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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.  There is good…

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 National Collegiate Trust (NCT)? Here’s what you need to know

National Collegiate Trust (NCT) is one of the nation’s largest holders of private student loan debt, but it is not a company. As the name implies, NCT is a set of trusts used to purchase existing student loans held by originating lenders. Owned by Turnstile Capital Management, NCT holds billions…

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.  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…

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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