Unfortunately, debt is a way of life for most Americans. In 2021, total outstanding consumer debt reached a record $15.6 trillion, according to new data from the Federal Reserve Bank of New York. A large chunk of that debt came from mortgages, as well as credit card balances, which increased by $52 billion in the […]
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If you were recently in over your head with debt, you may have negotiated a debt settlement with your creditors. That likely provided much-needed financial relief. But now, you might be wondering how that settlement affected your credit score — and how long it will stay on your credit report. Here’s what you need to […]
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As with a small business loan, a merchant cash advance (MCA) involves a contract between you and your provider. If you stop making your payments, it could result in a merchant cash advance breach of contract, and the MCA lender could sue you. Dealing with merchant cash advance legal issues can be a pain for […]
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Credit cards can be helpful tools for managing your cash flow and earning rewards. However, it’s also easy to rack up a big balance. According to the Federal Reserve, credit card interest rates are also pretty high; the average is 14.51%. Meaning the more credit card debt you accumulate, the harder it becomes to pay it […]
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Getting in over your head with debt can be scary, especially if debt collectors have threatened to sue you. However, you have certain rights and protections as a borrower that are important to know. That includes the statute of limitations on debt, which varies by state. So if you’re a New York resident facing a […]
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Dealing with thousands of dollars in debt can feel like a hopeless situation. Fortunately, several options are available to help you get it under control, including bankruptcy. However, filing for bankruptcy isn’t a quick fix for your debt problems. Therefore, it’s essential to understand the pros and cons of bankruptcy so you can make an […]
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If you have a past-due debt in collections, it can be nerve wracking to deal with debt collectors. Especially if you aren’t sure what your rights are. Fortunately, there are debt collection laws in place to protect you from unscrupulous practices. A big one: the Fair Debt Collection Practices Act (FDCPA). Read on to learn […]
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When you fail to pay back a debt, the original lender will usually try to collect it themselves. However, if it goes unpaid long enough, they may decide that it’s unlikely that they will ever recover the debt. At that point, the debt gets marked as a charge-off on your credit report, and the lender […]
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Making all of your payments on time is important, but mistakes can happen. If you have one or two missed payments on a loan or credit card, your lender will likely charge you a late penalty and your credit score can take a hit. However, if you have several late payments and fail to pay […]
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Paying off a loan or credit card balance is a big accomplishment. But you might not feel like celebrating if you check your credit score, only to find that it’s dropped after knocking out that debt. After all, your creditors want to be paid back, so why would you be penalized? Before you get too […]
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