How Does a Debt Consolidation Program Work?

Titan Consulting

Debt consolidation might include a debt management repayment plan, credit card balance transfer, personal loan, or equity line of credit. Debt consolidation may not save you much money. Another month begins, and your debt balances are going nowhere.

Charged Off as Bad Debt: An Explainer

Credit Corp

When you miss too many payments, your creditor may charge off the debt. When your debt is charged off as a bad debt, don’t fool yourself into thinking it goes away. A charged off debt can lead to harassing phone calls, garnished wages, and a major drop in your credit score.

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Congress Passes Relief for Student Loan Borrowers in CARES Act

Titan Consulting

Congress recently passed legislation in the CARES act that provides direct and indirect benefits to Federal Student Loan borrowers. Congress also counts the non-payment period through September as credit toward loan forgiveness credit. The stimulus package provided direct payments to families, extended unemployment benefits, forbearance provisions for federally backed mortgages, and payment protection loans for small businesses. Blog Coronavirus (COVID-19) Student Loans

How to Access Equity in Your Home Without Taking Out a Loan

Titan Consulting

Home Equity Loans and Home Equity Lines of Credit (HELOCs) are convenient, cost-effective ways to access capital from your home’s value. Banks have raised minimum credit scores and income requirements while lowering the maximum loan-to-value available. Key Takeaways.

Consolidating Your Debt? Here’s What NOT to Do

Debt Guru

All the while, you feel like you’re no closer to zeroing out your balance on any of those debts. To get out of this frustrating and time-consuming loop, many people opt for consolidation to combine multiple debts into one. The post Consolidating Your Debt?

How to Repay Debt: 4 Options

Debt Guru

So, you’ve got a bunch of unsecured debt. You’re more than ready to start living debt-free. There are many different approaches for tackling debt repayment. The best fit often depends on the amount of debt you’re shouldering, the amount you need to pay off, and the other regular expenses you have. Let’s discuss the strengths and weaknesses of four common debt repayment strategies, keeping in mind that each has its own unique attributes.

What’s the best way to deal with credit card debt?

Roths Child Law

You may find yourself in a position where you can no longer manage your credit card debt. Your options There are several ways you can deal with your credit card debt that may make it easier for you to manage payments and catch up. If this does not work, you may consider a debt consolidation loan or a balance transfer credit card. In some cases, filing for bankruptcy is a better way to deal with credit card debt.

620 Credit Score

Better Credit Blog

Can You Get a Loan with a 620 Credit Score? Personal loan: Limited options. Auto loan: Limited options. A 620 is right on the border of the credit requirements for some loans, such as a conventional mortgage. Pay off your debts. Traditional home loan 620-640.

Loans 56

IRA and 401K Withdrawals Made Easier During COVID-19

Titan Consulting

The CARES Act also gives greater flexibility to employers who offer 401-K loans to their employees by doubling the maximum amount of the loans that can be made to 100$ of vested funds or $100,000 max. More Flexibility for Employers Offering Loans Against Retirement Accounts.

Loans 52

560 Credit Score

Better Credit Blog

If you have a 560 credit score, your approval odds for loans are low, and your credit rating is pretty poor. Can You Get a Loan Approval with a 560 Credit Score? Debt collections. The issues above can hinder your access to both revolving lines of credit and installment loans.

Loans 52

Lend Money to Family and Friends the Smart Way

Rocket Lawyer

Many people turn to friends and family for loans when buying a large asset or starting up a business. There are good reasons to get a loan agreement, sometimes called a Promissory Note , in writing, but you may have other questions about lending money to people you know.

Consumers Getting Shut Out of HELOC’s as an Option to Raise Cash During the Coronavirus Pandemic

Titan Consulting

Lower interest rates mean saving on variable rate loans like credit card balances and HELOCS. Refinancing and new mortgage processing times are increasing due to the logistics around various loan processing procedures put in place during the global pandemic. Key Takeaways.

Why Making Minimum Payments to Pay Off Credit Card Debt Ensures You Will Die Broke

Titan Consulting

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.

Should You File for Bankruptcy if a Strong Economy is Just Around the Corner

Titan Consulting

If you do not qualify for a Chapter 7 bankruptcy to liquidate your debts, you may be required to pay back a significant portion of your debts under a Chapter 13 Bankruptcy, and still suffer the negative impact to your credit score. Key Takeaways.

7 Reasons Your Credit Score May Suddenly Drop, Even if You Never Miss a Payment

Titan Consulting

High credit scores lower the cost of debt, improve insurance rates, reduce deposit requirements, and is often a factor for employment. You requested an Economic Injury Disaster Loan (EIDL) from the SBA. Key Takeaways.

