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When you receive a debt validation letter, review it for accuracy. If there are no discrepancies, make a payment plan, negotiate a settlement, or seek help.

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When you need cash fast, a credit card cash advance can feel like a quick fix. But advances come with higher rates, fees, and interest that starts on day one. If you’re already carrying balances, a cash advance can make it harder to become debt-free. Here’s what to know about cash advances, plus less risky alternatives you can try.

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The most prudent thing to do is always to pay off your credit card bills, ideally the full balance, so that you don’t pay higher interest charges. The next best thing is to pay the minimum credit card payment on time. But sometimes things don’t go as planned, and people miss credit card payments. So, what happens if you stop making payments on your credit cards?

As you can imagine, credit card issuers have established procedures for handling accounts that are delinquent. You will face penalties and fees, which can impact your credit score. If you're experiencing financial difficulties, the best thing to do is to be proactive and call your credit card issuer to explain your circumstances.

Let’s examine the timeline that affects your credit and how you can make the best decisions for your case, even if you face financial hardship.

 

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$20,000 in credit card debt can feel overwhelming. The high interest rates and increasing minimum payments add to the psychological stress of taking action.

Having $20,000 in credit card debt is significant, but with a good strategy and financial discipline, there are ways to pay it off and reclaim your financial wellness. Building credit card debt is easy, especially if you only make minimum payments. The principal is never paid off, and the more you use your credit card, the more the balance increases. At some point, you stare at the amount you owe and decide that you need to pay off your debt.

Let’s examine how to pay off credit card debt and prevent yourself from falling back into a debt cycle.

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Debt is debt. But debt isn’t created equal. There is good debt and bad debt. Understanding the difference can have a massive impact on your finances. It also helps you make smart financial decisions and build wealth rather than drain it.

The main difference between good and bad debt is that the former leads to improvement and growth in one's life, while the latter just adds debt to one's finances.

The best way to carry credit card debt is to go forward and manage it regardless of its origin, and stay within acceptable debt ratios in your life. Good debt has the potential to help you make more money in the future. Bad debt increases every month but doesn’t deliver any returns.

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Nobody likes having debt, and most people want to get rid of it as quickly as possible. Then, they can have financial freedom to apply for a mortgage, buy a new car, or invest in their education. To most people, debt can feel like a weight that prevents them from moving forward with their financial goals.

Debt comes in many forms and sizes, including credit card balances, student loans, medical bills, and other types of debt. The stress of owing money can hurt your credit score, impact your quality of life, and future opportunities. If you let it drag on, stress can stop you from fulfilling your professional and personal potential.

The good news is that there are specific strategies for paying off debt fast and enjoying life debt-free. Let’s examine how you can do this and manage your finances wisely.

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Filing for bankruptcy is a big financial decision. It is typically people who are overwhelmed by their unsecured debt and can’t possibly repay it who file for bankruptcy in their financial distress, as bankruptcy filing can offer a lifeline to people drowning in debt. Unfortunately, not all debtors qualify for bankruptcy protection.

Before you gather the paperwork or consult with an attorney or law firm, take a look at your financial situation and credit card debt because your financial situation could disqualify you from this debt-relief option.

Think of the bankruptcy process like applying for a new job: your financial history, recent actions, and current situation determine whether you are eligible to file for bankruptcy. Just as a job application requires honesty and proper documentation, bankruptcy demands transparency and sticking to specific rules to help you make a fresh financial start.

Here is a breakdown of what can disqualify you from a bankruptcy petition.

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You may think getting out of debt on a low income seems impossible. However, you would be surprised to learn that debt relief is achievable with the right personal finance strategy and dedication.

It’s obviously easier to get rid of debt on a comfortable income. Even with a low income, though, it may take you longer to control your debts and lower your overall debt level, but it is possible. There are several effective approaches to debt-free life, even when extra money is tight.

Let’s take a look at a debt-reduction plan even for a low-income person.

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Nobody likes calls from debt collectors. They are stressful, especially if you are overwhelmed by your debts. So, what’s the best way to deal with them?

The first thing to do is to remain calm and confident. To get yourself out of debt, you need to negotiate with the debt collection agency and regain control of your financial situation. Debt comes in many forms: credit card debt, medical bills, student loans, auto loans, or any other type of debt. What they have in common is that they can all seriously hurt your credit status.

