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(image: https://www.prlog.org/12756040-theone.jpg)Are You In Too Many Debts?
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Do You Have Too Many Debts?
Take the sum of certain kinds of debt. Compare the total to income to determine if there's a problem and how to proceed.
By The Nerdwallet contributors are experts in their field, who come from a range of backgrounds in journalism, finance and consulting. Our editorial standards are the most stringent standards of editorial to ensure that our readers have the knowledge necessary to make financial decisions without trepidation. Find out more about our
Updated Aug 5, 2021 at 11:28 AM PDT
Edited by Kathy Hinson Lead Assigning Editor Personal finances, credit scoring managing money and debt Kathy Hinson leads the Core Personal Finance team at NerdWallet. In the past, she worked for 18 years at The Oregonian in Portland in capacities such as chief of the copy desk and team leader for design and editing. Prior experience includes copy and news editing for many Southern California newspapers, including the Los Angeles Times. She graduated with a bachelor's in mass communications and journalism at The University of Iowa.
A majority of the products we feature are provided by our partners who compensate us. This impacts the types of products we write about and the location and manner in which the product appears on a page. However, it does not affect our assessments. Our opinions are entirely our own. Here's a list of and .
Wondering if you have too much debt? Looking into your debt-to-income ratio can help answer your question. Add up your monthly debt obligations (things such as auto loans, housing payments and credit card bills) and divide by your monthly gross income. If your debt load is greater than 36% of your DTI can be difficult to pay off and make accessing credit more challenging.
If you're struggling to keep up with payments or are experiencing unrest or stress If so, it's the time to come up with a strategy to consider or research .
Watch your debts dwindle
Create an account to link your credit cards, loans and accounts to manage them all from one place.
Figure out your debt load
Utilize the calculator below to tease out the source of the problem. The calculator also gives suggestions for what you should do next.
Enter all debts -- such as credit card payments as well as medical bills and your income in this calculation. The student loans and mortgages are generally less problematic types of debt, so set these aside for now.
View your result for these types of debt with regard to possible solutions:
If it's less than%, your debt load is within the range considered acceptable based on your earnings.
If it's between 36% to 42% , you should look into DIY solutions like
If the ratio is 43% and 50%, consider taking action to reduce your debt load; consulting a may be beneficial. If it's more than 50 your debt load is a high risk. Consider getting advice from a lawyer.
Take these suggestions as an overall rule of thumb. "There is no single standard for debt," says David Nash an accredited financial planner with Magister Wealth in San Antonio, Texas. But, he says "If your debt levels are increasing in proportion to your income, that indicates some tougher tradeoffs need to be taken into consideration."
Distinguish between good and bad debt
It's crucial to differentiate between the good from the bad and the harmful. A mortgage with an annual percentage rate of 3.5%, for example, can be weighed differently as a credit card with an APR of 20.
What's a good loan?
If the interest rate is fixed and low, it is also when it is fixed and low, the loan is used to purchase something that increases in value, like the purchase of a home, business, or college education. It's also good to know if the interest can be tax-deductible, like most student and mortgage loan interest.
What's a bad loan?
These loans have rate of interest that are variable or high that are used to buy things that lose value or are used up. Some examples include personal loans for purchases that are discretionary, such as vacations or auto loans stretching up to five years or loans with high interest that have increasing amount.
What's a toxic debt?
No-credit-check and with APRs above 36 percent, loans so long you pay more than what the item is worth, or loans with collateral you simply cannot afford to lose, like your vehicle.
The burden of bad debt is the high rates of interest, and it can hamper your cash flow, savings and ability to borrow for goals such as buying a home, says Erika Safran who is a certified financial planner with Safran Wealth Advisors in New York City.
However, a mortgage with low interest that is affordable for you shouldn't make you sleepy at night.
Common warning signs of troublesome debt
The balance on your debt isn't going down despite regular payments.
You're living paycheck to paycheck and have no cash at the end your month.
You're not contributing to a retirement plan that's sponsored by your employer because you're desperate for money.
It's impossible to create an minimum of $500 to safeguard against financial fluctuations.
Credit cards are used for cash advances.
Are my other types of debts a problem?
The following guidelines will give you an idea of what is considered to be too much in these debt categories and how to handle it in the event that you're burdened:
Housing
The guideline is: when buying a house, keep your mortgage costs to . This calculator will help you understand .
How to deal with an overwhelming situation: Think about , or consider downsizing and moving into a lower-cost area. If you're refinancing or changing properties in your 40s and 50s, consider a so you can be mortgage-free when you retire.
Student loans
Guidelines: Don't take out more for your education than you expect to make within your first year in working. If you are expecting a start-up income of $40,000 for instance, make sure you limit the amount of loans to $10,000 annually for a four-year college degree. This is a frequent resentment among student loan recipients, according to NerdWallet research.
How to deal with an overflow: Look into your , including income-driven repayment plans and refinancing.
Car loans
Guideline: Experts say the total cost of your car -- including -- should be borne out of your home pay. Car loans are required to be four years or fewer and ideally coupled with 20% down. This way, you won't end up spending years owing more than the car is worth.
How to handle an overload If you're experiencing an overload look at trading your car in to a cheaper one.
Medical debt
The guideline is that medical debt is a particular case since health care costs are usually beyond the consumers' control. The type of debt that is referred to as medical debt generally has no interest charges however the amount could make it difficult to manage.
How to handle an overload: Try negotiating with the billing office to reduce the amount due or set up an acceptable payment schedule. on your own if possible however, you might need to look into .
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The most common Errors People Make With Instant Same Day Payday Loans Online
The Debt Settlement Process: What is it Does It and the Risks You Take
Advertiser disclosure You're our first priority. Each time. We believe that every person should be able to make sound financial decisions with confidence. While our website doesn't include every financial or company product available on the market, we're proud that the guidance we offer and the information we offer as well as the tools we design are independent, objective, straightforward -- and cost-free. So how do we make money? Our partners compensate us. This could influence the types of products we write about (and the way they appear on our website), but it in no way affects our advice or suggestions that are based on hundreds of hours of study. Our partners are not able to promise us favorable review of their services or products. .
Credit Settlement: How it Works and Risks You Face
By Bev O'Shea personal finance writer | MSN Money, Credit.com, Atlanta Journal-Constitution, Orlando Sentinel Bev O'Shea is a former NerdWallet authority on consumer credit, scams and identity theft. She has a bachelor's degree in journalistic studies from Auburn University and a master's in education from Georgia State University. Prior to joining NerdWallet she was employed by the daily papers, MSN Money and Credit.com. Her work was featured throughout the world in The New York Times, The Washington Post, the Los Angeles Times, MarketWatch, USA Today, MSN Money and other publications. Twitter: @BeverlyOShea.
