The NFCC often receives readers questions asking us what they should do in their money situation. We pick some to share that others could be asking themselves and hope to help many in sharing these answers. I have tried to figure out how to navigate student loan debt relief programs on my own with no luck. A couple of years ago, I started using a company called “My Education Solutions” and they were able to reduce my loans from like $130,000 to around $30,000. My monthly payment was also much more reasonable than what “Nelnet” was demanding of me. I can’t afford to pay anything back right now ..read more

The NFCC often receives readers questions asking us what they should do in their money situation. We pick some to share that others could be asking themselves and hope to help many in sharing these answers. If you have a question, please submit it on our Ask an Expert page here. Can the collection company send your account to another collection agency after you made an agreement toward the current arrangement?  Creditors or debt collectors can sell or transfer the rights to your accounts at any time without your permission. You are most likely to find out your account has been sold w ..read more

The NFCC often receives readers questions asking us what they should do in their money situation. We pick some to share that others could be asking themselves and hope to help many in sharing these answers. I am coming into a large sum of cash and I want to pay off some debt. Is it better to stagger paying off each item or is it better to pay it all off at once?  Coming into a large sum of cash can help pay some debts, save, and invest for the future. So, it is an excellent time to create a plan and make the most of your money. Paying your debts off at once has many advantages. It will sa ..read more

This week is America Saves Week, a national campaign to raise awareness about the importance of savings, and a time to celebrate accomplishments related to saving money and working toward financial goals. Saving money—as simple as it may sound—can be a somewhat complex topic. It’s not particularly hard to understand, but there are many different ways to think about saving, and to build a plan for saving more money. Today, let’s take a look at the relationship between debt and savings. Specifically, how does paying off debt help you save? The Basic Formula To be successful financially, and to s ..read more

The NFCC often receives readers questions asking us what they should do in their money situation. We pick some to share that others could be asking themselves and hope to help many in sharing these answers. If you have a question, please submit it on our Ask an Expert page here. I have 15k in debt and 15k in cash. Should I pay it off or hold cash for a rainy day? Sometimes it can be challenging to decide to pay debt or save for a rainy day, especially if you have debts and no emergency funds. But sometimes, it doesn’t have to be an “either-or” decision. You can do both to start working to ..read more

When you have significant credit card debt, you want to develop a debt repayment plan that enables you to pay it off as quickly as possible. Debt can keep you from achieving your financial goals, and if you aren’t careful the growing interest can spiral out of control. But here’s the thing: Deciding how to pay off your debt, isn’t always easy. If you talk to a banker, a lawyer, and a financial advisor, you might get three different answers for which repayment method is best. If you research online, you’ll also come across numerous possibilities and plenty of misinformation. Figuring ..read more

While inflation and rising costs are a top concern for many Americans, 72% are confident they’ll be in a better financial position in 2022 (according to a Fidelity.com survey). In fact, 41% have a plan of reducing debt as a means of achieving this goal. If this sounds like you and you’re wanting to improve your financial position, then you’re not alone – but having a plan of action remains the critical next step. For many, making a plan to pay off debt requires a holistic approach. This means changing spending behaviors coupled with resources that are available to you to help achieve your debt ..read more

When you set your mind on a goal, you want to achieve it in the best way possible. What does “best” mean, exactly? That depends on the goal and the person. Here’s an analogy: imagine you are training for a marathon. Naturally, you want to do your best. Well, for some people the goal is simply to finish the marathon (and what an impressive feat that is, to run 26.2 miles!). For others, the goal is to hit a certain time and break a personal record. Competitive runners may even aim for a top-place finish or hope to qualify for an elite-level race. You get the point, our goals and therefore our id ..read more

The NFCC often receives readers questions asking us what they should do in their money situation. We pick some to share that others could be asking themselves and hope to help many in sharing these answers. If you have a question, please submit it on our Ask an Expert page here. This week’s question: Are any debt settlement companies legitimate? Do they have to be licensed? The debt relief industry has been growing in recent years, and debt settlement companies, also known as debt relief or debt adjusting companies, have been a part of that growth. Debt settlement is not the right repayme ..read more

The NFCC often receives readers questions asking us what they should do in their money situation. We pick some to share that others could be asking themselves and hope to help many in sharing these answers. If you have a question, please submit it on our Ask an Expert page here. This week’s question: Should I pay my relative’s debt? A relative is way behind in paying off credit card debt.  They owe about $20,000.00 across 18 credit cards and wants me to pay it all off, with a promise of paying me back over several years. Can you help settle with 18 credit card companies? Would this a ..read more