Dept Management

Key takeaways Debt forgiveness can reduce or wipe out certain types of debt, but you’ll typically need to meet strict criteria to qualify. Debt forgiveness has benefits and drawbacks, so make sure you understand both before taking this route. Not all types of debt are eligible for forgiveness, but you…

Key takeaways If you’re not happy with your credit card’s interest rate, try to negotiate with your card issuer. Research your account’s history and terms as well as competing card offers so that you can make an informed argument. Improving your credit score tends to be an effective…

Key takeaways Understand your rights under the Fair Debt Collection Practices Act and report any violations to the proper authorities. Before taking any action, request information about the debt from the collector and verify it is yours. Get all agreements and settlements in writing to protect yourself from potential scams.…

Key takeaways To pay off debt, you need to know how much you owe, how much you’re spending and where you can cut costs. The debt avalanche and snowball methods are popular debt repayment strategies. A debt consolidation loan can combine your debts into one loan with one interest rate…

Key takeaways High debt levels can lead to increased stress and anxiety, pessimism about the future and a diminished social life. Creating a plan to pay down debt can improve your emotional outlook. It gives you a sense of control, shifts you from panic to action and helps reduce harassing…

Photography by Getty Images; Illustration by Bankrate Key takeaways Debt collectors can pursue old debts with the threat of lawsuit until the statute of limitations expires. The statute of limitation varies by state and debt type. Once the statute of limitations expires, debt collectors can no longer threaten to sue…

Photography by Getty Images; Illustration by Bankrate Key takeaways Debt management is a systematic way to pay off your debts, either on your own or with the help of a professional debt management company. Debt management companies are skilled at negotiating on your behalf, often finding ways to lower payments…

If you’re struggling with debt, you might wonder if tackling it on your own is truly possible. Managing your debt independently is possible, but it requires planning and discipline. Creating your own debt relief plan can be cost-effective, especially if you’re willing to contact creditors directly and closely monitor your…

There’s a reason financial advisors keep recommending you save money for emergencies. More than one in three Americans needed to tap their emergency savings in the past year, according to Bankrate’s 2025 Annual Emergency Savings Report. But when you’re juggling debt, putting money toward savings can feel overwhelming. Many feel…

Key takeaways Your debt-to-income ratio (DTI) can quickly determine if you have too much debt. Good debt, like a mortgage or student loans, can increase your net worth, while bad debt, like credit card debt, does not provide any value. Options for managing too much debt include a DIY approach,…