Updated Jun 24, 2022 10:58AM PDT
Editor: Kathy Hinson Lead Assigning Editor Personal finance, credit scoring, debt and money management Kathy Hinson leads the Core Personal Finance team at NerdWallet. Prior to joining NerdWallet, she worked for 18 years at The Oregonian in Portland in roles including copy desk chief and team editor and designer. Prior experience includes news and copy editing for various Southern California newspapers, including the Los Angeles Times. She graduated with a bachelor's in mass communication and journalism in Iowa's University of Iowa.
A majority of the products featured here come from our partners, who pay us. This affects the products we feature as well as the place and way the product is featured on a page. But this doesn't influence our opinions. Our opinions are entirely our own. Here's a list of and .
Table of Contents
Table of Contents
A creditor has agreed to accept less than the amount you owe as full payment. Once it accepts that deal, the creditor can't continue to pursue you for cash and you don't need to worry that you could get sued over that particular debt.
It sounds like a good deal However, it can be risky.
Debt settlement can destroy your credit.
The process of settling a dispute can take a long time to achieve -- typically between two to four years.
It could be expensive.
Even if you succeed at debt settlement it may take years and you may realize that you owe tax upon any unpaid debt. If you choose to use a company for debt settlement, you'll pay fees. This is the last option.
Find your debt in a simple way
Sign up with NerdWallet to see your financial breakdown and future payments all in one place.
How debt settlement works
Debt settlement comes into play only when you have many payment due dates or missed payments and possibly collections accounts. The collector or creditor will not accept less than you owe when there's a evidence that suggests you may not have the amount that you originally agreed to.
Your finances have been damaged and you'll be feeling overwhelmed and bewildered, and your income isn't enough to keep up with the debts you owe.
Companies that deal with creditors to lower what you owe, mostly for debts that are not secured, such as credit cards. This isn't an option for all types of debt like a home that is foreclosed or a vehicle that could be repossessed. The majority of companies do not deal with federal student loans, but you might be able to . If you're having trouble paying your student loans, an might help you.
Settlement offers only work when you don't pay at all, so you stop making payments to your debts. Instead, you establish the savings account and place a monthly payment into it. Once the settlement company believes the savings account is sufficient for a lump-sum offer, it negotiates on your behalf with the lender to accept a smaller amount.
Readers can also ask questions.
Do debt consolidation loans hurt your credit?
Debt consolidation may help your credit if it helps you pay on time or shrinks account balances particularly if your credit card balances were exceeding their limit. Credit is affected if you run up credit card balances again shut down all or most of your cards or fail to pay you loan for debt consolidation. loan.
What can I do to reduce my credit card credit card
Bankruptcy and debt settlement can reduce or completely eliminate debt from credit cards, however, they have a significant impact on your credit score. Debt management can lower interest ratesand the impact on your credit is less than it would be. can reduce interest rates as well.
How can I lower my debt?
(image: https://objects-us-east-1.dream.io/fsrn-archive/uploads/2016/06/Payday-loans-Stallio.jpg?is-pending-load=1)Reduce your debt in three steps: 1. Find out your debts. 2. Assess which payoff strategy will best suit your needs. 3. Set a goal and keep track of your progress.
The risk of debt settlement
Some companies offering debt settlement say they can reduce your debt by 50% and get you debt-free within 36 months.
However, the process isn't as simple or as easy as it sounds. Again, we believe debt settlement should be the last resort.
Here are the risks that come with debt settlement:
Your credit score will take a hit If you're not delinquent on your accounts, you will be once you redirect debt payments towards your settlement accounts. Delinquent accounts and debt charged off by lenders will remain on your for seven years.
Penalties and interest will continue to accrue: You'll probably be slapped with late charges as well as penalty fees. Interest will continue to accrue in your credit card balance.
There's no guarantee of success: The two largest companies for debt settlement are . Freedom Debt, for instance claims to have resolved more than $10 billion in debt for over 650,000 customers since the year 2002. However, there's no guarantee that the debt settlement firm will be able to settle your debt for much less, given that some creditors do not negotiate with them.
According to a study conducted by the Center for Responsible Lending, a nonprofit research and policy group the majority of consumers will need to settle at minimum four accounts before receiving the net benefit. In addition, debt totals may rise as fees accrue and aggressive attempts to collect might continue throughout negotiations.
You have to pay an amount when a debt settles: By law, these companies can't charge you upfront fees. They typically charge a percentage of every debt they settle, based upon the debt's balance when you enrolled into the program. Some charge an amount of the debt that is eliminated through the settlement.
For example, say you owe $10,000 and an agency agrees to negotiate a settlement for $6,000. The agency is charged 25 percent.
If the agency is charged a percentage of the settled debt that is, you'd pay the creditor its $6,000, and to the agent $2,500 for charges (25 percent of the total balance enrolled). Total: $8,500.
If the agency charges a percentage of eliminated debt, you'd pay the creditor $6,000 and the agency would charge you $1,000 for fees (25% of the $4,000 eliminated debt). Total: $7,000.
You'll pay additional fees in addition to the charges paid to after the debt is paid off, customers can face other costs, including the setup fee and the monthly cost to keep the account that is set up in the program.
The debt that you forgive could be tax-deductible: You should also be aware that the Internal Revenue Service generally regards forgiven debt as income. You may want to consult an accountant about any the additional tax obligations you'll be taking on if you settle your debt.
If you decide to enlist the services of the debt settlement expert, be careful. It's easy to let your guard down when you're desperate and you see promises of . A study by the National Consumer Law Center has stated that debt settlement firms are "almost never worth it and could cause consumers to be in deeper financial troubles."
The Consumer Financial Protection Bureau takes more of a softer approach, but still cautions consumers strongly in advising that dealing with these firms is risky , and other options should be explored before. Over 350 complaints filed against firms that offer debt settlement to the CFPB in the last year. The most frequent complaints included fraud and fees that were too high.
Solutions to Debt Settlement
Michael Bovee, a debt settlement coach and frequently criticizes his field (he has presented evidence to the Federal Trade Commission in favor of more regulation), advises erasing your debts through Chapter 7 bankruptcy and starting again, if you have the option.
If you are a borrower who is overwhelmed by debt that is not secured, such as credit cards, think about how your options compare, like . It is usually a better option. Yes, bankruptcy will affect your credit score for years however, the process of rebuilding is able to begin right away. Consultations with a bankruptcy attorney are typically free, though you'll have to pay filing and legal fees if you decide to go this route.
