Credit Card Debt and Your Health

An estimated one in ten adults in the U.S. are in medical debt, and millions of households owe more than $10,000. Carrying around this added debt can negatively affect your finances but paying off your medical bills is not as straightforward as paying off other types of debt. You do, however, have options for reducing the amount you owe and when you pay it back. Learn how to manage medical debt to limit its effect on your finances.

Many of us need to take out a loan to buy a new or used car, considering many makes and models can cost tens of thousands of dollars. However, you don’t need to stick with the original loan you used to purchase the vehicle. Refinancing your current auto loan can potentially help you lock in a lower interest rate, helping you reduce your monthly payments. However, auto loan refinancing isn’t for everyone. Learn about the pros and cons of this option before you sign off on a new loan.

Banks and credit unions aren’t the same. They both offer banking services and different types of loans, but one option tends to be cheaper than the other. Credit unions offer competitive interest rates and more flexible terms with little to no lending fees, so you can keep more of what’s already yours. If you are in the market for a home, personal, auto or RV loan, discover why so many people choose credit unions over traditional banks.

Most people need a mortgage to buy a home, and this means borrowing money from a lender. The lender will always charge interest on top of the principal amount used to buy the home. The interest rate depends on a number of factors, including those related to monetary policy and the health of the economy, as well as those related to your personal finances and credit history. Learn more about how these rates affect the housing market and your bottom line.

If you’ve been in your home for several years or more, chances are you have what is known as home equity, which means you’ve paid off a substantial part of your mortgage loan. You can turn your home equity into cash with a cash-out refinance or a home equity loan. Refinancing your mortgage may also allow you to lock in a lower interest rate, helping you save money in the years to come.

For homeowners, a common financial goal is to pay off the mortgage as soon as possible and avoid paying extra interest. The lower the interest rates, the less you will owe down the line. That’s why it’s important to find a loan with the lowest possible interest rates, usually represented as annual percentage rate (APR), and other fees associated with the lending process. Use this guide to help you find the best mortgage rates to save money over time.

One upside to owning a home is that you can start building equity. Once you pay off a certain percentage of your mortgage, you can use this equity to borrow money against your property by taking out what’s known as a home equity loan. This money is often used by homeowners to make repairs, pay down debt or invest in their education. If you are interested in borrowing against the equity you’ve built up in your home, learn more about how these loans work and how to qualify.

Student loan forbearance is a period in which you aren’t required to make a payment on your student loans. You can temporarily make a smaller payment, but the principal amount of the loan will continue to accrue interest. Forbearance can help you reduce your monthly expenses in the short term, however, you won’t make any progress in terms of paying off the loan or loan forgiveness. Learn more about student loan forbearance and when to consider this option.

Carrying high credit card debt month to month can have a negative impact on your finances. Credit cards have some of the highest interest rates on the market today, making it more difficult to get out of debt. Carrying around credit card debt can also negatively affect your health. This kind of debt can lead to increased stress and anxiety. If you have credit card debt, learn more about how it can affect your health and what you can do to pay it off.

If you’re in the market for a consumer loan, you may have the option of choosing between what’s known as a secured loan and an unsecured loan. Both types of loans will give you access to funds that you will need to pay back at a later date, but they come with clear differences that every borrower should be aware of. Learn more about the difference between secured and unsecured loans so that you can find the right type of loan for your needs.

Spring is right around the corner, and that means it’s time to get your home in shape. Spring cleaning is a time for cleaning, organizing and improving your living space. From adding a new deck to renovating your kitchen, there are so many projects to consider. However, spring cleaning home improvements can be costly.  Depending on the size and scope of your project, you might need to borrow money. You can use a HELOC to help finance your spring cleaning plans. Learn more about how to use a HELOC to improve your home.