Collection Industry News

JANUARY 13, 2024

household debt grew by $800 million from 2022 to 2023, including a 16.6% growth in credit card debt. While the new year marks a time for new beginnings and a fresh start, millions of Americans entered 2024 with more debt and less to put in their checking and savings accounts. At the start of the year, U.S.

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Sawin & Shea

MARCH 9, 2022

Firstly, you need to understand the difference between unsecured and secured debts. Unsecured debts refer to debts that don’t have collateral. Some examples of unsecured debts include, but are not limited to, repossessions deficiencies, old lease balances, medical bills, cash advance loans, and credit card debts.

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Sawin & Shea

AUGUST 24, 2022

When you’re going through the process of filing Chapter 13, foreclosure cannot occur because you’re granted an automatic stay, meaning that lenders cannot pursue your debts and recover collateral, including your home. If you’re eligible to file under Chapter 7 and only have unsecured debts, this may be your best course of action.

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Credit Corp

JANUARY 24, 2024

Debt Consolidation Isn’t for Everyone With increasing amounts of credit card debt, personal loans are becoming increasingly popular. Although personal loans are a common solution for debt consolidation , that doesn’t mean it’s right for you. This means you do not have to offer any collateral to receive the loan.

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Personal loans Loans Debt Consolidation Collateral 52

Credit Corp

OCTOBER 31, 2023

No credit check to apply *Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa card, which means you can spend up to this amount on your card. The Secured Chime Credit Builder Visa® Credit Card works a little differently.

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Sawin & Shea

APRIL 10, 2024

The bankruptcy trustee will sell your non-exempt assets to pay a portion of your debts to creditors. You’ll then be able to discharge the balance of eligible debts, such as credit card debt and medical bills. Mortgages and car loans are both considered secured debts because they both have backing collateral.

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Sawin & Shea

FEBRUARY 28, 2024

Unsecured loans don’t have collateral. Yes, if you need to get a personal loan after going through bankruptcy, secured loans that require collateral like a car title loan or home equity loan are easier to qualify for post-bankruptcy. Credit reports tell lenders a lot about you, so focus on building good credit.

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Personal loans Bankruptcy Chapter 13 bankruptcy Loans 52

Better Credit Blog

MAY 20, 2022

The former uses collateral, commonly in the form of your vehicle title, to secure repayment of the loan. The far more appealing choice, the unsecured personal loan, does not require any collateral. Unsecured loans warrant a much closer look at your credit report and income, though. Consolidating Debt.

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Personal loans Loans Lender Collateral 76

Payment Savvy

JULY 21, 2023

No Collateral Required – Personal term loans are typically unsecured, meaning you don’t need to put up any assets as collateral. Cons of Business Credit Cards High-Interest Rates – If mismanaged, business credit card debt can quickly pile up due to high-interest rates, especially if you only make the minimum payments.

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Debt Guru

JULY 19, 2020

Remember that there is unsecured debt (like your credit card balances) and secured debt (such as your mortgage and auto loan). The difference is that unsecured debts are not backed by collateral. You might be tempted to use your substantial home equity to consolidate debt.

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Debt Consolidation Unsecured Debt Collateral Personal loans 104

Credit Corp

APRIL 19, 2023

Carrying a balance can cost you more in credit card interest and late fees. Plus, it may increase your utilization rate and damage your credit score. Do your best to avoid credit card debt and treat your credit card like a debit card—only spending money you have.

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Sawin & Shea

JULY 6, 2022

Some of these obligations include personal loans, credit card debt, and medical bills. These debts are typically dischargeable, but that doesn’t mean they’re completely eliminated per se. The discharge eliminates a person’s legal obligation to pay a debt, but it doesn’t entirely erase it.

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Sawin & Shea

SEPTEMBER 14, 2022

What is Consumer Debt? Consumer debt refers to an individual, family, or household’s debts incurred through personal spending and expenses. When it comes to filing Chapter 13, your consumer and non-consumer debt classifications determine what is and isn’t protected by an automatic stay.

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Sawin & Shea

DECEMBER 7, 2022

Don’t Accumulate Any More Debt. If you’re already in the middle of filing for bankruptcy, any new debt that you accumulate will not be discharged. This includes credit card debt, so try to avoid racking up a substantial balance this season. Secured debts refer to debts with collateral, such as a home or car.

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Sawin & Shea

JUNE 7, 2023

The guarantor may be required to provide collateral or security to the lender to reduce the risk of the loan. Cosigners and Chapter 7 Bankruptcy Chapter 7 is a form of bankruptcy that allows individuals to discharge most unsecured debts, such as credit card debt or medical bills, without having to repay them.

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Debt Free Colorado

DECEMBER 9, 2021

Without having to repay it later, you may immediately begin rebuilding your credit. . If you have a large amount of credit card debt or high medical costs that you can’t pay, Chapter 7 may allow you to start again. Chapter 7 is a disaster when it comes to secured debt. . Collateral guarantees debt repayment.

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Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Unsecured Debt 75

Sawin & Shea

JANUARY 18, 2023

Unsecured debts are not backed by collateral, such as car payments and home mortgages. Although the idea of liquidating your assets may sound stressful and undesirable, most of those who declare Chapter 7 can retain all of their possessions after filing.