"If you are able to erase your debts in a Chapter 7 bankruptcy, that's the best option over trying to settle agreements," says NerdWallet columnist Liz Weston, author of "Your Credit Score" and "Deal With Your Debt." "Only in the event that Chapter 7 isn't an option (you decide to not declare bankruptcy, or you can only qualify for a Chapter 13 repayment plan -or if you're considering the possibility of settling your debt."
If you're not eligible to file a bankruptcy, or don't want to make one happen, consider a offered through a nonprofit . This option won't generally reduce the amount that you must repay but it can reduce your monthly payments by spreading them out or through reducing your interest rate. It's not going to have a greater impact on your credit than bankruptcy or the debt settlement.
If you decide to try settlement
If you believe that it is the best option for you and you want assistance with the debt resolution option, Bovee has tips for picking a good company:
Check with the to see whether there's a complaint history.
Stay away from any company which offers cash in advance or guarantees that your debt will be paid.
Make sure fees are structured as a percentage of debt eliminated instead of the debt balance at enrollment. This provides the business with a reason to trim more of your debt.
Avoid companies that promise to help you challenge debts to have them declared "invalid" (a method which could backfire and result in more aggressive enforcement towards you).
If you're not sure whether you want to engage a debt-settlement firm, consider using a lawyer or doing it yourself.
A lawyer may bill by the hour, offer a flat fee per creditor, or take a percentage of the debt or debt eliminated.
If you're seriously behind, it usually doesn't hurt to reach out to your creditors. Certain banks offer hardship programs which could be able to aid. But be certain you can pay for any payment plans that your bank might provide.
If you're interested in trying to do it, learn what's likely to happen.
You might want to gather as much cash as you can in order to make a lump sum offer, whether that's doing a part-time job selling the sports equipment that's been languishing in the basement, or taking money out of your cousin. (Creditors may be likelier to accept a lump sum offer as it allows them to pay immediately, rather than making a bet on payment dates that may not be forthcoming.) Be aware that certain creditors may have a rule against settling the debt.
About the author: Bev O'Shea is a former credit writer at NerdWallet. Her work has appeared on the New York Times, Washington Post, MarketWatch and elsewhere.
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Credit Card vs. Debit Card: Which Is More Secure On the Web?
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Credit Card vs. Debit Card: Which Is More Secure On the Web?
With credit card fraud, the card issuer's money is at risk. When you are a victim of fraud with your debit card your cash is taken.
By Kevin Cash
Updated Nov 9, 2022 1:13PM PST
A majority of the items featured on this page are from our partners who compensate us. This affects the products we review and where and how the product is featured on the page. But, it doesn't influence our evaluations. Our opinions are entirely our own. Here's a list of and .
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If you usually make use of a debit card to pay to make online purchases, you may consider reconsidering. If your credit card details are compromised and transactions are made without your consent You'll soon discover that credit and debit cards are treated in a different way.
The main difference is that with a credit card the issuer of the card must fight to get its money back. When you use a debit card you must fight to get your money back.
>> MORE:
How is fraud dealt with
If your card details have been stolen, and possibly fraudulent transactions were made ensure that you are protected. In the case of credit cards, the primary legislation is known as the Fair Credit Billing Act, or FCBA. For debit card transactions it is the Electronic Funds Transfer Act (EFTA) applies. While these laws provide similar protections, understanding the differences is key to understand why it's more secure to use one type of credit card over another.
>> MORE:
Fraud on debit cards
In accordance with the EFTA the potential liability for debit card fraud is almost indefinite. You are allowed up to 60 days to report a lost or stolen card in accordance with the EFTA. Once that time has passed, you have to pay back the amount you were taken and even the funds taken from linked accounts. The exact liability limits under the EFTA are:
Lost or stolen card reported prior to transactions that were not authorized: no responsibility.
Lost or stolen card not reported within 2 days Limit of liability $50.
Lost or stolen card reported within 60 days: $500 liability limit.
After 60 days: no protection.
(image: http://www.imageafter.com/image.php?image=b8architecture_exteriors102.jpg&dl=1)It's important to know that if your card is not physically lost or stolen, you're entitled to the right to make a claim within 60 days of any fraudulent transactions, with no responsibility. If only your card number has been stolen, the 60 days start from the date on your statement on which a fraudulent transaction is noted.
>> MORE:
Fraud with credit cards
Under the FCBA the maximum liability for fraudulent credit card transactions is $50. If you report your credit card lost or stolen before any fraudulent transactions occur the liability is zero. Credit cards typically offer no responsibility for any fraudulent transactions.
"I've experienced having my credit card details stolen and used for fraud a several instances," says Tucker Spillane, a 24-year-old credit analyst who hails from New York. "Fortunately my credit card issuer almost always detects the fraud immediately ... typically because the behavior is abnormal from my typical spending practices. And they provide their own fraud protection anyway. I've never ever had to pay a penny."
The primary difference between a debit card and a credit card when it comes to fraud is in how you can get your money back. When a fraudulent transaction occurs on your credit card, there is no loss of cash. You can report the fraudulent transaction and get a credit added to your statement, and it won't affect you bank account.
If you have a debit card, the bank account balance is affected at the time the fraudulent transaction occurs. If the transactions are substantial and significant, you may experience an effect that is a result of financial stress. Fraudulent charges may entrap funds, causing legitimate charges are denied or trigger overdrafts.
>> MORE:
If you don't have a credit card...
Although credit cards are a safer bet for spending online but it is possible that you do not have access to one. If this is the case you can still take steps to protect yourself from fraud.
A low balance in the account linked to the debit card you use for online purchases can help limit the size of fraudulent withdrawals when they occur. While this won't stop anyone to access your bank account but could limit the damage done.
You may also want to deactivate any type of (should you have it) on the account you use for purchase. There are many banks that offer this option (usually on an account that is a checking one) which will automatically take money from an account for savings when the checking account becomes overdrawn. If a fraud occurs it means that the crook has access to two accounts instead of just one. If you do have an overdraft protection in place, be sure to inquire with your bank regarding what and when it's applicable.
Another method to limit your liability is to use the credit card that is prepaid. If someone gains access to the account, they'll gain access to only what you have loaded onto the card.
The most important thing is the bottom line
From a legal perspective Credit cards typically offer greater security against fraudulent activities. However, there are ways to replicate certain of these security features using the use of a debit card or prepaid card. Choosing the right one for you can protect your funds whether you're buying on the internet or in a store.
On a similar note...
Find the right credit card for you. Whether you want to lower your interest rate or earn rewards, the right card's available. Just answer a few inquiries and let us narrow the selection for the right card for.