If your debts are increasing and debt collectors have started calling you, you need to organize your negotiation tactic and reach debt relief. The better you are at negotiating, the more successful you will be in recovering from your debts.

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First responders dedicate their lives to protecting our communities, always putting others first. There comes a time when they need our attention and support, though, as first responders can face financial and money challenges while serving others.

From long shifts to emotional stress, these dedicated professionals – including police officers, firefighters, EMTs, and paramedics – deserve specialized support in managing their financial well-being. Their hectic days, emotional stress and difficult work conditions can often challenge their finances and how they respond to their financial obligations.

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Life happens, and you may be looking to fund a major life event, handle existing debt, or even invest in your future. Thankfully, there are many financial tools available when you need money for something unexpected or to repay your existing debts. If you don’t have money available right now, you can apply for a personal loan or think about getting a debt consolidation loan.

While both these loans have similarities, they aim for different outcomes. Borrowing money in today's economy requires more than simply comparing current interest rates. It requires you to understand how each loan type works, what it's designed to accomplish, and how it fits your financial goals. For example, some borrowers may be looking to fund a dream wedding or a home equity loan renovation, while others may need debt relief from the stress of managing multiple high-interest debts.

Your financial situation, credit history, and financial objectives will dictate which type of loan best fits your needs.

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Life can easily get out of hand. Unemployment, an unexpected medical problem, a sudden increase in your cost of living, or family issues can seriously affect your finances. When things get tough, you may not be able to afford to pay all your monthly obligations. When loan installments or bills go unpaid, that is when they go to collections.

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Getting in debt is something that many people face because hardships and unexpected life events can happen to anyone — after all, we’re all humans! The goal for people in debt is to stabilize their personal finance and live a debt-free life. When you feel overwhelmed by debt and simply can’t repay it with your existing income, then you can either seek debt relief or file for bankruptcy.

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Being on a tight budget does not mean that you have to learn to live with debt. Find out what you can do to reduce and eliminate debt on a tight budget.

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The 2020 global pandemic locked up economies and limited the use of cash. As the circumstances forced more people to use plastic, fraudsters found more opportunities to steal identities and commit credit card fraud.

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Missing a credit card payment is not the end of the world if you act fast. Learn how to minimize the damage of a missed payment to protect your credit score.

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As summer ends, it’s time for back-to-school shopping. Start by defining a budget, and involve your kids in the budgeting and shopping process.

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Regardless of your lifestyle, as you go from childhood to adulthood and then grow older, you encounter several milestones that define your life. You may get married, start a family, buy a home, buy a car, start a business, etc. These major life events have one thing in common: they all cost money.

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Credit card fraud is one of the most frequent types of identity theft in the US. Prior to 2020’s unprecedented rise in fraud related to application for government benefits (likely as the result of COVID-19-related fraud), credit card fraud topped the list of identity theft types by a wide margin for multiple years in a row.

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Close to half a million people fall victim to credit card fraud in the US every year. Learn what credit card fraud is and how you can guard against it.

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You stick your credit card into an ATM to grab some cash on your way home from a trip. Unbeknownst to you, someone has installed a barely noticeable electronic device over the card slot of the machine, called a “skimmer.” A few days later, you begin to notice fraudulent charges on your accounts. Someone has stolen your identity by committing credit card fraud.

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Credit cards offer you great value in many ways, but debit cards can keep you out of debt. Make an informed and responsible decision about how you pay.

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Inflation hikes the cost of living, making it more difficult to make ends meet with the money on hand. Learn how to manage your debt despite inflation.

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The stress of out-of-control credit card debt can ruin your life in many ways, affecting your mental and physical health. Learn how seeking debt relief can help.

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Maxing out your credit cards can affect your credit score, hike your payments, and land you in a debt trap. Find out how you can pay down a maxed-out card.

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Financial literacy is one of the best gifts you can give to your kids. Being financially literate can help your children plan and implement a financial course that leads to financial security and freedom to pursue their other goals and dreams.

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With the post-pandemic economy still ailing, many people around the country are struggling to make ends meet and are living on a tight budget. If you fall into this category, how can you make the most of your limited financial resources?

