Are you a millennial with credit card debt or a student loan? Maybe you have both. Keep reading to see how these two things can affect your credit score and what you can do to improve on it.
There’s no denying the enormous economic impact the Covid-19 pandemic is having on American households. Keeping up with fixed expenses such as mortgage payments, electric bills, and car payments has become a major stressor for many. For some, companies are willing to extend due dates, lower interest rates, or even discount the amount owed. That being said, what options are there for student loan borrowers to help during this pandemic? Fortunately, there are options whether your loan is Federal, Private, or through your employer.
The widespread economic halt arising from the Coronavirus pandemic has had strenuous implications on citizens across the world. There’s no telling how long the virus will last and its resultant effect on Americans. Offsetting student loans has always been a pressing task for most citizens and with the coronavirus eliminating/reducing income, the struggle has increased. The unexpected pandemic has made it even more difficult for the average American to offset their debts – student debts being among the most troublesome. Reports show that, as of March 2019, American’s outstanding student loan debt topped $1.5 trillion. Most people are beginning to wonder how to deal with their mounting debt during this economic crisis.
You May Be Able to Get Financial Help From These Major Financial Institutions If You Have Been Negatively Affected by COVID-19
The Coronavirus pandemic has spread rapidly across the country and so has the need for financial aid and resources. Despite the stimulus check given to the American people over the last month, over 30 million Americans have registered for unemployment. This shows that, despite the stimulus package offered by the government, millions of Americans are still in desperate need of stimulus packages. However, several institutions and private businesses are offering financial help to people who have been negatively affected by the pandemic. We have accumulated a list of institutions you can go to for aid during this time.
Despite the fact that many people make a substantial amount of money, they find themselves living paycheck to paycheck, which eventually lands them in financial trouble. Why, you might ask? Well, it is because a large number of people have really poor financial habits. However, financial troubles don’t just spring up from nowhere – there are always warning signs. Many people tend to ignore these warning signs until it blows up in their faces. In this article, we will be discussing these financial trouble warning signs extensively.
One of the worst things you can have on your credit report is a charge-off. What is a charge-off, you might ask? A charge-off happens when an account has been behind on their credit card, mortgage, or other debt payments – usually after 180 days of not paying the required minimum payment. The creditor designating your debt as charged-off doesn’t mean you will not be required to pay the debt. Quite the contrary as the charge-off will stay on our credit report for seven years from the date it was reported as a charge-off. This would no doubt cause substantial harm to your credit score, affect future credit and loan applications — no one wants that. In this article, we will discuss charge-offs in detail as well as the steps to take to get them off your credit report.
Congress abolished debtors’ prison in 1833, but in reality, the prosecutors’ offices and the courts have empowered debt collectors to make use of this same criminal justice system to terrorize and punish debtors into paying the debts they owe. These debts range from consumer debt to car payments to student loans to utility bills to medical bills. This development is very disheartening if you consider that private collection agencies now control the debt of over 70 million Americans, including low-income families.
Whether you are single, married, or have kids, your monthly car payment is your ticket to freedom and a fully paid-for car that can take you and the family from point A to point B. However, if you can’t fulfill your monthly obligations, this can easily turn into a financial disaster. One of the major ways of maintaining your financial situation is by paying your bills on time – not doing this will affect your credit score and limit how much credit you can get.
Having a high credit score is very important in your financial life. The higher your credit score, the better your chances are of qualifying for credit cards or loans with good interest rates. Depending on your credit score, it can either save you a lot of money or cost you a lot of money. However, quite a number of people have poor credit scores because of a missed payment, credit history errors, or others. If you are one of the people with a low credit score, you are not alone. You must note that improving your credit score takes time, as there’s no instant way to fix a credit score. Quick-fix methods almost always backfire, so it is important that you don’t rush to get one. We will be discussing the different ways you can improve your credit score in this article, so let’s get right to it.
With the rise of many fintech companies dominating the payment industry, there are a lot more payment choices available; more than when banks dominated the industry globally. According to a 2019 global payments report by McKinsey, the global payment industry has grown by 6% from 2007 to 2018, and it is predicted to make a total revenue of over $2.5 trillion. The internet is already a scary place to be as there are many risks involved especially with cybercrimes but with the growth of the global payment industry, the cybercrimes risks have increased.