Search Results for: debt

Debt can be a significant burden, weighing heavily on your financial well-being and plans. Whether it’s credit card debt, student loans, or personal loans, finding an effective strategy to tackle it is crucial. Two popular methods, the debt snowball and the debt avalanche, offer different approaches to debt repayment. In this article, we’ll dive into the details of each strategy, helping you determine which one aligns best with your financial goals and personal preferences. Understanding the Debt Snowball Method The debt snowball method, popularized by personal finance guru Dave Ramsey, focuses on building momentum and generating quick wins. Here’s how it works: The debt snowball method provides psychological motivation by allowing you to celebrate small victories as you eliminate debts … Read more

A survey of 20 million Credit Karma members conducted in summer 2020 found over $45 billion of medical debt in collections. Previous studies on medical debt have found that hospital bills are typically the #1 cause of personal bankruptcy in the U.S. In the wake of a global pandemic that hit Americans particularly hard – in terms of job losses and skyrocketing hospital bills – the issue of medical debts will likely become more prominent in public conversations in the years to come. How to Better Manage Your Medical Debts If you’ve received an astonishingly expensive medical bill before or you’re currently agonizing over how to repay outstanding medical debts, there are some strategies you can try without having to … Read more

Staying out of debt is much more difficult than accumulating debt for many adults, especially when we have social media and innovative new forms of advertising pressuring us to spend, spend, spend on a near-daily basis. Perhaps unsurprisingly, the current statistics on Americans and debt are pretty abysmal: 55% of Americans with credit card(s) have debt U.S. households added $26 billion in credit card debt during the last 3 months of 2018 alone Approximately 10% of Americans with credit cards have balances of $5,000 or higher The average APR on a credit card is 17.73% If you’re part of any of these stats and want to get out of debt as quickly as possible without abandoning all comforts and little … Read more