The Differences Between Secured Debt and Unsecured Debt
October 11, 2023
Consumer debt can generally be categorized into two main types: secured debt and unsecured debt. Each type of debt has its own characteristics and implications for borrowers. Secured debt typically comes with lower interest rates because there’s less risk for the lender, but the borrower risks losing the collateral if they can’t repay. Unsecured debt,…
Debt Consolidation: Is It For You?
October 2, 2023
Debt consolidation is a financial strategy that involves combining multiple debts into a single loan or credit account. This process is typically undertaken to simplify one’s financial situation, reduce the overall interest rate, and make monthly payments more affordable. Instead of juggling various creditors and multiple due dates, individuals or businesses consolidate their debts into…
How To Avoid Debt: 6 Tips
September 21, 2023
There are situations where debt is best to be avoided. Credit card debt for example, can lead to sky-high interest charges and lower credit scores when you can only afford to pay the minimum monthly payment. A car loan with a monthly payment that is unaffordable in your budget can put you at risk of…
Why Are Americans Drowning In Credit Card Debt?
September 6, 2023
Credit card companies are extremely good at marketing and because of this the use of credit cards have become a norm and a way of life for everyone. Many Americans can say that they use their credit cards on a daily basis. According to experts, the large amount of Americans buried in credit card debt…
3 Benefits Of Settling Debt
August 29, 2023
Debt settlement is a financial strategy that has gained attention in recent years. This form of debt relief offers individuals who are overwhelmed by debt an alternative approach to regain control of their finances. Debt settlement involves negotiating with creditors to reach a mutually agreeable settlement, usually for a significantly reduced amount than what is…