Kaitlin Mulhere

1 month ago | money.com | Jess Ullrich |Kaitlin Mulhere

The total credit card debt in the U.S. climbed to over $1.2 trillion at the end of last year, up 4.0% from just a year prior, according to the Federal Reserve. Credit cards have some of the highest interest rates of all financing types, and growing high-interest debt can make it increasingly difficult to pay down your balances. If you’re among the Americans struggling to manage your credit card debt, there are a few ways you can take control and pay off your balances.

1 month ago | money.com | Jess Ullrich |Kaitlin Mulhere

Several recent signs are highlighting the fact that consumers are struggling to keep up with their debt payments. Bankruptcy filings jumped last year, delinquency rates remain elevated and Americans are feeling pessimistic about almost all aspects of their finances. Significant debt and an inability to keep up with your monthly bills can make it feel like you’ll never regain control of your finances.

1 month ago | money.com | Pete Grieve |Kaitlin Mulhere

Getting out of debt can feel like a Herculean task. That’s particularly true today, when inflation-weary consumers are relying on credit cards to pay for everyday essentials. One recent study found that nearly half of credit cardholders carry a balance month-to-month, and a fifth of them have at least $20,000 of debt. With average interest rates around 22%, credit card debt can quickly spiral out of control. But it’s hardly Americans’ only source of borrowing trouble.

1 month ago | money.com | Kaitlin Mulhere

There are two main types of student loans: federal student loans — issued by the U.S. Department of Education — and private student loans. Both differ in interest rates, eligibility requirements, loan modification options and forgiveness programs. Although federal loans offer more flexible repayment terms and borrower protections, a private student loan can help cover your school’s total cost of attendance after you’ve hit the federal borrowing limit and exhausted all other options.

1 month ago | money.com | Mallika Mitra |Kaitlin Mulhere

Entering adulthood and the job market for the first time with student loan debt can be stressful. But watching that debt balloon with interest as you navigate through your 20s, 30s, 40s and beyond can feel completely overwhelming. And yet that's the experience for many borrowers. While the government's "standard" repayment plan is 10 years long, many borrowers are in plans that extend their terms up to 20 years or longer.