debt

One woman weathers a career change and upside-down car loan to pay off $133,000 in debt

One-third of adults age 30 or younger have student loan debt, with the median burden hovering at $17,000. In Debt Diaries, we introduce you to those who took on their debt and came away with a better understanding of themselves. Their testimonials offer hope — and tools — to show that you, too, can overcome debt.

Amanda Williams is the founder and owner of Debt Free in Sunny CA, where she helps guide others to debt-free living by sharing tips, and fostering an in-person and online community. She and her husband, Josh, celebrated paying off more than $133,000 in debt in less than four years on July 5, 2018.

Amanda Williams Debt Diaries Profile (ABC Photo Illustration / Photo Courtesy Amanda Williams)

How Amanda’s student loan debt began

I took out private student loans to go to school for massage therapy. After graduating, I worked on several cruise ships

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How to Get a Debt Consolidation Loan

Man pushing a large ball labeled “DEBT” up a steep hill

If you have multiple debt balances from credit cards, high-interest loans and other forms of debt, you may want to merge them into one payment. You can use a debt consolidation loan to combine them into one lower-interest loan. There are many options on the market, so it is important to understand what a debt consolidation loan is and how to find the best one for you.

Debt Consolidation Loans, Defined

A debt consolidation loan is a loan that you use to pay off the balance on your other debts. This allows you to make a single payment each month, typically with a much lower interest rate than your other debt balances. By consolidating your debt payments into one, you eliminate the risk of forgetting payments and can usually pay less over the life of your loan due

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Argentina Creditors Seek Foreign Backing on Debt Clauses

(Bloomberg) — Argentina’s creditors have approached several international organizations to seek endorsement for a proposal to change the rules that govern some of the country’s overseas securities, according to people familiar with the matter.

The International Monetary Fund, the U.S. Treasury, the International Capital Market Association and the Institute of International Finance are among the organizations that have been informally approached by bondholders, said the people, who asked not to be identified discussing a private matter.

While the groups have no formal say over how bond contracts are worded, the idea is that their buy-in would give Economy Minister Martin Guzman political cover to accept the changes, which bolster creditors’ rights by closing legal loopholes for Argentine bonds issued in 2016 and later. The changes to the indentures is a key point of negotiation in the final stretch of talks between Argentina’s government and major creditors including Blackrock Inc., Ashmore

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Argentina Creditors Seek International Backing on Debt Clauses

(Bloomberg) — Argentina’s creditors have approached several international organizations to seek endorsement for a proposal to change the rules that govern some of the country’s overseas securities, according to people familiar with the matter.

The International Monetary Fund, the U.S. Treasury, the International Capital Market Association and the Institute of International Finance are among the organizations that have been informally approached by bondholders, said the people, who asked not to be identified discussing a private matter.

While the groups have no formal say over how bond contracts are worded, the idea is that their buy-in would give Economy Minister Martin Guzman political cover to accept the changes, which bolster creditors’ rights by closing legal loopholes for Argentine bonds issued in 2016 and later. The changes to the indentures is a key point of negotiation in the final stretch of talks between Argentina’s government and major creditors including Blackrock Inc., Ashmore

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12 Dumb Mistakes People Make While Trying To Get Out of Debt

If worrying about how to pay off debt leaves you awake some nights, late-night television abounds with alleged solutions. Some ads promise to get rid of your debt for “pennies on the dollar,” while others try to persuade you to take out new loans to pay off old obligations.

Fall victim to these “deals” and you might be left with worse financial troubles than before. But these aren’t the only foolish ways of paying off debt. I spoke to financial experts to find out the common, dumb mistakes people make while trying to get out of debt — avoid making these same missteps.

Last updated: July 15, 2020

1. Taking Out Payday Loans

If your car or house payment is due before your next paycheck, a payday loan can seem tempting. You don’t need good credit, just a steady source of income and a valid ID. The lender gives you

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How to get out of debt advice, according to an expert

Photo credit: Chainarong Prasertthai - Getty Images
Photo credit: Chainarong Prasertthai – Getty Images

From Cosmopolitan

Asking yourself the question ‘How do I get out of debt?’ can feel akin to walking on a tightrope, blindfolded, while balancing a piano on your back… seemingly impossible.

It’s a feeling many of us might recognise, as research from the Young Women’s Trust shows over a third of females aged 18 to 30 are in debt, with 40% of us struggling to make our money last until payday. You can get support and advice from your bank but help can also be found from those who have been there and (not) bought the T-shirt.

Clare Seal, the woman behind Instagram account @myfrugalyear, has become an inadvertent financial guru after finding herself £27,000 in debt. Here’s her debt advice for making the first moves.

Analyse your spending habits

Budgets aren’t all about deprivation and saying no. “Now, I see them as

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