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Balance Transfer

Capital One Balance Transfer Offer

The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.

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Balance transfer offers on credit cards can be an excellent way to reduce the cost of expensive credit card debt, helping you can get out of debt faster. Capital One only offers one card with a balance transfer intro period. Balance transfers are usually offered only to people with excellent credit, however you may qualify if you have good credit. It’s always a good idea to check if you’re prequalified before submitting an application.

In this article, we will:

  • Review the balance transfer offer from Capital One
  • Provide details on who can be approved for the offer
  • Decode the fine print, so that you know how to avoid tricks and traps that could cost you

Note: If you are looking to get out of debt, you should consider downloading our free Debt Free Guide. It will show you how to slash your interest rates, boost your credit score, negotiate hard with creditors and become debt-free fast and forever. Balance transfers can be a great tool in your debt-free strategy, but everyone should have a strategy. And this guide can help you build one.

Offer Review

Capital One® Quicksilver® Cash Rewards Credit Card

Quicksilver from Capital One

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on Capital One’s secure website

The Capital One® Quicksilver® Cash Rewards Credit Card is best known for having no annual fee, and providing unlimited 1.5% cash back on all of your spend. Unlike many cash back credit cards, there are no rotating categories, no caps, and no minimums for getting your cash back. They really raised the bar on cash back credit cards, until Citibank created the Citi® Double Cash Card which does the same thing, except you earn unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.

Capital One® Quicksilver® Cash Rewards Credit Card offers 0% intro APR for 9 months on balance transfers, with a 3% fee. When compared to the rest of the market, this is a mediocre intro period. You can find cards with intro periods of 15, 21 and 24 months. We list all of the balance transfer options here.

Approval Criteria

Capital One markets this card for people with excellent credit. On their website, excellent credit is defined as someone who:

  • Has never declared bankruptcy or defaulted on a loan
  • Hasn’t been more than 60 days late on any credit card, medical bill, or loan in the last year
  • Has had a loan or credit card for 3 years or more with a credit limit above $5,000

If your credit score isn’t excellent, your options are much more limited. In fact, we recommend considering a personal loan to get a lower rate on your debt, where you will have a better chance of getting a higher loan amount.

 Fine Print Alert

Balance transfers can save you a lot of money. However, there are certain traps out there, and if you fall for those traps it could end up costing you a lot of money. Make sure you do the following:

  • If you are approved for your balance transfer credit card, complete the balance transfer right away. The 0% promotional offer begins the day your account is open.
  • Set up automatic payments so that you are never late. Even being late by one day can result in a steep late fee. And, if you are late by 60 days or more, you can see a big spike in your interest rate.
  • Don’t spend on the credit card. Although Capital One does offer 0% on purchases, they do that as a temptation. They want you to spend, so that you don’t use the promotional period to pay down your debt. If you are using a balance transfer, you should be doing it to get out of debt faster.

To learn more about balance transfers, you can visit our learning center.

Balance transfers, when used properly, can take years off your debt repayment. With proper credit behavior, the Capital One® Quicksilver® Cash Rewards Credit Card can save you money and help rid you of debt.

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Nick Clements
Nick Clements |

Nick Clements is a writer at MagnifyMoney. You can email Nick at nick@magnifymoney.com

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College Students and Recent Grads, Pay Down My Debt

19 Options to Refinance Student Loans in 2017 – Get Your Lowest Rate

The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.

19 Options to Refinance Student Loans - Get Your Lowest Rate

Updated: August 31, 2017

Are you tired of paying a high interest rate on your student loan debt? You may be looking for ways to refinance your student loans at a lower interest rate, but don’t know where to turn. We have created the most complete list of lenders currently willing to refinance student loan debt.

