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If you’re wondering how to get out of debt, you’re not alone. Around 64 million Americans have some form of debt. And it’s not just credit card debt keeping people up at night. According to the credit-reporting agency Experian, Americans’ consumer debt adds up to more than $15 trillion. While each individual’s circumstances vary, trends […]
How to Get Out of Debt in 6 steps Read More »
You probably know that paying down debt is good for your credit score. But there’s a persistent myth about credit card balances and credit scores. Some people say that carrying a small balance from month to month somehow helps your credit score. The idea that carrying a balance helps your credit score is totally false.
Does Having a Credit Card Balance Hurt Your Credit Score? Read More »
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When you walked into the dealership, you fell in love with your current car. It was so shiny and new. Five years later, you’ve fallen out of love with your gas-guzzler with the thread-bare tires and are wondering if you could just trade it in for the next beauty. Then you remember you still owe
How to Trade in a Car With Negative Equity Read More »
Dear Penny, I am a soon-to-be divorcee after 20 years of marriage and five years of separation. I’ll have no alimony or spousal support after the split. What is the best way to eliminate my debt, i.e., debt forgiveness? My income is on the poor level, I may add. Throughout the years, I lent over
Dear Penny: Can I Get Debt Forgiveness if I Owe $50K From Bailing Out Family? Read More »
Student loan borrowers can now apply for up to $20,000 in one-time loan relief after the U.S. Department of Education (DOE) launched a beta application. The DOE said it started performing this soft launch on Oct. 14 to work out any glitches ahead of the full rollout, which is expected sometime later this month. You
Student Loan Forgiveness Application Now Live Through Beta Site Read More »
Adjustable rate mortgages got a really bad reputation during the Great Recession, but now they’re back in a big way. In fact, they’re more popular than they’ve been in 15 years. Hordes of homeowners began defaulting on their adjustable rate mortgages back in 2008, contributing to a massive housing crash. ARMs have since become more
What Are the Pros and Cons of an Adjustable Rate Mortgage? Read More »
The Federal Reserve is raising interest rates to tame high inflation. Here’s what that means for borrowers, savers, and investors.The Federal Reserve is raising interest rates to tame high inflation. Here’s what that means for borrowers, savers, and investors. The post The Fed Is Hiking Interest Rates… Again. What Does It Mean for Your Wallet?
The Fed Is Hiking Interest Rates… Again. What Does It Mean for Your Wallet? Read More »
Two major methods dominate the debt repayment sphere: the debt snowball and the debt avalanche. One says you should pay off debts with the highest interest rate first. That’s the debt avalanche method. The other says to pay off your smallest balances first so that you can enjoy quick victories and build confidence. That’s called
Struggling to Stay Motivated? Try the Debt Snowball Method Read More »
Home equity is great for homeowners looking to take out a low interest loan. But, while it comes with a lot of opportunities, there are some dangers in using your home as collateral. Home equity is great for homeowners looking to take out a low interest loan. But there are some dangers in using your
How Does a Heloc Work? Everything You Need to Know about Home Equity Lines of Credit Read More »
You may be celebrating if you qualify to receive the recently announced federal student loan forgiveness. In some states, however, you could be taxed on the forgiven portion. What felt like a clean slate for many student debtors may now have an unexpected smudge, but only a limited number of recipients could face taxation. How
Will My Student Loan Debt Forgiveness Be Taxed? Read More »
Buy now, pay later services have taken the place of layaway: You get to take home your purchase now and pay for it over time. Affirm is one of the most common buy now, pay later services. But how does Affirm compare to similar services, and should you consider using it for your next big
Affirm Review 2022: Buy Now, Pay Later Read More »
Inflation is when the prices for goods and services gradually rise, which in turn means your money won’t go as far to cover your expenses. Like most Americans in 2022, you’ve likely felt the sting of inflation when paying for gas, groceries and other goods and services. And if you use credit cards to make
How Does Inflation Impact My Credit Card Debt? Read More »
A payday loan may seem like the only option in a financial emergency if you have poor credit and no savings. But it can do a LOT more harm than good. A payday loan may seem like the only option in a financial emergency if you have poor credit. But it can do a LOT
What Is a Payday Loan and Why Is It a REALLY Bad Idea to Get One? Read More »
Dear Penny, I’m on Supplemental Security Income (SSI) and my car broke down. I needed extra money to pay my rent, so I took out a payday loan for $400. The payoff amount is $567.91. I will not be able to pay that much and still pay my bills. The monthly payment is $170.45, which
Dear Penny: Will Debt Collectors Call My Family Over Delinquent Payday Loan? Read More »
Consumers opened 233 million new credit card accounts in the second quarter of 2022 — the highest seen since 2008, according to a report from the Federal Reserve Bank of New York. You might be looking at your own wallet and wondering: Should I get a second credit card? It turns out having two credit
Should You Get a Second Credit Card? 4 Things to Consider Read More »
For something like a diamond, it’s obviously best to pay cash. But, we get it: You’re head-over-heels and you’re considering financing the ring so you can pop the question sooner. Here are the best ways to finance an engagement ring.If you can’t pay cash, here are the best ways to finance an engagement ring: ‘No
How To Finance An Engagement Ring Read More »
Dear Penny, We have a 47-year-old daughter with a just-settled divorce. She is a teacher, but she’s not working full time. She is asking her parents to co-sign for a home purchase. We are retired and have a paid-for home. What financial tool could we use to protect ourselves from default possibilities? -J. Dear J.,
Dear Penny: Can I Avoid Default Risk if I Co-Sign My Daughter’s Mortgage? Read More »
Have you ever wondered what the ideal income is to live a comfortable life before retirement and after retirement? Well, look no further than the student loan forgiveness income threshold of $125,000 per individual and $250,000 per married couple. On August 24, 2022, President Biden unveiled a plan to cancel up to $10,000 tax-free in
The Ideal Income Is The Student Loan Forgiveness Income Threshold Read More »
If you need to borrow money but your credit score is lower than it should be, you will probably have to apply for a bad credit loan. This type of loan is geared toward individuals who may have made mistakes with their credit in the past, and they typically come with higher interest rates and
Best Bad Credit Loans: 6 Lenders to Get Approved Read More »