Making student loan payments isn’t always easy. And it becomes extra challenging if your income drops, you decide to go back to school, or you’re experiencing a health issue. Student loans offer two somewhat unique options — deferment and forbearance — to get you through times when making your payments becomes...
What are personal loans and how do they work?
Need to renovate your home, pay for a medical procedure, or consolidate credit card debt? Then you might be in the market for personal loans, which are consumer loans mainly given out by banks, credit unions and online lenders. Most of these loans are unsecured, meaning you don’t need collateral,...
What’s a foreclosure bailout loan and is it a good idea?
When you’re facing foreclosure, it’s tempting to look for a fast fix that will keep you in your home. Foreclosure bailout loans offer just that. But with all the scammers and predatory lenders looking to take advantage of desperate homeowners, it’s tough to know which options are safe — and...
Should I use a personal loan to pay off my credit card debt?
One of the biggest drawbacks to credit card debt is how expensive it can be. If you don’t pay off your balance month to month, you’ll wind up paying interest, which can quickly add up considering the average credit card APR is 17.27%. If you have a lot of high-interest...
What is a personal loan forbearance and is it a good idea?
When people talk about loan forbearance or deferment, often they’re talking about student loans. But forbearance — where a lender agrees to temporarily reduce your loan payments or even allow you to stop making payments altogether — is an option for some personal loans, too. For people who have fallen...
Can debt collectors take my house?
Legally, it’s true that debt collectors could get a judgment in court that would force you to sell your home to repay a delinquent debt. In practice, however, this rarely ever happens. That’s because forcing you into an involuntary foreclosure is costly and time-consuming, says debt relief expert and Resolve...
How do I avoid foreclosure?
In times of crisis, housing and food should be our two top priorities; however, in light of the severe loss of income millions of Americans are suffering right now, the fear of foreclosure is real. The good news is that unlike the 2008 financial crisis, banks typically aren’t foreclosing to...
What is a reverse mortgage & is it a good idea?
For many people, the biggest asset they own is their home. But the only time that asset’s value is actually usable is when they sell their home or borrow against their equity. One example of the latter is a reverse mortgage. Despite its name, a reverse mortgage is actually a...
How can I get a personal loan if my credit is bad?
Consolidating credit card debt? Renovating your home? If you need more financial flexibility or a fast influx of cash, you may want to consider taking out a personal loan. Personal loans are often considered “good debt,” because they generally come with lower interest rates than credit cards. However, how fast...