A vacation home sounds delightful, doesn’t it? If you can’t afford one, you may be able to at least afford a part of one – by purchasing a timeshare.
You’ll have plenty of company if you do. The American Resort Development Association (ARDA) reports that timeshare sales have risen for eight consecutive years, reaching $9.6
Personal Loans & Lines of Credit
The loan approval process may seem convoluted with confusing language and odd delays. In a way, it does have its own language – and understanding that language can give you a better feel for where you are really at in the process.
Let’s draw an analogy while we look at things from the lender’s perspective.
You need a loan and you want the best interest rate possible. You know that a high credit score paves the way for the best interest rate offers – but did you know that your credit card balances contribute to one of the five factors used to calculate your credit score?
Your credit utilization, defined
Can you raise your credit score by taking out a personal loan? You can if you borrow responsibly – and a new study from LendingTree.com shows that borrowers with lower credit scores can see significant benefits.
Outstanding personal loan balances have nearly tripled since 2011, rising from $46.4 billion to $125.4 billion by June 2018.
Welcome to the 2018 Consumer Fraud Awards Show! We have a great show for you, with criminal activity galore. Tonight’s winners are chosen based on information from the Consumer Sentinel Network 2018 Data Book and brought to you by the Consumer Information Group at your Federal Trade Commission (FTC).
Okay, there really isn’t a consumer
What was America’s fastest-growing type of consumer debt in 2018? You may think credit card debt, given that revolving debt has topped the trillion-dollar mark – but according to new data from the credit reporting agency Experian, personal loans had the greatest percentage growth last year.
In 2018, outstanding personal loan debt grew by 11.9%
Do you whip out your credit card to take care of every large purchase? Maybe you shouldn’t. A personal loan may be a better alternative – but when would it be best for you?
A recent finder.com survey explored the reasons why just over one-third (34%) of Americans took out a personal loan in the
Debt is a major barrier to financial well-being among Americans. While we tend to think of debt as an issue affecting young and middle-aged people, the truth is that senior citizens carry debt, too. Among seniors approaching retirement, debt can be an obstacle to maximizing savings. Retirees living on a reduced income may find debt
What do you do with debts that have unfavorable interest rates or difficult payment terms? If you can, consolidate them into one debt stream with more favorable terms. Balance transfer credit cards exist for this purpose, but personal loans may be an even better alternative.
November 2018 data from LendingTree shows that over two-thirds of
According to the latest Household Debt and Credit Report from the New York Federal Reserve, America’s total household debt has surpassed $13.5 trillion. Do you sometimes feel like $13 trillion of that debt is yours?
Based on a recent survey by LightStream, almost one-quarter (23%) of Americans believe that it’s nearly impossible to climb out
Can you believe someone was able to borrow money online to buy basketball trading cards? Not just any card, but a Michael Jordan rookie card that could be worth six figures! While millions of people have borrowed money online to buy a house or condo, we found a social worker from New Mexico who used
We often hear about skyrocketing student loan and credit card debt, but a different type of debt is growing at a faster rate than either of those. According to data from the credit bureau Experian, debt from personal loans rose by 11.4% in the second quarter of 2018 compared to the same quarter in 2017
Your credit score is one of the primary items that lenders check when they consider loaning you money. A lower score means greater risk, and lenders will charge you a higher interest rate because of that difference – but how much could it cost you over the lifetime of a loan?
According to a new
Applying for credit for the first time is a bit like applying for your first job. People are hesitant to hire you because you don’t have any job experience, and you can’t get any job experience because nobody will hire you. In the case of credit applications, creditors are leery of extending credit if they
Getting a personal loan online has grown into a multi-billion-dollar industry, with lenders ranging from individuals in peer-to-peer programs to big banks. Although countless Americans have been helped by the ability to borrow money without leaving home, others have hurt themselves by being ill prepared for the process.
“Because the loans are being evaluated remotely,
Are you counting on your tax refund to pay off bills? You may need the cash before your refund arrives.
The IRS website states that typical refunds take less than 21 calendar days if you e-filed your return. However, if you are claiming the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit
What’s one of the easiest ways to end a friendship? Loan your friend a significant amount of money. According to a recent survey from Bank of America, money was the fourth greatest cause of stress in a friendship, behind jealousy, gossip, and disagreements. We would rather talk to our friends about family drama, weight, or
When you have a relatively large expense that you can’t cover with cash on hand, you generally have two choices to consider: revolving debt such as a credit card, or installment debt such as a personal loan. Which option works best for you?
Consider the difference between the two types of debt. Revolving debt has
It’s tough living on the lower end of the credit score scale. If you have a credit score below 640 or so, you are generally given “subprime” lending offers for any form of credit that you request. From credit cards to auto loans and mortgages, you will be hit with higher interest rates and potentially
If your credit score is in the low- to mid-600s, you have what is usually considered to be fair credit — not in the range where you have trouble getting personal loans at all, but in the range where finding a good interest rate and reasonable terms can be challenging. Whether you are experiencing a
You may need a personal loan for a number of reasons — perhaps to deal with unexpected medical expenses, to consolidate high-interest credit card debt, or even to take that well-deserved vacation. Unfortunately, if you have borderline or bad credit, personal loans may be difficult to get at your local bank or credit union. You
Many sources are available to define and outline the fees that are associated with mortgage loans, but what about personal loans? Generally, personal loans are unsecured loans that are not tied to any form of collateral that can be taken over by the lender in case of default, such as a house with a mortgage
We all want to help our children get the best start in life, and for many that includes helping them avoid excessive debt. That can lead you to co-signing student loans (or other credit sources) to help your children qualify for credit. You can then teach them how to manage debt responsibly. Isn’t that desirable?
By Tonya Rapley
Debt is killing us! It’s one of the main reasons I started a community movement to #BanishTheBalance. Over 60 incredible days, more than 4,000 participants paid off more than $200,000 worth of debt. The success of the movement led to a free e-course (you can sign up here) and is open to
Five loan companies in Arizona have been sued by the Consumer Financial Protection Bureau (CFPB) for failing to follow disclosure guidelines in online advertisements. Guidelines state that lenders must follow specific formats for disclosing any interest rate changes in online marketing. The five lenders, which make loans secured by the borrower’s car title, did not
If you are one of the brave men and women serving our country in uniform, you face enough dangers. You do not need anyone attempting to take financial advantage of you by capitalizing on the unique challenges of military life.
Unfortunately, you can find many payday loan lenders and other purveyors of short-term, high-interest loans
Borrowers in need of assistance between paychecks often look to various types of payday loans. One of these types of loans is called a single-payment loan, and it is secured with the borrower’s auto title. However, as with all payday loans, this type of loan often had unexpected consequences that went along with it. According
You are struggling just to pay your monthly bills, not to mention dealing with the occasional car breakdown, home maintenance item, or unexpected medical bill. You have had to resort to high-interest short-term payday loans to fill the gap, which puts you even further in debt. How can you even think about saving money in
Peer-to-peer lending, or P2P, has continued to grow in popularity as banks become a less attractive option for smaller businesses or consumers looking for mid-range to lower-level loans.
We discussed two of the best-known alternatives for personal loans (Lending Club and Prosper) in a previous article, but let’s take a look at a few of
APR and APY – are they new texting acronyms? IDK, you say – or rather, you text? (For the benefit of the textually-challenged, IDK means “I don’t know.”) If you think they are texting acronyms, or just “DK” what they are, it’s time to learn.
APR and APY are financial acronyms, short for Annual Percentage