Home > Debt

Debt

Efficiently Managing Your Student Loans While in College

If you’re new to college and student loans, you’re probably feeling overwhelmed by a great many novel experiences – choosing and taking college classes, applying for and receiving federal aid and scholarships, even living away from home for the very first time. Graduation, and all that it entails, seems so far away! It’s probably the last thing on your mind. Really, though, when it comes to student loan debt, you should be considering how you’re going to repay those loans from the very first day you take them out. Waiting until post-graduation, when those payments first become due, isn’t a smart strategy. That’s because there are things you can do now, as a borrower still in school, that will set you up down the road to save money on your loans. Managing your debt is something to think about from day one. Subsidized vs. unsubsidized loans, and why the difference matters. If you’ve taken out federal student loans, there’s a good chance you have a mix of subsidized and unsubsidized loans. And of course, private loans are always unsubsidized. Subsidized loans are loans you aren’t charged interest on while you’re in school because the federal government pays the interest on ...

Read More »

Should You Choose Bankruptcy?

Choosing bankruptcy trustee in Toronto is not really hard task when you have right strategy and proper understanding of bankruptcy trustee selection procedure. If you want to make sure that you get advantages of best bankruptcy trustee selection then it is necessary that you pay close attention to the selection procedure. If you will keep every single small thing in mind then selecting the bankruptcy trustee could become really very lengthy procedure but if you want to make it short and simple then here I am sharing with you some of the most important tips which could be really very helpful for you to make the perfect selection of bankruptcy trustee that will provide you results exactly according to your need. Licensed By The Federal Government: It is necessary that you give your preference to the company for this requirement which is legally licensed by federal government which makes the company trustworthy and legitimate for this purpose. You should always prefer Licensed Bankruptcy Trustee because this is the first and most important thing that will allow you to ensure best results of your case in the end. Information Needed For Initial Consultation: When you will be looking for bankruptcy in ...

Read More »

Excessive Debt Hurts More Than Your Wallet

We all have good intentions when we open up our first lines of credit or take out those student loans. We’re sure that we will never become one of those people–the people who find themselves mired in five figures worth of debt and only a middling income with which to make ends meet. Unfortunately, what most of us don’t realize is that this type of debt rarely happens quickly. Instead it builds slowly over time–a missed payment here or there, a medical emergency, etc. Finding oneself in extreme debt is uncomfortably common in today’s “buy now, pay later” culture. We are all sure that we will earn more money in the future to pay off whatever it is we’re impulse buying now. For most of us, though, all that happens is that we build up a mountain of debt. A mountain that we can do little more than chip away at a tiny bit at a time. Good Debt Vs. Bad Debt Of course, not all mountainous debts are bad. A mortgage, for example (if you pay your bills on time every month) is considered good debt because it builds equity. A car loan is a less expensive example of ...

Read More »

Prioritizing Debt: What to Pay Off First

money-256314_640

Paying down debt can be intimidating. Even after you’ve decided to focus on reducing debt, knowing where to start can be tricky. For consumers, understanding which debts to pay first can mean thousands of dollars in savings. Not all debts are created equal — some can hurt your credit score, and others may have higher interest rates. Here are some factors to consider when deciding which debts to pay down first. Know your interest rates Interest rates vary widely. According to NerdWallet, a personal finance website, the average interest rate for credit card purchases is 18%, while Experian has found that the average interest rate for a new auto loan is only 4.76%. In many cases, the right move would be to focus on paying down credit card debt. However, look carefully at your interest rates to determine which of your accounts is most costly. If you have high-interest credit card debt, you can save money by transferring your balance. Credit card companies offer balance transfer credit cards that allow you to move high-interest credit card debt to the new credit card with a 0% introductory interest rate. Fees for this transfer typically range from 0% to 3% of the ...

Read More »

Tackling Debt Like a Pro

When debt begins to rear its ugly head, it’s best to tackle that monster in a hurry. Once you begin to accumulate debt, it grows and grows at a hefty rate. Depending on your interest rate and terms, you could be racking up anywhere from 3 to more than 30 percent annual interest, which accumulates each month. As debt grows, so do the damages. An unwieldy amount of debt can severely damage your credit rating, making it hard for you to buy a car, buy a house, or get a business loan. If your debt-to-income ratio becomes too large, you may be in for even more financial turbulence. If your debt grows too large and you are unable to pay, creditors may decide to go into the collections process. Going into collections wreaks havoc on your credit report and can lead to your hard-earned wages being garnished or your assets being frozen. So now that you’re sufficiently scared of that ugly, evil monster – Debt – it’s time to figure out how you can conquer it while it’s still a hatchling. The good news is you’re not alone. On average, Americans carry the burden of more than $15,000 in credit ...

Read More »