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What is the snowball method of paying off debt?

There’s something very satisfying about crossing off items on your to-do list. The snowball method of paying off debt benefits from this bit of human psyche. Here’s how it works and how to know if it’s the right method for you. What is the snowball method? The debt snowball method…

States where people have the most & least student loan debt

In 2019, student loan debt in the United States hit $1.6 trillion, the highest it’s ever been, according to data compiled by the Federal Reserve Bank of St. Louis. But that debt doesn’t affect all borrowers equally. While 34% of adults ages 18 to 29 have student loan debt, according…

Is your debt time-barred? A state-by-state guide to debt statutes of limitations

Hearing from a debt collector can understandably make you feel very uneasy. That’s especially true if it’s about an old debt. Maybe you thought the debt was long forgotten or it had already been paid. Maybe you’re not even sure the debt is yours. But even if it is is,…

Can being an authorized user on someone else’s credit card help build your credit?

Building up good credit can be a daunting task, especially if unfortunate circumstances have brought your credit score down. But luckily there are a variety of things you can do to push your credit back into the green. One of them is becoming an authorized user on someone else’s credit…

Debt avalanche vs. debt snowball: Here's what you need to know

If paying down debt is in your financial forecast, there are two techniques you might want to consider: debt snowball and debt avalanche. These similar methods are a good fit if you can afford to make the minimum payments on all of your debt, plus a little extra.  If done…

What the national debt means for your children (and your children's children)

When you turn on the TV or pick up your phone, it sometimes seems like the old axiom “no news is good news” has taken on a new meaning. Gun violence, climate change, inadequate or overly expensive health care, are just a few of the heavy topics making headlines and…

Credit card data in 2019: Understanding the trends

Many of the numbers surrounding credit card debt trends are not moving in a favorable direction. Credit card debt held by all Americans topped $1 trillion for the first time in 2018, and since then, the percentage of credit card debt that is seriously delinquent — at least 90 days…

Do you know the difference between good and bad debt?

Not all debt is created equal. As counterintuitive as it may sound, some debt can be good. While you may strive to live debt-free, that isn’t necessarily the rosy paradise of financial freedom that it’s made out to be. Certain types of debt can actually help your credit in the…

5 keys to successful debt consolidation

Just as there are many reasons why people end up in debt, there are many ways to handle getting out of debt. One option is debt consolidation, which means rolling up several of your debts into one, lower-interest loan.  The ideal person for this type of debt management solution is…

How to get rid of your debt for good

Americans have debt, and lots of it. Consumer debt has been growing for years. Last year, the figure approached a staggering $14 trillion. A lot of that debt is coming from mortgages, but student loans, car loans, credit cards and personal also are included in the mix. Here’s how to get…

9 ways to avoid student loan debt

For parents and students alike, college is a big and exciting step. But for most families, college also means debt. Recent statistics show more than 44 million people have $1.5 trillion in student loan debt. Whether you pursue loans, invest early in a 519 plan, or get help through scholarships,…

How to find free money for college

Free money for college sounds far-fetched, yet every year students across the country leave financial aid sitting on the table. In fact, an estimated $24 billion in financial aid, including grants that don’t have to be paid back, goes unclaimed every year, according to Form Your Future, which is sponsored…

5 steps to rebuild credit after debt management

One reason some people choose a debt management plan (DMP) over bankruptcy is they want to protect their credit score. The upshot is, a DMP won’t hurt your credit nearly as much as a bankruptcy or debt settlement would as long as you pay your bills on time. Still, you’ll…

What’s my borrowing limit for student loans?

More than half of young adults who enter college take on debt to do so. The bulk of this debt is student loans, according to the Federal Reserve. “Student loans are by far the most common form [of debt], held by 94 percent of those with their own education debt…

Have a student loan with Navient? Here’s what you need to know

Navient is a very large player in the student loan marketplace. It spun off from Sallie Mae in 2014, is a loan issuer, servicer and collector, has more than 12 million customers, and  services more than $300 billion of government and private student loans. Private student loan borrowers can communicate…

Have a student loan with American Education Services (AES)? Here’s what you need to know

American Education Services (AES) is a servicer of student loans, which means AES doesn’t issue loans, but manages them for lenders. AES was established by the Pennsylvania Higher Education Assistance Agency (PHEA), which is the nation’s second largest student loan servicer. AES services both private student loans and loans under…

Here’s what you need to know about repayment options for private student loans

Millions of Americans are weighed down with student loan debt. This debt is contributing to record low home ownership rates and decreasing birth rates among millennials. If you’re one of these borrowers, there are ways to manage your debt and to get help if you’re falling behind on payments. However,…

How to avoid credit repair scams

Your credit score dictates a lot about your financial situation, so it’s understandable that you want to protect your score and keep it as high as possible. If past financial mistakes are dragging down your credit score, there are legitimate ways to try to correct them. Here’s how to avoid credit…

Federal student loan repayment options explained

If you have student loans, or will soon, you’re in good company. Nearly 44 million Americans owe almost $1.6 trillion in combined student loan debt.  Federal student loans make up the biggest portion of this outstanding student debt at more than 92 percent, and that’s for good reason. Federal student…

How to find the right debt management plan

If you’re struggling with debt and looking for help to manage it, meeting with a credit counselor might be a logical first step. Credit counselors can help you create a budget, find ways to reduce your debt or enroll you in a debt management plan (DMP). But before you enter…

What happens when you default on a loan from Avant

Online lender Avant offers personal loans ranging from $2,000 to $35,000 at interest rates from roughly 9.95% to 35.99% APR, though rates and availability vary depending on the state you live in and your creditworthiness. Here’s what happens when you default on a loan from Avant. While Avant posts positive customer…

What happens when you default on your SoFi debt?

SoFi is an online lender offering the largest personal loans available to consumers with good credit. With loans ranging from $5,000 to $100,000, SoFi offers both fixed and variable interest rates and loan terms of two to seven years. Sofi has an A- rating from the Better Business Bureau, with…

What happens when you default on your Prosper debt?

Prosper was founded in 2005 as the original peer-to-peer lender in the United States. It matches personal loan borrowers with lenders, also called investors. While others have since joined the marketplace and Lending Club is now the largest online provider for personal loans in the U.S., Prosper does a substantial…

What happens when you default on your Lending Club debt?

Lending Club, the largest online lender for personal loans in the United States, specializes in peer-to-peer lending. This means it reviews potential borrowers’ applications and, if approved, matches them with an investor or several investors who provide the funds at a fixed interest rate. Lending Club charges an origination fee…

Online Lenders Often Collect Debt Differently Than Traditional Banks. Here’s What to Consider

It can be challenging to find the right loan for your financing needs. Comparing interest rates, fees and other loan terms and conditions between multiple lenders is time consuming and sometimes confusing. If you’re like a lot of borrowers these days, you may be considering online lenders as well as…

Frequently Asked Questions

Is debt management the same as debt consolidation?

Nope. Debt management usually involves working with a credit counseling…

How does a DMP work?

In order to begin a DMP, you will need to…

What are the benefits of a DMP?

On average, your interests rates for both credit cards and…
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