Sawin & Shea

MARCH 6, 2024

Two of the most common options for dealing with unmanageable debt are filing for bankruptcy and pursuing debt consolidation. Bankruptcy and debt consolidation are distinct solutions, each with advantages and potential drawbacks. However, it’s important to remember that this does not eliminate 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. Then, avoid putting any more money on credit cards until you’ve paid off most of the consolidation loan. .

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Credit Corp

MAY 17, 2021

Student loans are by far some of the biggest issues most students are facing today when it comes to finances. To get the kind of education you want, you will probably need to take out a student loan to pay for the studies – and then spend years if not decades paying back such loans.

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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

MARCH 16, 2021

And, if you have both student loans, and credit card debt, it may feel like a debt spiral. And as far as your debts are concerned, there are ways to reduce or pay them off with a well-conceived strategy. Opt for Debt Consolidation. There are three types of debt consolidation.

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Credit Corp

JULY 26, 2021

If there isn’t enough money left in the estate to cover those revolving debts, they’re usually simply written off. Student Loan Debt. Federal student loans and PLUS loans get discharged if borrowers pass away. Find Out Who’s Responsible. Stop Using Credit Accounts.

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Credit Corp

JULY 25, 2023

Can You Pay a Student Loan with a Credit Card? Paying student loans with a credit card is usually not possible. Most student loan servicers do not accept credit card payments because they have high transaction fees. It offers convenience, flexibility, and potential rewards or debt consolidation benefits.

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Better Credit Blog

APRIL 2, 2022

Loan Terms. Life Insurance, Student Loan Refi, Credit Card Comparisons. How Does A Fiona Loan Work? Fiona works as an aggregator for personal loan lenders ; it does not actually fund any personal loans itself. Student Loan Refinancing. Desired loan amount. 24 – 84 months. Cost to Use.

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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. Lending Tree.

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Credit Corp

JUNE 12, 2023

A personal loan is money borrowed from a lender that can be used for almost any purpose, from debt consolidation to home improvement projects. Most people don’t have $5,000+ sitting in their bank accounts—that’s where personal loans come in. You may even qualify for a subsidized loan or an income-driven repayment plan.

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Titan Consulting

AUGUST 23, 2020

Bankruptcy does not generally discharge debts associated with child support, alimony, tax obligations, or student loan debt. The CARES Act also requires lenders to offer repayment options that include adding missed payments to the end of the loan, a loan modification, or refinance.

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Credit Corp

FEBRUARY 13, 2025

Check out these 17 questions before you sign up for any debt settlement service. In This Piece What Is Debt Settlement? 17 Questions to Ask a Debt Consolidation Company Debt Consolidation FAQ Research Your Debt Resolution Options What Is Debt Settlement? What Is the Risk of Debt Consolidation?

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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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Better Credit Blog

APRIL 1, 2022

The best personal loans charge low fees and low fixed interest rates, have flexible loan amounts and terms, and have no prepayment penalties. A personal loan could let you access cash for any purpose. Since personal loans are unsecured, you’ll need an excellent credit score to get the best deal. Compare Rates Now.

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Credit Corp

FEBRUARY 20, 2025

What Is Debt Settlement? Debt settlement is a strategy where you negotiate with your creditors to pay a lump sum less than your total debt balance. Not all types of debt are eligible for settlement, but unsecured debts like credit cards and medical bills are good candidates.

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Credit Corp

JULY 31, 2024

In this guide, we’ll explore everything you need to know about securing a loan from digital lenders, including the pros and cons, and key differences compared to traditional lenders.

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Titan Consulting

APRIL 26, 2020

What Happens to Student Loan Debt After a Forbearance Ends ? The CARES Act waives student loan payments and interest for six months, until September 30, 2020, on all federal student loans owned by the Department of Education.

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Debt Recoveries

OCTOBER 24, 2021

Whether you’re carrying credit card debt, personal loans, or student loans, one of the best ways to pay them down sooner is to make more than the minimum monthly payment. Doing so will not only help you save on interest throughout the life of your loan, but it will also speed up the payoff process.

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Titan Consulting

SEPTEMBER 8, 2020

When so much of your paycheck goes to maintaining debt, there is little left for other financial priorities. You need money for your emergency fund, retirement savings, and setting aside money to either pay off student loan debt or to fund your children’s college accounts.

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Credit Corp

JUNE 15, 2020

Consolidate Debt. Debt is a common reason many people can’t afford to live on their own. Consolidating your debt is one way to potentially reduce how much it costs you. A debt consolidation loan or balance transfer credit card can help.

