Few things cause more anxiety than a bill coming when you don’t have the cash to pay it. No matter what kind of debt you have—student loan debt, credit card debt—if it has left you feeling like a hamster on a wheel, you are certainly not alone. Most people would sooner discuss politics or religion than honestly share their financial struggles, which makes it easy to feel like your situation is uniquely challenging. But the new initiatives announced by President Obama to help homeowners and student loan borrowers get out of debt show that many Americans are treading water with no clear sense of how to get ahead.
Category: Pay Off Debt
If you’re carrying a balance on your credit card, a zero percent interest rate balance transfer card probably sounds like a no-brainer. And in some cases, that is absolutely true. But not all credit card debt is created equal, and it’s possible that transferring your balance may actually do more damage than good. Prevent yourself a lot of financial heartache by asking these two key questions before diving head first into a balance transfer. (more…)