Are You OverExtended?

Are you managing your debt, or is it managing you? Practical guidance for managing personal debt and credit.

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  • Spending more than paying off
  • Trouble paying bills
  • Buying without down payments
  • Maxed out credit lines
  • Retirement not properly funded
  • No payoff strategy
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Recent Articles

Keep Your Old Credit Cards Open to Protect Your Credit History
Credit History Management

Keep Your Old Credit Cards Open to Protect Your Credit History

When you pay off a credit card you no longer use, it might feel like a victory. You might think closing the account is the final, responsible step...

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Closing a Credit Card Can Hurt Your Credit Score Without Warning
Credit Utilization

Closing a Credit Card Can Hurt Your Credit Score Without Warning

Many middle-class consumers think that closing a credit card is a smart financial move. Maybe you’ve paid off a big balance and want to cut up the...

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Don’t Let Your Credit Utilization Sneak Up on You
Debt-to-Limit Ratio

Don’t Let Your Credit Utilization Sneak Up on You

When you carry a credit card, you probably check your balance now and then. You might even make a payment before the due date. But there is another...

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Why the Length of Your Credit History Matters for Your Score
Credit History Management

Why the Length of Your Credit History Matters for Your Score

When you think about what makes up your credit score, you probably focus on paying your bills on time and not using too much of your available...

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Popular Articles

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Video

Consumer Credit Tips

Each video breaks down one practical way to get out from under debt and stay there — straightforward advice on credit, budgeting, and the habits that keep you from getting overextended again.

FAQ

Frequently Asked Questions

Ignoring a collector is risky. It will not make them go away. They may escalate their efforts, file a lawsuit against you, and ultimately obtain a judgment that allows them to garnish your wages or seize funds from your bank account.

Understanding basic concepts like interest rates, compound growth, and the true cost of debt empowers you to make informed decisions. Financial literacy helps you evaluate the long-term consequences of borrowing and avoid predatory lending practices.

Tax debt owed to government agencies (e.g., IRS) cannot be discharged easily and may involve penalties, interest, and legal actions like wage garnishment or liens, making it particularly urgent and severe.

Consolidation combines debts into a new loan, often with better terms. You pay the full amount owed. Settlement involves negotiating with creditors to pay a lump sum that is less than the full amount you owe. This severely damages your credit score and should be approached with extreme caution.

While enrolling in a DMP may be noted on your credit report, it is not inherently damaging. The accounts included may be closed, which can affect your credit mix and utilization. However, consistent on-time payments through the plan can positively rebuild your score over time.