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Jan 02, 2017 Paying off debt can be an excruciating process, depending on how much money you owe. But your debts may not haunt you forever. Most consumer debts have a statute of limitations. That means that after a certain amount of time has gone by, collectors can't sue you for failing to pay off outstanding debts. Here's everything you need to know about the statute of limitations on debt.
Dec 14, 2016 Many shoppers apply for store credit cards in order to snag special holiday discounts. But these credit cards often come with high interest rates. If you're worried about racking up too much debt, you could transfer your balance to a card with a low APR. Or you could apply for a personal loan. Let's look at the pros and cons of using either option to consolidate your debt after the holidays.
Aug 16, 2016 Dealing with debt collectors can be a real drag, especially if they're constantly hounding you to pay up. The Fair Debt Collection Practices Act (FDCPA) protects consumers against harassment from debt collectors but the industry still generates millions of complaints each year. Fortunately, the Consumer Financial Protection Bureau (CFPB) has proposed new guidelines that shield debtors from abusive debt collection efforts.
May 03, 2016 There's nothing like falling in love and finding the person you want to spend the rest of your life with. But when it's time to shop for rings, it's easy to get discouraged by the price tags. Just how much should you spend on an engagement ring? We'll dive into the topic and discuss ways to save on the big purchase.
Jan 14, 2016 Dealing with a bill collector is never fun and it can be particularly stressful when you're sitting on a mountain of debt. Sometimes debt collectors fail to follow the rules outlined in the Fair Debt Collection Practices Act. If that's the issue you're facing, it might be a good idea to file a complaint. But if you're personally making any of these mistakes, your debt problem could go from bad to worse.
Dec 22, 2015 The new year is right around the corner and if you're like most people, you've probably got a running list of resolutions to achieve and milestones to reach. If getting out of debt ranks near the top, now's the time to starting thinking about how you're going to hit your goal. Developing a clear-cut action plan can get you that much closer to debt-free status in 2016.
Sep 22, 2015 Austerity policies are nothing new. But talk about them in the news has recently escalated. In response to its ongoing debt crisis, the Greek government is preparing to implement austerity measures aimed at helping the country regain its financial footing. If you didn't major in economics or you have no clue what austerity means, read on to find out how this fiscal program works.
Jan 28, 2016 Over the past few months, it's been nearly impossible to avoid conversations about Greece and its seemingly unsolvable financial crisis. After weeks of stressful deliberations, the Greek government and its creditors finally reached an agreement. In case you're still confused or you need a quick recap of what went down, here’s a guide to the events that transpired.
Apr 07, 2015 Paying off debt with “gazelle intensity” is a great way to get rid of debt quickly. Cutting your budget to a nearly bare-bones level and working hard to increase your income, speed up debt payments and save up for retirement will help you make great progress on your financial goals, but most people can only live on a strict budget for so long before they begin experiencing debt burnout.
Apr 01, 2015 One of the lessons I’ve learned as I continue to work my way out of debt is that you need to treat yourself and celebrate your little successes along the way so you can avoid debt fatigue down the road. Celebrating small milestones, like getting another $1,000 knocked off your debt total, starting to put money aside for retirement or paying off a credit card balance, is important for both your sanity and your family’s sanity.
Dec 07, 2016 When you are in debt on multiple credit cards or from multiple sources, like a mix of student loans, credit cards, personal loans, etc. it can be difficult to decide where to start with paying off your debt. Of course, the first thing you should do is calculate and record the balances, minimum payments and interest rates on all of your debts. But after you do this, your numbers might seem overwhelming. Luckily, there are several debt payoff methods to choose from and each has its own set of pros and cons.
Feb 20, 2015 Mark and Lauren Greutman were a couple dealing with debt. Instead of turning the other way, they faced their problem head on, taking drastic steps to improve their financial path. Then they decided to share their story and what they've learned through a new website launched in 2014. We caught up with them for this edition of SmartAsset Talks.
Feb 16, 2015 It’s almost impossible to get through life without taking on debt at some point or another. Between using student loans to go to college, taking out an auto loan for your first car or qualifying for a mortgage your first house, debt seems to be a part of most people’s lives. That’s not to say that you have to live with debt forever, but just you will likely be in debt at sometime.
