People borrow money to make purchases for which they do not have the cash to pay the entire price. Debt can be useful when buying a house or investment property. It can become a burden and obstacle to saving and investing when used to buy cars, or accumulated on credit cards as a result of deficit spending.
#9 of 13 Things People Can Do with Money | by WealthPhase
If you’re still in school and have high student loan rates, you can’t refinance quite yet. But there are a few things you can do to improve your situation.
Credit cards offer convenience, security, and rewards. Overspend with a credit card, however, and the interest and fees can bury you. Here are 10 tops to stop using credit cards.
If you’re paying for college yourself, figuring out how to take out student loans without your parents’ help can help you save money.
Buying a house isn't easy, nor is going after public service loan forgiveness. Doing both presents challenges but it can be done.
Looking for student loans for parents? Student Loan Hero takes a look at the best parent loans for college available today and some tips for comparing offers.
There's tons of info online about how to get out of debt. Too often, these folks are trying to scam you, sell you something, or convince you to live like a pauper. Get Rich Slowly tells you how to get out of debt without gimmicks or games.
Picking the loan to attack first isn't as easy as just paying down the highest interest rate loan, there are other factors to consider.
There are four potential downsides to having mom or dad cosign your loan. They might even lead you to consider student loans without a cosigner.
Grads crippled by debt might want to consider moving to Kansas, Niagara Falls NY, Curtis NE, or New Haven CT.
Aggressively paying down low interest rate student loans may not be the best financial decision when you can use time and compounding returns to build your investment portfolio.
Unpaid student loans could lead to a professional or driver's license suspension for borrowers. Check this state-by-state guide to see where you’re at risk.
The second episode of season two: "In a Nutshell: How to Pay For College" – How to Get Out of Student Loan Default.
The fourth episode of season two: "In a Nutshell: How to Pay For College" – The Various Federal Student Loan Repayment Options
Signing up for income-based repayment plans like IBR, PAYE and REPAYE has many perks. However it can be a bad idea for some.
Ten years of Public Service employment alone is not enough for loan forgiveness. Learn what is required for the time to count.
Some credit card companies make hardship programs available to their customers in times of need. This guide walks you through this programs, including how to apply.
Contrary to what this article says, do NOT take out an unsecured loan to buy a dress or go on a trip.
There was a time were graduated and extended repayment plans were the best option for many borrowers. Those days are over.
A good credit score can save you thousands of dollars in lower rates. To help boost your FICO score, here's Consumerism Commentary's guide on how to improve your credit score.
The Beehive State might be slim in terms of student loan forgiveness programs, but Utah residents do still have opportunities to get help getting debt-free.
The debt avalanche is the fastest and cheapest way to pay off you debts. But is it always the best way? Sometimes the debt snowball may be better.
If you live in Colorado and owe money on student loans, there's help! Here are some options for student loan forgiveness in Colorado just for you.
Many borrowers may miss out on public service student loan forgiveness because their loan servicer mistakenly told them they were eligible.
Picking the right repayment length requires some strategy and a bit of guess-work about what your finances will look like in the future.
If you co-signed your child’s loans, you're on the hook for thousands. But you could free yourself by applying for a student loan co-signer release.
From eligibility and timelines to documents needed, here is everything you need to know to fill out the Teacher Loan Forgiveness application.
As for what you can do if you’re one of the many New Jerseyans battling student loans, there are current New Jersey student loan repayment assistance programs you might be able to qualify for.
Check out these three important facts about your credit scores, and when you might need additional information.
The Student Loan Sherpa looks at monthly student loan payment calculations for couples, and strategy for deciding between REPAYE and IBR.
Michelle Singletary writes that, "For scammers, it’s all about where they’ll get the most money victimizing people. And one of the hottest places to be right now involves student loans, which are at an all-time high of $1.4 trillion."
Many families borrow Parent PLUS loans without understanding all of the options available and putting together a long term strategy.
Interest only mortgages offer low monthly payments. Consumerism Commentary lists the pros and cons. They forgot one situation—when other debt will be paid off within the next five years.
If your car payment is eating up too much of your budget, you may be ready for a refinance.
