In 2022, the national Chamber of Commerce released data concerning student loans indicating that the average balance on student loan debt hovered around $37,000. That amount could be daunting to any former student, and the obligation’s long-term nature can impact a person’s financial wealth. Paying down loans as soon as possible can positively affect an individual’s money situation. Here are three smart ways to rid yourself of student loan debt for good.
Don’t Ignore Tax Debt — Call the IRS, Instead
Every year on April 15, most people in the United States who earned income in the prior year must file their taxes. Neglecting to do so can result in a hefty tax bill, complete with fines and late fees. If you find yourself or your loved one in a situation where you owe money to Uncle Sam, the worst thing you can do is ignore the issue. The longer you wait, the more the problem will grow. Consider the following suggestions.
How Much Debt Is Too Much?
People often associate the word debt with something negative. Those looking to build wealth often hear advice suggesting they pay down their obligations to get on track. Yet, debt isn’t necessarily a good or bad thing. What matters is how much you carry compared to your income, what sort of financial commitments you have, and whether it’s a drain on your bottom line.
Why You Should Avoid Carrying THIS Kind of Debt
When you hear the word debt, you might envision a drain on your bank account month after month. In truth, some obligations can help grow wealth, although carrying the wrong kind of debt can hinder financial progress for the foreseeable future. Credit card balances with high interest rates can trap you in a cycle that’s hard to escape.
The 3 Most Damaging Types of Debt and Why
Debt can be a double-edged sword. On the one hand, you can use it to buy appreciable assets and grow wealth. However, acquiring the wrong kind of debt can sink your whole financial plan, leaving you worse off than where you started. In a climate where inflation shows no signs of slowing down, you need to know the most damaging types of debt and why you should steer clear.
3 Ways to Tackle Debt (and Minimize the Pain)
Most people in the United States carry some type of debt, and it’s difficult to get out from under those obligations without a strategy. Yet, carrying debt robs you of the opportunity to grow your wealth. Luckily, there are multiple ways to tackle your debt and get rid of it for good.
5 Steps to Faster Financial Freedom
High inflation rates and rising prices can do a number on your budget and could have you thinking about how to achieve financial freedom. Securing your finances can give you the peace of mind of knowing you’re ready no matter what comes your way. Here are five things you can start today that will get you on the road to reaching your financial goals.
How to Minimize the Side Effects of Inflation
Many people are struggling to stay financially afloat amid fears the rising costs will continue with inflation the highest its been in several decades. Recent Federal Reserve data showed spending expectations are rising, adding anxiety over job stability and expected rent increases, while wages will likely stay the same. Given the recent market trajectory, how can you minimize the impact of inflation on your household?
3 Easy Ways to Boost Your Credit Score
Having a good credit score means you will get the best rate when borrowing money from a bank, give you the best chance at renting the house you want, and even land you a job you desire. If you have a low credit score and want to boost it, we have some simple suggestions that could take as little as 30 days to start showing results.
These Bad Money Habits May Make You Broke
Thinking of bad habits might conjure images of eating fattening cakes, smoking harmful cigarettes, or biting fingernails. Yet, bad money habits are every bit as detrimental and could devastate anyone’s finances unless they turn those behaviors around.