Theda Muller writes: “Not everyone is dishonest, or avoiding creditor calls or even unwilling to repay their debt because there are many debtors with huge integrity, who need that chance to meet their commitments because surely nobody likes receiving these very rude calls.” Consideration should be ‘order of the day.’ (emirates247.com)
Debt Management
Midwesterners Are the Most Embarrassed About Their Credit Card Debt
According to a survey by personal finance website NerdWallet, Midwesterners are the ones most embarrassed to admit they have credit card debt, but they are the least likely to have it. On the other hand, Southerners have the highest debt-to-income ratios in the country and the lowest average credit scores. Overall the the average American household owes $15,355 in credit card debt. (nerdwallet.com)
Use This Calculator to See If You Can Afford Life After College
Los Angeles-based Weintraub & Selth launched an interactive tool to help you estimate if you can afford to live in the desired city after college using the average starting salary for your selected major, average tuition, student loan costs, and the average living expenses for your desired city. The cost of living estimator is a rough guide to let parents and and students thinking about the cost of college that could help avoiding bankruptcy after college. (marketwatch.com)
Finances Are Preventing Almost Half of Non-Homeowners from Buying Homes
As homeownership rate drops to 63.4%, lowest since 1967, Bankrate reports that almost half of non-homeowners say their financial situation stands in their way of purchasing a home. The reasons are that 29% of respondents say they can’t afford a down payment and 16% of respondents say that their credit isn’t good enough to qualify for a mortgage. “Hispanics were the ethnic group most likely to report that their credit is holding them back from homeownership, while the most-cited reason among blacks and whites was they just don’t want to own a home yet.” (bankrate.com)
Guide to Borrowing Money from Peer-to-Peer Lending
Peer-to-peer (P2P) lending is getting popular as you probably heard about Prosper and Lending Club. Here’s a five-minute guide to borrowing money from P2P. “Online-only P2P platforms take money from savers and loan it out to carefully vetted borrowers including ordinary consumers, small businesses and even landlords. By cutting out the middleman such as banks and building societies, they should give savers and borrowers a better rate. P2P platforms still take their cut, but this is lower because they do not have to support large branch networks and thousands of staff.” Once you are into P2P, you need to be aware that it is riskier than deposit the money in the bank as it’s not back by FDIC. (express.co.uk)
Options for Those Struggling With Student Loan Debt
With over $1.3 trillion outstanding loans, student loan debt is the second highest form of debt after home mortgages, and the class of 2015 was the most indebted ever with the average of over $35,000 for 70% of graduates. However, there are options for those struggling with student loan debt. The ways to eliminate or save money on student debt are through student loan refinance, student loan forgiveness and public service loan forgiveness. While student loan debt can be overwhelming, but there are options for you to tackle it. (huffingtonpost.com)
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