We want to help you get control of your debt. Get advice from our experts on strategies for paying down your debt without hurting your credit score, negotiating with lenders, and managing interactions with debt collectors. We also explain bankruptcy options, your rights as a borrower and what you can and cannot do with student loan debt. Also, get inspiration from other readers who have managed to go debt-free.
Debt is an essential part of credit health. When used correctly, it can improve your credit scores and lead to positive things like better consumer offers, interest rates and more. When used poorly, it will accomplish the opposite. Debt utilization — how much debt you have in relation to your combined credit limit — represents 30%... Read More
It’s every borrower’s worst nightmare: You check your savings account only to find it’s been sapped by a lender. You had no idea this was coming, and even worse, you’re not sure that it’s legal. What do you do? This recently happened to one Credit.com commenter, who wrote in with this nightmare scenario that’s been edited... Read More
Q. I just got married, and my wife just told me she had a bankruptcy three years ago when we first met. She never told me this before. What will this mean for us buying a house or a car and our financial future? (I’m not happy about this…) — New husband A. It’s so... Read More
Whatever is happening that is making your financial situation a bit tight lately, whether the dishwasher started leaking and had to be replaced or your car battery finally gave out, there are always those unexpected expenses that creep in and add up. Problem is, these sudden emergencies can cut into your loan repayment budget and... Read More
An increasing percentage of people are expecting to miss loan payments, according to a July survey of Consumer Expectations by the Federal Reserve Bank of New York. The survey data show people expecting to miss a payment on their debts has steadily increased since March, when 11.45% of those surveyed said they expected to miss... Read More
If you think paying off debt is just about math, you only know half the story. Sure, the balance is a number. The interest rate is a number. Your payment is a number. The debt is a story. Maybe it’s a student loan that funded your four-year education and has enabled you to get the job you’re... Read More
You got the dreaded call from a debt collector, you’ve verified that you do actually owe the debt and you’re ready to pay. Now you need to make sure you have proof that you’ve settled the debt. “It is important to have a paper trail of the payment, and a receipt is one way to do that, if... Read More
So you’re getting married. That’s the good news. The bad news: Your beloved has tons of debt on their hands. And not just any debt — student loan debt. How will you manage? We asked Robert Dowling, a certified financial planner with extensive experience advising high-net-worth individuals and their children for Modera Wealth in Westwood, New Jersey, for some primers. Here’s... Read More
Debt. It can sound like a dirty word, especially to people plagued by money woes. But, believe it or not, there are times when debt is considered a good thing. This “good debt” typically involves “borrowing money for an asset that is increasing in value,” Jim Atkinson, a certified financial planner and principal of Columbus Capital, an... Read More
Debt collectors would face strict new limitations on how (and when) they contact consumers under a sweeping proposal announced Thursday by the Consumer Financial Protection Bureau. Collectors would be limited to 6 contacts per week while attempting to reach consumers, would have to work harder to prove validity of debts they are trying to collect, and they’d... Read More
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