You should always shop around for the best rate. Don’t worry about the impact on your credit score of applying to multiple lenders: so long as you complete all of your applications within 14 days, it will only count as one inquiry on your credit score. You can see the full list of lenders below, but we recommend you start here, and check rates from the top 4 national lenders offering the lowest interest rates. These 4 lenders also allow you to check your rate without impacting your score (using a soft credit pull), and offer the best rates of 2017:

LenderTransparency ScoreMax TermFixed APRVariable APRMax Loan Amount 
SoFiA+

20


Years

3.35% - 7.125%


Fixed Rate*

2.815% - 6.740%


Variable Rate*

No Max


Undergrad/Grad
Max Loan
apply-now
earnestA+

20


Years

3.35% - 6.39%


Fixed Rate

2.81% - 6.19%


Variable Rate

No Max


Undergrad/Grad
Max Loan
apply-now
commonbondA+

20


Years

3.35% - 7.12%


Fixed Rate

2.81% - 6.74%


Variable Rate

No Max


Undergrad/Grad
Max Loan
apply-now
lendkeyA+

20


Years

3.25% - 7.26%


Fixed Rate

2.67% - 6.06%


Variable Rate

$125k / $175k


Undergrad/Grad
Max Loan
apply-now

We have also created:

But before you refinance, read on to see if you are ready to refinance your student loans.

Can I Get Approved?

Loan approval rules vary by lender. However, all of the lenders will want:

  • Proof that you can afford your payments. That means you have a job with income that is sufficient to cover your student loans and all of your other expenses.
  • Proof that you are a responsible borrower, with a demonstrated record of on-time payments. For some lenders, that means that they use the traditional FICO, requiring a good score. For other lenders, they may just have some basic rules, like no missed payments, or a certain number of on-time payments required to prove that you are responsible.

If you are in financial difficulty and can’t afford your monthly payments, a refinance is not the solution. Instead, you should look at options to avoid a default on student loan debt.

This is particularly important if you have Federal loans.

Don’t refinance Federal loans unless you are very comfortable with your ability to repay. Think hard about the chances you won’t be able to make payments for a few months. Once you refinance, you may lose flexible Federal payment options that can help you if you genuinely can’t afford the payments you have today. Check the Federal loan repayment estimator to make sure you see all the Federal options you have right now.

If you can afford your monthly payment, but you have been a sloppy payer, then you will likely need to demonstrate responsibility before applying for a refinance.

But, if you can afford your current monthly payment and have been responsible with those payments, then a refinance could be possible and help you pay the debt off sooner.

Is it worth it?

Like any form of debt, your goal with a student loan should be to pay as low an interest rate as possible. Other than a mortgage, you will likely never have a debt as large as your student loan.

If you are able to reduce the interest rate by re-financing, then you should consider the transaction. However, make sure you include the following in any decision:

Is there an origination fee?

Many lenders have no fee, which is great news. If there is an origination fee, you need to make sure that it is worth paying. If you plan on paying off your loan very quickly, then you may not want to pay a fee. But, if you are going to be paying your loan for a long time, a fee may be worth paying.

Is the interest rate fixed or variable?

Variable interest rates will almost always be lower than fixed interest rates. But there is a reason: you end up taking all of the interest rate risk. We are currently at all-time low interest rates. So, we know that interest rates will go up, we just don’t know when.

This is a judgment call. Just remember, when rates go up, so do your payments. And, in a higher rate environment, you will not be able to refinance to a better option (because all rates will be going up).

We typically recommend fixing the rate as much as possible, unless you know that you can pay off your debt during a short time period. If you think it will take you 20 years to pay off your loan, you don’t want to bet on the next 20 years of interest rates. But, if you think you will pay it off in five years, you may want to take the bet. Some providers with variable rates will cap them, which can help temper some of the risk.

Places to Consider a Refinance

If you go to other sites they may claim to compare several student loan offers in one step. Just beware that they might only show you deals that pay them a referral fee, so you could miss out on lenders ready to give you better terms. Below is what we believe is the most comprehensive list of current student loan refinancing lenders.

You should take the time to shop around. FICO says there is little to no impact on your credit score for rate shopping as many providers as you’d like in a single shopping period (which can be between 14-30 days, depending upon the version of FICO). So set aside a day and apply to as many as you feel comfortable with to get a sense of who is ready to give you the best terms.

Here are more details on the 5 lenders offering the lowest interest rates:

1. SoFi: Variable Rates from 2.815% and Fixed Rates from 3.35% (with AutoPay)*

SoFi

SoFi (read our full SoFi review) was one of the first lenders to start offering student loan refinancing products. More MagnifyMoney readers have chosen SoFi than any other lender. Although SoFi initially targeted a very select group of universities (it started with Stanford), now almost anyone can apply, including if you graduated from a trade school. The only requirement is that you graduated from a Title IV school. You need to have a degree, a good job and good income in order to qualify. SoFi wants to be more than just a lender. If you lose your job, SoFi will help you find a new one. If you need a mortgage for a first home, they are there to help. And, surprisingly, they also want to get you a date. SoFi is famous for hosting parties for customers across the country, and creating a dating app to match borrowers with each other.

