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Does Bankruptcy Mean Cutting up Credit Cards? 

Does Bankruptcy Mean Cutting up Credit Cards? 

With the average American holding more than $6,300 in credit card debt, it’s no surprise that many American consumers go overboard when it comes to accumulating balances on their credit cards. If you have a substantial amount of credit card debt and are considering the option of filing bankruptcy, you may be wondering what will happen to your current credit cards (and your ability to open new card accounts in the future) as a result. What to Expect From Your Current Cards Unfortunately, when you file for bankruptcy and a repayment plan is worked out with […]

The Dangers of Waiting to File for Bankruptcy

The Dangers of Waiting to File for Bankruptcy

Many people will do anything to avoid filing for bankruptcy. The word “bankruptcy” comes with a stigma, and, of course, there are repercussions for your credit score. But, if all signs are indicating you will be unable to keep up with your debts, waiting to file for bankruptcy can be a bad decision. Filing for Chapter 7 or Chapter 13 bankruptcy protection immediately halts litigation action against you, stops foreclosure proceedings and staves off garnishment of your wages. In some cases, you can protect assets you would otherwise lose, such as a car or house, […]

Debt Avalanche vs. Debt Snowball – Two Methods to Prioritize Debts

Debt Avalanche vs. Debt Snowball - Two Methods to Prioritize Debts

If you are making minimum monthly payments on a mountain of debt, it may seem impossible to imagine a debt-free future. A debt reduction plan such as “debt avalanche” or “debt snowball” can help you pay down and eventually get rid of your financial obligations. These methods involve paying off creditors one at a time, a strategy that has been proven effective. According to Forbes, people who focus on paying down a single debt are more likely to remain motivated for long-term debt elimination. Debt Avalanche or Debt Snowball — Which Plan is Right for […]

When to Expect a Credit Rebound After Bankruptcy

When to Expect a Credit Rebound After Bankruptcy

Filing for bankruptcy protection can help you get out from under a mountain of unmanageable debt and start over with a clean slate. While discharging debt can be a positive step overall, it will certainly impact your credit score and affect the interest rates you are charged for future credit. The good news is, bankruptcy credit penalties are temporary, and your score may rebound sooner than you think. How Low Can it Go? Depending upon your credit numbers before you declare bankruptcy, your score may initially drop by 130 to 200 points.  So if you […]

Beware These Warnings Signs of Financial Catastrophe

Beware These Warnings Signs of Financial Catastrophe

Many people experience an occasional setback that impacts their bank balance. In fact, in today’s economy, it isn’t unusual to find yourself struggling to make ends meet. But, it is important to do all you can to avoid a financial meltdown — a scenario that can bring long-term consequences. The key to avoiding financial catastrophe is this: don’t hide behind denial. It is smart to stay on top of your financial situation, face the facts, and make necessary changes to stave off looming disaster. People who ignore early warning signs can easily end up in […]

Financial Regrets? Use Them to Plan a Better Future.

Financial Regrets? Use Them to Plan a Better Future

As you look back on past financial habits and decisions, you may have some significant regrets – choices that continue to impact your lifestyle today.  Maybe your savings are frighteningly meager and monthly debt consumes much of your paycheck. Mistakes can be life’s greatest teachers. While it may be tempting to reprimand yourself for financial missteps, it’s more constructive to learn from these mistakes as you move toward improving your future. Common Financial Regrets If you regret money errors, know that you are not alone. In fact, a new study polling 1,000 people revealed that […]

How to Reduce the Risk of Becoming a Victim of Credit Card Fraud

How to Reduce the Risk of Becoming a Victim of Credit Card Fraud

Every year, an increasing number of people fall victim to identity theft, including credit card fraud. According to the nonprofit  Identity Theft Resources Center, data breaches in the U.S. hit an all-time high in 2017, exposing over 14 million credit cards to potential criminal activity. More than ever, it is crucial to take steps to reduce your risk of becoming a credit card fraud victim. While there is nothing you can do to prevent a data breach at Target or Home Depot, you can move quickly to protect your credit accounts. You should also do […]

Summer Vacation for Budget-Minded Families

Summer Vacation for Budget-Minded Families

A summer vacation is traditional for many families, but what if money is a little tight this year or you’re trying to stay out of debt? It is definitely wise to live within your means, but this doesn’t necessarily mean you have to forgo a family vacation altogether.  By making smart choices, you can enjoy summer-fun family time and stay debt free. Plan Ahead If you include a summer vacation in your regular household budget, you can set aside monthly money to plan for the trip. In fact, involving the kids in vacation planning is […]

What Success Stories Tell Us About Getting out of Debt

What Success Stories Tell Us About Getting out of Debt

Falling into debt is one of the most overwhelming situations anyone can face. As the interest accumulates and the bills pile up, it’s easy to feel like there is no way out. However, debt doesn’t have to ruin your life. One of the best ways to figure out how to get out of debt is to listen to advice from other people who have succeeded at improving their financial footing.  NerdWallet features the stories of several people who have overcome debt, from a former Olympian who paid off $147,000 in 15 years to the blogger […]

You Have the Tools to Rebuild Your Credit

You Have the Tools to Rebuild Your Credit

Maybe you’re the type of person who obsesses over their credit score. Or maybe the mention of the term causes you to space out from boredom. Regardless of how much you care about your score, it exists, and it’s a key part of how you’re evaluated by financial institutions. You’ve likely heard about the impact of bankruptcy on your score and how long it takes to rebuild it. But fear not; the time it takes to right the ship passes more quickly than you might expect. It’s also not as difficult as you’ve imagined. Here […]