Michelle specializes

2 months ago | bankrate.com | Michelle Clardie |Michelle specializes |Aylea Wilkins |Thomas Brock

Governments often borrow money to cover deficits when taxes and other revenues don’t cover expenses. The national debt is the total amount of money a country’s government owes to its creditors. A higher national debt can affect personal debt through increased interest rates, reduced benefit programs and potential tax increases. Regardless of the national debt, prudent personal debt management can help to protect you and your family financially.

Aug 21, 2024 | bankrate.com | Michelle Clardie |Michelle specializes |Bev O'Shea |Aylea Wilkins

Struggling with credit card debt can feel overwhelming. High interest rates and compounding balances make it difficult to pay down the principal and get out from under the debt. If you’re dealing with credit card debt, there are options to lift this financial burden. There are several credit card debt relief options to help you get back on the road to financial freedom. Americans hold approximately $1.12 trillion in credit card debt as of Q4 2024.

Aug 12, 2024 | bankrate.com | Michelle Clardie |Michelle specializes |Aylea Wilkins

If you cannot repay your auto loan, your lender may be willing to accept a settlement for less than the full amount owed. Debt settlements have serious financial consequences, including higher income taxes for the year of the settlement and a hit to your credit score. There are several alternatives to consider before settling an auto loan. If your finances are tight, high monthly payments on bills like your auto loan can be more difficult.

Jul 24, 2024 | bankrate.com | Michelle Clardie |Aylea Wilkins |Michelle specializes

Veterans face unique financial challenges after service, including increased medical care requirements and difficulty adjusting to independent civilian life. Many resources are available to help veterans manage their debt and improve their finances. Credit counseling, student loan forgiveness, low down payment home loans, debt consolidation, tax preparation and homelessness prevention can all reduce financial burdens.

Nov 20, 2023 | bankrate.com | Michelle Clardie |Michelle specializes |Aylea Wilkins |Thomas Brock

In a Chapter 7 bankruptcy, creditors can seize certain assets to repay the debts you owe. However, exceptions allow debtors to retain some of their assets (or at least part of the asset’s value). Chapter 13 bankruptcy is more about restructuring debts than forfeiting assets. Under Chapter 13 bankruptcy, you agree to a three- to five-year debt repayment plan, based on your income, and creditors don’t seize your assets as long as you make your payments.