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Student loan debt exceeds $1.6 trillion in 2021. A look at the statistics will help motivate you to find the best credit card debt reduction strategy.

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When you have credit card debt as well as other financial commitments related to your home, car, and insurance, paying off your student debt may seem like a last priority or even a hardship. However, unpaid student debt can have serious negative consequences on your financial future and impact your credit score and overall credibility.

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Getting married was an easy decision, but now you and your new spouse need to decide how to manage finances as a couple. Consider the following tips when making the financial decisions for your new life together. 

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Student loan debt represents one of the major causes of indebtedness in the US. Most recent graduates walk away from college with the heavy burden of debt on their shoulders.

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The 2021 child tax credit modifies the rules of the 2020 child tax credit as part of the American Rescue Plan. Its goal is to reduce child poverty, giving American families a welcome post-COVID-19 financial boost.

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Being able to effectively manage your economic life may have surprisingly beneficial effects on your physical well-being, overall health, and quality of life. 
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Generally speaking, charging medical expenses to a credit card is a poor financial choice. Is there any circumstance in which it makes sense to pay medical expenses with your credit card? Here’s what you should know before you do.

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If your credit card debt is causing you to fall behind on bills, you need to either spend less or make more money. Saving money on car insurance can help you reduce the total amount of your monthly bills. However, you may also need to update your budget to see where you can make other changes to improve your finances.

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It’s never a good idea to finance a vacation with debt, but it might make sense to charge your expenses to a credit card temporarily. Learn more here.

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If you are reeling under the burden of credit card debt, you should take action now and explore what debt relief options are available to you in order to pay off credit cards. This article examines the pros and cons of a debt consolidation loan vs. debt settlement.
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Debt doesn’t just go away when you die, but that doesn’t mean your loved ones are always responsible for it. Instead, your estate will need to cover the debt using available assets, while the Fair Debt Collection Practices Act ensures that family members are not unfairly targeted for payment. Here is an overview of what happens to credit card debt and different types of property or personal mortgages when you die.

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Some types of debt can rob you of your freedom, future, and financial options. However, under some circumstances, some types of debt may actually end up helping you in the long run.  It pays to know the difference...
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For some, earning rewards through churning is an attractive option. For others, frequent credit applications may mean lower credit scores and credit card debt. In many cases, though, the need for constant credit card payoff can lead to financial strain.
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Retirement is the time most working people picture as the moment when they have enough money to enjoy life without having to work. Yet many people retire and still carry home equity loans or even student loans, despite having worked for many years. Life demands make it harder for older Americans to retire, even if they have worked a lifetime. Carrying debt into this phase of life can be a significant source of stress.

Having a large amount of debt when you are ready to retire can present a retirement planning challenge. Here are some tips on paying down debt in retirement.

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Cutting back on expenses can be tricky and stressful, but it can be done. We’ve put together some ideas to get you started but, if you get creative, you’ll find there are countless ways to stop the unnecessary spending today!

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Vacations should be about relaxation and the stress-free enjoyment of the moment. But how can you relax and live in the moment if you charge your trip to a credit card and have to worry about how you’re going to pay for it as soon as you get back?

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If you are one of the millions of Americans in credit card debt and you’ve been exploring your debt relief options, you’ve likely already discovered that there’s a lot of information on how to settle your debt. Paying off debt can feel like an uphill battle, especially when it seems like there is never enough money to be fully debt-free. Thankfully, there are several debt repayment plan solutions available to you, such as debt settlement.

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As the latest round of COVID payments roll out, here’s a view of how Americans are spending their stimulus checks.

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The consumer credit market responded to the various pandemic-triggered crises of 2020 in ways that you may find surprising. Instead of imploding, it saw dropping credit utilization ratios and balances, improved payment histories, and skyrocketing credit scores. All these developments happened against the backdrop of slowing lending and dropping originations during the second quarter of the year.

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If your goal is to save money – you need to work it into your budget. Read on for tips on how to budget to save money.

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Understanding how creditors evaluate your creditworthiness is one step in the right direction toward achieving your financial freedom. After all, knowledge is power, and knowledge of how financial matters work can help you make your way out of debt into financial stability.

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Automate your savings, recurring payments, and investments to streamline your money management and avoid self-sabotage.

