Understanding Bankruptcy: Types, Consequences, and Process
The cost of groceries, gasoline, utilities, and other necessities has risen steadily, but inflation-adjusted wages have mostly stagnated. As a result, many consumers have less money available to pay for goods and services. The Federal Reserve increased interest rates in an attempt to combat inflation, making it more expensive to borrow money. For some people, […]
How To Consolidate Your Debt Wisely
Debt can handicap you, causing stress and complicating your financial life. If you find yourself juggling multiple debts, whether from credit cards, personal loans, or other sources, you might consider debt consolidation as a way to regain control. However, it’s important to call out that debt consolidation is not a one-size-fits-all solution. Used wisely, yes, […]
How Your Debt Is Mentally Draining You (And What to Do About It)
In many ways, it can feel like debt is an unavoidable part of life. The average American holds $104,215 in debt across mortgages, credit cards, car loans and student loans. But, just because debt is so “common,” doesn’t mean it’s easy. The mental toll of owing a lot of money to lenders is undeniable. If […]
What to Do If You Can’t Make a Loan Payment
While it isn’t the most fun topic, the reality is that financial difficulties can affect anyone. As we all know, life happens and sometimes these hardships come with unexpected events that may make it difficult to meet existing loan payments. Whether it’s due to a job loss, car accident, medical emergency, inflation, or something else, […]
Good Debt vs. Bad Debt: Key Differences You Need to Know
Many people view debt as something to avoid, yet the average American household has about $101,915 in debt. The key is not to refrain from taking on debts entirely but to learn to differentiate between good debt and bad debt. Good debts can help you build wealth and meet your goals. They are an investment […]
The Implications of Mortgage Debt on Your Finances
In the second quarter of 2024, the median purchase price of a home in the United States reached $412,300. With prices rising rapidly, understanding what a mortgage is and how it works is more important than ever. High debt levels can make it more challenging to qualify for a mortgage with a reasonable interest rate, […]
Avoiding Debt During 3 Major Life Events
Major life events such as going to college, getting married, and buying a home are exciting milestones. However, they can also be financially stressful and lead to significant debt if not managed carefully. Planning ahead and making informed decisions allows you to navigate these events without accumulating unnecessary debt. Here are practical tips to help […]
Why Minimum Payments Aren’t the Answer to Your Debt Problems
Have you recently noticed that you’re making your minimum payments every month, yet you notice that your total debt is only creeping down ever so slightly? So, what’s the problem here? Well, minimum monthly payments are just that. They’re the minimum you should be paying on your owed debt. If you look at your loan […]
A Beginner’s Guide to Budgeting: Tips for Financial Success
For many, the thought of budgeting can be overwhelming. It brings to mind restrictions and the daunting task of tracking every penny spent. However, effective budgeting is not just about restraining spending but about understanding and managing your finances to achieve financial security and goals. Keep reading as we offer practical tips to get you […]
Debt Consolidation through Refinancing: Simplifying Your Financial Life
Debt consolidation through refinancing is an increasingly popular strategy for managing and simplifying one’s financial life. In a world where managing multiple debts becomes a juggling act, consolidating them into a single, more manageable loan can be a breath of fresh air. This approach not only has the potential to lower interest rates and monthly […]