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Leasing is a convenient option for many people. But if you have trouble paying your bills the car you leased could be seized. Similar to repossession of a vehicle owned by you, car lease repossession is a costly and financially destructive process. However, there are steps which you may take to stop it from being repossessed -- or at least reduce some of the consequences. Steps to take before repossession If you're in default on your car leases, your vehicle might get taken away. But you may still be in a position to prevent or delay repossession. Review the terms of the contract. Your lease contract will outline whether and when your car could be repossed. It also outlines the costs and what you will owe after the repossession. Understanding what conditions need to be met and the ways you can avoid them before the car is taken away help you come up with the best strategy for moving forward. Come up with a plan. Think about whether you want to maintain the vehicle and if you can afford it. It might be worth trying to and replacing it with a less expensive one. Take all personal belongings out of your vehicle. Your car can be repossessed at any time. Consider taking anything you would like to keep from the car . Getting personal items if your car is being towed away is a pain. Consider voluntary repossession. If you know your leased car is about to be repossessed and you are able to surrender it in a voluntary manner. This could reduce the amount you will pay and might reduce the damage to your credit. Strategies to avoid a lease car repossession If you find that the vehicle you lease is due to be taken away There are a few actions you can take to ensure that the vehicle is kept. Make the missed payments Many lease agreements allow you to "cure" your lease in the event that you don't pay on time and pay the accrued fees. For instance, if you're paying $250 a month and missed the last two monthly installments, you could make a payment of $750 -- with late fees to the leasing firm to cover your monthly payments and make up for the previous two payments to put you back in good standing. In certain states, you might be allowed to "redeem" an unleased vehicle after repossession. The lender should provide you with a letter outlining the steps you need to take and how much you will have to pay to redeem your vehicle before it is sold at auction. Contact the leasing company If you reach out to the leasing company, they might be willing to work with you to help you keep the vehicle. This could include letting you defer payments or adjusting the conditions of your contract to make the lease more affordable. Leasing companies are not required to make any modifications to your lease. Their willingness to help will depend on which company you've leased with and your payments and whether or not you have reported to them about financial problems. Voluntary repossession If you give your vehicle for repossession on your own the leasing company will likely charge fewer fees than it would if it required someone to take it. Even though you'll lose your car but a voluntary repossession can save you money and aid you recover more quickly. There aren't all lender will take possession of your vehicle, however. If you are unable to make payments and contacting the lender until it takes action on the repossession. How much a leased car repossession will cost you? When your car is repossed it isn't completely free from obligations. You will still owe money to the leasing company and you could face substantial fees added to the your previous payments. It is possible to be charged the costs for getting your car ready for sale. The remaining balance of your lease, which is usually reduced by the price the business sells your car for. Any past due amount. Charges for excess mileage and wear and wear. , unpaid interest and other lease-end expenses. The costs that are incurred during the repossession like towing or storage prior to auction. When your vehicle is repoed. There's nothing you can do about that as you'll need to wait until the default is removed from your credit report. As of now, it is more difficult to get new loans. Expect more expensive interest rates for the loans you are approved for. If you fail to repay the lender in full for the repossession, you may be brought to the court. If the judge orders that you pay, you may be responsible for court costs and attorney fees as well as the money you owe. My car was repossessed. What rights do I have? Your rights depend on your state's laws. If the repossession does not involve violence or forced, or taken from a garage that has been closed It can happen at any time without notice. Check your state's laws prior to and after your car is repossessed. After the vehicle is taken, your state may require your leasing firm to provide the date and time that the vehicle was auctioned. You may also be able to have your vehicle returned after the overdue amount and fees have been paid. Although you should remove any personal belongings you have from the vehicle prior to when it is repossessing, the leasing company or a third-party firm who is hired to repo the car must return any property within the vehicle. And in the event that your car is sold at a price higher than what you owe, you are responsible for any excess amount. The bottom line Dealing with a leased car repossession can be stressful. If you do not prepare for it, you could be charged high costs and could be unable to afford a new vehicle. Talk to your lender to see whether there's a way to amend your lease. If that doesn't work attempt to prepare for repossession to minimize the negative impact on your credit score and finances.
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Written by the writer who contributed to the article.
TJ Porter is a contributing writer for Bankrate with over eight years of experience writing about financial matters. TJ writes about a wide range of subjects, from to .
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to manage their finances with clear, well-researched data that breaks otherwise complex topics into manageable bites.
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Which Rewards Credit Cards Can Be Used for Apple Purchases?
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Which Credit Card Rewards Can be used for Apple Purchases?
A lot of issuers let you redeem points in exchange for Apple products and gift cards. Although it may not be the greatest value, using points could aid in saving money.
Written by Craig Joseph Lead Writer | Credit cards, travel rewards, Personal financial Craig Joseph is a NerdWallet lead writer and credit card expert. He holds degrees in geology from West Virginia University and oceanography from Oregon State University and has been published in academic journals, newspapers and blogs. Craig is passionate about personal finances and hopes to improve his financial knowledge of every person he meets. He'll probably also try to convince you of why rocks are cool.
Updated Dec . 19, 2022 9:08AM PST
Written by Erin Hurd Assistant Assigning Editor Credit cards reward, personal finance Erin is a travel and credit card rewards expert at NerdWallet. She has spent the better part of two decades educating readers on unique strategies to optimize their investments and personal financial resources. In the past, prior to joining NerdWallet, Erin worked on numerous magazines and newsletters in the areas of investing, health, business and travel for Agora Publishing. Her love for traveling led to a desire for loyalty and credit card rewards to subsidize trips, and she is a pro at teaching others how to make use of the potential of rewards from credit cards. When she's not editing or writing, Erin is planning her next trip for her family of four , using miles and points. She's based in Baltimore, Maryland.
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If you're shopping to purchase an Apple product and have a pile of points that have been sitting around, using those points toward your purchase is a smart method to save some cash in your wallet. Be aware, however, that the points might be more valuable if they are used for travel instead.
A list of the rewards programs that allow redemptions for Apple merchandise and gift cards are listed below.
If it's possible to redeem points for gift cards at the same rate as for cash back or a credit to your statement, it's likely to be better to purchase the Apple product outright and utilize these points in order to repay back. That way, you can earn points on your purchase, and you may get a benefit that you won't get if you pay with a gift card.
>> MORE:
Credit card reward program
Merchandise point value, in cents
Value of points on gift cards in cents
Chase Ultimate Rewards(r)
1.
1.
U.S. Bank(r) Rewards
0.85.
1.
Pentagon Federal Credit Union (PenFed) Rewards
0.6-0.8.
0.85.
