Browsing Month: January 2019

2 Out Of 3 Loans Used for Credit Cards and Loan Consolidation

MoneyTipsWhat do you do with debts that have unfavorable interest rates or difficult payment terms? If you can, consolidate them into one debt stream with more favorable terms. Balance transfer credit cards exist for this purpose, but personal loans may be an even better alternative. November 2018 data from LendingTree shows that over two-thirds of all personal loan inquiries are for debt consolidation (37%) or credit card refinancing (31%). Personal loans generally offer lower interest rates for equivalent credit profiles, and consumers are taking advantage of the difference. The lowest average annual percentage rate (APR) for all credit…

Nearly 1 In 4 Feel They’ll Never Escape From Significant Debt

MoneyTipsAccording to the latest Household Debt and Credit Report from the New York Federal Reserve, America’s total household debt has surpassed $13.5 trillion. Do you sometimes feel like $13 trillion of that debt is yours? Based on a recent survey by LightStream, almost one-quarter (23%) of Americans believe that it’s nearly impossible to climb out of significant debt once you acquire it. The sense of hopelessness can lead to bad decisions and a treadmill of running debt. In that harmful mindset, $13,000 might as well be $13 trillion – you’ll never pay it off anyway. Don’t let despair…