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Credit Corp

APRIL 23, 2021

These debts include high-interest debt and debts owed for depreciating assets. Next, shift your focus to other higher-interest debt, such as student loans. Finally, focus on debts for depreciating assets such as auto loans. This means that you’ve now freed up $200 a month of money.

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Student loans Student Loans Loans Credit Card Debt 75

Better Credit Blog

MAY 20, 2022

Whereas other loans like business or student loans are created for a specific use, you can decide how to use a personal loan. While the reasons to get a personal loan could extend beyond this list, here are a few of the most common reasons people take out personal loans. Consolidating Debt.

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Sawin & Shea

AUGUST 9, 2023

What other debts do I owe? There are other options including credit counseling, creating a debt management plan, and taking out a debt consolidation loan. Has my credit score gone down? Will my total income increase or decrease in the near future?

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Debt Guru

JANUARY 27, 2021

Unsecured debts, such as credit cards, store cards and personal loans, can be part of your DMP. Secured debts, like your mortgage or car payments, aren’t covered. Student loans aren’t covered, either. What are other options to help me get out of debt? Does it cost to participate in a DMP?

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Credit Corp

OCTOBER 4, 2021

If you find that you’re making payments on various loans and/or credit accounts, it could save you money (and save you from stress) to consolidate your debts into one. This way, you’re only paying interest on one debt instead of multiple. Related Read: What Is a Debt Consolidation Loan and How Can You Get One?

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Credit Corp

JULY 10, 2023

Start by gathering all your financial statements and creating a comprehensive list of your debts. This includes credit card balances, student loans, medical bills, and other outstanding obligations. Once you pay off the smallest debt, you apply the money you were putting toward it to the next smallest debt.

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Credit Corp

MARCH 3, 2021

Debt Payoff Plan. Once your budget is set up, and your debts all listed in order of interest rate, make a plan to pay them off. For example, do you first start paying your student loans, or your credit card? For sure, your monthly surplus will go toward paying down the debt. But which debt? It depends.

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Credit Corp

APRIL 11, 2023

In the most basic terms, your credit utilization is the amount of debt you owe in comparison to your overall credit limit. Things like mortgage loans, car loans, and student loans aren’t included. The more debt you can pay off, the bigger impact it will have on your credit utilization ratio.

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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. Get Your Free Credit Report Card.

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Collection Industry News

JUNE 17, 2024

Household Debt Is at an All-Time High Household debt across all categories grew by 4.8% This includes mortgages, home equity revolving debt, auto loans, credit cards, student loans and other consumer lending such as retail cards. The total household debt of $17.3 over the same period. on the year.

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Sawin & Shea

MAY 2, 2024

Bankruptcy filers with income below their state’s median can potentially qualify for Chapter 7 to discharge many debts. However, certain debts like child support, alimony, and other domestic support obligations cannot be eliminated. Student loans are also difficult but not impossible to discharge in bankruptcy.

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Better Credit Blog

JANUARY 20, 2022

Here are some hypothetical scenarios in which Freedom Debt Relief could step in: Belinda, aged 53, doesn’t have valid health insurance and has been trying to pay off an $8,000 bill for an overnight hospital stay after a car accident. This is always a good first step before turning to a debt relief company. Debt consolidation programs.

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Credit Corp

MAY 1, 2024

The most surefire way to get out of debt is to create a detailed budget, prioritize paying off debts with the highest interest rates first while making minimum payments on others, and consistently allocate extra funds toward debt repayment until all balances are cleared. Her expenses add up to $2,472 per month.

Credit Card Debt 52

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Collection Industry News

JANUARY 13, 2024

The largest increase in any category was credit card debt, which swelled by 16.6% Auto loan and mortgage debt increased by 4%, while student loan debt saw a modest rise of 1.6%. It is important to remember that household debt is primarily composed of mortgages, auto loans, credit cards and student loans.

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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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Better Credit Blog

AUGUST 21, 2020

At the same time, some online lenders are made with you in mind, with more competitive personal loans tailored towards people with “fair” or even “poor” credit scores. You can also qualify for the loans below with a 620: Emergency loan. Debt consolidation loan. Installment loan.

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Credit Corp

MARCH 25, 2021

In a few understandable cases, like purchasing a house, you may need a loan. When you need to buy a home , go to school, or start a business, a loan comes in handy. However, keep in mind that excessive student loan debt can take decades to pay off.

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