Term: Debt
39 found

3 Ways Student Loan Debt Can Wreck Your Retirement

By Steven Shaw on 4/9/2013

3 Ways Student Loan Debt Can Wreck Your Retirement

It’s tough enough to deal with student loan debt you can’t pay when you’re a 20-something, but imagine dealing with it when you’re in your 60s or 70s. “This population often gets ignored because people hear the words ‘student loans’ and they think 20-year-olds,” says Persis Yu, a staff attorney with the National Consumer Law Center.

It’s a big — and growing  — problem. Americans age 60 and older owe roughly $43 billion in student loan debt and more than 10% are 90 days or more delinquent.

There are some unique challenges that older Americans, many of whom are partially or fully retired, face.

Debt
managing debt
retirement
student debt
student loan repayment
student loans
students

Millennials Rejecting Many Kinds of Credit

By Steven Shaw on 3/25/2013

Millennials Rejecting Many Kinds of Credit

As the economy continues to recover from the effects brought on by the recent recession and more consumers are starting to feel better about their personal financial situations, many may be once again willing to start using credit and taking on larger balances. However, this seems not to be true of young people in particular.

credit cards
Debt
millennials
personal finance

The First Thing You Must Do Before Paying Off Debt

By Steven Shaw on 3/13/2013

First Thing You Must Do Before Paying Off Debt

You’ve made up your mind: It’s time to tackle your debt. You have researched ways to get out of debt, perhaps weighing the pros and cons of snowballs over avalanches to pay off your debt faster. Maybe you’ve thought about calling a credit counseling or debt settlement agency, or even a bankruptcy attorney, to see what they can offer.

Before you decide on your plan of attack, though, there’s one crucial step you won’t want to miss. It can make or break your efforts to get out of debt: Get your credit reports and scores.

Here are three reasons why this step is so essential to your success.

"credit score"
credit report
Debt
managing debt

How Does Paying Off a Loan Affect Your Credit Score?

By Steven Shaw on 2/20/2013

How Does Paying Off a Loan Affect Your Credit Score?

With credit playing such a huge factor in your financial future, it’s no wonder we look for ways to maximize our credit scores. One common strategy for building your credit score is to pay off credit card debt. It can give your credit score a nice boost, especially if you’re carrying a large balance.

It may seem logical, then, to assume that the same strategy must apply to other types of accounts — like a car or home loan, for example. And if you follow this theory, paying a loan off early might sound like a great strategy for building your credit score. Unfortunately, you may be making yourself less credit-worthy, according to scoring models.

credit score
Debt
loans

Many Lawmakers Dealing With Student Loan Debt

By Steven Shaw on 2/17/2013

Many Lawmakers Dealing With Student Loan Debt

Millions of adults across the country are still struggling with outstanding student loan debt in their name, and that includes many who have been out in the workforce for decades, as well as some of the nation’s top lawmakers.

In recent years, 46 members of the U.S. Congress still carry student loan debt of some kind, and the total value of those balances could be as high as a combined $4.3 million, according to new research from the nonprofit Open Secrets Center for Responsive Politics. The list of lawmakers includes five U.S. Senators and 41 Representatives.

Debt
get out of debt
student debt
student loan repayment
student loans

Here’s Why You Need to Get Debt-Free

By Steven Shaw on 2/15/2013

Inspiration to Get Out of Debt

By this time of year, most of our New Year’s resolutions have been long abandoned, with our old habits remaining firmly in place. But it’s never too late to make a get-out-of-debt plan that you can actually maintain.

And how do you make a plan that sticks? Well first it helps to determine your motivation for being debt-free. To help you do that, I’ll talk about the main reasons why getting out of debt can make your life better — plus strategies to help you do so.

Pay Off Debts
Debt
get out of debt
student debt

7 Signs Your Credit Card Debt Is About to Implode

By Steven Shaw on 1/11/2013

7 Signs Your Credit Card Debt Is About To Implode

As we move into 2013, U.S. consumers are carrying balances exceeding $850 billion on approximately 600 million credit card accounts. This is down from the peak of more than $950 billion during 2009-2010, but credit card debt is still the third largest component of household indebtedness, behind only mortgages and student loan debt. Americans’ love affair with plastic continues as many have come to rely on their credit cards to weather extended periods of unemployment in a stagnant economy.
credit cards
Credit Limits
Debt

4 Ways to Avoid the Holiday Credit Hangover

By Steven Shaw on 1/3/2013

The past couple of weeks have been filled with holiday parties and eggnog and turkey and gifts and good cheer. If you are like most people, you might have reached for an extra serving of turkey or grabbed an extra cookie when no one was looking. But now that the indulgence is over, something else is about to strike: the holiday credit hangover.

Pay Off Debts
Retail Store Credit Card
"credit score"
budgeting
credit
Credit Card Debt
credit cards
Debt
Extra Money

3 People Who Dug Out of Deep Debt

By Steven Shaw on 1/2/2013

3 People Who Dug Out of Deep Debt

Digging out of a lot of debt isn’t easy. But even huge mountains of debt can be conquered, as these three women prove. Together they paid off $188,000 in debt — without winning the lottery or coming into a windfall of cash. Here’s how they did it.

Credit Card Debt
Debt
non-mortgage debt