Barclays Rewards
0.3-0.5.
0.5.
American Express Membership Rewards
N/A.
0.85.
Capital One Rewards
N/A.
1.
Citi ThankYou Points
N/A.
1.
The Bank of America Reward
N/A.
1.
Nerdy Tip
The earns Apple Cash which can be used to purchase items at any retailer, not just Apple, or for cash deposits to the bank account. It's really a cash-back card, which is why it's not included in our list of cards.
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1. Chase Ultimate Rewards(r)
The program provides the highest value of any reward system to redeem towards Apple products. Points are worth one cent each for gifts and merchandise. So 10,000 points is worth $100.
But frequent can increase that percentage of redemption for products by 10%, 25 percent or even 50 percent depending on the type of card you're using. If you're able to put off your redemption until one of these offers is accessible, you'll get greater value for your points than you would for a statement credit card or an Apple gift card.
If you don't have enough points to make a payment using the Ultimate Rewards(r) portal, Chase will let you use any points you've earned (as as long as they pay at least 20% of the total amount) and then charge the rest of the cash balance to your card.
However, note that these options are lower than the NerdWallet uses for Chase Ultimate Rewards(r) when transferred to travel partners instead.
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2. U.S. Bank rewards
U.S. Bank rewards earned through cards like the Altitude and FlexPerks card suites can be redeemed for both Apple merchandise and gift cards.
Merchandise redemptions can be made by navigating to the Apple Rewards Store located in the U.S. Bank Rewards Center, where points are worth around 0.85 cents per piece depending on the retail price in the Apple store. That means 11,764 points are worth $100 when they are exchanged for merchandise.
When they're used to purchase gift cards, points are worth 1 cent each. Gift cards are available in denominations of $25, $10, $50, and $100. It means that 10,000 points will be worth $100 when used to purchase gift cards. Limited-time promotions are sometimes offered that offer a better redemption rate than this.
U.S. Bank rewards are worth 1 cent apiece when used to purchase the purpose of a statement credit or a bank transfer. Therefore, unless you have a special incentive to use points at the time of your redemption, you'd be better off buying your Apple equipment using your credit card in order to earn rewards for the purchase, and then using the points you have in your account to cover the cost by using credit to your account on a statement. Doing this gives you the added benefit of being able to shop with any store -- not only through Apple.
>> SEE:
3. Pentagon Federal Credit Union (PenFed) Rewards
PenFed provides two credit cards which earn points which can be exchanged for Apple products and gift cards.
From October 20, 2022, redemptions for merchandise can be made by navigating to the store and clicking on Apple Rewards. Apple Rewards banner. Based on retail prices from the Apple store, the redemptions for merchandise yield a value of points that ranges between 0.6 cent to 0.8 cents per cent.
The points are worth 0.85 cents each when they are exchanged for gift cards. They can be purchased in the denominations $25, $50, $100 and $250. That means 11,764 points are worth $100 when redeeming to purchase gift cards.
There's no way to convert PenFed Rewards into cash, however they can be used to make travel expenses at a cost of 1 cent each.
If you're hoping to burn your reward points on a brand new MacBook or AirPods, you'll get the best value through redeeming for gift cards, and then using them to make the purchase.
>> MORE:
4. Barclays rewards
Applications are not available for new cardholders looking to accrue Barclays rewards. But legacy cardholders of any Barclays Arrival cards or Barclays Arrival cards and those who were transferred in a product change to that of the Barclays View Mastercard are still eligible to earn and redeem rewards.
If you have one of these cards, rewards can be cashed in for Apple gift cards at the rate of 0.5 cents per piece. This means that 10,000 points are worth $50 when exchanged for gift cards. These cards are available in denominations such as $25, $50, $100 and $250.
You can also redeem your points directly for Apple merchandise, but the gift card is generally greater value. Based on the retail price direct from Apple, the redemption rate for merchandise will range between 0.3 cent to 0.5 cents per point.
They are far below the baseline value of 1 cent per point cardholders can earn when they use Barclays rewards to get statements credit towards purchases made on travel. Even if you're strapped for cash, you'd prefer to cover the cost of a flight or hotel room with rewards and purchasing Apple gear outright.
5. American Express Membership Rewards
American Express Membership Rewards can be used to purchase Apple gift cards at an exchange rate of 0.85 cents per cent. The gift cards are available with denominations of 10 dollars, $25 as well as $100, $50 and $500. The points earned are worth $100 when redeeming to purchase gift cards. Similar to other issuers, AmEx also releases limited-time offers that increase the worth of points redemptions to gift cards.
While this rate is better than the 0.6 cents per point that cardholders receive when they redeem their Membership Rewards to get the purpose of a statement credit but it's still less than the baseline value of 1 cent per point when using points to instead make reservations through the AmEx Travel portal. And if you're optimizing your travel plans, both of the rates are considerably lower than the NerdWallet puts on Membership Reward points when transferring to travel partners.
>> LEARN:
6. One Rewards and Capital One Rewards
Points earned from Capital One cards (called miles) are redeemable for Apple gift cards at an amount of 1 cent each. That's 10,000 miles worth $100 when redeemed for gift cards. Gift cards are available in denominations of $25 $100, $50, $100, and $200. Similar to other issuers, occasional limited-time promotions may provide the possibility of a higher rate of redemption.
However, Capital One miles can also be used toward the cash-back option or statement credit at a value of 1 cent per point. If you're looking to purchase Apple products, you'd likely prefer charging for the purchases with your credit card, earning credit card rewards in exchange for covering the purchase cost with a statement credit or cash-back redemption. Additionally, this has the advantage of being able to shop at any store -- not just directly through Apple.
>> MORE:
7. Citi ThankYou Points
can be redeemed to purchase Apple gift cards with a value of 1 cent per point. Gift cards can be purchased in denominations of $50, $25 and $100. That means 10,000 points are worth $100 when redeemed for gift cards. This value of redemption is equivalent to the cash-back value of ThankYou points when redeemed directly into the bank account or for a credit on a statement.
Instead of using points to purchase gift cards it's better to consider purchasing a brand new Mac Mini with your credit card and earning ThankYou points on your purchase. You can then exchange your ThankYou points for an account credit to offset the amount.
>> MORE:
8. America (r) rewards from Bank of America(r) rewards
Points earned through the Bank of America(r) credit cards can be redeemed to purchase Apple gift cards with the rate of 1 cent for each point. That's 10,000 points worth $100 when they are exchanged for gift cards. These cards are available in denominations such as $25, $50 100, $150 as well as $200, $250, and $500.
