Financial News Features

“Don’t apply for them,” he said. “The interest rates are scandalous — up to 30%. That’s understandable, because the card issuers are taking a risk. But you’ll be better off doing something much more modest: Getting a secured credit card.”

"Credit card companies make more money when the minimum payment is lower, so more money goes towards the interest rate and less towards the principal,"

“if you don’t address your debts, your credit score will plummet even faster and longer.” If you proceed with debt settlement, the debt will appear on your credit report as settled. It’s possible you could negotiate with the creditor to list it as “paid in full” instead of simply settled, which would improve your optics when future lenders view your credit report. “Taking a temporary hit to get out of debt is always better than slowly sinking into oblivion.” If you’re already in a risky financial situation, seek out the least damaging solution that helps you get back on the right track.

“Many Americans are carrying balances on high-interest credit cards. This harmful money mindset can lead to long-term financial struggles. When individuals consistently carry balances, they accrue high-interest debt, making it harder to achieve financial stability. This not only drains resources but also perpetuates a cycle of dependency on credit, hindering savings and investments for the future.”

"A debt consolidation loan works best if your debts are stubborn but reasonable," says Howard Dvorkin, chairman of Debt.com. "That's because you need a strong credit score and history to secure a low interest rate. Otherwise, what's the point?" "The downside is that it can take a few years to see results," he says.

"Stocking up on non-perishable items like canned goods, dry goods, cleaning supplies, and household staples can save a lot of money. These items typically have a longer shelf life and will last,"