article thumbnail

8 Ways to Consolidate Credit Card Debt 

Credit Corp

Debt consolidation allows you to take multiple debts and combine them into one, and you can do this with your credit card debt. Doing this makes managing the debt a little easier, and you may be able to get a lower interest rate. Table of Contents: What Is Credit Card Consolidation?

article thumbnail

Cosigner Responsibilities: When Is a Cosigner Liable for a Debt?

Sawin & Shea

If you have a co-signer associated with your debt or if you are a co-signer, you need to be aware of how financial liability works and what happens when the primary debtor declares bankruptcy. Fortunately, in this blog, we’ll unpack cosigner responsibilities when it comes to bankruptcy and debt.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Bankruptcy Chapter 7 vs 13: Which Is The Best Option?

Debt Free Colorado

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. . The Majority of Unsecured Debts.

article thumbnail

When Should You File for Bankruptcy?

Sawin & Shea

Some people may be overwhelmed with credit card debt, especially those who spend more than 20% of their annual net income on credit card bills, have maxed out limits on several cards, and/or can only afford to pay the minimum on credit card bills.

article thumbnail

Consolidating Your Debt? Here’s What NOT to Do

Debt Guru

Because your home’s equity is backing the loan, you could face foreclosure if something catastrophic prevents you from affording the payments in the future. Instead, consider a personal loan (that is unsecured and doesn’t require collateral to get approval) to consolidate your debt.

article thumbnail

Debt After Death: 9 Things You Need to Know

Credit Corp

If beneficiaries can’t or won’t assume the loan, they can sell the property to settle the debt instead. If your loved one doesn’t have any beneficiaries listed on their will when they die, their mortgaged property may go into foreclosure. At that point, their bank will sell the property to recover the mortgage debt.

article thumbnail

Secured vs Unsecured Debt: Everything You Need to Know

Sawin & Shea

It distinguishes between what are called ‘secured’ and ‘unsecured’ debts, which are terms you need to know before filing for bankruptcy. And possibly the most common question people ask is credit card debt is secured or unsecured. Secured vs Unsecured Debt: What’s the Difference? What is the difference?