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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 […]
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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
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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
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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
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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 »
Repeated calls from debt collectors can quickly become annoying. In fact, tens of thousands of consumers every year are seemingly so annoyed that they lodge formal complaints. In 2022, the Consumer Financial Protection Bureau (CFPB) fielded roughly 115,900 complaints about debt collection. So, how can you keep a debt collector from reaching out to you?
Can You Ask Debt Collectors to Stop Contacting You? Read More »
In general, it’s best to pay off credit card debt first, then loan debt, since credit cards often have the highest interest rates. When you prioritize paying off credit card debt, you’ll not only save money on interest, but you’ll potentially improve your credit too. That’s because reducing credit card debt directly impacts your credit
Should I Pay Off Credit Card or Loan Debt First? Read More »
Don’t pay someone to do what you can do for free https://financialpost.com/personal-finance/debt/3-pitfalls-avoid-improve-credit-score #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp
3 pitfalls to avoid when trying to improve your credit score Read More »
After a 3-year COVID pause, student loan interest will resume starting on Sept. 1, 2023, and payments will be due starting in October,” according to the Department Of Education. “We will notify borrowers well before payments restart.” Given the pandemic was officially declared over on May 11, 2023, it makes sense that student loan debt should
Entitlement Mentality Is A Sneaky Wealth Destroyer Read More »
With the midpoint of the year approaching fast, it’s a great time to take stock of your financial progress, realign your spending with your goals and set your sights on where you want to end up by the end of the year. To help you pull off a financial review that leaves you with new
Midyear Financial Checklist: 7 Steps to Improve Your Finances Read More »
If you’re struggling to pay down credit card balances, loans and other debts, you may wish to get financial help from a close friend or family member. You may even have a philanthropic or generous relative offering to relieve the strain on your finances by paying off your debt. While getting monetary help from someone
Can Someone Else Pay Off My Debt? Read More »
Not raising the debt ceiling could cause another sell-off in the stock market. If so, history has shown it is worth buying the dip as politicians eventually agree to raise the debt ceiling limit and curb some spending. However, have you ever wondered why the government doesn’t spend more responsibly? After all, we individuals are
Debt Ceiling Debacle: Why Not Just Spend More Responsibly? Read More »
Signs that more and more consumers having financial difficulty as interest rates rise https://financialpost.com/news/economy/families-facing-real-pressure-household-debt-levels-rise-cmhc #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp
Families ‘facing real pressure’ as household debt levels push higher, CMHC warns Read More »
If you’re facing financial hardship and struggling to make your monthly mortgage payment, a mortgage modification may make your home loan more affordable and help you avoid foreclosure. Loan modifications date as far back as the 1930s, when they helped stabilize the housing market during the Great Depression by making mortgages more manageable for homeowners.
What Is the Fannie Mae and Freddie Mac Flex Modification Program? Read More »
Keeping your kids busy within a budget can be challenging. Sandra Fry offers some tips https://financialpost.com/personal-finance/time-to-figure-out-what-you-can-afford-to-spend-on-some-summer-fun #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp
Time to figure out what you can afford to spend on some summer fun Read More »
The 20/10 rule of thumb is a budgeting technique that can be an effective way to keep your debt under control. It says your total debt shouldn’t equal more than 20% of your annual income, and that your monthly debt payments shouldn’t be more than 10% of your monthly income. While the 20/10 rule can
What Is the 20/10 Rule of Thumb? Read More »
When it comes to making financial decisions, there’s no substitute for crunching the numbers. Loan calculators can help you better weigh your borrowing options and choose the best repayment strategy for your budget. Here are four loan calculators from Experian that can help you understand loan costs and manage your debt. You’ll also find additional
4 Loan Calculators to Help Manage Your Money Read More »
Understanding debt collection practices is essential for anyone who has borrowed money. There are many misconceptions about how the process works, and today, we will address one common question: Can a collection agency sell my… The post Can a Collection Agency Sell My Debt to Another Agency? appeared first on Crediful. https://www.crediful.com/can-a-collection-agency-sell-my-debt/ #financialfreedom #money #entrepreneur
Can a Collection Agency Sell My Debt to Another Agency? Read More »
If you’re struggling to pay your monthly debts, a debt management plan (DMP) may help you make ends meet and eventually pay off your debt. A DMP is a repayment plan in which a credit counselor helps you determine how much you can pay toward your debt, consolidates your payments and negotiates with creditors to
What Is a Debt Management Plan? Read More »