Feb 13, 2015 We often hear about the negative consequences of debt. And while it is certainly a good idea to avoid unnecessary and high-interest debt, most people will carry some kind of debt at some point in their lives. Attorney and author Leslie Tayne wants to help you look at debt in a different way. In her new book, Life & Debt, she encourages people to understand, manage and embrace debt.
Dec 07, 2016 If you’ve got significant debt and you’re only making the minimum payments, it could end up costing you much more than what you start off owing. To that end, if you’ve got enough income to make more than the minimum payment, not only can you pay your debt off much more quickly, but your credit score will benefit greatly, as well. It’s important to know the real cost of making minimum payments on your debt, so we've broken it down for you below.
Jan 05, 2017 Fees are the enemy of all personal finance obsessives. So when we heard about companies that charge high fees to help people tackle their spiraling debt, we were skeptical. Here's why:
Jan 11, 2017 If you've been carrying around credit debt or burdensome student loans for the last few years, it's time to make a vow to pay it off for good. The new year is here and it's the perfect time to set some goals that will put you one step closer to financial freedom. Dumping those high-interest payments can free up the extra cash you need to plan for retirement, save for a home or just take a much-needed vacation. If you're interested in accelerating your debt payoff in 2015, here are six simple tricks that will put you on the right course.
Dec 28, 2016 If you're getting hounded by debt collectors or your monthly minimums are eating up a huge chunk of your budget, consolidating your bills can give you a little more breathing room. Transferring your high interest credit card debt to a card with a lower rate or taking out a personal consolidation loan are two options to consider but homeowners also have a third choice in the form of a home equity loan. Going this route can be cost-effective in the long run but it's not without its dangers. How does a home equity loan work? Here are some pros and cons to keep in mind if you're planning on using your equity to eliminate debt.
May 27, 2015 Planning for your financial future can seem like a daunting task, but it does not have to be. Finances can be confusing and there is a bit of a learning curve, but there are a few key things you should do if you are trying to secure your financial future. You do not have to be rich or extremely wealthy to have a secure financial future. However, you do need to pay attention to your finances and be willing to make changes when needed. Here are four things you should have to help ensure a secure financial future.
Mar 11, 2014 If you buy a house with less than a 20 percent down payment, and finance it with a conventional loan, you are going to have to pay private mortgage insurance. PMI protects the lender against the possibility of a default. It does not protect you, the buyer, but it does give you the benefit of buying a home you might not otherwise have been able to get.
Jan 02, 2015 Have you heard, from financial planners, bankers and the like, that adjustable rate mortgages ( ARMs) are risky and dangerous? Have you heard that these types of mortgages drove many homeowners into foreclosure? Would you never even consider this type of mortgage for yourself? Well, everything you have heard is wrong!
Jan 14, 2016 No one wants to pay high fees, especially when embarking on an expensive transaction such as a mortgage. A mortgage point (also called an origination fee) is defined as 1% of the loan amount paid upfront. Many lenders begin negotiations by quoting a 1% loan origination fee. Others say you're “buying down the rate” by paying a point. But the result is the same. Points lower your interest rate and the more you pay upfront, the lower your interest rate, depending on the market.
Dec 22, 2016 The days are long gone when you could buy a house without spending any money out of pocket. Lenders and regulators have determined that potential home buyers need to demonstrate some savings ability prior to taking on a mortgage for a home. One of the costs of home ownership is the unexpected and regular maintenance that will arise. The ability to save is vital to being a successful home owner.
Dec 18, 2014 In matters of personal finance, debt can basically be divided into two types: long term and short term. For accounting purposes, any debt less than one year in repayment is short term. Being responsible with your long term debt is an important goal in personal financial planning that you should make every effort to accomplish. There are many types of long term debt that you will probably consider.
Jan 12, 2016 The debt ceiling is a topic that comes up from time to time. You’ll likely hear it mentioned during political campaigns and maybe even in casual conversation with someone who is concerned with national spending. While the thought of the government needing more money to cover its debts might seem alarming, the reality is that the debt ceiling is raised quite frequently. Read on to learn about the 12 times the government raised the debt ceiling in the past decade.
Jun 22, 2016 The Olympic Games aren’t always profitable. Host cities tend to exceed their original budgets and many of them actually end up owing a lot of money. Check out 13 Olympic events that failed to generate enough revenue and left their host cities deep in debt.