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Manage Debt

Should You Pay Down Debt First Or Start Investing?

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Getting ahead financially isn’t merely about earning more. It’s also about what you do with that money once you receive it.  Investing can help your net worth grow, but debt can eat away at it. That means most people understand they need to invest and pay down debt. But it leaves a lot of people […]

Are Peer-to-Peer (P2P) Loans A Good Option For Borrowing Money?

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There are plenty of reasons to look at various options for borrowing money when you need it. A mortgage to buy a home, auto loan to purchase a car, or student loans to attend college. If you need money for other reasons, you might consider a personal loan or a cash advance from your credit […]

What Are My Options If I Need To Borrow Money?

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Seldom does anyone get the opportunity to skate through life without having to borrow money. Of course, many people borrow money to buy a house or a new car. But the kind of borrowing we’re referring to is the use of credit cards or personal loans to cover monthly cash shortages and emergencies. If you […]

Predatory Loans: What Are They and How Do I Avoid Them?

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It’s no secret many people eventually encounter difficulties dealing with their finances. In some cases, it’s a matter of poor borrowing habits and improper money mismanagement. But other times, people fall victim to circumstances beyond their control and wind up needing money through no fault of their own.  When they can’t pay bills and creditors […]

How To Get Your Credit Score For Free

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Taking control of your personal finances means spending plenty of time looking at numbers. It can be overwhelming tracking expenses, creating a budget, monitoring credit card balances, and growing your income and net worth.  But it’s also some of the most important work you can do for yourself. Another number you need to watch is […]

What Is A Cash Out Refinance Mortgage And Why Do One?

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While some people think renting is the best decision, others of us dream of owning our own home. Most of us home buyers have a goal of paying off our mortgages before retiring (or earlier if possible). So, when interest rates drop, it’s smart to consider refinancing your mortgage to reduce payments or the term […]

How Does The Debt Collection Process Work?

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At some point in your life, you may fall on hard financial times and be unable to pay your bills. Despite your struggles, your creditors still want to get paid. They’ll likely employ a series of tactics called debt collection to get their money from you. This process may involve constant (potentially harassing) communication from […]

How Do I Get Rid of Private Mortgage Insurance (PMI)?

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If you pay for private mortgage insurance (PMI) you’re not alone. The average down payment on a home purchase is only 6% requiring most homeowners to pay for PMI each month. If you had less than a 20 percent down payment when you bought your house, your lender probably required you to have private mortgage […]

How Do I Order, Read and Understand My Credit Report?

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Your credit report contains a great deal of information about your financial past: Your current and past debt balances  How often you’ve missed payments Where you’ve applied for credit Information on bankruptcies and tax liens How far behind you are on child support Your previous addresses Previous employers and more Since your credit report contains […]

When Is Taking Out A Personal Loan A Good Idea?

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A personal loan is a loan you can use to fund any purpose.  But before you start scheming about what you’d do with an extra few grand, it’s important to understand how this type of loan works so you can determine if taking on this debt is right for your situation. Common Reasons to Get […]

What Happens When You Cannot Pay Your Mortgage?

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Perhaps you lost your job after going through a divorce. Or you’re suffering from a severe illness or injury and unable to work. Whatever the cause, you’re now struggling to make ends meet and worry you can’t pay your mortgage. On top of it being a rough emotional time, your finances are a wreck. You […]

When Is The Right Time To Refinance My Mortgage?

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Refinancing your home loan could save you a lot of money. But, depending on your situation, the cost to refinance could mean you end up spending more in the long run. So when should you refinance your house? That depends on several factors. The best thing you can do is run the numbers and do […]

What is Revolving Credit and Is It Good To Use?

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There’s a good chance you already have access to revolving credit and use it frequently. Almost 70% of Americans have at least one credit card. Many people have multiple revolving credit accounts or “lines” of credit. Credit cards (including store credit cards), home equity lines of credit (HELOC’s), and deposit accounts with overdraft protection are […]

How Does Bankruptcy Work And Is It Right For Me?

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Debt can get away from you quickly. Regardless of how you accumulated it, once you’re in the debt collection process, the constant collection calls, threatening letters, and sleepless nights ultimately take their toll. Running through options in your head, you’re beginning to wonder how bankruptcy works and if it might be the right move for […]

What Is A Reverse Mortgage And Should I Get One?

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Financing your retirement is no easy feat. You’ll need enough money to cover your regular expenses, your hobbies, and potentially significantly increased medical costs. If you’re worried about funding your golden years and you own a home (either free and clear or with a small mortgage balance), a reverse mortgage could help alleviate your stress. […]

Should I Consolidate Or Refinance My Student Loans?

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Most graduates walk away from college with a mix of federal and private student loans. When you have more than one, it’s likely you have multiple loan servicers with different due dates and minimum payments to consider for each one. To make your student debt easier to manage, you may want to consolidate or refinance […]

Why Is Taking on Debt (Even “Good” Debt) Such A Problem?

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In today’s world, taking on debt seems to be a matter of course. It’s how you’re expected, even encouraged, to pay for college, a new car, and a house. Even if you’re averse to getting into debt, the high costs of those things can make it necessary to take out loans. So is debt really […]

Is Cosigning For A Loan Ever A Good Idea?

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An internet search of the term “cosigning a loan” quickly reveals it’s a terrible idea. And there are valid reasons for much of the negativity. Helping a family member or a friend by cosigning a loan is incredibly helpful for them, but significant problems arise for a cosigner when they don’t know or understand what […]

What Should I Do About Fraudulent Credit Card Activity?

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While you’re working hard to find great deals and optimize your holiday shopping, criminals are working hard to steal and use your credit card information. If you haven’t experienced an unauthorized charge on a credit card yet, you probably know someone who’s been a victim of fraudulent credit card activity. Thieves don’t wait for the […]

How Do 401(k) Loans Work And What Are Their Pros And Cons?

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If you contribute to a 401(k) plan through your employer, it could be one of your most substantial assets besides your home. And if money is tight and your savings account balance is running low, you might wonder how you can tap the funds in your 401(k) for a loan. But you suspect there are […]

What Happens If I Cannot Pay My Hospital Bills?

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You had an emergency appendectomy. Your child was stung by a bee causing a severe allergic reaction. You’re recuperating from a terrible case of the flu. You were hit by a car while on your bike. There are many reasons why you or a family member head to the emergency room or spend time in […]

How Do I Build A High Credit Score and Keep It There?

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480. 550. 640. 720. You know your number. Maybe you even use a credit score manager to keep an eye on your credit score. Now you are thinking about trying to improve it. After all, a good credit score opens up a world of opportunities for you. Lower interest rates on loans. Higher chances of […]

In What Ways Can a Bad Credit Score Hurt You?

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As you may be aware, your credit score is kind of a big deal. A good score makes life easier, while a bad score might make it pretty difficult. The trouble is, a lot of people don’t realize what their credit score really is. Or how having a bad credit score can hurt them. Here’s […]

How Do I Take A Vacation While Paying Down Debt?

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Are you in the middle of paying down debt? Great job! Starting is the hardest part. Once you’ve decided to pay off your debt, it may feel like you want to put every spare penny toward your goal. But paying down debt can take a while, especially if you have a lot to pay, so […]

How Are Secured And Unsecured Debt Different?

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When reading about borrowing money, you may have heard the terms secured and unsecured debt come up. Not entirely clear on what they mean? You’re not alone. Secured Debt Secured debt refers to debt guaranteed or secured by an asset. Great, but what does that mean? It means that when you borrow the money, the […]