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For many Americans, money seems to be in short supply nowadays. Because most cannot afford to pay for even a $1,000 emergency, turning to credit cards is often the only option. If you have too much debt, though, you may worsen your financial situation considerably. How much debt is too much varies from person to person. Still, calculating your debt-to-income ratio is a good way to know whether you have accumulated a potentially problematic amount of consumer debt. What is your debt-to-income ratio? Your debt-to-income

If you are dealing with a debt collector, you likely have a number of hardships to work through. Aside from struggling with intense levels of anxiety and uncertainty, some people face hardships because debt collectors violate their legal rights. If you have experienced unlawful debt collector harassment, it is pivotal to understand your options and stand up for yourself. However, there are many factors to take into consideration when it comes to addressing illegal debt collector harassment. Filing suit against a debt collector If a

Many Americans deal with the stress that often comes with large amounts of debt and, in some cases, acquiring too much credit card debt, in particular, may make it difficult for individuals to secure loans for homes or vehicles because of how debt impacts their credit score. CNBC News notes that most people need a good to excellent credit score to use tools like balance transfer cards to help manage their credit card debt, but before they do, they may want to learn about why

As a recent graduate, you are likely trying to manage your money and debt as you leave your college days behind and go into your new career. When you plan your budget including your new income and expenses, you will need to account for any credit card debt you carry.  No matter the reason you accumulated credit card debt during college, it is imperative that you make a plan to tackle that debt post-grad through repayment or filing for bankruptcy.  1. Review your credit card debt Although this

If credit card debt is overwhelming you, there are a plethora of avenues for you to get out of your predicament. One such way is with a debt management plan. While the term “debt management plan” may sound very non-specific, it is a specific debt payoff tool that helps pay off credit card debt. According to NerdWallet, debt management plans are not for everyone, but they do have a very high rate of success. What does a debt management plan do? With a debt management

Rebuilding your credit is a key goal in the aftermath of any kind of bankruptcy. Particularly if you struggled with credit card debt prior to bankruptcy, it might surprise you to learn that credit cards can help you rebuild your credit. Secured credit cards are a cornerstone of any solid credit rebuilding plan. According to NerdWallet, secured credit cards act very similarly to unsecured credit cards, other than there is a deposit on a secured credit card. How does it work? For a secured credit

While living with a certain amount of debt has become something of an expectation for many Americans, if that debt grows out of control an unstable financial future might be right around the corner. With credit cards, medical debt, mortgages, vehicle loans and personal loans, it is not uncommon for individuals to see their debt levels slowly and steadily grow into an overwhelming problem. Fortunately, the Bankruptcy Code exists to give people a way to eliminate debt and make a fresh start toward a more

You may have received an offer for a new credit card that provides an incentive for a balance transfer, such as a low or zero-percent interest rate. While it may not immediately reduce your outstanding credit card balances, it may help you manage your monthly payments and assist in paying off debt. A balance transfer typically takes the amount owed on another credit card and places it on your new one. This may leave a zero balance on your former card. As explained by Bankrate.com,

When you struggle with debt, you also struggle with debt collectors. Some may approach their collecting in a reasonable way. After all, the Fair Debt Collection Practices Act (FDCPA) prevents debt collectors from abusing their power. Unfortunately, it still happens. And when it does, you can help yourself by knowing what signs to keep an eye out for. Verbal harassment and threats The Consumer Financial Protection Bureau talks about debt collector harassment and the ways it can manifest. First, it can come in the form

As part of your quest to get out of debt, you want to reframe your relationship with money. What mental tricks should you use to get out of financial quicksand and stay out? U.S. News & World Report offers suggestions that you may find useful. See how these tips may help you overcome credit card debt. Use cash When you use your credit or debit card for purchases, you do not see the money draining from your account. With cash, you watch your stash shrink