Managing Debt
Tackle debt before it tackles your credit
Try Consolidating Your Payments
Nobody ever intends to get in over their head with debt, but it happens. And when it does happen, the best strategy is to be as proactive as possible and protect your credit score. So talk to your lenders before you miss any payments. Determine what options are available to you, such as consolidation loans.
Popular Methodologies for Getting Out of Debt
Popular Methodologies for Getting Out of Debt
In 2018, U.S. consumers hit a record high of revolving debt, more than $1 trillion. Revolving debt is debt that can be paid down, and then consumers can use again—like credit cards. For many people this ability to go back to the proverbial well...
Why You Should Avoid Payday Loans
Why You Should Avoid Payday Loans
If you are stranded at sea and have little or no water, you may be tempted to drink seawater. Unfortunately, the salt in the seawater will dehydrate you and kill you even faster than you would have died without any water. That's the metaphor for payday...
Tips for Getting Out of Credit Card Debt
Tips for Getting Out of Credit Card Debt
Heavy credit card debt can make even day-to-day expenses difficult to manage. If your debts are causing you to stress it is time to make a plan to pay them off, once and for all.
Help With Managing Your Budget
People often struggle to turn their finances around because they see sticking to a budget and avoiding credit cards as a punishment for failing, rather than a challenge to succeed. When getting out of debt, it helps to see it as a quest to regain control and reach toward your dreams.
How to Get Help Managing Debt
How to Get Help Managing Debt
American consumers passed a record $1 trillion in revolving debt in 2018. Moreover, for many people, that debt is out of control. That means they pay more on credit cards than for any other bills, pay one card with another, or max out cards.
Home Equity Loans for Debt Consolidation
Home Equity Loans for Debt Consolidation
Having a lot of debt can feel overwhelming. Even when you're keeping on top of your payments, having to juggle different loans or credit cards with different interest rates and due dates can be stressful. Consolidating that debt into a home equity loan..
Having Good Credit Can Save You Thousands Per Year
Having Good Credit Can Save You Thousands Per Year
Many people think credit scores only matter if you’re buying a house or a car. While it’s true that they’re important for those big purchases, there are a lot of other ways your credit score can impact your life. Whether you realized it or not...
FAQs - Managing Debt
Can CUTX help me out of a debt mess?
There are several levels to debt. The first is when you have too much, but you’re managing it. CUTX is of the most help there, with loan consolidations including home equity loans or personal loans. Once you’ve missed payments, it gets harder to extend credit. And once you’re behind on several accounts, the best solution is to start with a non-profit Consumer Credit Counseling agency certified by an organization like the National Foundation for Credit Counseling
Why is a loan consolidation program from CUTX better than a debt consolidation service?
Many companies that call themselves debt consolidators actually wait until your creditors have charged off your debt and then they pay them a fraction of what you owe. This destroys your credit rating. And they charge a lot for this service. Instead, work with a reputable agency. A red flag is if a company charges exorbitant interest or promises that your credit score will hit a certain number. Since they can't guarantee that, chances are it's not a safe company.
Is a home equity loan or other debt consolidation better than just switching credit cards?
Whatever course you choose to tackle debt, the important thing is to get your spending under control. Whether you switch credit cards or get a home equity loan is less important than what your new interest rate will be and whether you can pay the loan on time. It may be time for a thorough inspection of what you pay every month and where you can cut back.
What are some strategies for managing debt?
There are many strategies for managing debt that range from getting rid of unused subscriptions to finding less expensive living quarters. The first step is to build a realistic budget based on where your money goes today and figure out where you can make cuts. Several free budgeting softwares online can help you do this. Then work with an expert to create your own plan to become debt free.
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