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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.  Credit counselors may help…

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.  While Avant posts positive customer reviews on its website and claims 95% customer satisfaction in…

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…

What's my best option for consolidating debt?

If you’re struggling with high interest rates on credit cards and loans while  barely making a dent in your debt each month, it may be time to consider debt consolidation. That’s a strategy where you roll multiple debts into one monthly payment at a lower interest rate to pay down…

Considering a debt consolidation loan? Here's what to look for

If you’re barely keeping up with your monthly debt payments, or even starting to fall behind, you might be thinking about making a change. Paying less toward your debt each month probably sounds like a pretty good solution. That’s a possibility with a debt consolidation loan. This debt relief method…

Is ‘pay for delete’ finally going mainstream?

Historically, consumers have sometimes been harassed or even intimidated by debt collectors. However, federal guidance and actions against creditors in recent years has led many debt collectors to adopt more consumer-friendly approaches, including the fairly recent concept of “pay for delete.” What is pay for delete? This usually refers to…

AFNI: What you need to know

AFNI is one of the largest contingency debt collection agencies in the United States and provides services to companies in the telecommunications, satellite and cable, health care, and insurance industries. While AFNI is a member of ACA International, the association of credit and collection professionals that establishes professional standards for…

United Collections Bureau: What you need to know

United Collections Bureau (UCB) is one of the largest contingency collection agencies in the United States, providing services to clients in government, health care, utilities, communications, financial services, and student loans. UCB has been accredited with the Better Business Bureau (BBB) since 2013 and has an A+ rating. The BBB…

Client Services, Inc.: What you need to know

Client Services, Inc. (CSI), one of the largest contingency collection agencies in the United States, providing collection services to banks, utility companies, municipalities, county governments, private educational institutions and medical providers, among others. CSI is a member of ACA International, which is the association of credit and collection professionals that…

Alltran: What you need to know

Alltran, formerly United Recovery Services, is one of the largest collection agencies in the country. The company website states an objective of helping individuals and families by resolving their financial issues and helping clients collect for their services. Today Alltran serves clients in health care, government, financial services, and higher…

Contingency debt collection agencies: All bark & no bite?

Contingency debt collectors are agencies that work on behalf of creditors to get delinquent accounts paid. They may work for the original creditor, like your credit card issuer, or for a debt buyer that purchased the debt from the original creditor. Their objective is to get consumers to pay delinquent…

Can I get a debt consolidation loan if my credit is bad?

Americans have trillions of dollars in debt, and so naturally, there are plenty of people out there thinking about ways to pay theirs off. For some, a debt consolidation loan could be an attractive option. With a debt consolidation loan, you take out a new loan and use it to…

This man paid off $46,500 in student loans in two years with this one simple trick

If Steven Donovan could sum up his thoughts on taking out loans to pay for his education, it would be “nonchalant.” “I understood it as, ‘I want to go to school, so I’ll need to take out loans,’” said the author and founder of Even Steven Money. He planned to…

How this couple crushed their debt (and how you can, too)

While taking the train home from work last spring, Amber Hacker stumbled on a Facebook post that changed her life. “It was one of my MBA classmates who had posted that they had paid off all their loans. I thought, ‘Wait a second, you can do that?’” she says. “I…

Getting Married? How to Talk About Debt Before You Say I Do

You’re in love. You’re planning to get married. Ready to talk about money? Apparently 88% of Americans think that conversation is important, but only 51% ever get around to having it, according to a SunTrust survey. There is a long-standing taboo about money talk in this country. And although two…

Can Your Debt Cause You to Lose Your Tax Refund?

If you’re expecting a tax refund, you probably already know how you’re going to spend it. But there’s a chance your refund won’t hit your mailbox or your bank account at all if you’re behind on certain debts. Through the Treasury Offset Program, the government can seize some or all…

The difference between debt management & debt settlement

If you’re experiencing the weight of credit card and loan debt and are falling behind on payments, you may be considering debt relief solutions. Among your options are debt settlement and debt management, but they are very different approaches. How do you decide which is best for your situation? Two…

Best debt management program reviews

If you find yourself deep in debt you may be considering getting help from a professional. That could mean enrolling in a debt management program (DMP) through a credit counseling agency. Most of these agencies are nonprofits that offer free or low-cost financial services like budget planning, housing advice, debt…

Debt Consolidation vs. Bankruptcy: What’s the Difference?

If you’re on the brink of going deeper in debt and facing late payment fees, you may be considering debt relief options. Consolidation and bankruptcy are quite different, but both are worth considering to get on a path to a clean financial slate. What is debt consolidation? Debt consolidation usually…

Debt relief vs. credit counseling: Which is right for you?

Navigating your debt relief options may seem daunting. Debt relief and credit counseling are just two major types of debt management you might consider. With debt relief, you hire a company to negotiate a settlement with your creditors. With credit counseling, you get access to services ranging from budget planning…

Frequently Asked Questions

What is a Debt Management Plan (or DMP)?

A Debt Management Plan (also known as a DMP) is…

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…
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