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It’s very easy for individuals and households to find themselves in debt, particularly in the current economic situation. Prices are increasing but salaries are not following, which means that many people are struggling with debt to cover everyday expenses. An unexpected expense like a broken dishwasher or a problem with your car can easily derail your finances and increase your debt to unmanageable levels. That’s where credit counseling and debt settlement come in.

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Maxing out your credit card hurts your credit score. To your creditors, the fact that you use $2,000 of your available $2,000 credit means that you have stretched your finances to the limit and may soon become unworthy of credit.

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A debt consolidation loan can help you get out of credit card debt. But if you don’t qualify for a decent rate, you should be wary of guaranteed loan offers that sound too good to be true.

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Making a budget is one thing; sticking to it is what’s going to help you achieve your financial goals. Here are some tips on how to stick to a budget.

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Creating a budget can be a difficult and tiresome task but learning how to budget for your personal expenses is key to financial health.

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Disclaimer: ClearOne Advantage does not offer tax advice. Please consult with your accountant or tax professional for advice regarding your specific tax situation.

If you owe the IRS more than you can pay this year, don’t panic. Read on for possible solutions if you can’t pay your taxes.

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Disclaimer: ClearOne Advantage does not offer tax advice. Please consult with your accountant or tax professional for advice regarding your specific tax situation.

If you are in the process of paying down your debt, there are certain things to keep in mind at tax time. Here are some tips for filing taxes.

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Americans collectively owe over $1.7 trillion in student loan debt, so it’s no surprise that many borrowers feel trapped by high student loan balances, interest rates, and overwhelming monthly payments. Refinancing your student loan can save you money on interest charges. Whether you’re dealing with federal student loans or private student loans, consider refinancing if your credit score qualifies for a lower interest rate.

Refinancing student loans is not the right move for everyone. For example, loans for people with bad credit may be limited. Also, should you go for a variable-rate loan or a fixed one? Whichever you choose, a student loan repayment plan can mean the difference between years of financial strain and a fast path to a loan-free life.

If you are unsure if refinancing your student loan is the best move for you, you should talk with a specialist from ClearOne to assess your possibilities and financial situation.

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Losing your job can hit you like a ton of bricks, especially as you think of all of the financial obligations you have. Having a budget can help you manage your finances to get you through this difficult time.

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If you’re trying to reduce your monthly expenses to help pay down credit card debt, consider how to save on your water bill.

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If you are trying to figure out the best way to pay down debt on your own, you should consider which method works best for you – the debt snowball or debt avalanche.

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If your goal is to pay off credit card debt in a reasonable amount of time, you are going to have to pay more than the minimum payment. Here’s why.

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Do you ever find yourself buying something impulsively? Delaying spending helps you save more and avoid impulse buys. It keeps your money aligned with your values and goals.

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A traditional budget is an exercise in basic arithmetic. Knowing your fixed income, you set spending targets and try to stick to them. This means, however, that any substantial unexpected expense can upend your budgeting. Some people find it difficult to stick to their budgets due to this inflexibility.

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In an ideal world, we would be saving and paying off debt at the same time, and even have resources to invest in the money market. But ideal worlds are rare and many people have to make a choice between paying off debt or saving for an emergency.

While paying off debt and saving money don’t need to be mutually exclusive, very often your personal finances don’t allow you to do both at the same time. Which one you pick depends on your financial expectations, goals in the future, and the priorities you have set for yourself and your household.

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Boosting savings and paying off debt are two of the most popular uses for Americans’ tax refunds year after year. According to a recent survey, around 31 percent of tax refund recipients expect to drop their windfall into their savings accounts. Twenty-four percent of them plan to put a dent into their debts with the money.

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The third stimulus check is expected to be larger than each of the previous payments at $1,400. Here’s what you may be able to expect when the next stimulus checks are released.

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Disclaimer: ClearOne Advantage does not offer tax advice. Please consult with your accountant or tax professional for advice regarding your specific tax situation.

If you want to receive your tax refund as soon as possible, file your tax return at the first available opportunity. This year, that opportunity comes about later than usual.

