Blog

The average student loan debt is growing. That is why many borrowers are doing everything that they can to get rid of it. You have probably heard about the Obama Student Loan Forgiveness program. However, there is actually no program with that name. There are companies that will charge you a fee in order to sign up for an income-based repayment program. However, this is something that you can do on your own for free.

Filing bankruptcy is a very serious personal financial decision for everyone. However, not just anyone can file any type of bankruptcy they choose. All potential bankruptcy petitioners must be means tested with respect to how much debt they have compared to household income.

Get your credit checkedfree credit check

Your credit report is one of the most important documents in your name, and it’s imperative you check your report regularly. Each of the major credit bureaus allows you one free credit check each year, and the best way to take advantage of this is to check one at a time every three months.

When a person obtains a loan for a home, car, large household item and more, the item purchased is what secures the loan. This is known as a security interest payment guaranteed. This financial arrangement is based on a person paying on the item while using it. Should a person stop making payments, it is known as a default. Once this happens, a creditor can get legal permission to remove the item from the person. This is known as a repossession.

Many Americans find themselves struggling with the problem of credit card debt. When you owe large amounts of money to your creditors, especially when you have more than one debt, it can negatively affect your credit, leaving you with a bad score and bad reputation. Fortunately, there are some credit cards that can help you to gradually improve your credit. Generally, the best options for rebuilding or improving credit are cards that are secured.

The term underwater mortgage describes a home loan for which the homeowners owe more than the appraised value of the property. For example, you purchased your home for $200,000 with a no down payment loan, and the market value has since dropped to $150,000 or lower. According to 2017 data from the National Association of Realtors, more than 13 percent of homeowners fall into this category.

Many consumers say they don’t understand credit. The truth is, cards and loans are all forms of debt. It’s easy to acquire too much debt or have problems paying it back.

Many debtors take on credit card “loans.” It’s easy to forget to make payments on time. It’s also relatively easy to get into financial trouble by borrowing too much by borrowing the maximum the card will allow. 

If you're in danger of losing your home because you can no longer afford to pay the mortgage, you may have some recourse. Read on to learn more about how the foreclosure process works and how you may be able to save your home.

credit checkNo matter what your financial standing, it’s important to know your credit. That means you should be familiar with every aspect of your credit, including how your credit score is determined, what goes into your credit report and knowing how to spot the most common errors that tend to somehow leak onto your credit report. You should also know what a credit check is and how it can affect you.

consumer credit counselingTo understand the concept of consumer credit counseling, one must first understand what it is not. Credit counseling is not a loan product of any kind. It is not a service that is going to provide a person with a traditional debt consolidation loan, a bandaid or an easy fix. A credit counselor is not going to teach a person any tricks or shortcuts. What this person will do is guide a consumer back to financial health from any stage of financial ill health.