Debt 101

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...

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,...

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...

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...

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...

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...

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...

If you need more financial flexibility, you might be thinking about taking out a personal loan. But with so many types of personal loans available, it can be tough to tell which will best fit your needs — and your budget. How you plan to use the money, how long...

Believe it or not, you can call your credit card company and ask them to lower the interest rate on your card. Even more surprising? They might actually do it. A CreditCards.com survey found that of the 19% of people surveyed who asked for lower interest rates, 69% were successful....

Swings in the housing market can translate to windfall profits — or devastating losses. And it’s difficult to predict which way the wind will blow. If you do find yourself underwater on your house, here’s what it means and what your options are. What does it mean to be underwater?...

Crack open your wallet and pull out your credit cards. We bet there’s a very good chance at least one of them is a Visa or Mastercard. Here's the difference between them and how to choose the right credit card for you. Visa and Mastercard: What they have in common Of...

Credit card debt in the United States is on the rise: It hit $830 billion in the second quarter of 2019, according to Experian. Credit cards are also becoming an increasingly popular form of payment — 60.5% of U.S. adults own a credit card, up 11% from the same time...

For Brian Brandow, carrying credit card debt was normal. He thought it was simply what people did. After all, everyone he knew had some credit card debt, so how could it be so bad? But this mentality led to chronic overspending — for years.  Here’s the story of the Brandows...

Financial issues happen to the best of us. Even if you’ve never missed a credit card payment before, you might fall behind if you lose your job, get sick or have a big expense pop up. A few missed payments can quickly bring headaches when the late fees and higher...

Debt relief can sound incredibly positive when you’re finances are underwater and you can’t see your way to paying off your debt. Sometimes it can be so appealing, in fact, you wind up working with a company that doesn’t have your best interests in mind. If you’ve signed on for...

The holidays are done, the gifts have been unwrapped and all you’re left with in the new year is a big fat credit card bill. From gifts to holiday parties to flights to family, it’s easy to spend more than you were anticipating in the span of a few short...

Because holiday gifts aren’t always a line item in a budget, it’s easy to see why last-minute purchases can end up on a credit card. And while it’s tempting, it’s best if you can avoid doing this at all costs (unless you can pay off the balance in full). Here...

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...

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...

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,...

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...

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...

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...

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,...

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...

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, which states that "Student loans are by far the most common form [of debt], held by 94 percent of those with their...

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. Here's what you need to know if...

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...

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,...

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%. If you have a federal student loan, here's what...

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...

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...

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...

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...