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How Debt Consolidation Can Go wrong
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What happens when debt consolidation goes in the wrong direction
Written by Liz Weston, CFP(r) Senior Writer | Personal finance credit scores, economics, and personal finance Liz Weston, CFP(r), is a personal finance columnist host of the "Smart money" podcast, award-winning journalist and author of five books about finances, which includes the bestseller "Your Credit Score." Liz has appeared on numerous national television and radio programs including"The Today Show, "Today" program "NBC Nightly News," The "Dr. Phil" show, and "All things considered." Her columns are distributed in the media by The Associated Press and appear in hundreds of media outlets each week. Prior to NerdWallet, she wrote for MSN, Reuters, AARP The Magazine and the Los Angeles Times. She lives in Los Angeles with a husband, a daughter and a co-dependent golden retriever.
Updated on July 20th, 2017 at 2:07PM PDT.
Editor: Des Toups Lead Assigning Editor | Student loans, repaying college debt, paying tuition for colleges Des Toups is a former lead assigning editor who supported both the auto loans and automobile loans teams. He has years of expertise in the field of personal finance journalism, examining everything from auto insurance to bankruptcy to couponing and side hustles.
Many or all of the products featured here are provided by our partners, who pay us. This influences which products we feature as well as the place and way the product is featured on a page. However, this does not affect our assessments. Our opinions are entirely our own. Here's a list and .
Daniel Montville knew a debt consolidation loan won't be able to solve his financial woes, but the hospice nurse hoped it would give him some breathing space. He had already declared bankruptcy once in 2005, and was determined not to make the same mistake again.
Montville obtained the loan in the year 2015, however within a year he had fallen behind in his payments and on those payday loans he got to help his daughter, a single mother with four children. The payday lenders have almost cleaned out his checking account every time a check came in and left him with only a small amount of money to pay for necessities. His daughter was fired from her job and the $5,000 tax refund she had promised him for repayment was instead given to her children.
"That's the point at which I realized and realized that this was a non-win scenario," says Montville, 49, of Parma, Ohio. Montville is now repaying his creditors in a five-year Chapter 13 bankruptcy repayment plan.
It can seem like the answer to a struggling borrower's prayer, but it often doesn't deal with the excessive spending that caused the debt in the first place. Within a short time many borrowers find themselves getting buried under the burden of debt.
"It's an easy fix," says Danielle Garcia an expert in credit counseling at American Financial Solutions in Bremerton, Washington. "They aren't fixing the root cause of the issue."
From the frying pan
The five-year $17,000 loan Montville received at his credit union, for instance paid off 10 high rate credit card debts, cut the rate of interest on the debt from double figures to a mere 8%, and provided a monthly fixed payment of $375, which was less than what he had been paying in total on the cards.
What the loan did not accomplish however was alter Montville's spending habits. Repaying his credit cards only gave him room to make charges.
A small portion of the debt stemmed due to unexpected expenses such as car repairs. But Montville estimates that 60% of it came from "foolish expenditure."
"I wanted to own a television. I needed clothes. I'm planning to go to a cinema," Montville says. When he bought a new computer, he realized only the small monthly payment of $35 and not the interest rate of 25%. rate that he was assessed. When his daughter was in financial trouble, he turned to payday loans due to the fact that his credit cards were at their maximum.
Now that he is unable to longer make loans credit -- his credit card accounts have been shut and he'll need the approval of the bankruptcy court to purchase a new car-- Montville is now thinking about what he actually requires to buy and what he would like to purchase. He considers whether he can go without a purchase, or delay it. If he really desires something, he will save for it.
"My impression is that I should pay cash only," Montville says. "Once I pay cash, no one can take it from me."
Consolidation a strategy, not a solution
Montville's lawyer Blake Brewer, says many of his clients don't have any clue how their expenses stack up against their earnings. They assume that their forthcoming tax rebate or a stretch of overtime will enable them to catch up, without realizing that they are spending more than they make.
"These people are simply shocked when I sit down with them and pull out a calculator,"" Brewer says.
A few of his clients have consolidated their debt using the 401(k) loan or a home equity line of credit. They are proud of their savings money by lowering their interest rates, however they don't realize they're spending funds -- home equity and retirement accounts which would normally be protected by creditors during bankruptcy the court.
