It is no secret that being in debt lowers your credit score. However, did you know that being in debt may result in a creditor garnishing your wages? While you might not have to worry about wage garnishment until your debt has been delinquent for several months, knowing its basics is beneficial. If you are […]
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McCarthy Law PLC Blogs
Latest from McCarthy Law PLC
Why You Should Avoid Opening Several Credit Cards Simultaneously
Credit card companies have a way of constantly creating new cards with unique perks and enticing reward programs. While all the so-called benefits of a potential new credit card can be enticing, opening up too many credit cards at one time can not only tempt you to spend beyond your means—after all, you’ll usually need […]
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Who Pays for Student Loan Debt in Arizona Divorce?
Couples aren’t usually thinking about their student loans when they walk down the aisle. However, while many people plan to have their loans paid off before a divorce would even be on the table, many Americans are still paying off student debt in their 60s. This raises the question of how student debt is dealt […]
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What’s the Difference Between Debt Avalanche vs. Debt Snowball Methods?
Dealing with debt is no fun task. If you only make the minimum payment each month and don’t have a plan for accelerating payments, paying off your debt can feel like an impossible feat. Usually, to pay down large debts, you need to have a clear plan. The most common strategies for paying off outstanding […]
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Can I Refinance My Student Loans with a Low Credit Score?
Figuring out how to refinance your loans can feel like a hopeless cycle. People looking to refinance their loans are likely feeling stressed by their current financial situation, and as a result, are probably struggling to make their current loan payment. And if you’ve missed a couple of payments, it’s likely your credit score has […]
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How to Manage Student Loan Debt as a Freelancer
When it comes to paying off student loans, self-employed workers face unique challenges. Having to keep up with monthly payments with a variable income can be extremely stressful. However, the good news is that there are federal student loan repayment plans freelancers can take advantage of to make managing their loans easier and less complicated. […]
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How to Find Your Debt-to-Income Ratio
In addition to your credit score, your Debt-to-Income (DTI) ratio is an integral part of your financial health. Calculating your DTI ratio may help you determine how comfortable you are with your debt and decide which credit cards are best for you. When you apply for credit, creditors and lenders evaluate your DTI to determine […]
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Using the 50/30/20 rules to stay on budget
Too often, people spend more than they make each month, putting them in debt. Staying on budget can be challenging for some people. A method many people use to stay on budget is the 50/30/20 rule. Senator Elizabeth Warren popularized this method in her book “All Your Worth: The Ultimate Lifetime Money Plan.” The basic rule divides up gross income into three categories: needs (50%), wants (30%), and savings (20%). By limiting your spending into three distinct categories, this rule may help those new to budgeting or people who have found other budgeting methods too complex to follow.
If you
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6 Careers That Offer Student Loan Forgiveness
Paying back student loans can be a long-term endeavor. However, certain career paths could cut your loan repayment period in half or even have the potential for full loan forgiveness. Often, these jobs aren’t the most lucrative. If you have chosen a career in one of the following fields, you may be eligible for student […]
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4 Types of Small Business Loans that May Work for You
In 2020, small businesses helped create 1.6 million new jobs. Small businesses use loans to stock their shelves, invest in new equipment, and hire new employees. As a small business, the right loan can help you expand your business, and in doing so, your profits. However, before shopping around for a small business loan, it’s […]
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Budgeting 101: Tips for College Students in Arizona
Going to college brings expenses other than tuition. Books, housing, and other expenses can add up quickly. In order to stay out of debt and on top of their finances, students should create a budget. Getting together with whoever will be helping you finance your education—whether that’s your parents or partner—is a great way to […]
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Warning Signs that You Might Have Too Much Debt
If a significant portion of your income is being directed toward debt payments—such as student loans, credit cards, and auto loan payments—there’s a good chance you might have too much debt. A good way to get a gauge of your debt is to calculate your debt-to-income ratio. You can do this by adding up your […]
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Is Refinancing Your Student Loans a Good Idea?
If you are struggling with your student loans, refinancing can be a viable option. Refinancing can lead to lower interest rates, monthly payments, and favorable terms. However, refinancing isn’t a small decision and individuals should carefully assess if refinancing is the best strategy for handling their student loans. If you are having a hard time […]
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Tips for Creating a Budget for Your College Freshman
Going to college is a fresh start full of opportunity and excitement. While the months between high school graduation and the fall semester should be filled with picking out classes and choosing clubs, discussing financial matters with your college freshman is one of the most valuable things you can do to help them. In the […]
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When Should I Start Budgeting for the Holidays?
It is no secret that the holiday season tends to put a considerable strain on your wallet. If you have not budgeted and saved enough money up in time for the holidays, you may as well kiss your next few paychecks goodbye. However, if you start budgeting early, the stress of the holidays does not […]
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Should I Pay My Credit Card Bill with Another Credit Card?
When you’re struggling to pay off your credit card minimum, you might be tempted to use another card to relieve the balance. Paying the balance from another credit card is possible, but this doesn’t take off the debt; it just moves it to the other account. A few factors, like interest rates and your current […]
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