Category: Debt Management

Answer: Certainly the best way to pay off your credit card debt is with a single payment. If you can find the money to pay off all your credit card debt, you’ll get back on solid financial ground quickly and without paying additional interest. The next-best method is to pay off the card with the…

If you have a lot of debt, you’re not alone. Today, more and more Americans are burdened with credit card and loan payments. So whether you are trying to improve your money management, having difficulty making ends meet, want to lower your monthly loan payments, or just can’t seem to keep up with all of…

What is reducing the cost of debt? As the old adage goes: “A penny saved is a penny earned.” And though it may sound trite, it is true. If you carry a large amount of debt, one of the easiest ways to reduce spending is to reduce the ongoing amount you must pay in interest…

Answer: One way is to call your existing lender and try to negotiate a lower rate. Often, the threat of losing a customer and the associated income from your finance charges can inspire a card company to accept a lower interest rate and keep the relationship. Negotiation is most effective if you have a stable…

Answer: Debt consolidation can lead to an improvement in your credit rating by making your debt easier to manage. Sometimes, debt consolidation means taking a loan at a lower interest rate to pay off several smaller loans at higher interest rates. Making one payment instead of many may help you keep your debt under better…

What is it?  When you begin repaying your federal student loans, you will need to select a repayment option. In the past, the federal government offered only one option: a standard repayment plan where you paid a fixed amount each month for 10 years. Now, the federal government offers an assortment of flexible repayment [;plans.…

Introduction  Some borrowers run into financial difficulties at one time or another in the course of repaying their student loans. If you find yourself in this position, don’t despair. Nearly all lenders offer certain options to help you through temporary cash flow jams.  The primary way to temporarily postpone the repayment of your student loan…

You should start by filling out the federal government’s aid application, the FAFSA. This application is used by both the federal government and colleges when federal money is being dispersed.  The best way to fill out and submit the FAFSA is online at the Department of Education’s website at www.fafsa.ed.gov. In order to do so,…