Tag Archives: DebtManagement

How to Save for Retirement as a Millennial

Millennials, people reaching young adulthood in the 21st century, are reportedly not saving as much for their retirement as previous generations. A recent study conducted by surveymonkey.com, found that 44 percent of millennial aged women spent more on coffee than they put aside for savings. Many millennials are strapped with student loan and credit card debt payments, are choosing to start saving later in life for marriage and raising kids, and may have not received proper education in managing finances. Other surveys suggest that millennials focus on short-term goals rather than long term, and take jobs at startups or small businesses as independent contractors that do not offer retirement plans. Keep reading for some tips on how to start a savings account as a young adult. 3 Tips for Saving for Retirement as a Millennial Start budgeting: Most millennials have little or no savings to start with. Start managing how…
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5 Myths About Debt Negotiation

For those struggling to escape consumer debt, a debt negotiation plan can be a way out. While this is one option for debt relief, there are also a lot of misconceptions about how the process works. Let’s go over a few common myths to help you decide if this is the right path for you. 5 Myths About Debt Negotiation The negotiation will eliminate all debts: While it’s true you can get out of consumer debt if you follow the program extremely closely, debt negotiation isn’t going to help you get out things such as student debt or alimony payments. It’s a step forward, but not a restart. The program will be quick and easy: There are many benefits to debt management programs. You can reduce your total debt and change the terms of repayment. There are also a few downsides, however. For instance, while you’re in the process of…
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3 Things You Might Not Know about Refinancing Student Loans

Refinancing student loans is a common piece of advice for people looking to escape debt or simply save money on interest rates. But how much do you really know about the process? Here are a few things you might want to learn about refinancing student debt. 3 Things You Might Not Know about Refinancing Student Loans It could mean the end of your federal loan benefits: Refinancing with a private lender means losing your federal student loan benefits. These benefits include flexible repayment options, public service loan forgiveness programs, deferment options and other important benefits. Make sure you understand the benefits you might be sacrificing to get that better rate. It may still be worth it, but it’s always better to know before rather than after you make a deal. It’s not the same as consolidation: People often have a hard time knowing the difference between refinancing and consolidation. Consolidation…
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