Paying Bills Later: Considering Financial Consequences of Delayed Payments Due to COVID-19

Titan Consulting

Through the CARES Act, federally guaranteed mortgages , which cover two-thirds of home loans in the US, permit borrowers to delay payments, through a forbearance, for up to 12 months. These options could extend the loan term, or reduce the interest rate to lower the payment permanently. . What Happens to Student Loan Debt After a Forbearance Ends ? Vehicle loans have not received the same level of attention as housing. Key Takeaways.

Can I Settle My Credit Card Debt Myself?

Titan Consulting

Financial hardship could make it possible to negotiate debt balances and pay less than the full amount owed. Bankruptcy can wipe out unsecured bills, leaving creditors with no way to recover the debt. When Should You Consider a Debt Settlement Program ? Key Takeaways.

Top Challenges Consumer Face When Using Alternative Credit Scoring Systems

Titan Consulting

Your credit score only measures your ability to manage debt. Credit bureaus measure variables related to your debt like the total amount of your debt, if you make your debt payments on time, how long you have been paying on debt obligations and how much debt you are servicing relative to how much potential debt has been extended to you. Most consumers build credit with debt. Making monthly payments on debt balances builds a credit profile.

Understanding Why You Have So Many Different Credit Scores

Titan Consulting

All three for-profit credit reporting agencies, Experian, Equifax and Transunion compile and report consumer credit and debt payment activity and sell this consumer information to lenders seeking to grant credit. The mix of credit accounts (loans versus lines of credit). In addition to multiple scoring models, credit score providers also create specialized scores tailored to specific loan types. Key Takeaways.

Should I Pay Off My Credit Card Debt or My Mortgage?

Titan Consulting

Credit card debt features low monthly payments, but double-digit interest which compounds daily, causing balances to grow fast and making it hard to eliminate the debt. When you have high levels of debt is can be overwhelming to decide where to start your debt relief journey.

How to Use Alternative Data to Build Your Credit Report

Titan Consulting

Alternative credit sources that do not report to the credit bureaus can include payments for rent, utilities, service accounts, and personal loans. Titan Consulting Group helps consumers evaluate various debt relief options and choose the right program that best fits their short-term and long-term financial goals. We work with consumers seeking debt consolidation loans, or who may be considering options like debt negotiation or bankruptcy.

FICO XD is Changing the Way Consumers Build Credit

Titan Consulting

Other databases track rent payments, payday or short-term loans, and online personal loans. Consumers with little or no credit are also more likely to use high-cost credit options like payday loans or rent-to-own companies, which FICO can score as an adverse event, lowering the alternative score. Titan Consulting Group helps consumers evaluate various debt relief options and choose the right program that best fits their short-term and long-term financial goals.

Millennials Face a Second Once-in-a-Generation Economic Calamity

Titan Consulting

You may be tempted to use stimulus money or a company bonus to pay down debt. In times of uncertainty, cash reserves are more valuable than lower debt levels. Conserving cash will help your savings last longer and enable you to survive without adding new debt to an already strained budget. Seeking help from credit counselors or credit negotiation companies if you are unable to keep up with existing debt payments. Key Takeaways.

Lender Response to the Coronavirus Pandemic Could Negatively Impact Your Credit

Titan Consulting

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. Banks operate conservatively and evaluate consumer risk for all credit decisions, including home, car, personal loans, and credit cards. Key Takeaways.

Insurance and Job Losses: How to Stay Protected After a Layoff

Titan Consulting

Titan Consulting Group helps consumers evaluate various debt relief options and choose the right program that best fits their short-term and long-term financial goals. We work with consumers seeking debt consolidation loans, or who may be considering options like debt negotiation or bankruptcy. Through our network of partners, we can help you find the right solution to reach your goals and get back to living a life free from high interest credit card debt.

Is Debt Settlement Legit?

Titan Consulting

Multiple state and federal agencies strictly regulate the debt settlement industry. All types of debt relief programs come with negative consequences, including non-profit credit counseling and bankruptcy, and will directly or indirectly negatively impact your credit score.

I Hate Having Roommates: 7 Ways to Afford Living Alone

Credit Corp

A personal budget takes your monthly income and applies it to all the debts and other obligations you have. Consolidate Debt. Debt is a common reason many people can’t afford to live on their own. Consolidating your debt is one way to potentially reduce how much it costs you. A debt consolidation loan or balance transfer credit card can help. If you don’t have a lot of debt, you’re already ahead of the game.