Dept Management

Key takeaways A 609 dispute letter is a formal way to request more information about the accounts on your credit report. Sending a 609 dispute letter may help you remove errors from your credit report. Legitimate accounts should stay on your credit report even if you send a dispute letter.…

Thomas Barwick/Getty Images Key takeaways Debt consolidation and bankruptcy are strategies to relieve debt, but the effects are radically different. Bankruptcy can give you a fresh start by restructuring your debts or liquidating some of your assets, but it can ruin your credit. Debt consolidation combines several debts into one,…

Key takeaways Debt relief options can help reduce your balances or lower your interest rates. Debt consolidation loans and balance transfer credit cards make it easier to manage your debt and potentially save a bundle in interest. You could also find relief if your creditors agree to enroll you in…

Key takeaways Debt relief companies can carry serious risks, like long-term credit damage, especially if your creditors don’t agree to work with them. Alternatives to debt relief include working with a credit counselor, negotiating with your creditors, consolidating your debt and tapping into the equity you’ve built up in your…

Image by GettyImages; illustration by Bankrate Halfway through the year is the perfect time to pause, reflect and realign your financial intentions. Life changes — new jobs, unexpected bills, health changes or economic uncertainty — can impact the pace and direction of your debt payoff plan. Pausing to reassess is…

Key takeaways Using a personal loan to pay off credit card debt could be a smart move if you can secure a lower rate or are juggling multiple credit card payments Paying off credit card debt with a personal loan may not be right for you if you’re overwhelmed by…

Key takeaways Debt consolidation can simplify your finances and potentially lower your interest rate. There may be upfront costs that can offset potential savings. People with good credit may qualify for better loan terms, making consolidation a good option. Debt consolidation involves combining several debts — such as credit cards,…

Image by GettyImages; Illustration by Bankrate Key takeaways Unsecured debt doesn’t require you to offer collateral, such as a vehicle or a home, to secure the loan. Because unsecured debt is riskier for lenders, interest rates are typically higher, and approval requirements are more stringent.  Personal loans, credit cards and…

Key takeaways A debt management plan (DMP) can make it easier to manage your unsecured debts, including credit card bills and personal loans. If a credit counselor successfully negotiates with your creditors, you can avoid collection calls, save on interest expenses and get out of debt sooner. However, debt management…

Key takeaways Scammers use texts, calls, emails and letters to create a false sense of urgency about debt repayment. Always ask for detailed information about the debt and the debt collector’s contact details to confirm their authenticity. Get familiar with the Fair Debt Collection Practices Act (FDCPA) to know what…