Private lenders pitch the benefits of refinancing at lower market-based interest rates. Their TV ads show happy millennial professionals saving over $20,000 by refinancing. It sounds amazing, doesn’t it? But the truth may be less promising.
There are some great reasons to refinance student loans. You can lock in lower interest rates, reduce monthly payments, or get rid of debt faster. Your overall goal will dictate your refinancing decisions and help you choose the loan that will best meet your needs.
Trying to decide whether to refinance a mortgage? In the Consumerism Commentary Guide to Mortgage Refinancing, you'll learn how to refinance a mortgage and where to find the best rates.
Student loan interest can add thousands of dollars to your original loan balance. Find out how it works and how you can get ahead on your student loans.
People dread dealing with debt collectors, whether it's an mistake with the bill collector or if it's a legitimate bill that was never paid.
It is counter to what many personal finance bloggers suggest, but there really is risk created by paying off debt too quickly. Joshua Sheats explains why in this podcast.
When is chasing PSLF more expensive than refinancing and paying off your loan aggressively? Where is the break even point?
Just in time for holiday shopping, retailers have a gift for consumers: higher interest rates on their credit cards — including one that's above 30 percent. The average retail card rate has risen for the third straight year and now is brushing 25 percent, according to new survey from CreditCards.com.
Don't hand over any money to a service that offers a faster way to pay off your student loans. There's a good chance it's a scam.
First-time home buyers might have a "thinner" credit history or be carrying student loan debt. You should always check with local credit unions and community banks, but you will also want to investigate your mortgage options at these online lenders.
While not the first choice, 401(k) loans can be a decent option for investors with near-term cash needs, but it is not an investment strategy, says Michael Kitces.
Use this free debt payoff calculator to compare the debt snowball and debt avalanche strategies.
Unfortunately, your many years of making rent payments on time aren’t helping your credit score. Finally, that situation is changing. You may be able to help your own cause by learning how to report rent payments to credit bureaus. Consumerism Commentary identifies several services that can help you do just that.
A lot of bad things will happen. For starters, you lose eligibility for deferment, forbearance and loan forgiveness, as well as other benefits, like choosing your own repayment plan and eligibility for additional federal aid.
If your recent credit activity demonstrates a pattern of responsibility, it is possible to get a mortgage with weak credit — even with strict lending requirements.
There are some downsides to zero-down mortgages. Find out what they are. If you're still interested, availability ebbs and flows, unless you qualify for one of two government programs.
Adults who have made loans to relatives report getting 57 percent of their money back.
Many people wonder when leasing a car is a better option than buying. This article explains when leasing makes sense.
Did you read the fine print before you signed up for that credit card? You should have: What you don't know might hurt you.
Can debt be good? Is it really a tool that can be used to build wealth? This financial blogger explains why he doesn't pay off his mortgage early...and invests the money instead. Read with caution!
Taking the scissors to your credit card can be a satisfying feeling, especially if you’ve just finished paying it off. But knowing how to cancel a credit card the right way can ensure your credit score won’t take a hit as a result.
Debt's a burden at any age. For retirees on fixed or reduced income, it can feel especially heavy.
Not sure what credit score is needed to buy a house? Discover the minimum credit score you need for a variety of mortgages.
You may be leaving the States for a while, but there's one element of American life you should never leave behind: your credit score.
The Student Loan Refinance Rankings have been updated and we are sharing who has the best rates and who is accepting more borrowers.
If you want good credit, you need a good credit score. But when it comes to getting a good rating, you need to separate facts from fiction.
When most of your student loan payment goes towards interest instead of principal, it can be frustrating. It also can be avoided.
Aspire student loans, Iowa Student Loan, or Aspire Servicing Center? This post breaks down the difference — and tells you how to pay your bills.
The Consumer Financial Protection Bureau issued a warning to seniors this week, cautioning them that taking out a reverse mortgage in order to delay claiming Social Security benefits could be a financially harmful decision.
Text messages about your student loans or about student loan forgiveness are probably not valid. Learn how to prevent this issue.
Government attorneys are not the highest paid lawyers, but what many government jobs lack in terms of salary, they make up for in great employee benefits… especially when it comes to student loans.
Learned that my American Express can hit you with outrageous penalty APR fees! Even if you're a loyal customer! Watch your credit card backs!
