Benefits and Drawbacks to Home Equity Loans: Is it Right for You?
A home equity loan is a type of loan that allows homeowners to borrow against the equity they have built up in their homes. The loan is secured by the home, which means that if the borrower is unable to repay the loan, the lender may foreclose on the property. While there are benefits to taking out a […]
Guide to the Federal Direct Student Loan Program
The Federal Direct Student Loan Program provides low-interest loans to eligible students to help pay for the cost of post-secondary education. The program is administered by the US Department of Education and includes the three types of loans: To be eligible for a Federal Direct Student Loan, a student must: The amount a student can borrow depends […]
How Inflation Has Affected Credit Card Use by Region
More and more Americans are racking up credit card debt as the recent inflation pushes up the cost of living nationwide. According to a recent poll by CreditCards.com, 60 percent of credit card holders have been carrying balances on their cards for at least 12 months. Experian used regional inflation data from the U.S. Bureau of […]
Credit Card Debt Is Making a Comeback
US consumers continue to feel the impact of the current economic climate, leaning again on credit cards—as many did in the early days of the pandemic—to help cover daily expenses like food, gas, and other staples. The Federal Reserve Bank of New York says credit card debt is rising at its fastest clip in over two decades. It’s rapidly […]
What is Debt Resolution?
Debt is a financial killer. What often begins as a way to make payments between gaps in income can quickly become a money pit that gets deeper and wider as interest payments stack up. Fortunately, there is a way to take a step back and keep this pit from growing any larger. This article will […]
Don’t Make These 5 Mistakes When Paying Down Debt
Paying down your debt seems pretty straight forward. However, it involves much more than merely making monthly minimums or avoiding interest. Avoiding these 5 mistakes will save you money and help you pay down your debt faster and more safely. 1. Adding New Debt You may feel less anxious about taking on new debt as […]