Category: Debt
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The Frivolous Spending of Student Loans On Other Things
Many college officials and former students can tell stories of friends who spend some of their student loan funds for a lavish lifestyle. Instead of spending the cash on textbooks, school supplies, room rent and transportation, they buy new gadgets, expensive clothing, restaurant meals, drugs, alcohol or party hard on spring break. While it’s entirely…
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Why are Millennials Postponing Buying a Home?
American millennials aren’t buying the same number of houses that previous generations have bought before them. This demographic group isn’t visiting open houses or searching property listings online for their dream home. In the wake of recession and slow recovery, the homebuying rate of millennials has decline to a 30-year low. What’s caused this drop…
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Minimizing Student Loan Debt for Millennials
College debt runs deep among the older millennial generation. Student loans today represent the next largest form of consumer debt following mortgages, even going above credit card debt. In the past few years, the average student loan debt for millennials has exploded to $37,172 per college student. While Gen Y borrowers have a financial options…
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Why Do Credit Scores Differ?
Your credit score reveals how likely you can pay off your debt. Lending companies and banks sourced the rating from credit bureaus to figure out who can be granted with a loan, on what interest rate as well as how big based on credit limit. Creditors do this to assess the potential risk of borrower…
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The Life Cycle of Federal Student Loans
The federal student loan is long been endorsed as the safest means to borrow for college. Unfortunately, many college students don’t have enough knowledge about their debt and the cost of a college education. This lack of understanding could hurt them financially in the long run. Find out what types of financial aid are available,…
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History of Credit Cards
We know that a credit card is a payment method of buying and selling goods without using physical cash. But do you ever wonder what is the origin of this cashless transaction and who invented the credit card? The concept of paying through a card dates back as far as the 1800s. And in the…
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How to Breakdown Your Credit Score
People who wish to borrow money must know that lending companies uses credit scores and credit histories to give them an overview of whether they will accept your credit card application, car loan or mortgage. Many first-time borrowers don’t know what is a credit score, what are the components of it and how credit scores…
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Hustler’s Guide to Lenders Mortgage Insurance
Lenders Mortgage Insurance or LMI allow home buyers to have the opportunity to own their house sooner with a little deposit. With LMI added, loan providers are more inclined to approve your home loan as high as 95% of the purchase price, confident that they’ll be able to recover their pay out if the borrower…
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The Future of Student Loan Debt in America
With student loan debt going up and wages going down, many Americans with all kinds of student loans are reducing their spending to pay down loans. Unlike other types of debt, student loan lenders keeps on giving loans to college borrowers who don’t have a considerable financial track data or credit histories. Here’s look at…
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The Descent into Credit Card Debt Hell
From cash back to travel rewards, credit cards has its benefits and advantages. However, these plastic cards also has a big share of disadvantages. With lack of basic financial knowledge, cardholders could end up falling in the slippery slope of credit card debt hole. Folks at Mint create a visual presentation about misusing your credit…