Anyone who is looking to consolidate debt might end up with a debt settlement , which promise to persuade creditors to settle for lesser than the amount they're due. Debt settlement typically causes significant damage to credit scores, however the success of the process isn't always guaranteed. Some companies simply disappear with the thousands of dollars they demand.
Through a credit union or a trusted online lender It doesn't have to be a disaster if borrowers:
Stop using credit cards
Make a commitment to an annual budget
Reserve money for emergencies so that they don't need to borrow to pay for unexpected costs
In addition, their debt must be manageable and payable within the three- to five-year term of the typical loan. The debt consolidator loan. If it would take longer than five years to pay off the debt on their own, borrowers need to consult with a .
"By the time that most people look for assistance, they're already in too deep," says Garcia, the credit counselor.
Liz Weston is a certified financial planner and columnist with NerdWallet which is a personal finance site, and the author of "Your Credit Score." Email: Twitter @lizweston.
This piece originated from NerdWallet and was first published by The Associated Press.
(image: https://i.ytimg.com/vi/auXpZXnegAw/maxresdefault.jpg)Author bio Liz Weston is a columnist at NerdWallet. She is a certified financial planner as well as the author of five money books, including "Your credit score."
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Ask an expert: What are the Signs that I'm in need of A New Bank?
Advertiser disclosure You're our first priority. Everytime. We believe that every person should be able make financial decisions with confidence. And while our site doesn't include every financial or company product available on the market, we're proud that the guidance we offer, the information we provide as well as the tools we design are objective, independent easy to use and free. So how do we earn money? Our partners pay us. This could influence the types of products we write about (and the way they appear on the site) however it doesn't affect our suggestions or recommendations that are based on thousands of hours of research. Our partners are not able to be paid to ensure positive review of their services or products. .
Ask a Nerd: What Are the Signs that I'm in need of A New Bank?
A few key signs can let you know when it's time to start an account with a different bank account elsewhere.
by Ruth Sarreal Content Management Specialist Banking accounts and bank account bonuses Ruth Sarreal is a specialist in content management covering banking for consumers at NerdWallet. She has over 10 years of experience in writing and editing for consumer websites. She has previously edited the content for personal finance issues at GOBankingRates. She has had her work featured in Nasdaq, MSN, TheStreet and Yahoo Finance.
Updated Jan 26, 2023
Editor: Yuliya Goldshteyn Assistant Assigning Bank Yuliya Goldshteyn is a bank editor with NerdWallet. She has previously worked as an editor, a writer and a research analyst in industries ranging from healthcare to market research. She received a bachelor's diploma in history from the University of California, Berkeley as well as a master's degree in social sciences from the University of Chicago, with the focus on Soviet cultural history. She is located in Portland, Oregon.
Many or all of the products featured here come from our partners who compensate us. This influences which products we write about and the location and manner in which the product appears on the page. But, it doesn't affect our opinions. Our views are our own. Here is a list of and .
Discover savings accounts that best match your financial needs
Simply answer a few questions to find accounts that meet your needs.
My most loved emails over the past couple of months were the ones from my bank informing me that my savings annual percentage yield has increased and that overdraft fees have been cancelled. If you've not received any of those recently, then you might want to create your own bank account with a different financial institution.
It's not necessary to leave your existing bank if it's beneficial to you. As both a banking nerd as well as a general consumer I find it useful to have accounts at a variety of different institutions like an old-fashioned bank, a credit union and one that is online.
Each account offers me something the other accounts don't. A traditional bank offers some products or services I can't get at my online bank, while my online bank pays much more interest. Thus, using a combination of institutions can help you save and even earn- more money.
Here are a few obvious signs that you might need to choose a new lender, or, at a minimum .
You're paying for unnecessary charges
The once rare phenomenon -the ability to have a bank account with few fees -- is becoming more common. "There's plenty of competition in the neobanking industry and in traditional banking nowadays to pay any fees , especially fees for overdrafts or other fees to get the account," says Ramona Ortega, creator of My Money My Future, that focuses on closing the wealth gap, and provides high-quality financial advice.
There are many free accounts with no obstacles to follow to avoid paying a monthly fee. There are many more , you shouldn't have to pay the fees.