Bank of America(r) points can also be exchanged for the purpose of a statement credit or the cash transfer for a deposit account at one cent each. So if you have an abundance of Bank of America(r) rewards that you want to redeem for a new iPhone, you'd be better to make the purchase using your rewards-earning credit card and offsetting the purchase with a statement credit. This way, you'll be able to also shop around for the best price and not be compelled to buy by contacting Apple.
>> SEE:
About the author: Craig Joseph is a NerdWallet authority regarding credit cards. His work has been highlighted by the Associated Press, Washington Post and San Francisco Chronicle.
Methodology
Valuations presented herein are calculated as cents for each point (cpp) using the cost of an item by 100 and dividing by the number of points required.
Valuations presented herein are based on everyday point redemption rates and do not reflect limited-time promotions.
All merchandise valuations are presented basing on prices straight from the Apple Store.
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What to know about cash-back auto refinancing Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by providing you with interactive financial calculators and tools that provide objective and original content. We also allow you to conduct research and compare information for free to help you make sound financial decisions. Bankrate has partnerships with issuers, including but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that appear on this website are provided by companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may be listed within the categories of listing in the event that they are not permitted by law. This applies to our mortgage, home equity and other products for home loans. This compensation, however, does have no impact on the content we publish or the reviews that you read on this site. We do not cover the vast array of companies or financial deals that might be open to you. Georgijevic/Getty Images
4 minutes read. Published August 22, 2022
Written by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the ways and pitfalls of borrowing money to purchase cars. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to manage their finances through providing clear, well-researched information that breaks down otherwise complicated topics into bite-sized pieces. The Bankrate promise
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We are compensated in exchange for the promotion of sponsored goods and services, or through you clicking certain links posted on our website. This compensation could impact how, where and in what order products appear within listing categories, unless it is prohibited by law for our mortgage home equity, mortgage and other home loan products. Other factors, such as our own website rules and whether the product is available in your region or within your own personal credit score can also impact the way and place products are listed on this site. Although we try to offer the most diverse selection of products, Bankrate does not include details about every credit or financial products or services. Cash-back works in the sense that you use it to get better terms and conditions to take over the current loan. However, in addition to that, you will also receive an amount of cash in one lump as part of refinancing. The amount you will receive is contingent on the equity that is present in the vehicle. Owners of cars may be interested in this type of refinance if they're in need of money for an emergencysituation, but this choice does come with the potential of increasing the borrower's debt. What exactly is cash-back auto refinancing? The cash-back loan refinance permits you to modify the current loan and refinance it to an amount greater than you owe, receiving the additional amount in cash. This type of loan is usually used by those who need additional funds. The process takes what you can get from your car and converts it into cash you are able to take away. This means that if you refinance your existing loan for new terms you can get more money in the form of cash, by borrowing more than the true worth of the vehicle. Not all lenders provide this service, and it could result in some drivers losing their vehicle altogether due to the greater chance of becoming upside down . Being upside down means your outstanding loan balance is higher than the vehicle is worth. In other words that if you have a debt of $4,000 on an auto loan, but the car's worth is just $2,000, then you're upside down with the loan. If you do not plan to sell your vehicle, then being upside-down is not necessarily a problem. Just continue to make payments and pay off the loan. If, on the other hand you are planning to trade in your vehicle, being upside down can be a challenge. You'll have to pay for the equity you're not able to use. How do you apply for a cash-back auto refinancing The procedure for applying for cash-back auto refinance is similar to what you'd do with a traditional . This is a simple process that requires documentation and research. After you determine how much your vehicle is today worth using sources like Kelley Blue Book -- you'll be aware of the amount of equity in the vehicle. This number will inform how much cash you can get. Finding an lender that provides cash-back auto refinancing is a bit more work. Some lenders do not offer this option. After looking into different lenders, you can compare their terms and determine which option is best for you. Pay special attention to the amount you'll get. Following the application and loan approval you will walk away with new loan terms and the extra cash. What is the best time to consider cash-back auto refinancing a good idea? Deciding whether a cash-back auto refinance is the right choice that could result in additional financial difficulties requires review of the way you spend your money. Because this choice means borrowing more money than you currently owe, you are creating more debt. If you are currently struggling to pay the monthly payment, it may worsen your financial situation. Two of the main advantages of refinancing your cash-back loan are improved loan conditions and cash. Improved loan terms. Just as with traditional refinancing, you will receive more favorable loan terms through this process. Even if it's possible to lower the amount of your monthly payments, you will just be increasing the duration of the loan and increasing the overall cost. Additional cash. You'll receive cash through the refinance with cash-back, which can be especially helpful if you need additional cash for an emergency. But this is a short-term solution that could lead to more expensive interest rates. Refinancing your auto with cash back is a good idea if you had a financial emergency and need money or need to alter your current loan to better fit your lifestyle. What is the maximum amount I can borrow via a cash-back loan? The amount you can take out, and the amount of cash you'll receive, is dependent on a few factors. The lender. Some lenders do not offer cash-back options due to the higher risk. Vehicle value. The value of your vehicle determines the amount of money your lender will loan you. Credit history. Similar to most financial conditions, the credit score as well as past history serve as the core measure to determine if your loan will be approved. The higher your credit score and the better terms you will be granted. Cash-back refinancing risks Before taking the plunge with a cash-back auto refinance, it is crucial to think about all the risks that come with it. Being upside down on a loan. It is more likely that you will end up underwater or upside down with your loan. If the value of the vehicle decreases, your loan-to-value ratio increases the likelihood of being underwater -- owing more than what the car is worth. Incurring more debt. In fact, borrowing more than you owe stacks even more debt on your plate. Risk of repossession. If you're struggling to make your monthly payments, extending your loan could just not suffice to fix the deeper financial challenges. This could mean that your car is taken if you are unable to pay. There are a few lenders to choose from. Some lenders do not provide this kind of financing so you may have a limited number of choices to pick from when shopping around. The bottom line is that cash-back refinancing is a great alternative if you're trying to get better conditions on your car loan or have urgent cash needs. The first step in considering this type of refinance is to study the current value of your vehicle. This will help determine how much money an lender could be willing to provide. But remember, there are risks involved in refinancing with cash back. You'll incur additional debt by refinancing your auto loan for more than what's currently due, and you could end up upside-down on the loan in addition. Find out more
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Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the ins and outs of securely borrowing money to buy an automobile. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain confidence to take control of their finances through providing precise, well-studied information that breaks down otherwise complex topics into digestible chunks.
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Chapter 7 or. Chapter 13: What Bankruptcy Option Is Best for You?
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Chapter 7 vs. Chapter 13: Which Bankruptcy option is Right for You?