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Whether multiple credit cards will help you or land you in debt depends solely on how you manage them. If you have out-of-control credit card debt, having more than one credit card is a bad idea because available credit may be a temptation you cannot resist. On the other hand, if you are never tempted to use your credit card inappropriately, having multiple credit cards can offer some advantages.

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Sometimes, a card balance transfer from one credit card to another credit card makes good financial sense, but sometimes it doesn't. If you wonder if a balance transfer credit will fit your needs and save you money, here is what you need to know about this potential debt relief method.

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Most Americans have 4 credit cards and the average balance on credit cards is a little bit over $6,000. While many people can manage their credit card debt, some find it difficult and end up stressing over how they are going to repay their debt.

Thankfully, there are many solutions available to help people overcome their debt. ClearOne Advantage can help you come up with the best way to get out of debt fast, no matter how much debt you have accumulated.

If the amount of debt you owe is spiraling out of control, you should reach out to a certified debt specialist from ClearOne Advantage who will assess your personal information and your finances and give you realistic and viable options for a debt-free life.

The important thing to remember is that you want to pay down debt as quickly as possible to avoid additional interest fees which can cause your credit card debt to get even further out of control. Even a large amount of debt can be dealt with in a timely manner, if you choose the correct option.

Managing credit cards can be upsetting, but if you’ve been struggling to only make minimum payments and don’t know how to get out of debt, read on for some tips on how to get started.

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Every January, throngs of New Year’s Resolutioners swarm gyms and physical fitness facilities across the nation. Doesn't it make sense to pay as much attention to your financial fitness as you do to working off that extra weight and getting healthier?

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Are you one of the many wondering why you haven’t received your $600 second stimulus payment yet? With a tight deadline of January 15, the Internal Revenue Service (IRS) ran into more glitches than they did with the first stimulus check.

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Constant worry and chronic stress can have a significant negative impact on physical and mental wellbeing. According to WebMD, if you're constantly under stress, you can develop physical symptoms such as headaches, hypertension, chest pain, and insomnia,  as well as mental symptoms such as depression, panic attacks, or anxiety.

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With the COVID-19 global pandemic showing few signs of slowing down any time soon, the financial crisis it has caused for many Americans is in full swing.

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If you are one of the millions of people who start each New Year with some new resolutions, this may be the perfect year to make some specific to your financial health.

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Money management has always been about keeping track of incomes and expenses. Although still viable, manual spreadsheets and the pen-and-notebook approach are no longer optimal ways of maintaining a budget in the age of the smartphone.

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You have just paid off your credit card and taken a big chunk out of your debt in the process. Congratulations! Now, you face a question: Does it make sense to close a paid-off credit card account?

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If you aim to go debt-free in 2021, you have chosen to fight the good fight. Congratulations on your choice! You deserve all the support and help you need to achieve your goal.

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Disclaimer: The following is for information purposes only and should not be viewed as legal advice and should not be relied upon without consulting an attorney.

It is legal for creditors to employ debt collectors to help them collect money that is due to them. However, when attempting to recover money from you, some debt collectors may resort to unfair, deceptive, or abusive practices in an effort to intimidate you.

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The Coronavirus Pandemic is causing financial hardship for many Americans, even forcing some to put important bills like rent on their credit cards. This could cause a massive increase in credit card debt when the pandemic is over.

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Whether it's trying to keep up with the Joneses or prove worth to one's self, family member, or peer, people tend to overspend. Money has become a trigger of obsession and addiction for many. 

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Getting a debt consolidation loan can be tricky. Like other types of debt management plan options, approval for the best debt consolidation loan is dependent on factors like your credit score and debt-to-income ratio. When you are already struggling to pay your creditors, you may not qualify for a debt consolidation loan that will really help you.

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Money management might sound complicated, but what it really means is learning how to handle your finances, from budgeting to setting long-term goals for financial success.

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If reducing your credit card debt is one of your goals, turn it into a SMART goal to make it easier and simpler to achieve. By doing that, you will pluck debt resolution out of the domain of dreams and plant it firmly into reality.

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The holidays can be a great time of year to spend time with your loved ones and kick back and relax. Be generous with your time and love, but make a pact with yourself this year to avoid getting caught up in the moment and being a bit more generous than you can afford to be with the material giving.

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A simple Google search on “debt settlement feedback” reveals that people either love or hate their debt settlement company.