Your savings APY hasn't been increasing lately
If you've not been able to increase your savings account contributions in the last few times (thanks, ), you should be seeing a little more money added to your account. In the past year when the government raises the federal funds rate, banks generally also increase their rates. In the event that your bank account hasn't increased your savings rate this year, that's an indication of red flags (and an opportunity to change banks).
The average national savings rate has increased from 0.06 percent at the start of 2022. It is now 0.33 percent. Federal Deposit Insurance Corporation . . Accessed Aug 30, 2022.
at the time of January 2023 in accordance with as of January 2023, according to the Federal Deposit Insurance Corp. The best rates of interest are currently more than 10 times that (that's approximately 3% or up).
>> Read more Learn more about
Saves CD Management Checking Money Market
Member FDIC
SoFi Checking and Savings
APY 4.00 Per cent SoFi Members with direct deposit can get up to 4.00 per cent annual percentage yield (APY) on savings balances (including Vaults) and 1.20 percent APY on their checking balances. The minimum direct deposit amount that is required to be eligible for 4.00 percent APY for savings. Members without direct deposit will receive 1.20% APY on all account balances in savings and checking (including vaults). Rates of interest are subject to change and subject to change at any time. The rates listed are current as of 03/17/2023. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet
Min. balance for APY $0
Member FDIC
Marcus from Goldman Sachs Online Savings Account
APY 3.75 percent 3.75% Annual percentage yield (annual per cent yield) with a minimum balance of $0 to earn the stated APY. Accounts must be in an open balance to stay open. APY is valid until 02/14/2023.
Min. balance required for APY $0
Member FDIC
CIT Bank Platinum Savings
APY 4.75 percent
Min. balance for APY $5,000
They combine the features and services that are similar to savings, checking and/or investment accounts in one product. The cash management account is typically provided by non-bank financial institutions.
The cash accounts offer features and services that are that are similar to checking, savings or investment accounts into one account. These accounts for managing cash are usually offered by non-bank financial institutions.
on the website of Wealthfront.
Wealthfront Cash Account
APY 4.30%
Min. balance to APY $1
on the Betterment's website.
Betterment Cash Reserve - Paid non-client promotion
APY 4.20% Annual percent yield (variable) is at 03/27/2023.
Min. balance to APY $0
CDs (certificates of deposit) are a form of savings account that comes with a fixed rate and term, and usually offer higher rates of interest than standard savings accounts.
CDs (certificates of deposit) are a kind of savings account that has a fixed rate and term, and usually offer higher rates of interest than traditional savings accounts.
Member FDIC
Marcus from Goldman Sachs High-Yield 10-Month CD
APY 5.05 percent 5.05 5 % APY (annual percent yield) as on 03/28/2023. Special Offer Ends 09/15/2023.
Term 10 months
CIT Bank No-Penalty CD
APY 4.80%
The term is 11 months
Checking accounts can be used for cash deposits on a regular basis as well as withdrawals.
Checking accounts are utilized for day-to-day cash deposits and withdrawals.
The deposits are FDIC Insured
Current Account
APR N/A
Monthly fee: $0
Chime Checking Account
APR N/A
Monthly fee $0
Member FDIC
Axos Bank(r) Rewards Checking
APY 3.30 percent. The annual percentage yield could be as high as 3.30 percent, according to the following rate of rewards: direct deposits (not including transfers between banks from another account) that total more than $1500 every month earn 0.40%. A direct deposit that is eligible for a qualifying amount is required to satisfy the remaining interest rate qualifications to apply. Ten (10) point-of-sale transactions per month using your Rewards Checking Visa(r) Debit Card to make normal everyday purchases with at least $3 for each transaction, or enrolling in Account Aggregation/Personal Financial Manager (PFM) will earn 0.30 percent. Maintaining an annual average of at least $2,500 in the Axos self-directed trading Invest account earns 1.00%. Maintaining an average daily balance of $2,500 per month within An Axos Managed Portfolio Invest account will earn 1.00 percent. Likewise, making a monthly payment for an existing Axos Consumer Bank loan (commercial and business loans excluded) by the Rewards Checking Account can earn a maximum of 0.60 percent.
