Tag: debt
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Should you apply for credit card debt forgiveness before the holidays?
It may be beneficial for some credit card users to apply for a forgiveness program ahead of the holiday season. Getty Images Holiday spending this year is expected to tick up from what it was in 2023. And it’s not like last year was exactly cheap, with consumers forecasted to spend 7% more than they…
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5 signs you need debt relief before the holidays, according to experts
Letting your credit card debt grow could cause some serious issues for your finances. Getty Images The U.S. economy is sending mixed signals as we enter the holiday season. While inflation shows signs of cooling, it ticked back up slightly last month, and record-high credit card interest rates above 23% are squeezing household budgets. The National…
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Will my credit score drop if I pay a credit card debt collector?
Your credit score could be impacted if you pay off a debt in collections — but that won’t always be the case. Getty Images/iStockphoto Receiving a call or letter from a debt collector can be a stressful experience — but for many, it is also a wake-up call, signaling that a debt has gone unpaid…
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5 ways to tackle your credit card debt before the holidays
It’s important to start tackling your holiday debt now, before the issue compounds. Getty Images Credit card debt hit a new record high in the third quarter of 2024. As Americans continued to rack up the charges on their credit cards, combined balances reached $1.17 trillion nationwide. With an average credit card interest rate of…
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Is debt forgiveness a good option right now? Here’s what experts say
Pursuing debt forgiveness could make a lot of sense right now — but only for the right type of borrower. Getty Images Falling into debt is easy. One bad month leads to a balance on the credit card, and with compounding interest working against you, it may not be long until you’ve racked up a…
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Does debt consolidation or debt forgiveness make more sense with bad credit?
Getting rid of high-rate credit card debt can be challenging if your credit score is less than ideal. Getty Images With credit card rates now averaging above 23%, millions of Americans are struggling with their credit card debt. As the interest charges compound, it’s easy for this type of debt to grow out of control,…
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What are the best ways to get rid of credit card debt in retirement?
Some simple but effective strategies could help you wipe out credit card debt in retirement. Getty Images/iStockphoto Credit card debt among retirees has reached alarming levels, with 68% of retirees now reporting that they have outstanding credit card balances, according to the Employee Benefit Research Institute’s latest Spending in Retirement Survey. This marks a dramatic…
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With Trump’s win, student debt relief is in question. Here’s what to know.
President Joe Biden made student loan forgiveness a central issue to his administration, rolling out efforts to forgive debt as well as to lower repayments for millions of borrowers. But with President-elect Donald Trump returning to the White House in January, the future of those efforts is now in question. During the presidential debate with…
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How to get rid of credit card debt without ruining your credit
Some strategies can help you keep your credit score healthy while getting rid of your credit card debt. Getty Images Digging yourself out of high-rate credit card debt is an important move for your finances, but in many cases, doing so can feel like you’re standing in quicksand. The harder you try to escape, the…
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What should I do when a credit card debt collector contacts me?
There are a few steps you should take if your old credit card debt ends up in the hands of a debt collector. Getty Images/iStockphoto Receiving a call from a debt collector can be a stressful experience. After all, if your debt is in collections, you may be worried about the potential impact the delinquent…