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Credit cards are practical and make life easy. You can pay for groceries, holidays, and shopping with your credit card while also paying off the credit balance at the end of each month. But what happens if you can’t afford to pay the balance in full? What happens if you only pay the minimum payment and the credit card balance starts ballooning? Are you in too much credit card debt?

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Some may view bankruptcy as a reasonable and common way out of debt and an opportunity for a fresh start. The damage bankruptcy does to your finances, however, is life-disrupting and lasting.

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Debt relief and debt repair come in many shapes, including debt management and debt settlement. Debt management usually comes with a debt management plan (DMP) that lasts for up to 5 years: during this time, you are expected to repay your debt on more favorable terms. Debt settlement aims at settling your debt whereby you repay only part of your debt.

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Debt settlement saves you money by shaving off a set amount of your credit card principal. It’s a viable solution when you feel that the debt amount on credit cards you have accumulated is simply unmanageable on your current income.

You will, however, owe taxes on the money you save this way. In many cases, it is considered income, and you are required to report it as such to the Internal Revenue Service (IRS). For example, if you owe $25,000 in debt and your creditors agree to settle personal loans for $15,000, you will be taxed on the remaining $10,000.

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If you are struggling with heavy credit card debt, you owe it to yourself and your family to explore your debt reliefoptions and find ways to manage your debt. You can choose from balance transfer cards to debt consolidation loans and debt management plans offered by debt counseling agencies. However, debt settlement can be the best option for you if you wish to pay back less than you owe. The sooner you settle your credit card debt, the lower interest rates you'll get, the easier you’ll pay down debt, and the sooner you can find your way to true financial freedom.

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"The number one problem in today’s generation and economy is lack of financial literacy." - Alan Greenspan, former Chair of the Federal Reserve of the United States. Learn how improving financial literacy can benefit you.

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Warren Buffett, the world-renowned billionaire and financial expert, advises:

“Don’t save what is left after spending; spend what is left after saving.”

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Debt has become ingrained in American culture. Today, few of us can imagine a car without payments, a house without a mortgage, or a college student without a loan. In addition to these debts, Americans are also carrying a significant amount of credit card debt.

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The financial implications of the coronavirus global lockdown have rippled across the country, affecting businesses and their employees. About 16.8 million Americans filed for unemployment in the past three weeks as COVID-19 adversely affected every industry nationwide.

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Congress approved a significant stimulus package on March 27 to assist Americans struggling with the COVID-19 emergency. Most people will receive an additional $1,200 from this plan. If you have children under the age of 18, you’ll also be provided $500 for each child.

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Financial difficulties can be challenging. If you suddenly find yourself in a situation where you have a bevy of bills to pay, a lack of funds, and you aren’t sure how you can pay these monthly bills, then you understand financial hardship. Financial hardships occur when you lack the money to pay for your necessary expenses, and taking on debt or missing payments might seem like your only solution. Many Americans are currently experiencing these types of issues, so know that if you are in this position, you are not alone, and you don’t need to feel embarrassed. Instead, there are some steps you can take to help yourself out with this type of situation.

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Getting laid off from your job or having your hours reduced can be stressful. That job was how you were able to provide for yourself and your family. It put a roof over your head and food on the table. When you lose your job, your income grinds to a halt. Unfortunately, the same can not be said about your expenses. There are still bills to pay, even when you aren’t making money. These bills can drain any savings you may have, leaving you in a desperate financial situation.

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If you’re like many Americans, you probably know a thing or two about economic uncertainty. A recent study by the First National Bank of Omaha found that nearly half of all Americans expect to be living paycheck to paycheck throughout the coming year. And 53% of those surveyed said that they don’t have a rainy-day fund that would cover three months of their basic living expenses.

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The two most important email addresses to add to your address books are:

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Toward the end of 2019, economic experts began noticing a new trend in household debt. That’s because the state of household debt experienced a dramatic upswing in 2019, according to a recent New York Federal Bank Study. The surge of household debt that happened in 2019 is the most significant annual increase we’ve seen since what we saw right before the last economic recession, during 2007. In 2007, we saw household debt increase to over a trillion dollars. Many of the statistics we’ll be using for this article come from the previously mentioned NY Federal Bank Study.

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