Chapter 7 bankruptcy is faster and more affordable than Chapter 13 bankruptcy, but it's not the most suitable option for everyone.
Written by Sean Pyles Senior Writer | Personal financial, financial debt Sean Pyles leads podcasting at NerdWallet as the host and producer of the NerdWallet's "Smart Money" podcast. In "Smart Money" Sean talks with Nerds on the NerdWallet Content team to answer listeners' personal finance questions. With a focus on thoughtful and practical money tips, Sean provides real-world guidance to help people improve in their finances. In addition to answering listeners' financial concerns on "Smart Money," Sean also interviews guests who are not part of NerdWallet and produces special segments to explore topics like the racial wealth gap, how to start investing, and the history of college loans.
Before Sean was the host of podcasting for NerdWallet, he covered topics related to consumer debt. His work has been published on USA Today, The New York Times as well as other publications. When when he's not writing about personal finance, Sean can be found working in his garden, going on walks, or walking his dog for long walks. He is based at Ocean Shores, Washington.
Last updated Dec 14th, 2021 at, 4:51PM PST
Edited by Kathy Hinson Lead Assigning Editor Personal finance, credit scoring, financial management and debt Kathy Hinson leads the Core Personal Finance team at NerdWallet. In the past, she worked for 18 years with The Oregonian in Portland in capacities such as chief of the copy desk and team editor and designer. Previous experience included news and copy editing for various Southern California newspapers, including the Los Angeles Times. She earned a bachelor's degree in mass communications and journalism at the University of Iowa.
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The bankruptcy process is among the most efficient and fastest methods to locate . Many people who take this path will choose to file for Chapter 7 bankruptcy or Chapter 13 bankruptcy. Which is best depends on the individual's assets as well as financial objectives.
To help you understand the difference in Chapter 7 and Chapter 13 bankruptcy Here's a brief overview of each type and whom are the best for. Whichever you choose, if:
Your monthly consumer debt payments are more than 50 percent of your take-home pay.
You're in the middle of lawsuits from creditors.
You don't have the means to pay off your debt within five years.
What's the difference in Chapter 7 and Chapter 13 bankruptcy?
The main differences of the two types of. bankruptcy is the conditions for eligibility, how debts are resolved , and the duration of time.
Check out this table to get an understanding at a glance:
Chapter 7
Chapter 13
Form of bankruptcy Liquidation.
Form of bankruptcy Reorganization.
Eligibility:
You must pass the mean test, which examines your earnings, expenses, and family size.
Cannot have had a previous Chapter 7 discharge in the or Chapter 13 in the past six years.
You cannot have filed bankruptcy papers (Chapter 7 or 13) within the last 180 days that was dismissed due to certain circumstances for example, failing to appear in court or respecting court order.
Eligibility:
Unsecured debt can't exceed $419,275, and secured debt must not exceed $1,257.850.
Must have regular income and have current tax returns.
Cannot have had any Chapter 13 filing in the last two years, or Chapter 7 within the past four years.
It is not possible to have filed a bankruptcy petition (7 or 13) in the preceding 180 days that was dismissed for certain reasons, like failure to appear or not complying with court or court orders.
What is the time it takes to achieve a discharge: Usually under six months.
How long does it take to get a discharged: Usually three to five years, contingent on the repayment plan.
The credit report's mark It remains in your credit file for from filing date.
Credit report marks It remains in your credit file the time period from the date of filing.
Benefits:
One of the fastest methods to settle debts that are overwhelming.
The filing of a bankruptcy petition stops the collection process and prevents legal action from creditors.
Benefits:
Can help you resolve your debts, while also preserving certain assets and not falling behind on secured debts, such as the auto loan and mortgage.
A bankruptcy petition can stop the collection process and prevents legal action from creditors.
Drawbacks:
Although rare, the trustee may be able to sell property not exempt from taxation.
The general rule is that unsecured debt does not protect from repossession or foreclosure.
Drawbacks:
The length and cost for the plan is challenging for many filers.
Which is better: 7 or Chapter 7 rather than Chapter 13?
The best option for you will depend on your personal financial situation and your goals.
To determine whether Chapter 7 or Chapter 13 bankruptcy is best for you . You'll want to ensure that your debt problems are able to be dealt with through bankruptcy, and that you're able to get the most benefit of the fresh start bankruptcy can provide.
Most consumers opt for Chapter 7 bankruptcy, which is faster and cheaper in comparison to Chapter 13. The vast majority of filers qualify in Chapter 7 after taking the , which analyzes the household's finances, income and size to determine eligibility. Chapter 7 bankruptcy discharges, or eliminates, debts that are eligible like credit card charges medical debt, personal loans. Other debts, including student loans and taxes, usually aren't qualified. Additionally, Chapter 7 doesn't offer a option to pay on secured loan repayments, such as a mortgage or auto loan, and it doesn't safeguard these assets from repossession or foreclosure.
In some cases the bankruptcy trusteean administrator who collaborates with bankruptcy courts to manage the estate of the debtor -- may sell nonexempt items, which means things that are not covered by bankruptcy. Nonexempt items vary according to state law.
Chapter 13 bankruptcy may be more suitable for those who do not meet the requirements for Chapter 7 bankruptcy. Chapter 7 filing, for instance when their income is too high. For those who do qualify to file for Chapter 7 may still choose to apply to file Chapter 13 because they want to keep certain assets or catch up on their mortgage payments. The downside is that Chapter 13 repayment plans aren't without challenges: Any available income after allowances must be directed towards repaying the debt over three up to 5 years.
See the full image of your credit card
Keep track of your loans as well as balances on cards and much more together on one screen.
Author bios: Sean Pyles is the host and executive producer of the NerdWallet's Smart Money podcast. His work has been published in The New York Times, USA Today and elsewhere.
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How to get out of Credit Card Debt in 4 Steps
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How to Pay Off Credit Card In 4 Steps
Depending on the amount you could consider depending on your budget, you can try a DIY strategy like debt snowball or consolidation, or look into debt relief.
by Sean Pyles Senior Writer | Personal finance, credit, and personal finance Sean Pyles leads podcasting at NerdWallet as the host and producer of the NerdWallet's "Smart Money" podcast. The show "Smart Money," Sean talks with Nerds across NerdWallet's NerdWallet Content team to answer the questions of listeners about their personal finances. With a particular focus on sensible and practical advice on money, Sean provides real-world guidance that will help people improve in their finances. Beyond answering listeners' money questions on "Smart Money," Sean also interviews guests who are not part of NerdWallet and creates special segments that explore subjects such as the racial gap in wealth and how to begin investing and the background for student loans.