GO TO SITE Secured

on SoFi’s secure website

2. Earnest: Variable Rates from 2.65% and Fixed Rates from 3.20% (with AutoPay)

Earnest

Earnest (read our full Earnest review) offers fixed interest rates starting at 3.20% and variable rates starting at 2.65%. Unlike any of the other lenders, you can switch between fixed and variable rates throughout the life of your loan. You can do that one time every six months until the loan is paid off. That means you can take advantage of the low variable interest rates now, and then lock in a higher fixed rate later. You can choose your own monthly payment, based upon what you can afford (to the penny). Earnest also offers bi-weekly payments and “skip a payment” if you run into difficulty.

3. CommonBond: Variable Rates from 2.81% and Fixed Rates from 3.35% (with AutoPay)

CommonBond

CommonBond (read our full review) started out lending exclusively to graduate students. They initially targeted doctors with more than $100,000 of debt. Over time, CommonBond has expanded and now offers student loan refinancing options to graduates of almost any university (graduate and undergraduate). In addition (and we think this is pretty cool), CommonBond will fund the education of someone in need in an emerging market for every loan that closes. So not only will you save money, but someone in need will get access to an education.

4. LendKey: Variable Rates from 2.67% and Fixed Rates from 3.25% (with AutoPay)

Lendkey

LendKey (read our full LendKey review) works with community banks and credit unions across the country. Although you apply with LendKey, your loan will be with a community bank. If you like the idea of working with a credit union or community bank, LendKey could be a great option. Over the past year, LendKey has become increasingly competitive on pricing, and frequently has a better rate than some of the more famous marketplace lenders.

In addition to the Top 4 (ranked by interest rate), there are many more lenders offering to refinance student loans. Below is a listing of all providers we have found so far. This list includes credit unions that may have limited membership. We will continue to update this list as we find more lenders. This list is ordered alphabetically:

  • Alliant Credit Union: Anyone can join this credit union. Interest rates start as low as 4.25% APR. You can borrow up to $100,000 for up to 25 years.
  • Citizens Bank: Variable interest rates range from 2.77% APR – 8.62% APR and fixed rates range from 4.74% – 8.24%. You can borrow for up to 20 years. Citizens also offers discounts up to 0.50% (0.25% if you have another account and 0.25% if you have automated monthly payments).
  • College Avenue: If you have a medical degree, you can borrow up to $250,000. Otherwise, you can borrow up to $150,000. Fixed rates range from 4.65% – 7.50% APR. Variable rates range from 4.01% – 7.01% APR.
    • Credit Union Student Choice: If you like credit unions and community banks, we recommend that you start with LendKey. However, if you can’t find a good loan from a LendKey partner, this tool could be helpful. Just check to see if you or an immediate family member belong to one of their featured credit union and you can apply to refinance your loan.
  • Laurel Road (formerly known as DRB) Student Loan: Laurel Road offers variable rates ranging from 2.99% – 6.42% APR and fixed rates from 3.95% – 6.99% APR. Rates vary by term, and you can borrow up to 20 years.
  • Eastman Credit Union: Credit union membership is restricted (see eligibility here). Fixed rates start at 6.50% and go up to 8% APR.
  • Education Success Loans: This company has a unique pricing structure: your interest rate is fixed and then becomes variable thereafter. You can fix the rate at 4.99% APR for the first year, and it is then becomes variable. The longest you can fix the rate is 10 years at 7.99%, and it is then variable thereafter. Given this pricing, you would probably get a better deal elsewhere.
  • EdVest: This company is the non-profit student loan program of the state of New Hampshire which has become available more broadly. Rates are very competitive, ranging from 3.94% – 7.54% (fixed) and 3.16% – 6.76% APR (variable).
  • First Republic Eagle Gold. The interest rates are great, but this option is not for everyone. Fixed rates range from 2.35% – 3.95% APR. You need to visit a branch and open a checking account (which has a $3,500 minimum balance to avoid fees). Branches are located in San Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach, San Diego, Portland (Oregon), Boston, Palm Beach (Florida), Greenwich or New York City. Loans must be $60,000 – $300,000. First Republic wants to recruit their future high net worth clients with this product.
  • IHelp: This service will find a community bank. Unfortunately, these community banks don’t have the best interest rates. Fixed rates range from 4.65% to 8.84% APR (for loans up to 15 years). If you want to get a loan from a community bank or credit union, we recommend trying LendKey instead.
  • Navy Federal Credit Union: This credit union offers limited membership. For men and women who serve (or have served), the credit union can offer excellent rates and specialized underwriting. Variable interest rates start at 3.42% and fixed rates start at 4.00%.
  • Purefy: Only fixed interest rates are available, with rates ranging from 3.95% – 6.75% APR. You can borrow up to $150,000 for up to 15 years. Just answer a few questions on their site, and you can get an indication of the rate.
  • RISLA: Just like New Hampshire, the state of Rhode Island wants to help you save. You can get fixed rates starting as low as 3.49%. And you do not need to have lived or studied in Rhode Island to benefit.
  • UW Credit Union: This credit union has limited membership (you can find out who can join here, but you had better be in Wisconsin). You can borrow from $5,000 to $60,000 and rates start as low as 2.76% (variable) and 4.04% APR (fixed).
  • Wells Fargo: As a traditional lender, Wells Fargo will look at credit score and debt burden. They offer both fixed and variable loans, with variable rates starting at 4.49% and fixed rates starting at 6.24%. You would likely get much lower interest rates from some of the new Silicon Valley lenders or the credit unions.

