It’s been a long road for former students of Corinthian Colleges, a chain of for-profit schools that closed in 2015 after the U.S. Department of Education found Corinthian had misrepresented borrowers’ future job prospects. Students took on debt based on those false promises — and saw it all forgiven this week when the DOE announced […]
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%%title%% · %%sitename%% Dear Penny: Am I Responsible for My Husband’s $60K Car Loan if He Dies?
Dear Penny, I’m happily married (25 years) and retired for medical reasons (I’m 58). My husband makes good money. We are meeting all of our basic needs, but his retirement is severely underfunded. We had to dig out of debt recently and are down to one zero-interest credit card we still owe about $18,000 on.
How Multilevel Marketing Can Cause Credit Card Debt
Taking on a business opportunity that promises to give you more time, more money and more flexibility sounds like a no-brainer. But when these opportunities come in the form of multilevel marketing (MLM) businesses, the risk of credit card debt may outweigh any potential rewards. Here’s what you need to know about financing for MLM
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10 Best Debt Consolidation Loans for June 2022
Have you been struggling to deal with credit card debt that never seems to go away? If so, a debt consolidation loan can offer a way out. It won’t make your debt go away, but it will help it become more manageable. And, by setting up the right loan, you can be debt-free in a
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Lending Money To Friends And Family: How To Determine When It’s OK
One of my tennis buddies told me a funny story about borrowing money from his parents. He was 28 at the time and asked for a $30,000 loan to buy a condominium. Since his parents had the spare cash and weren’t making much from interest, they figured lending money to him was a win-win situation.
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How Not Using Your Credit Card Could Still Hurt You
If you aren’t using your credit card, the whole out-of-sight-out-of-mind thing could keep you from spending money but still wind up landing you in financial trouble — think lower credit score due to inactivity and potential fraud. To protect yourself, watch out for these potential consequences of an unused credit card. 3 Ways an Unused
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Best Loans for People with Bad Credit
If you need to borrow money but your credit is less than stellar, it’s possible you’ll wind up with a bad credit loan. These loans are geared toward individuals with imperfect credit histories who can prove their income and ability to repay the loan. As a result of their bad credit, however, consumers who use
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Dear Penny: Is Using Retirement Money So My Daughter Can Graduate a Mistake?
Dear Penny, I am a single parent. I am 67 years old and ready to retire. However, I am anxious about decisions I need to make. My daughter is in her last year of college. I don’t have any more money to pay for it. So for her last year, should I take from retirement
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Get Your Debt Paid Off With Military Student Loan Forgiveness
If you’re looking for an easy way out of your student loan debt… this isn’t it. But if you’re ready to make a commitment to protecting and defending your country, you may find relief through a debt forgiveness program for military. And you’d have plenty of company since approximately 200,000 active duty members owe a
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7 Best Student Loan Refinance Companies of 2022 – as of May
Are you one of the 43.4 million college graduates with an average of more than $40,000 in student loan debt? A student loan refinance may be your best opportunity to get better control of that debt. Our list of the seven best student loan refinance lenders for 2022 is designed to help you do just
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8 Tips to Spring Clean Your Finances
Spring means longer days, warmer weather, and the annual ritual of scouring, scrubbing, and organizing your living space to get rid of all that winter staleness. While you’re at it, you can also think about ways to spring clean your finances, whether it’s coming up with a new budget, hitting the unsubscribe button on services
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How to Get a Free Credit Report and Why You Should
Starting in April, it could cost you to look at your credit report. Since the beginning of the pandemic, the three biggest credit reporting bureaus—Equifax, TransUnion, and Experian—have offered free weekly credit reports to help consumers stay on top of their credit scores, as many people have experienced layoffs and other difficult financial situations. But
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Love and Money: 5 Ways Couples Can Work Together on Finances
It may not be the most romantic topic, but how you manage your money together is the beating heart of a solid relationship. And it’s common to clash with your partner over money. Of married or cohabitating couples polled, 70% said that they had gotten into a disagreement with their partner over finances in the
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How To Recover From Holiday Credit Card Debt
After the fun of opening presents in December, some of us are left with a far more unwelcoming gift to open: your credit card statements come the new year. If you’re faced with a mountain of bills and a mound of regret, you’re not alone. But ’tis the season to make changes – and now
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How Well Did You Handle Your Finances in 2021?
As 2022 gets off to a running start, it might be a great time to reset your financial goals and habits. But before you decide how you’re going to adjust your finances in the new year, it might be a good idea to look back on how you handled your money in 2021. Did you
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Buy Now Pay Later: How it Works and What You Should Know
At online retailers and at registers these days, you may encounter the option to pay with a service known as “Buy Now Pay Later” (BNPL). It’s another way to pay, that doesn’t rely on credit or debit cards, or even cash. Buy Now Pay Later services provide loans to consumers, letting them pay for something
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Stash Survey Finds More People are Using Buy Now Pay Later
Younger consumers are flocking to a new type of payment called Buy Now Pay Later (BNPL), which allows them to pay in installments for things they need and want. According to a July 2021 analysis conducted by Stash of more than 700,000 customers, BNPL usage increased more than four times in the seven months from
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Making a Plan for Repaying Federal Student Loans
Millions of student borrowers have had a long break from monthly loan payments, but Starting September 30, 2021, they may need to start repaying again. That’s when a forbearance period for federal educational loans that began in March, 2020, at the height of the Covid-19 pandemic, is slated to end. The postponement of loan payments
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How to Keep Your Post-Pandemic Spending Under Control
Now that many places are lifting Covid-19 restrictions, it can feel exciting to go out and spend money again. After all, it’s probably been a while since you’ve visited your favorite restaurant or took a trip to your regular weekend spot. And by all accounts, consumers are raring to go. Many families are flush with
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How to Use a Personal Loan to Consolidate Debt
There are many different kinds of debt that people might have. Debt that is backed by some sort of collateral is called secured debt. Examples of this might be a car loan or a home mortgage. Your home mortgage is backed by your home — if you stop paying your mortgage, the bank may take
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