Credit Card Debt & Loans

Learn about credit card debt & loans to use them to your advantage.

What’s a home equity loan?

After years of making payments on a home mortgage, the home starts to build equity. A home equity loan is when the homeowner takes out a loan using the home as an asset to get a lower interest rate.

Sep 18, 2020
How to Get a Personal Loan

First off, to get a personal loan you will need to have a good credit rating. Applying for a loan with a poor credit rating will most likely lead to denial. Or if you do find a willing lender with a poor credit score, the interest rate will likely be sky high.

Sep 18, 2020
Purchasing Car In Debt
Important Factors to Consider When Purchasing a Car While in Debt

Cars are fickle things that require a lot of maintenance. Oil changes, tire rotations, and yearly tune-ups are all part of owning a vehicle. Unfortunately, the financial aspect of purchasing a car can be equally fickle, especially if you’re in debt. Debts are more of a factor than ever in purchasing a new auto: Experian […]

Feb 5, 2020
Debt and Marriage
Debt and Marriage- What You Should Know Before You Say ‘I Do’

It’s quite interesting the phrase “for richer or poorer” is part of most wedding vows, as it implies that your spouse’s financial situation is in fact, a critical aspect of any marriage. This is more relevant than ever, given the present situation of younger Americans today.  Whether it’s from credit card debt or student loans, […]

Sep 11, 2018
Consumer Debt in America
Consumer Debt in America-Where Our Country Stands Today

As Americans, we’re pretty much all in debt. How bad is the debt crisis exactly? That depends on who you ask. And when. The Federal Reserve keeps a close eye on trends influencing lending, debt, and the overall economy. A new quarterly report is released every three months. The Federal Reserve report in June 2018 […]

Aug 27, 2018
Debt After Death
What Happens to Your Debt After Death?

We humans spend an inordinate amount of our lives worrying about death. Increasingly, Americans are concerned financially about their families after their demise. According to the Federal Reserve, leaving your family with big bills could be more of a problem now than ever: household debt recently hit a record high of $13.29 trillion. Everyone should […]

Aug 22, 2018
Breakdown of Interest Rates:
The Breakdown of Interest Rates

On the surface, borrowing money seems straightforward: a friend loans you twenty bucks, and you give it back when you get paid. Easy. If only the rules were so simple with banks and credit card companies. However, these types of debt come with interest rates. Interest rates are often the most confusing part of loans […]

Aug 20, 2018
Millennials in Debt
Why Are So Many Millennials in Debt? The Hip but Ugly Truth

Millennials are known for their love of travel, social media, and avocado toast. But increasingly America’s millennials are being defined by debt. Since they are now the country’s largest generation—83.1 million people, according to the US Census Bureau—the millennial debt crisis is a national issue. Millennials are the most indebted generation in history. A quarter of all […]

Aug 15, 2018
Minimum Credit Card Payments Don’t Work
Minimum Credit Card Payments Don’t Work — Here’s Why

Credit cards aren’t necessarily bad for your financial health. As long as you spend responsibly and pay your balance in full every month, a credit card can be a convenient and useful tool. But some consumers bite off more than they can chew. In other words, they’ll accumulate credit card debt faster than they can pay it off. Consequently, they’ll carry a balance from month to month and pay only the minimum amount due — if they can afford to do even that.

May 17, 2018
Credit Debt and Society
The Cost of Carrying Credit Card Debt to Society

Before we discuss those societal costs, however, some context is needed. American consumers these days have much easier access to plastic. Credit access dipped sharply since the height of the Great Recession but has climbed steadily since. As a result, America’s collective credit card tab has also grown within the same period — to the tune of $834 billion as of the fourth quarter of 2017. That figure is now just over $30 billion away from the highest total ever recorded, at the end of 2008.

