Sawin & Shea

OCTOBER 26, 2022

When filing for bankruptcy, you can discharge certain types of personal loans, meaning that you’re no longer legally responsible for paying off the debt. If you’re considering filing for bankruptcy, you need to know what personal loans you can discharge and which filing method best suits your financial situation. Payday loans.

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Credit Corp

MAY 1, 2024

Paying off a credit card with a personal loan can offer the advantage of potentially lower interest rates, saving money on interest charges over time. It also simplifies debt repayment by consolidating multiple credit card balances into a single monthly payment. What Is a Personal Loan?

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Titan Consulting

SEPTEMBER 8, 2020

Making just the minimum payment required each month on credit card debt will maximize the amount of interest you pay to creditors. Continuing to pay just the minimum payments on your credit card debt robs you capital you could use to fund your retirement or pay for your children’s education. Key Takeaways.

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Collection Industry News

MAY 27, 2023

That means consumer debt — especially variable-rate credit card debt — will get more expensive. If you don’t transfer to a zero-rate balance card, another option might be to get a relatively low fixed-rate personal loan. The average personal loan rate was 10.71% as of March 8, according to Bankrate.

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Better Credit Blog

MAY 20, 2022

Each year, tens of millions of Americans facing similar situations turn to personal loans to help ease the financial burden. With low interest for borrowers with strong credit scores, fixed rates, and a variety of lending sources to choose from, it’s easy to see why personal loans are so enticing. Reasons To Get A Personal Loan.

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Credit Corp

JANUARY 24, 2024

A personal loan enables you to borrow a lump sum of money and repay it in fixed installments. While personal loans can be a useful tool, there are important factors to consider before taking one out. According to recent statistics , millions of Americans have personal loan debt, with the average loan amount being $16,931.

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Debt Guru

AUGUST 21, 2020

That is why most experts and financial planners suggest prioritizing debt repayment first, before many other goals, and recommend paying down that debt as fast as possible. But not all debt is created equal, and a good debt repayment plan will keep these differences in mind. Slow payoff or no payoff.

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Credit Card Debt Unsecured Debt Student loans Student Loans 78

Collection Industry News

FEBRUARY 7, 2023

On the heels of another rate hike this week by the Federal Reserve , credit card annual percentage rates are already near 20%, on average, and set to climb even higher. At the same time, more consumers are leaning on credit to afford increasingly expensive necessities, like food and rent. credit card debt jumps 18.5%

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Better Credit Blog

APRIL 1, 2022

The best personal loans charge low fees and low fixed interest rates, have flexible loan amounts and terms, and have no prepayment penalties. A personal loan could let you access cash for any purpose. Since personal loans are unsecured, you’ll need an excellent credit score to get the best deal. LightStream.

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Payment Savvy

JULY 21, 2023

Building a successful startup comes with its fair share of challenges, chief amongst them being the search for loans and funding. While chasing that dream investment, startups often face a tough time trying to secure loans, primarily due to minimal or no revenue. Personal term loans can be a viable option for startups with no revenue.

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Better Credit Blog

DECEMBER 22, 2021

But it’s a much bigger headache if you owe debts to multiple places, as your odds of forgetting a payment will increase, and the varying interest rates between the different debts can end up taking a bite out of your wallet. How Debt Consolidation Loans Work. When Might It Make Sense To Get A Debt Consolidation Loan.

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Better Credit Blog

APRIL 1, 2022

If you need money now, an online personal loan can be a fast and easy way to secure funds. Whether they’re for debt consolidation, a home improvement project, or other expenses, these loans often come with low-interest rates and flexible repayment options. Ad If you're struggling to make ends meet, a Personal Loan can help.

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Personal loans Loans Credit Unions Credit Unions 52

True Accord

MARCH 5, 2024

“Growing debt balances, stubborn interest rates and elevated prices are still a thorn for consumers, and contribute to their overall financial stability,” explains TrueAccord CEO Mark Ravanesi in his Q4 Industry Insights: Cautious Optimism with a Side of Holiday Hangover.

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True Accord

OCTOBER 10, 2023

Economic stressors persist and are likely contributing to many consumers relying on credit to cover expenses, while the resumption of student loan payments adds another financial obligation to the mix. trillion in student debt under the CARES Act, student loan payments resume this month. trillion in Q2, a 4.6%

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Sawin & Shea

JULY 6, 2022

Some situations in which someone may sign a personal guarantee before filing bankruptcy include assisting a friend or family member in receiving a loan, and a business owner may sign a personal guarantee in order to secure funds for their company. A personal guarantee loan is a signed agreement stating that you’re liable for a debt.

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Sawin & Shea

AUGUST 9, 2023

Credit card debt is a huge reason people end up filing for bankruptcy. The incredibly high interest rates alone plus the ease of procuring cards contribute to what can be a vicious cycle of maxing out limits, paying only minimums, and applying for more cards. But can you file for bankruptcy on credit cards only ?

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Credit Corp

OCTOBER 6, 2023

Today, we go over the average American car payment as well as other statistics like the total auto loan debt in the United States. We also discuss how the average loan differs based on age and credit score. Experian ] The average loan amount for new vehicles is $40,657. from 2022 at $528 per month.

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Better Credit Blog

AUGUST 9, 2021

Even just one outstanding debt is a headache that can drag down your credit rating and make it tough to get a loan for a home or a car. Having several outstanding loans is even worse, as it can be difficult to keep track of payments and due dates, which makes it easier to miss a payment and thus damage your score even further.

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Better Credit Blog

AUGUST 9, 2021

Even just one outstanding debt is a headache that can drag down your credit rating and make it tough to get a loan for a home or a car. Having several outstanding loans is even worse, as it can be difficult to keep track of payments and due dates, which makes it easier to miss a payment and thus damage your score even further.

