The Debt Lawyers Blog

When it comes to debt, there are both good and bad debts. Good debts can help individuals acquire assets that appreciate, such as mortgage payments on a house. Alternatively, bad debts do not accrue value and rather come with high-interest rates, such as purchases on a credit card. Credit card debt is one of the […]
Continue Reading Why Credit Card Debt is One of The “Worst Kinds” of Debt

America’s credit card balances are historically down. In fact, credit card balances have yet to return to their pre-pandemic levels. This trend signifies a notable change in Americans’ spending habits, as credit card balances and debt have traditionally been one of the biggest financial burdens carried by most Americans.  If you are struggling to end […]
Continue Reading Credit Card Balances are Dropping Dramatically in the U.S.

Homeownership is the goal of many Americans. However, in the process of loan shopping, many homebuyers fail to do their research and fall victim to predatory mortgage lending. Predatory mortgage lending includes any unfair practices that challenge a borrower’s ability to reasonably repay their debt while benefiting the lender. Excessive fees, high-interest rates, and loan […]
Continue Reading 4 Signs of Predatory Mortgage Lending

Credit has provided Americans with ways to finance homes, cars, education, etc. And while the invention of credit has played a significant role in increasing the average person’s purchasing power, it’s been accompanied by a host of issues—most specifically, debt. Today, American consumers collectively hold over $14.2 trillion in debt with the average person carrying […]
Continue Reading What’s the Average Personal Debt for Most Americans? 

Even after closing a credit account, it will still appear on your credit report. While it is not always possible, there might be ways to remove a closed account from your report. However, it might not always be the best thing to do. Remember, the credit bureaus determine credit scores through various factors. Therefore, removing […]
Continue Reading How Can I Remove Closed Accounts from My Credit Report? 

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 […]
Continue Reading Why You Should Avoid Opening Several Credit Cards Simultaneously

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 […]
Continue Reading Who Pays for Student Loan Debt in Arizona Divorce?

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 […]
Continue Reading What’s the Difference Between Debt Avalanche vs. Debt Snowball Methods? 

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 […]
Continue Reading Can I Refinance My Student Loans with a Low Credit Score?

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. […]
Continue Reading How to Manage Student Loan Debt as a Freelancer

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
Continue Reading Using the 50/30/20 rules to stay on budget

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 […]
Continue Reading 6 Careers That Offer Student Loan Forgiveness

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 […]
Continue Reading 4 Types of Small Business Loans that May Work for You