Tag Archives: CreditScore

Is Credit Card Debt Bankrupting Millennials?

Are millennials being crushed under a mountain of credit card debt? Is bankruptcy lurking on the horizon for many millennials? Today’s millennials have more debt than ever, between credit cards, expensive student loans, car payments and (sometimes) mortgages. Over two-thirds of millennials are paying back at least one source of long-term debt. Over one-third have more than one source of long-term debt. And given that the average millennial salary is less than $35,000, this age group faces a huge struggle paying off these debts. Millennials forego cars, moving out of their parents’ houses and getting married because it just isn’t financially feasible to do those things. Among all types of debt plaguing millennials, the largest by far is student debt. And because student debt is such a problem, many millennials fall into a debt spiral. Because they must pay expensive student debts, they have a harder time paying off other…
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How to Build Up Credit After Bankruptcy

Bankruptcy has the reputation of ruining your credit score and may seem like the end of the road to many. It does stay on your credit score for up to ten years, but building credit afterwards can help you look better when applying for apartments and even jobs. Bankruptcy is often a way for people with debt problems to turn their financial habits around and start building a positive credit score again. There are ways to obtain credit after bankruptcy, and ways to start spending responsibly. Obtaining Post-Bankruptcy Credit Bankruptcy should eliminate a large portion of your debt (if not all of it). If this has occurred, lenders may extend credit card or loan offers your way. It is important to remember to start small when you consider taking on debt again. In some cases, getting a secured credit card, which you pay for in advance, may be your best…
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How Important Is Your Credit Score?

You hear about credit scores all the time, but what’s all the fuss about? Many people may not understand what a credit score really means, and what factors into how your score is decided. Credit scores are important and can determine a lot of things like how high your interest rates for borrowing are, and it lets lenders determine how risky it is letting you borrow money. Your credit score can apply to your credit cards, mortgage payments, and car payments. However, having a bad credit score is not the end of the world. There are always ways to start repaying your debt, including debt management strategies and bankruptcy. Keep reading to learn more about credit scores and what to do if your credit score is spiraling lower and lower. What Determines Your Credit Score What is your repayment history? How diligent are you at repaying the debt that you…
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