One of the terms you need to understand to optimize your credit is a charge-off. You might be asking what is a charge off? A charge-off is a situation that sometimes occurs on consumer credit reports. You might at some point find yourself in the position of having to deal with a charge-off. It's important to know your options in this situation. It's also important to carefully think through how you'll handle the situation.
Read MoreGood debt is considered debt that has the potential to increase your net worth. Good debt can allow you to manage your finances effectively, help you leverage your wealth, and buy things you need to handle some unforeseen emergencies. Good debt can be seen as an investment, just like a bond or stock.
Read MoreConsumer debt is any personal debts that are taken out for the purpose of purchasing household goods. Examples of consumer debt include mortgages, credit card debt, student loans, and personal loans. Total consumer debt in America has now reached more than $14 trillion. How did we get in this state?
Read MoreDebt collection is always a tough subject. It's already stressful when debtors owe creditors money. Being tricked by debt collectors doesn’t make the situation any easier.
We created a list for all you debtors out there who owe money to collectors. These are the top debt collector tricks that creditors don't want you to know. Read through the list so that you can prepare yourself for these tricks and take the necessary action if you need to.
Read MoreThe chance of you needing to borrow money at some point in your life is pretty great. However, not every type of debt is going to be bad for you. For example, it can be pretty hard to buy a home without taking on some kind of debt. There are two types of debt. When you need to borrow money, it’s important to know what kind of debt you are taking on and if that debt is unsecured or secured debt.
Read MoreThe average American debt situation spiraled out of control for numerous reasons. The larger situation impacts each individual in many ways, while each individual’s debt situation feeds into to create a larger problem.
Solving the debt crisis requires each individual working their way out of debt and the government solving the problems that created the crisis. The first step to stop drowning in debt is understanding debt.
Read MoreGetting married can be a really expensive thing to do. WeddingWire’s 2019 Newlywed Report found that the average wedding costs $38,700. That price tag includes the engagement ring, the ceremony, the reception and the honeymoon.
Not every couple just starting out has that much money in their savings accounts or parents with pockets that deep. But with planning and creativity, you can afford a wedding without going into debt.
Read MoreWhat the heck is a zombie debt? I’m so glad you asked because I truly love the word zombie and you just gave me another reason to use it. Zombie debt occurs when debt collectors bring a debt back from the dead. A dead debt refers to an old debt that you no longer have legal responsibility for because the statute of limitations ran out on it. It did not just fall of your credit report. You legally no longer owe the money.
Read MorePaying off your consumer debt can be one of the best ways you can improve your financial situation. Once you have paid off your debt, you also are finished paying interest to your creditors and have debt free living. The money that you were paying in interest can then be used for other items. Paying off debt can also help your credit score, which makes it easier to borrow in the future for purchases that can improve your net worth, such as buying a home. While paying off debt isn’t easy, it can be harder if you make some mistakes during the process.
Read MoreFour times a year, the Federal Reserve Bank of New York, one of the twelve regional Federal Reserve Banks making up “The Fed” (along with their Board of Governors in Washington, D.C.), issues a report on the nation’s economy. Several reports, actually, including one focused on household debt across the country. These are some of the most valuable sources we have regarding U.S. debt statistics, and while they can seem a bit overwhelming at times, there’s much worth noticing in these reports.
Read More
