt consolidation can be great if you qualify for a loan with a low enough interest rate.

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Better Credit Blog

APRIL 11, 2022

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. In other cases, such as credit card debt, it’s seen as a hardship and can have a negative impact.

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Debt Guru

JULY 19, 2020

You can consolidate all different types of debt – and the result is a simplified repayment process that involves a single payment each month. It works by getting one new loan and using that to pay off multiple existing creditors. Debt consolidation can be a great tool to get out of debt faster – but only when it’s used correctly.

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Sawin & Shea

MAY 29, 2024

This affects mortgages , credit cards, and other loans tied to critical benchmarks. Fixed-rate loans remain unchanged, but variable rates adjust, impacting borrowers. Loan approvals: Higher rates can make lenders more cautious, leading to increased loan denials, especially for those with lower credit scores.

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Credit Corp

MARCH 4, 2021

Even if you have a little bit of debt, you need to find ways to manage it properly. Whether you’re paying off your tuition, loans, or credit card bills, this guide has been designed to help you better manage your outgoings and gain a better understanding of the options available. Consider Debt Consolidation.

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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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Debt Guru

MARCH 6, 2020

Use the same formula that lenders rely on when evaluating a loan application. It’s called your debt-to-income ratio, and it’s your total monthly debt payments divided by your gross monthly income. The result is a percentage that determines your creditworthiness – in short, if lenders believe you’ll be able to repay the loan.

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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. . >> Try these debt management apps. Go for Debt Consolidation. Go for a loan with a low interest. Check Your Credit Score.

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Credit Corp

MAY 19, 2021

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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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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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. It was for a PMSI loan for an outdoor wood burning furnace. I came to learn that FDR mainly only works with credit cards.

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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. How Does Debt Negotiation Work?

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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

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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Debt Guru

AUGUST 19, 2021

Even if you file taxes jointly as a married couple, your credit scores will never be merged. If you and your spouse hold joint accounts (and joint debts) like a mortgage, a car loan, or shared credit cards, those elements will appear on both of your credit reports and will affect both of your scores.

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Credit Corp

MAY 1, 2021

Many people also struggle to build their credit, and they must be careful about which personal finance decisions impact credit scores. The average American builds credit by opening a credit card account, acquiring student loan debt, or making car payments. Get Your Free Credit Report Card.

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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. Remember your list of debt and the interest?

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Debt Guru

JANUARY 24, 2022

Credit card lenders report late (or skipped) payments to the credit bureaus. These late payment reports will substantially lower your credit score, which can impede your ability to get a new credit card or future loan. But ignoring the debt won’t make it go away – that will only make it worse.

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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 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. Apply for a 0% Balance Transfer Card. Set Micro-Goals.

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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. It can also be challenging to get a credit card or mortgage in another country.

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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

APRIL 23, 2021

Credit cards typically carry the highest interest rates and so should be focused on first. Next, shift your focus to other higher-interest debt, such as student loans. Finally, focus on debts for depreciating assets such as auto loans. Reimbursements. But what happens when you’ve paid one of them off?

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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 Credit Card B $4,000.00 Credit Card C $5,000.00 Car Loan $17,000.00 True, but the mortgage is good debt, as it’s secured, or tied to an asset.

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Fico Collections

NOVEMBER 30, 2022

While the financial services industry would welcome the growth, the concern is that the share of debt transitioning into delinquency is also showing an increasing trend. Graph 1 : Quarterly credit card debt in the United States from 1st quarter 2010 to 2nd quarter 2022 ($ Billion) .

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Debt Guru

JUNE 28, 2022

Submit as much as you can afford to get out of debt more quickly and avoid the compiling interest. Using credit means you’re borrowing money to make a purchase. You borrow money as credit, and then you pay back that loan later – with interest. You’re buying “on credit” because you don’t have the cash up front.

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