Debt - Lavish Green

Debt

It's important to properly manage your loans in order to become debt-free.

Personal Loans

Unsecured loans can be a useful tool in many scenarios.

Consolidation

Combine multiple debts into one to pay them down sooner.

Bankruptcy

Strategies for dealing with excessive debt.

Debt Freedom

Learn best practices for reducing your debt.

The word 'debt' has a negative connotation with most people, but not all debt is bad. Millions of people have a mortgage or auto loan because very few people have enough cash on hand to buy a house or car. But once you take on debt, you may be at an increased risk of falling behind on payments or falling into more debt.

In reality, nobody takes on an insurmountable amount of debt on purpose, but it happens to millions of people every year. Lots of people graduate college with more debt than they expected, while for others, it's the result of an unexpected medical bill or uninsured accident. It can even be something that happens very slowly in the absence of a budget. Having a credit card can make it easy to spend money you don't have.

However the debt accumulates, it can be difficult to escape without a plan.

If you truly feel in over your head, you might want to consider credit counseling services – a reputable counselor will evaluate your entire financial situation and work with you to prepare a personalized plan, including a budget. If you're looking for a local counseling service, you might try a credit union or nonprofit agency.

Military service members have access to assistance through the Servicemembers Civil Relief Act, which can help reduce the interest rate on mortgages and credit card debts, or delay foreclosure and bankruptcy proceedings.

Consolidation of debt fundamentally involves combining one or more sources of debt – such as personal loans or credit cards – into one debt that may have a lower payment. Companies that offer debt consolidation can help you negotiate with your lenders, but it's a joint effort and you must demonstrate a willingness to make regular payments in order to qualify.

If all else fails, filing for bankruptcy is an option that can provide the fresh start you need. It's an involved process, one that should only be considered after exploring other options first. Your bankruptcy will make it very difficult to get credit, life insurance, purchase a home, or even land a job – for 5 or even 10 years.

What Are The Consequences of Bankruptcy?

There are very serious negative consequences of bankruptcy, but there are also significant benefits for consumers who can't afford to pay their debts.

Refinancing your Home Mortgage in 2020

Now is the perfect time to refinance whether you want to lower your mortgage payment or tap into your home’s equity. Rates have never been lower.

Is Debt Consolidation Worth It? 5 Things You Must Know

If you're feeling overwhelmed with credit card debt and loans, debt consolidation may be an option worth considering.

Reverse Mortgages: How They Work And What You Should Know

If you’re retired and looking for ways to pay for all of your living expenses, you may be looking into getting a reverse mortgage.

How To Deal With These 4 Types of Debt During Coronavirus

The financial impact of the coronavirus pandemic seems to know no end, but there are options available to help manage your debts during this difficult time.

Best Peer to Peer Lending Services in 2020

Peer-to-peer loans are funded by individuals instead of banks, and can often have fewer hurdles than getting a personal loan.

How To Find the Best Balance Transfer Credit Card

If you’re feeling stuck paying high credit card interest rates, a balance transfer credit card may help.


Can Your Age Affect Your Chances of Getting Approved for a Mortgage?

You are never too old to apply for a mortgage. A senior mortgage may help you get the cash you need.

You are never too old to apply for a mortgage. A senior mortgage may help you get the cash you need.

January 28, 2020


Try These 4 Options Before A Payday Loan

Stay away from unfair and misleading predatory loan options and go with something that has more of your best interests in mind.

April 28, 2020


Try These 4 Options Before A Payday Loan

Stay away from unfair and misleading predatory loan options and go with something that has more of your best interests in mind.

How to Deal with Credit Card Debt and Prevent it From Ruining Your Life

Getting out of debt isn’t easy, but it is possible when implementing the right strategies.

January 27, 2020


How to Deal with Credit Card Debt and Prevent it From Ruining Your Life

Getting out of debt isn’t easy, but it is possible when implementing the right strategies.

How to Apply and Qualify for a Personal Loan

Personal loans can be a great way to get your hands on the funds you need. How do you apply and qualify?

December 20, 2019


How to Apply and Qualify for a Personal Loan

Personal loans can be a great way to get your hands on the funds you need. How do you apply and qualify?


Why Alternative Mortgage Lenders Might Be Right For You

Why Alternative Mortgage Lenders Might Be Right For You

Alternative mortgage lenders have become major players in the field of home mortgages.

February 12, 2020



Help for Student Loans During the Coronavirus Pandemic

Help for Student Loans During the Coronavirus Pandemic

Student loans may be the last thing you want to think about right now, but the government is extending a hand.

March 31, 2020



7 Effective Ways To Deal With Medical Debt

7 Effective Ways To Deal With Medical Debt

If you’re drowning in medical debt, you’re not alone. Learn your options for tackling this obstacle.

May 15, 2020



Home Equity Line of Credit vs. Home Equity Loan

Home Equity Line of Credit vs. Home Equity Loan

If you own a home and need access to cash, accessing your home’s equity can help you get what you need.

May 19, 2020



Here's Why You May Not Want To Refinance Your Mortgage Even If Rates Are Low

Here's Why You May Not Want To Refinance Your Mortgage Even If Rates Are Low

If you’re looking to lower your interest rate to pay less interest over the years, then it could be time to refinance – but not before considering these factors.

June 26, 2020


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