Missing payments will hurt your credit score and make it more difficult for your to borrow money in the future. What happens next depends on whether you've defaulted on private or federal loans.
Refinancing your student loans can save money. Before you do, make sure you’re not making any of these five costly mistakes.
Buying a new home is exciting, but before you sign your name on the dotted line, you need to ask — and answer — a few key questions about your loan.
Mark and Bethany were surprised to learn that paying an additional $30 a month to American Express could generate additional cash for their retirement.
Katie co-signed some student loans for her daughter to attend college. Originally, the loans were with Sallie Mae. Later, they were transferred from Sallie Mae to Navient. Katie is being told that the loans will not qualify for Public Service Loan Forgiveness. Can she can do anything to fix this situation?
If you live in the Buckeye State, listen up. Here's the ultimate guide to forgiveness and repayment programs for your Ohio student loans.
Have you paid off debt only to be back in it again? Student Loan Hero provides eight expert tips for paying off debt that will have you living debt-free once and for all.
Regardless of your circumstances, you can avoid default and delinquency - even if you have no job. The federal government has several repayment plans in place that allow borrowers to pay what they can afford rather than what they owe.
Have you ever wondered if you are paying off debt the right way? More than likely, you are making one of these ridiculously common mistakes. Here are 14 of the biggest mistakes from Whitney Hansen.
There are plenty of reasons to consider a cash-out mortgage refinance to pay off your student loans. However, it isn’t necessarily the best option to eliminate your student debt.
The best credit card is probably no credit card. But if you must, avoid paying too much.
Premium credit cards advertise special perks and bonuses. Are the rewards enough to justify the big annual fees?
You've got student loan questions. You should, as you have many options when it comes to student loans for college. SimpleTuition provides some answers.
There are many dangers associated with co-signing a student loan. Understanding those risks can help you avoid them.
Do you have a need for cash? Does that money in your 401(k) plan look irresistible? Although there may be times when it can make sense to borrow from your retirement plan, carefully consider the reasons why you shouldn't do it.
Everybody's situation is different. A number of factors must be considered for each household. Any decision that involves significant amounts of money should be carefully examined. Liquidity, cash flow, taxes, asset allocation, foreclosure risk, and peace of mind should all be considered.
Are photos of your friends enjoying great vacations tempting you to use a credit card for a vaca of your own? Don't. Charge just $1,000 on your credit card at a 15% interest rate and make the minimum (assuming that’s 4%) monthly payment. It’ll take you over 5 years to pay it off.
Furniture can be quite expensive, and it can be very easy to walk out of a furniture store with a huge bill. However, no matter how enticing those financing offers may be, please remember that you will eventually have to pay the full cost. Too many people get caught up when they think about the monthly payments, but it’s the full cost that is important.
Even if you don't have a job or can't afford your student loan payments, there are many steps that can be taken to make your debt manageable.
Those rewards points can be tempting, but don't do it if you don't have the cash...or the discipline...to pay off the new debt.
This is a process that happens on a daily basis for larger lenders. Your prospective lender should be able to answer questions about the process with Navient.
Can you deduct the interest on a reverse mortgage? Michael Kitces explains taxation of reverse mortgage loan proceeds and interest payments, including the deductibility of reverse mortgage interest, MIP, and real estate taxes.
Thinking about consolidating or refinancing your student loans? Here are five of the most common misconceptions about student loan consolidation.
Credit cards might be your only option to start or expand a business. Although this article is a credit card company promotional piece, there is some wisdom in the rules.
One couple made some short-term sacrifices to eliminate years of payments.
Undergraduates who take out federal loans will pay almost 20% more in interest. The U.S. government is raising prices for new student debt, adding hundreds of dollars to the cost of the typical federal college loan.
In addition to closely monitoring your account for unauthorized purchases and setting text and email alerts and maximum ATM withdrawal limits on your cards, you may want to explore a tap-and-go contactless card or mobile pay apps such as Apple Pay or Samsung Pay rather than dip your chip.
The review is in. Even though Federal Student Loans have major disadvantages, they are still a better choice over private lenders.
With a simple phone call, you may be able to avoid the annual fee, get a late fee waived, reduce your interest rate, or raise your credit limit.