Debt snowballing is a strategy used to pay off debts faster. If you’ve never heard of it, here’s how it works… You start off by paying small debts as quickly as possible. Focus your extra money on the smallest balance you owe. That way if you’re paying on 7 accounts every month, but can completely...
If you’ve been looking for ways to pay down your debt, you’ve probably heard the term “debt snowball” before. It’s a method that involves paying off your smallest balances first. Once you do that, you create momentum that allows you to easily keep getting rid of the rest of your debts. This strategy keeps you...
When you’ve accumulated debt across many credit cards and other debts, the repay strategy can feel a little daunting. You may feel like you’ll never get out from under debt. Even though it may feel a little hopeless at the time, with the right strategy in place you can actually conquer your debt once and...
If you have a credit score that ranges between 740 and 799, you are considered to have very good credit. This means you qualify for better interest rates from lenders. You not only can get better lending rates, but you can also get unsecured loans and more flexible terms. In these cases, they may also...
When reviewing your application for a personal loan, lenders look at a number of factors. They look at… Your gross monthly income or annual income. Employment history Current debt obligations to assess your debt-to-income ratio. In some cases, some lenders will look at your address as a factor for eligibility because not all loan products...
If you have a credit score that ranges anywhere between 670 and 739, you have good credit. With a score like this, you should be able to get approved for an unsecured personal loan. These loans are typically structured as installment loans with a fixed repayment period and often —though not always — a fixed interest...
If you have a credit score of 669 or less, you fall into the category of fair credit, which is still not great in the eyes of most lenders. You are considered a subprime borrower, so getting credit might be difficult and interest rates will likely be high. If you’re looking to get a personal loan,...
If you have a credit score of 579 or lower, you are considered to have poor credit. Finding loans with a credit score this low is a challenge because lenders see you as a high risk borrower. Even if you are approved for anything, you will pay very high interest rates. But, it’s not impossible....
Payday loans are options people turn to when their backs are against the wall and they are in need of money fast. But payday loans can get a person into an even bigger financial trap, which is why you’re encouraged to explore all your other options. It’s best to feel out your other alternatives. If...
Did you know that payday loans can be a security risk? This is especially true if you’re doing an online pay day loan that’s because many sites you might think are direct lenders are actually “lead generators”. Lead generators take your information such as your social security number and bank account numbers and send them...
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