Auto Added by WPeMatico
Splurging on gifts, celebrations and travel may be well-honored holiday traditions, but dealing with the financial aftermath of holiday spending can be a drag on the new year. If your holidays are over but your bills are not, here are seven ideas to help you cut expenses, raise a few dollars and shape up your […]
7 Tips to Help You Recover From Holiday Spending Read More »
The avalanche and snowball methods are two debt payoff strategies with the same goal—no debt—but different steps to use along the way. The avalanche method prioritizes eliminating high-interest debt while the snowball method prioritizes paying off the smallest debts first. Deciding which is your optimal method depends on your goals and what motivates you most.
Avalanche vs. Snowball: Which Debt Repayment Strategy Is Best? Read More »
It can be confusing to sort out what you owe when you’re working on reducing your debt. Perhaps you’ve tried spreadsheets, pencil and paper, or other methods for corralling your debts, but they just aren’t right for you. If this sounds like you, then you might want to look into debt payoff apps. Debt payoff
How Do Debt Payoff Apps Work? Read More »
Student loan refinancing and consolidation can allow you to bundle all your loan payments into one—and, in the case of refinancing, potentially save money on interest. However, the two processes have a lot of differences. The right one for you depends on the type of loans you have, your financial situation and your goals. Here’s
Is It Better to Consolidate or Refinance Student Loans? Read More »
You might be able to settle medical debt and pay less than the full amount billed. Medical care providers and debt collectors regularly offer payment plans, and help patients pay less using financial assistance programs or by settling the debt. Unpaid medical debts won’t affect your credit for at least a year, giving you time
Can You Settle Medical Debt? Read More »
Whether your income is on the rise or you receive a windfall of unexpected cash, having extra money in your budget is always good news. The best thing to do with it depends on your financial situation, but paying off high-interest debt usually takes priority. You can also use extra cash to build your emergency
What Should I Do With Extra Money? Read More »
You want to be better with money but don’t know where to start. This year, with high inflation, the return of student loan repayments, and global uncertainty—perhaps your finances have paid the price. All that to say: Improving the bottom line has never been harder for hardworking Americans. So in service of helping you get
The Stash 100: Money tips everyone needs to know Read More »
Here’s the latest personal finance news, how it may impact your financial plan and what you can do to maintain your financial well-being. Federal Reserve Expects a Bumpy Path Toward Its Inflation Goal The inflation rate has dropped significantly since it peaked in June 2022, but it still remains high. In October, the Bureau of
The Latest Personal Finance News for November 2023 Read More »
A repayment plan is an agreement between you and a lender for how you’ll make payments toward a debt. Installment debts such as student loans and personal loans come with standard repayment plans, which reflect the repayment terms you agree to when you apply for the loan. But some loans, such as mortgages, student loans
What Is a Repayment Plan? Read More »
One of the concerns about the resumption of student loan payments is that it could tank the U.S. economy. Paying back student loans may cause consumers to reduce spending to the point of causing another recession. About 43.4 million Americans have federal student loans, collectively amounting to $1.63 trillion of debt, according to the National
Why Student Loan Repayments Won’t Tank The Economy Read More »
Here’s the latest personal finance news, how it may impact your financial plan and what you can do to maintain your financial well-being. Interest Rates Are Expected to Stay High In its September meeting, the Federal Reserve Open Market Committee (FOMC) declined to hike its interest rate again. But in August, the core inflation rate,
The Latest Personal Finance News for October 2023 Read More »
September, or August in some parts of the country, is often considered one of the busiest spending months of the year. According to the National Retail Federation (NRF), a trade organization that predicts spending at department stores and other retail outlets, back-to-school spending will produce an additional $130 billion in sales in 2023, a new
Does Back-to-School Spending Increase Credit Card Balances? Read More »
The concept of “self-care” encompasses a lot. It’s all the stuff you do to keep yourself well: physically, mentally and emotionally. And it spans not just the stuff you do because you love to—like eating your favorite breakfast and spending time in nature—but also the stuff you do because it’s good for you, like getting
6 Tips for Practicing Financial Self-Care Read More »
High-interest debt can make it harder to reach your financial goals. If a large chunk of your monthly payment is going toward interest, it might take a while to chip away at the principal balance—and that interest can add up fast, costing you more and more each month. Here’s a closer look at how high-interest
What Is High-Interest Debt? Read More »
A bankruptcy discharge is a federal court order that releases you from having to repay certain debts following a Chapter 13 or Chapter 7 bankruptcy proceeding. How Does a Bankruptcy Discharge Work? Bankruptcy is a process designed to protect borrowers overwhelmed with debt from being sued into financial ruin by creditors they owe money. If
What Is a Bankruptcy Discharge? Read More »
Here’s the latest personal finance news, how it may impact your financial plan and what you can do to maintain your financial well-being. U.S. Credit Card Debt Reaches $1 Trillion for the First Time According to data from the Federal Reserve Bank of New York for the second quarter of 2023, Americans owe more than
The Latest Personal Finance News for September 2023 Read More »
If you’re carrying a balance on one or more credit cards, you’re not alone: the average American has about $5,733 in credit card debt according to TransUnion’s latest report. Being in debt can be stressful for both your mental and financial health. In addition to negatively impacting your credit score, unchecked credit card debt can
How To Pay Off Credit Card Debt Read More »
Dealing with debt can be overwhelming, especially if you carry multiple balances on credit cards and loans. The debt snowball strategy, a powerful debt-repayment method, offers a clear path toward financial freedom. What is the debt snowball method? With the debt snowball method, you start by paying off your smallest debt and gradually work your
What Is the Debt Snowball Method? Read More »
Student loan debt is often thought of as a problem only for the young. And while it’s true that the age group with the most student loan borrowers is the under-30 set, a growing number of adults nearing retirement are also burdened by student loan debt. A 2022 report from the Federal Reserve Bank of
What to Do if You’re Retiring With Student Loan Debt Read More »
The debt snowball method is a debt repayment strategy that focuses on your lowest balances first and manages your payments to accelerate your path to debt freedom. While the debt snowball method is not the only way to pay off debt faster, it’s a valuable approach if you’re disciplined and follow the steps. Here’s how
Debt Snowball Strategy: How Does It Work? Read More »
