Sam Ruland York Daily Record Published 2:12 PM EDT Jun 11, 2019 Eventually, Chad Albright just couldn't take it anymore. The rejection, the depression, the mounting bills, it became too much to deal with all on his own. "I had to escape this debtors’ prison," he said. It felt like there was no other choice. "That's what America became to me, a prison. So I left." Albright bought a one-way ticket to China and boarded an airplane, uncertain if he would ever return to the country he once considered home. It was 2011, and Albright was 30 years old, starting over in a country more than 7,000 miles away from his life in Pennsylvania — away from his family, his friends, and far away from the $30,000 he owed in student loans. Borrowing money for college seemed like a sound financial decision at the time. Albright thought his degree would reliably lead the way to a well-paying career. June 1: Your 2019 guide to federal student loan … [Read more...] about Student loan debt: College grad flees U.S. to China
Best refinance student loans
Christy Bieber The Motley Fool Published 6:00 AM EDT May 9, 2019 Personal loans have many significant advantages over other types of loans, such as credit cards. The interest rate on a personal loan is typically well below the standard APR on a credit card. And personal loans come with fixed repayment terms and predictable repayment schedules, so there’s no risk of getting mired in debt forever as there is with a credit card. But just because personal loans can be an affordable way to borrow doesn’t mean it’s always a smart idea to take out a personal loan. In these five situations, borrowing from a personal loan lender can be a big mistake. 1. When you can't get a loan at a reasonable rate There are all sorts of personal loan lenders that cater to borrowers with different credit histories and different borrowing needs. Unfortunately, some of those personal loan lenders are unscrupulous and charge very high interest rates and high origination fees. … [Read more...] about Times when it’s not a smart idea to take out a personal loan.
Christy Bieber The Motley Fool Published 8:04 AM EDT Apr 27, 2019 Is this a good time to refinance your debt? Here are a few debts that you should consider refinancing in 2019. Refinancing is a process by which you change the terms of current debt you owe. While many people are familiar with mortgage refinancing, you can actually refinance a whole bunch of different kinds of debt. In fact, here are four debts you may want to consider refinancing in 2019. 1. Student loan debt If you have private student loans, refinancing them may make sense if you can qualify for a loan at a lower interest rate. Many people get relatively high rates while they’re in school because they aren’t very qualified borrowers. Or they need to get a cosigner, such as a parent, to agree to share responsibility for the loan. If your credit and financial situation have improved, you may be able to qualify for a better rate than you had before -- and you may be able to qualify for a loan … [Read more...] about Pay off debt: refinance credit card, mortgage, car and student loans
Americans are slipping ever deeper into hock. To cope, many people turn to debt consolidation loans, cash-out mortgage refinancing and retirement plan loans that promise relief, but could leave them worse off. Paying off high-rate debt, such as credit cards, with lower-rate loans may seem like a no-brainer. Unfortunately, many of these loans have hidden costs and drawbacks. And consolidation by itself can’t fix the problems that led to the debt in the first place. In fact, such loans can make matters worse if borrowers feel freed up to spend more. “Consolidating debt seems to create the psychological effect of making you feel like you’ve zeroed it out,” says Moira Somers, financial psychologist and author of “Advice That Sticks.” “Then [borrowers] just start spending up again, until there is no more wiggle room.” Debt levels are hitting new highs Statistics show U.S. households are taking on record levels of debt. Overall household debt, … [Read more...] about Weston: How debt ‘solutions’ could dig you in deeper
Vanessa Bulnes and her husband, Richard, bought their house on 104th Avenue in East Oakland, California, in 1992. The modest two-bedroom property is where they lived for 20 years, raising three children, and where Vanessa made a living running an in-home day-care center. Neighbors in the mostly African-American community often saw her planting vegetables in the backyard, with her kids in tow. After Richard had a stroke in 2008, reducing the couple to a single income, they fell behind on their mortgage and eventually lost their home to foreclosure. A years-long legal effort to refinance the loan on the property failed, and in 2012, the couple were forced to move into a nearby rental home, where they live today. The Bulneses' plight echoes one that plagued many American families in the wake of the housing collapse, when foreclosure rates soared. But black families were hit particularly hard, housing data show, forcing many out of their homes and pushing black homeownership rates to … [Read more...] about Homeownership among blacks has been on the decline in the U.S. since 2004