ClearOne Advantage Blogs - Page 7

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.

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 while you're in debt.

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.

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.

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.

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.

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.

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.

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.

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.