May 11, 2018
Unsecured debt and bankruptcy
Unsecured debt & bankruptcy in the United States

Unsecured debt has a direct correlation to bankruptcy in the United States. Just this year alone the total amount of unsecured debt has increased to 1 trillion collectively. According to HuffingtonPost, some of the most common factors that cause bankruptcy are medical bills, job loss, student loans and divorce. With the amount of debt increasing, consumers should start considering budgeting expenses and freeing up cash flow. However, for some it might be too late to take precautionary measures that should have been taken years ago.

Apr 20, 2018
Credit Cards Encourage Overspending
Credit Cards Are Encouraging You to Overspend

If you think that a credit card can’t “force” you to overspend, you’re both right and wrong. People are ultimately responsible for the choices they make; that’s true. But decades of research have found that people aren’t always completely in control when using cards instead of cash.

Apr 20, 2018
California Credit Card Debt
Nearly 6 out of 10 Credit Card Holders in California are Using Too Much Credit

As many people learn in adulthood, access to credit is important. It helps them build a solid credit history, which in turn helps them buy a house or rent an apartment. However, having such easy access to credit can also lead to irresponsible financial behavior. Spending beyond their means is a common mistake among credit card holders.

Apr 18, 2018
These States Have the Highest Amounts of Credit Card Debt

Some states are reaching new heights — but not the kind to write home about. According to Experian’s latest State of Credit report, the following states carried the highest average credit card balances in 2017:   State Average Credit Card Debt Alaska $8,515 Connecticut $7,258 Virginia $7,161 New Jersey $7,151 Maryland $7,043 Hawaii $6,981 District […]

Apr 18, 2018
Credit Charge-Off Impact
The Impact of Low Charge-Offs on Credit Card Debt

According to a recent study by WalletHub, U.S. consumers have managed to rack up over $1 trillion in credit card debt. In the last year alone, the amount of debt accumulated was a whopping $92.2 billion. This figure is the highest it’s been since 2007, the study adds.   Why has this happened? Low charge-off […]

Apr 4, 2018
Soaring American Credit Debt
American Credit Card Debt Continues to Soar

Credit card debt is in dangerous territory. How dangerous? Let’s put it this way: Our total plastic balance is very near recession level. America’s credit card tab currently stands at more than $830 billion, according to the Federal Reserve Bank of New York’s latest U.S. household indebtedness report. The new figure represents an increase of […]

Apr 4, 2018
What Causes Credit Debt?
The 5 Leading Causes of Credit Card Debt

Americans have amassed more than $1 trillion in outstanding credit card debt – a record high, according to the Federal Reserve. In its annual State of Credit study, Experian reports the average American is carrying a staggering $6,354. What leads to such a high amount of debt? Overspending. As the economy has steadily improved since […]

Apr 4, 2018
The Best Ways to Loan Money to Friends and Family

Most of us are fairly generous people, and we want to help a family member or friend when we can. But the fact is, a person who can’t get a personal loan from a traditional source often has damaged credit or no credit, both of which make such a borrower a greater credit risk. (There are also […]

Mar 4, 2018
Retailer Credit Cards
The Real Reasons Retailers Push Branded Credit Cards

When shoppers hit the counter of their favorite retailer this holiday season, they may be asked to sign up for the store’s branded credit card in exchange for a discount on their purchase. The cards are often a better deal for the stores than they are for consumers. There are some perks to consumers—store cards, […]

Mar 3, 2018
Wedding Loans
So, You’re Getting Married! Will You Need a Wedding Loan?

Congratulations, you’re engaged! Of course, unless you’re planning to elope, you’re going to need a lot more than luck to get through your wedding day. How you decide to pay for your wedding will be one of the first important decisions you make as a couple — and there’s a chance you’re thinking about getting one […]

Mar 2, 2018
Obtaining A Mortgage After Bankruptcy

It is still possible to purchase a house after filing for bankruptcy. It can be challenging and you will have to wait some time before your finances are able to bounce back but it is doable. The most common guideline you’ll have to follow to purchase a home after bankruptcy is to go through a […]

Feb 22, 2018

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