Monthly fee of $0
Market accounts for money pay interest rates that are comparable to savings accounts and have certain features for checking.
Market accounts for money pay interest rates similar to savings accounts and have certain checking features.
Member FDIC
The Discover Bank Money Market Account
APY 3.50 percent
Min. balance to APY $1
Your bank's customer service isn't accessible enough
You ought to be able to seek help quickly with your banking issues, via a customer service channel you prefer using. Do you prefer to chat online, but your credit union or bank does not offer online assistance? Choose a bank which answers questions and provides timely assistance with social media. Or, if the idea of sending a tweet to the bank is something that makes you feel uncomfortable there are plenty of financial institutions that provide a variety of options. I prefer a live online chat in-app messaging, or an instant phone call following work So, I ensure my bank offers all three options, as well as extended hours of customer service.
If you prefer speaking in a non-English dialect, shop around to find a bank or credit union with representatives who speak it. If you prefer to speak in Spanish For instance look into the possibility of a .
You'll require to get a loan
If your financial institution doesn't offer the loans you'll require at competitive rates, that's a good reason to consider opening an account with an institution like a credit union or bank which does.
Don't think you'll need a loan for a few months? Take this step now anyway as it's beneficial to have an account that's in excellent standing at a financial institution a while if you'll eventually require a loan.
"You generally receive a better rate if you have a banking relationship at the institution," Ortega says.
>> Need help deciding on a financial institution? Learn
The process of opening a account with a new bank account can take just one minute and the rewards could be worth it: less time, better returns on your money, easier access to assistance -- and assurance in regards to your finances.
If you've noticed any of these indicators and are looking to open a account, or open a bank account and/or move to an institution that can serve you better, do your research .
The author's bio: Ruth Sarreal is a content management specialist at NerdWallet. She has written and edited content on personal finance topics for more than five years.
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Guide How to Earn Money Through Blogging
Advertiser disclosure You're our first priority. Everytime. We believe that everyone should be able to make sound financial decisions without hesitation. Although our site does not include every company or financial product available in the marketplace We're pleased of the advice we provide, the information we provide and the tools we create are independent, objective easy to use and cost-free. So how do we earn money? Our partners compensate us. This can influence the products we review and write about (and the way they appear on our website), but it doesn't affect our suggestions or recommendations which are based on many hours of study. Our partners cannot be paid to ensure positive ratings of their goods or services. .
Guide How to Earn Money Blogging
Making money from your blog could require you to run ads, delve into affiliate marketing or choose another option.
by Laura McMullen Assistant Assigning Editor Financial, personal finance information Laura McMullen assigns and edits the financial news content. She was previously a senior writer for NerdWallet and covered saving, making and budgeting money; she wrote for the "Millennial money" column of The Associated Press. Prior to becoming a part of NerdWallet at the end of 2015 Laura was employed by U.S. News & World Report in which she wrote and edited content related to the health and wellness of students, careers and other topics and also worked on the company's rankings projects. Prior to working for U.S. News & World Report, Laura interned at Vice Media and studied journalism history, historical studies, as well as Arabic at Ohio University. Laura is a resident of Washington, D.C.
Updated Dec 14, 2021
The majority or all of the products we feature come from our partners, who pay us. This influences which products we feature and where and how the product is featured on a page. However, this does not affect our opinions. Our opinions are our own. Here's a list and .
You've got to be an entrepreneur to blogging. You might have to sell ads, promote products or even write an e-book. We'll guide you to choose the best tactics for you.
4 ways to make money blogging
If your website is receiving good traffic, you should consider any of the strategies listed below. If your readership isn't large The first two strategies will likely be the best fit. Either way, employing multiple methods to earn money increases your chances to make money.
1. Display advertising
There's a good chance you've seen ads for cell phones, credit cards as well as other products on sites you've been to. Businesses can bid to display ads on your blog, also, via programs like Google Adsense. You can choose what types of ads run and where they'll be placed on your blog and get paid when a reader clicks the ads.
Calculating your earnings potential isn't easy, but this detailed guide can be helpful. The basic idea is that your website receives 2,800 views in one month and 1.5% of viewers click on a display ad -- that's 42 clicks. If the advertiser offered 75 cents per visit, you'll be looking at a paycheck of approximately $30.