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Chapter 7 bankruptcy Bankruptcy Chapter 13 bankruptcy Unsecured Debt 81

Sawin & Shea

APRIL 17, 2024

Chapter 13 Bankruptcy Discharge Once you complete paying off your repayment plan over three to five years, the court will discharge your eligible debts. Obtain a Secured Credit Card You may struggle to find creditors who are willing to lend to you while you repair your credit score.

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Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Unsecured Debt 52

Sawin & Shea

MARCH 7, 2023

Also, if you have a debt that is a lien against collateral (a car loan, a mortgage loan), the creditor can force a return of that collateral to try and partially satisfy their debt. You will need to disclose all of your credit cards that have a balance on them when you file.

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Sawin & Shea

AUGUST 23, 2023

If you’re looking for immediate debt relief and you’re hoping to immediately begin building back your good credit, Chapter 7 would be the best fit for you and your goals. To keep thing like houses and cars through a Chapter 7 you will need to reaffirm the debts on the house or car and maintain regular payments.

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Debt Guru

MARCH 6, 2020

But, of course, a lot of our other liabilities are just that – liabilities – like that out-of-control credit card debt. Categorize your debt just like Clint Eastwood: Good: You got a low-interest fixed loan to buy something that will grow in value, like your house or your small business.

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Titan Consulting

SEPTEMBER 2, 2020

However, the long-term interest charged at the end of the promotional period could be as high as the existing debt, limiting its usefulness. HELOC ( home equity line of credit ) will convert unsecured debts into a secured loan using your home as collateral. Is debt consolidation risky?

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Credit Corp

AUGUST 2, 2023

Best Overall Card: Chime Secured Chime Credit Builder Visa® Credit Card Apply Now on Chime's secure website Card Details Intro Apr: None Ongoing Apr: None Balance Transfer: None Annual Fee: $0 Credit Needed: Fair-Poor-Bad-No Credit Snapshot of Card Features Qualifying direct deposit of $200 or more.

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Sawin & Shea

JUNE 14, 2023

Declaring Bankruptcy Before a Divorce If you’re on good terms with your spouse and are struggling with unsecured debts, you may want to consider filing Chapter 7 bankruptcy before your divorce.

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Credit Corp

SEPTEMBER 13, 2023

These are not the same as a home equity line of credit , which is actually a revolving account. Depending on the reason, they often do not require collateral. You can get a personal loan from online lenders or from a bank or credit union. Credit Builder Loans : Credit builder loans are offered by some financial institutions.

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Better Credit Blog

APRIL 1, 2022

Some finance home improvements, while others lend only to people who want to consolidate credit card debt. If your main goal is to consolidate debt, try the best debt consolidation loans. Payoff, by Happy Money , is a personal loan specifically for consolidating credit card debt. Happy Money.

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Titan Consulting

AUGUST 30, 2020

Like a traditional mortgage, a reverse mortgage uses your home as collateral while allowing you to own and live in the house as long as you wish. However, unlike a traditional mortgage, you do not make monthly payments, and the debt balance grows each year you remain in the home. What is a Reverse Mortgage ?

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Better Credit Blog

AUGUST 3, 2021

Accepted collateral includes cars, trucks, motorcycles, boats, and RVs. Another option is a joint application with someone who has better credit, in order to get a higher shot at a lower rate. Avant is an online platform that offers loans to people with credit scores as low as 550. Loans for People with Bad Credit FAQ.

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Better Credit Blog

AUGUST 3, 2021

Accepted collateral includes cars, trucks, motorcycles, boats, and RVs. Another option is a joint application with someone who has better credit, in order to get a higher shot at a lower rate. Avant is an online platform that offers loans to people with credit scores as low as 550. Loans for People with Bad Credit FAQ.

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Loans Lender Collateral Education 52

Better Credit Blog

APRIL 1, 2022

They’re great for credit card debt consolidation, home improvement projects, major car repairs, or any other cash-heavy project. Since personal loans are unsecured, you’ll need an excellent credit score to get the best deal. Like LendingTree, Credible is free to use and won’t harm your credit score.

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Personal loans Loans Lender Student loans 65

Better Credit Blog

AUGUST 9, 2021

Payoff – Best For Paying Off Credit Card Debt. Payoff specializes in debt consolidation loans that can help you pay off credit card debt, and will even send direct payment to your creditors. Cons: Minimum credit score of 680. Can’t secure a loan with collateral such as a car.

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Better Credit Blog

AUGUST 9, 2021

Payoff – Best For Paying Off Credit Card Debt. Payoff specializes in debt consolidation loans that can help you pay off credit card debt, and will even send direct payment to your creditors. Cons: Minimum credit score of 680. Can’t secure a loan with collateral such as a car.

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Better Credit Blog

MAY 4, 2022

You can combine credit card debt, car finance, personal loans, student loans, medical bills, payday loans, and other types of unsecured debt. But is debt consolidation a good idea for you? Some credit cards and loans have one-off set-up charges or origination fees to consider, too.

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Better Credit Blog

JANUARY 11, 2022

. “In my opinion, filing bankruptcy improves your credit profile. But I ask them how is your credit now? If you have a 100k in credit card debt and you are delinquent on your payments, your credit already stinks,” says Scott. This is hard for some people to understand. ” Ads by Money.

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Better Credit Blog

MAY 10, 2022

Travel Rewards Credit Cards. Cash Back Credit Cards. Student Credit Cards. How To Choose the Best Credit Card. Balance Transfer Credit Cards. Those are cards that allow you to pay off other credit cards , while providing an extended period with a 0% introductory APR.

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