Ray Frager

1 week ago | money.usnews.com | Gina Freeman |Ray Frager |Whitney Blair Wyckoff

Key Takeaways The term "debt relief" or "debt resolution" generally refers to several ways you might restructure debt to make it more affordable. Debt relief options include debt consolidation, debt management, debt settlement (also called debt resolution or debt negotiation) and bankruptcy. Some debt relief solutions are riskier or more drastic than others. It's generally best to choose the most conservative option that will solve your problem.

1 week ago | money.usnews.com | Sarah Brodsky |Gina Freeman |Ray Frager

Key Takeaways A rate and term refinance replaces your previous mortgage with a new loan that has a different rate, a different term or both. You can use a rate and term refinance to switch from one type of loan to another, such as going from an FHA loan to a conventional loan or from an adjustable-rate mortgage to a fixed-rate mortgage. If you want to use your refi to consolidate debts or access money for repairs or other expenses, consider a cash-out refinance or limited cash-out refinance.

1 week ago | money.usnews.com | Laura Gariepy |Emily Hayes |Ray Frager

Getty ImagesConsider factors like interest rates, fees and introductory bonus offers when deciding which credit card is best for you. Key Takeaways The best credit card for you will depend on your spending patterns and financial goals. Be sure to consider prospective rewards, annual fees and percentage rates when evaluating credit cards. You must stay organized and pay your balance in full each month to maximize your credit card's perks.

1 month ago | money.usnews.com | Adriana Ocanas |Ray Frager

Key Takeaways April is Financial Literacy Month, and U.S. News found that many U.S. consumers lack general financial knowledge. About 53% of respondents don't know FICO scores are the scores lenders look at to determine your creditworthiness, and over half incorrectly say carrying a balance month to month boosts your credit score. Over 30% say they don't seek out financial advice at all, while another 45% say they go to friends and family with their finance questions.

1 month ago | money.usnews.com | Mary Beth Eastman |Ray Frager |Gina Freeman

Mortgage defaults have ticked up slightly since last year, primarily among FHA borrowers. Late or missing mortgage payments can seriously affect your credit history and could even lead to foreclosure. To avoid default, consider refinancing, using a home equity loan or line of credit, or asking your lender for forbearance or a loan modification. Mortgage defaults have risen slightly since this time last year, according to data from the Mortgage Bankers Association.