Tag Archives: DebtManagement

Setting Financial Goals for the New Year

The New Year is upon us, Washington D.C.! As everyone decides on what their New Year’s resolution is going to be, consider taking a long look at your finances. Some of the major financial goals people focus on at the beginning of a new year are personal finances, saving and investing. If you are seeking financial independence, you should follow these tips to ring in the new year the right way. It starts with assessing where you are currently. Before you can commit to any new goals, you need to figure out what your baseline is. Look at your savings, debts and investments. While this may seem like a stressful thing to do at the beginning of a new year, it is important to do so that you can set realistic financial goals for 2018. Budgeting is key! Now that you have an idea of where you currently stand, you…
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18 States Sue Betsy DeVos Over Delays in Student Loan Protections From Colleges

18 states and counting have now filed lawsuits following delays in vital protections designed to help students that were victimized by predatory student loan practices. Much controversy was made this year about the largest student loan provider, Navient, after they were sued by the Federal Government. They were found guilty of malicious misinformation, hidden fees and rate increases, and breaking promises to dismiss loans for employer-sponsored repayment plans. Student loan debt in the US currently sits at approximately $1.4 trillion, according to the Federal Reserve. This extreme debt crisis is a hot button issue in legislature right now. Barack Obama implemented a rule designed to allow victims of these unfair lending practices to have their bad student debts dismissed, but the Trump-elected Secretary of Education, Betsy DeVos, has delayed the ruling from going into effect. The Obama ruling was scheduled for July of 2017. The Obama rule highlighted “Borrower Defense…
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What Are the Benefits of Debt Consolidation?

If you are struggling with repaying debts, you are certainly not alone. Consumer debt has now reached all-time high levels at $12.73 trillion, according to the New York Fed Consumer credit panel. However, you have many options when repaying debts.  You can renegotiate loan terms with your lenders and consolidate multiple debts into a single debt, which can lower your interest rates. This can make the repayment process easier. It is important to consider contacting a bankruptcy lawyer before signing a debt consolidation loan, as they have resources to offer different repayment strategies that can better fit your needs. What Kind of Debts Do You Have? Secured debts: These are debts that involve physical property as collateral for the repayment plan. For example, mortgages and car loans. Failure to pay these debts can result in the repossession of the property at stake. Unsecured debts: These debts are not tied to…
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