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Better Credit Blog

AUGUST 3, 2021

Having a bad credit score can make it difficult to get a loan. “A bad credit score is somewhat of an indicator of your short, medium, and long-term ability to repay the loan, which is how banks make money.” The Most Important Factors For Loans For People With Bad Credit.

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Better Credit Blog

AUGUST 3, 2021

Having a bad credit score can make it difficult to get a loan. “A bad credit score is somewhat of an indicator of your short, medium, and long-term ability to repay the loan, which is how banks make money.” The Most Important Factors For Loans For People With Bad Credit.

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Credit Corp

JANUARY 11, 2024

When you don’t have great credit, you might feel like you’re lucky to get a loan. Decide on a few deal-breakers, and don’t get talked into a vehicle that doesn’t meet those basic needs just because you think you can get a loan for it. Your credit. Check your credit so you know where you stand.

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Credit Corp

JULY 26, 2021

Mortgage Debt. Joint mortgages pass directly to co-borrowers, who become responsible for the loan. the decedent—pass to listed beneficiaries, who then become responsible for the loan. If beneficiaries can’t or won’t assume the loan, they can sell the property to settle the debt instead. Car Loan Debt.

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Credit Corp

JUNE 8, 2023

In July 2016, the Consumer Federation of America (CFA) and VantageScore Solutions reported that most consumers—more than 80%—knew basic facts about their credit scores, including that credit scores are used by lenders to approve or deny mortgages and by credit card issuers to approve or deny credit cards.

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Collection Industry News

DECEMBER 1, 2022

Collections agencies buy your unpaid credit card debt from your card issuer when your balance lingers too long — but that doesn’t mean it goes away. When a collections representative from your credit card issuer calls you, it’s usually because you haven’t made at least the minimum payment for at least 30 days.

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Titan Consulting

JULY 8, 2020

During the Great Recession consumers defaulted on loans in mass, bank stock prices crashed, and lenders foreclosed on 6.3 Even though 2020 is no 2009, in terms of the quality of loan portfolios and the strength of bank balance sheets, lenders quickly reverted to a defensive mode when the pandemic hit. million homes.

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Sawin & Shea

JUNE 7, 2023

Co-signers are beneficial for those seeking to obtain loans and credit cards. The primary advantage of having a responsible co-signer is that it will increase your chances of receiving credit approval. Fortunately, in this blog, we’ll unpack cosigner responsibilities when it comes to bankruptcy and debt.

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Better Credit Blog

APRIL 11, 2022

Since more Americans are under pressure to resolve their debt, we’ve outlined several strategies that reduce or eliminate this financial liability. What is Debt? Debt is the amount of money you owe to a lender or creditor. Some examples of debt are mortgages, credit card dues, and personal loans.

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Collection Industry News

NOVEMBER 16, 2021

Households that were supported by direct cash payments and forbearance programs to pause mortgage payments allowed many to largely reduce their credit card debt. Federal researchers said with the forbearance programs starting to wind down, consumers can use some of their available credit to make ends meet.

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Sawin & Shea

MARCH 13, 2024

A reaffirmation agreement is a document that re-obligates a debtor to repay a particular debt, such as a car loan, mortgage, or other loan type. Entering a reaffirmation agreement is a way that debtors in a Chapter 7 bankruptcy keep collateral attached to secured debt like houses or cars.

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Sawin & Shea

SEPTEMBER 14, 2022

Consumer debt refers to an individual, family, or household’s debts incurred through personal spending and expenses. If your debts have to do with personal or family spending rather than business expenses, penalties, and taxes, they are likely consumer debts. Are Student Loans Consumer or Non-Consumer Debts?

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Credit Corp

SEPTEMBER 13, 2023

Basically, credit scoring models want to see that you can manage different types of financing, most notably revolving accounts, such as a credit card, and installment accounts, such as a mortgage or auto loan. The credit bureaus have determined that the types of accounts you have is predictive of your future credit risk.

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Credit Unions Credit Unions Student loans Student Loans 97

Titan Consulting

JUNE 7, 2020

Congress recently passed legislation in the CARES act that provides direct and indirect benefits to Federal Student Loan borrowers. Benefits include a suspension of payments, no negative credit reporting, no collection activity, and no accrual if interest until September 30, 2020. Help Available for Borrowers with Student Loans.

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Troutman Sanders

MARCH 1, 2023

Arizona has a six-year statute of limitations to enforce installment debt created by a written contract, which is codified at A.R.S. § A lender must enforce the debt through foreclosure or a lawsuit within six years after the cause of action accrues. In Velazquez v. FMZ Industries, Inc.

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Titan Consulting

AUGUST 2, 2020

Home Equity Loans and Home Equity Lines of Credit (HELOCs) are convenient, cost-effective ways to access capital from your home’s value. Lenders are increasing the requirements for borrowers to qualify due to the COVID-19 pandemic. Equity sharing programs do not rely on loans, interest, or monthly payments. Key Takeaways.

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Loans Debt Consolidation Lender Credit Card Debt 70

Collection Industry News

MARCH 19, 2024

“Growing debt balances, stubborn interest rates and elevated prices are still a thorn for consumers, and contribute to their overall financial stability,” explains TrueAccord CEO Mark Ravanesi in his Q4 Industry Insights: Cautious Optimism with a Side of Holiday Hangover.

Consumer Credit 40

Consumer Credit Student loans Student Loans Collections 40

True Accord

APRIL 5, 2023

consumer credit card debt has increased to nearly $1 trillion. Credit card balances jumped more than $60 billion over Q4 2022, lifting the total amount of U.S. credit card debt to an all-time high of $986 billion, the report found. According to the Federal Reserve Bank of New York, U.S.

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