- Are You Responsible for a Deceased Parent’s Debt?
You are not responsible for your parents’ debt. This is true regardless of whether you inherit assets under their estate. However, a parent’s estate must settle any debts before you can inherit. And children often share financial responsibilities with aging parents, often medical and housing costs. This can end up feeling like you are responsible… read more…
- What Is the Truth in Lending Act?
In the world of finance and lending, transparency is key. The Truth in Lending Act stands as a vital piece of legislation designed to ensure just that. Its provisions ensure that borrowers have access to clear and accurate information about the loan or credit they’re seeking by requiring lenders to make specific disclosures. If you… read more…
- How The ‘No Surprises Act’ Affects Your Medical Bills (and Possibly Your Care)
Most Americans have heard stories about surprise medical bills that can cost unknowing patients thousands of dollars for what they may have thought were simple or necessary procedures. However, the practice of surprising patients with medical bills may soon be a thing of the past. The federal No Surprises Act, passed last year, went into effect… read more…
- What Is a Recourse Loan?
In borrowing, there are two types of debts, recourse and nonrecourse. Recourse debt holds the person borrowing money personally liable for the debt. If you default on a recourse loan, the lender will have license, or recourse, to go after… read more…
- How Much Should You Spend on an Engagement Ring?
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… read more…
- 5 Frugal Ways to Celebrate Your Debt Successes
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.… read more…
- Bad Debt vs Good Debt
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… read more…
- Pros and Cons of Tapping Home Equity to Pay Off Debt
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… read more…
- What Is Single-Payment Mortgage Insurance?
If you buy a house with less than a 20% 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… read more…