"For bloggers who are new who is just starting out, a payment of $30 or $50 can be all the incentive they require to keep their blog going and eventually get to the higher pay-outs," says Joseph Hogue creator of "Make Money Blogging."
What is the amount of money you can make from blogging? Here's what Google says
Google is the reigning king of content. Your content is. Google determines if readers can find your content through a search, and pay you to put ads in your website.
However, Google also knows how much money you make, based on the visitors your blog receives. It's all revealed in an .
These are a few examples of what Google believes you are likely to earn annually from ads for a blog located in North America with 50,000 monthly page views based on the following categories of content:
Sports: $2,538.
Arts and entertainment 337,372 dollars.
Vehicles and autos 5 520 dollars.
Beauty and fitness: $7,806.
Shopping: $8,400.
Travel: $8,460.
Food and drink: $8,598.
Finance: $19,278.
Naturally, the greater your audience, the more money you make.
2. Repurposed blog content
You're already producing content So why not share the content in a different form? Turn your blog posts into chapters of an ebook which you could make available on Amazon.
Self-publishing won't necessarily bring you wealth however "it's an excellent way to earn earnings that are passive," Hogue says. That means you can nearly disappear from the content once you've finished compiling the content and publishing it on Amazon. Just collect a payment at the time and later.
Furthermore, you already have the perfect platform for marketing that is able to reach a targeted audience - your blog. Hogue is announcing his e-books on investing and passive incomes on his personal finance blog, PeerFinance101.
Or, if you have content that can be translated into video, then you can look at .
3. Marketing through affiliates
If you frequently mention products on your blog, consider affiliate marketing. Let's suppose you write an online blog that is about smoothies: You can link to an exact blender on Amazon in your blog post If a person clicks the link and purchases this blender you'll earn an amount of commission.
Hogue says that a single purchase could put between a few hundred dollars into your pocket. To find products and advertisers to promote your website, sign up with an affiliate network like ShareASale, CJ Affiliate, FlexOffers.com, Rakuten Marketing or .
Affiliate marketing can be a major source of income for bloggers. In 2017 Hogue earned roughly $2,000 per month this way through two of his blogs. Hogue knows of others who make use of it to bring in tens of thousands each month.
This method is most effective for blogs that get a lot of traffic. The more people who read the blog is the greater chance that someone will see the post, click the link and purchase the item.
>> MORE:
4. Content sponsored by sponsors
Through this method, businesses pay you a fixed price to create a article about their product. For example you or a blender company would create the post on your smoothie blog about a specific blender, with a hyperlink to a website on which readers can buy it.
Sponsored content offers might be difficult to obtain if your blog doesn't receive significant traffic. But if you get the chance, Hogue says even authors of blogs with low traffic levels should ask for at least $100. If you need to written the content by yourself. You can ask for some hundred dollars per post after your blog has reached an increased number of readers.
You can find these opportunities through ad networks, or by contact with potential sponsors. It is possible to receive unwelcome emails offering you cash in exchange in exchange for a sponsored post.
This method isn't an option for every person. Some bloggers are uneasy advertising a product to earn money since it makes them feel like "they're in essence a shill for a sponsoring company," Hogue says. He suggests only promoting products you've tried and would actually recommend. The product should be relevant, and there shouldn't be any gushy praise for carpet cleaners on your smoothie blog -except if you're at risk of spilling your drinks.
The most effective way to earn money from blogging is to earn
Whichever method you decide to use, earning money from blogging takes patience. You'll never be able to earn a decent amount until your blog has solid traffic and shows up prominently in Google search results, and this takes time. It is also important to be a student of the blogging industry. Hogue is a follower of "blogs that discuss blogging" as well as sites that dig into the subject of search engine optimization.
Given all the dedication that is required to make money through your website, you're best in picking a topic that you're passionate about. "You're going to be talking a lot about it and, sometimes, that passion is your only reason for doing it." Hogue says
.
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Are you looking for nerdy information that is tailored to your budget? Put all your money in one account, and receive specific information to get the most value from it.
The author's bio: Laura McMullen writes about managing money for NerdWallet. Her work has appeared in The Associated Press, The New York Times, The Washington Post and many other outlets.
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