Managing Debt

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.

Avoiding Medical Debt After a Cancer Diagnosis

Avoiding Medical Debt After a Cancer Diagnosis

Avoiding Medical Debt After a Cancer Diagnosis

Many Americans struggle with medical expenses. One in five Americans who have health insurance struggle to pay off their medical debt. For cancer patients with insurance, out-of-pocket costs can reach $12,000 just for one medication and average treatment costs can hit $150,000.1,2 And tragically, cancer patients are two-and-a-half times more likely to declare bankruptcy than people without cancer.2 For... Read More

Should I Take Out a Personal Loan to Pay Off Debt?

Should I Take Out a Personal Loan to Pay Off Debt?

Should I Take Out a Personal Loan to Pay Off Debt?

A recent report gathered in the second quarter of 2018 found that Americans collectively carry $13.29 trillion in debt, which is $618 billion higher than 2008’s peak of $12.68 trillion. With debt rising, more and more people are turning to personal loans to pay off their high-interest debts, whether that’s medical bills, credit card balances, student debt,... Read More

4 Things to Consider When Choosing a Debt Relief Service

4 Things to Consider When Choosing a Debt Relief Service

4 Things to Consider When Choosing a Debt Relief Service

Do you have crippling debt? Are you thinking about declaring bankruptcy? Bankruptcy stays on your credit report for 7 to 10 years and has a detrimental effect on your credit score for even longer. Individuals can file for bankruptcy in two ways—Chapter 7 or Chapter 13. Each method has different qualifications and ramifications. And once someone... Read More

6 Ways to Prepare Your Credit Card for the Holidays

6 Ways to Prepare Your Credit Card for the Holidays

6 Ways to Prepare Your Credit Card for the Holidays

The holiday season is around the corner again, and that means everyone is scurrying to buy gifts for loved ones, friends, and even colleagues at the office. And as each year goes by, the hype that comes with the holiday season grows larger and larger, which can make it a stressful experience for even the... Read More

Just How Long do Judgments Stay on Your Credit Report?

Just How Long do Judgments Stay on Your Credit Report?

Just How Long do Judgments Stay on Your Credit Report?

A creditor securing a judgment against you is a scary idea — which is probably why we get so many reader questions about it. A judgment results in a legal obligation to pay a debt. A judgments results when a creditor or collector sues you over an outstanding debt and wins. But, that win isn’t necessarily written... Read More

Good Debt vs. Bad Debt: What’s the Difference?

Good Debt vs. Bad Debt: What’s the Difference?

Good Debt vs. Bad Debt: What’s the Difference?

Whether it’s a mortgage, college loan or credit cards, most Americans have some form of debt. In fact, Americans’ household debt hit a new high in 2018: a whopping $13.29 trillion, according to a report by Federal Reserve Bank of New York’s Center for Microeconomic Data. The bottom line is, people are borrowing more. According... Read More

15 Things I Learned About Finance from Having a Chronic Illness

15 Things I Learned About Finance from Having a Chronic Illness

15 Things I Learned About Finance from Having a Chronic Illness

Chronic illnesses are on the rise in the United States. 133 million Americans – about 45% of the population live with at least one chronic illness. Not only that, but medical bills make up the majority of collections on credit reports. Although rules have changed regarding reporting unpaid medical bills to collections, they can still... Read More

Digital Debt Collection: How To Survive Collection and Repair Bad Credit

Digital Debt Collection: How To Survive Collection and Repair Bad Credit

Digital Debt Collection: How To Survive Collection and Repair Bad Credit

The next time you speak to a debt collector, you might find yourself negotiating with a computer. And you might actually prefer that. Consumers buy toothpaste and bread without talking to a person. They get boarding passes for flights with a few swipes of a credit card or mobile phone. Why not pay off debt... Read More

Trapped in Payday Loan Debt? Here’s How You Can Escape.

Trapped in Payday Loan Debt? Here’s How You Can Escape.

Trapped in Payday Loan Debt? Here’s How You Can Escape.

Nobody likes being in debt, but it’s even worse when it seems like there’s no way out. Twelve million Americans turn to payday loans every year, spending $9 billion on loan fees, according to a recent report by the Pew Charitable Trusts, because few of these loans are paid off by their due date. In fact, the Consumer Financial Protection... Read More

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