Before Sean took over podcasting at NerdWallet the company, he also wrote about topics related to consumer debt. His work has appeared on USA Today, The New York Times as well as other publications. When he's not writing about personal finance, Sean can be found digging around his garden, going on runs and taking his dog for long walks. Sean is located within Ocean Shores, Washington.
as well as Tiffany Curtis Lead Writer | Health and wellness Tiffany Lashai Curtis is a head writer for the core Personal Finance team within NerdWallet. She was previously the health writer for Livestrong.com and a freelance writer for publications such as Refinery29, Business Insider and MTV News, where she concentrated on issues that affect marginalized communities. In her role as a health facilitator she's led health-related discussions for organizations like Planned Parenthood and Harvard University. She is based in Philadelphia.
Updated Jan 25, 2023 at 9:36AM PST
Written by Kathy Hinson Lead Assigning Editor Personal finances, credit scoring managing money and debt Kathy Hinson leads the Core Personal Finance team at NerdWallet. In the past, she worked for 18 years working at The Oregonian in Portland in positions such as copy desk chief and team director of design and editing. Previous experience included news and copy editing at many Southern California newspapers, including the Los Angeles Times. She received a bachelor's degree in mass communications and journalism at Iowa's University of Iowa.
The majority or all of the products featured here come from our partners who compensate us. This influences which products we feature and where and how the product appears on a page. However, it does not affect our assessments. Our opinions are entirely our own. Here's a list and .
If you're wondering how to lower your credit card debt Be aware that you're getting plenty of company. Credit card balances increased 15% between 2021 and 2022, the largest jump over the past 20 years in an November 2022 report by the Federal Reserve Bank of New York. [0] Federal Reserve Bank of New York's Center for Microeconomic Data . . Accessed Nov 15, 2022.
In September 2022, the average amount of revolving credit card debt owed for each U.S. household with credit card debt is $7,486 according to .
Achieving success requires a hands-on approach to determine your ideal method of payment to contacting your creditors to negotiate rates. This article will help you reduce your credit card debt in four steps.
1. Choose a payment method or two
If you really want to tackle that credit card balance, think about these strategies to get closer to your goal. Having a concrete repayment goal and a plan will help keep you -- as well as the credit card balance -in check.
Pay more than the minimum
Credit card issuers give you a , often 2% of the balance. Remember, though: Banks earn their money from what they pay in interest per billing period, so the longer you take to pay, the more they earn. The average amount of credit card interest being paid is rising due to Federal Reserve rate hikes and increasing amounts of revolving credit card debt. It's estimated the U.S. households that carry credit card debt will have to pay an average of $1380 in credit card interest this year in accordance with the study.
Check your credit card statement for an "Minimum Payment Warning," which will have a table showing how long it will take to pay off your balance if only paid minimums and the amount of interest you'd have to pay.
Debt snowball
The of paying down your debt relies on your feeling of achievement as motivation. The debts you have to pay off are prioritized in terms of amount, and focus on wiping out the one with the lowest amount first. When you've paid off that amount, you then roll it into the amount that you're making towards the next one, and the next one, and so on. As a snowball rolls down an hill, you'll slowly make larger and bigger payments and eventually pay off your debt.
Debt avalanche
Similar to the snowball approach It starts by the listing of your outstanding debts. But instead taking care to pay off the debt that has your lowest balance, first you then pay off the card that has the highest interest rate. This is a quicker and less expensive alternative to the snowball method.
Automate
Automating your payment is a quick method to ensure that your debts are being paid, so that you don't rack up additional costs in late fees. If you're using the debt snowball or avalanche method you'll need to be a bit more hands-on to make sure you're contributing the exact amount you'd like in each account.
Are you concerned about the economy?
Manage your finances in the face of rising prices as well as market volatility and recession worries.
2. Consider debt consolidation
If your credit is excellent however, your debts feel overwhelming, you might consider transferring them to one account. That way, you only have only one payment per month to reduce the balance.
A 0% balance transfer credit card
It's not a good idea to sign up for credit card when the primary goal is to get rid of debt from credit cards however, it can to save cash in the end. Look for a card with the longest 0% initial period -- preferably 15 to 18 months -you can pay off all outstanding credit card debts to the one account. There will be one monthly payment and you'll not have to pay interest.
Personal loans
In the same way, you could take out a fixed-rate to pay off debt. Though you will have to pay interest, interest rates for personal loans are usually less than credit card interest rates, which can still help you save some extra money. Utilize a calculator to estimate your savings.
3. Work with your creditors
Contact your creditors to discuss the situation. A credit card issuer might offer to discuss payment terms or offer a , especially in the case of a loyal customer with a record of making payments.
If your provider offers a hardship plan, it may provide relief in the event that circumstances outside your control, such as sickness or unemployment affect the ability of you to manage your payments. And even if you aren't suffering from illness or unemployment the effects of inflation are causing financial problems for many. Based on NerdWallet's NerdWallet survey, 45% of employed Americans believe that their salaries haven't been increasing enough over the past year to keep up with the rate of inflation.
Whether you bargain with your lender or accept the terms of a hardship program, either option could result in more affordable rates of interest or waived fees depending on the issuer.
The small adjustments could suffice to help you get control of your debt The worst thing you can do is decide to say no.
4. Find help for debt relief
If the amount you owe is greater than you can pay every month and you're trying to bring the debt in check, then it may be time to take more serious steps. You could consider, for example, an approach to managing debt.
Debt management plan
They are made with the help of are created with the help of . Counselors negotiate new conditions with your creditors and help you consolidate debt from your credit cards. You'll then pay the counseling agency a fixed rate each month. The credit account you have may be shut down, and you might have to stop making new credit cards for a time.
Bankruptcy
Filing for wipes wipes out unsecured debt such as credit cards, but not without consequences. It can assist you in restructuring your debts into a repayment plan over three to five years. It could be the best option if have assets you want to retain. The bankruptcy will remain in your credit file for seven to 10 years, though your credit score is likely to bounce back during the months following the filing. Some debts, such as and tax debts, generally aren't erased by bankruptcy.
Debt settlement
Under debt settlement, a creditor will accept less than the amount that you owe. Even though it may sound like a good deal, it's not an option for the majority of people. In general, you employ an agency for debt settlement to bargain with your creditors on your behalf. Read more details on and the risks you take.
Authors' Bios Sean Pyles is the executive producer and host of NerdWallet's Smart Money podcast. His writing has been featured throughout the pages of The New York Times, USA Today and elsewhere.
Tiffany Lashai Curtis is a leading writer for the personal finance team. She has more than five years of experience writing about issues that affect marginalized communities.
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