You can also compare all of these loan options in one chart with our comparison tool. It lists the rates, loan amounts, and kinds of loans each lender is willing to refinance. You can also email us with any questions at info@magnifymoney.com.

Nick Clements
Nick Clements |

Nick Clements is a writer at MagnifyMoney. You can email Nick at nick@magnifymoney.com

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Featured, Mortgage, News

U.S. Mortgage Market Statistics: 2017

The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.

Homeownership rates in America are at all-time lows. The housing crisis of 2006-2009 made banks skittish to issue new mortgages. Despite programs designed to lower down payment requirements, mortgage originations haven’t recovered to pre-crisis levels, and many Americans cannot afford to buy homes.

Will a new generation of Americans have access to home financing that drove the wealth of previous generations? We’ve gathered the latest data on mortgage debt statistics to explain who gets home financing, how mortgages are structured, and how Americans are managing our debt.

Summary:

  • Total Mortgage Debt: $9.8 trillion1
  • Average Mortgage Balance: $137,0002
  • Average New Mortgage Balance: $244,0003
  • % Homeowners (Owner-Occupied Homes): 63.4%4
  • % Homeowners with a Mortgage: 65%5
  • Median Credit Score for a New Mortgage: 7646
  • Average Down Payment Required: $12,8297
  • Mortgages Originated in 2016: $2.065 trillion8
  • % of Mortgages Originated by Banks: 43.9%9
  • % of Mortgages Originated by Credit Unions: 9%9
  • % of Mortgages Originated by Non-Depository Lenders: 47.1%9

Key Insights:

  • The median borrower in America puts 5% down on their home purchase. This leads to a median loan-to-value ratio of 95%. A decade ago, the median borrower put down 20%.10
  • Credit score requirements make mortgages tougher than ever to get. The median mortgage borrower had a credit score of 764.6
  • 1.67% of all mortgages are in delinquency. In 2010, mortgage delinquency reached as high as 8.89%.11

Home Ownership and Equity Levels

In the first quarter of 2017, real estate values in the United States recovered to their pre-recession levels. The total value of real estate owned by individuals in the United States is $23 trillion dollars, and total mortgages clock in at $9.8 trillion dollars. This means that Americans have $13.7 trillion in homeowners equity.12 This is the highest value of home equity Americans have ever seen.

However, real estate wealth is becoming increasingly concentrated as overall homeownership rates fall. In 2004, 69% of all Americans owned homes. Today, that number is down to 63.4%.4 While home affordability remains a question for many Americans, the downward trend in homeownership corresponds to banks tightening credit standards for new mortgages.

New Mortgage Originations

Mortgage origination levels show signs of recovery from their housing crisis lows. In 2008, financial institutions issued just $1.4 trillion dollars of new mortgages. In 2016, new first lien mortgages topped $2 trillion for the first time since the end of the housing crisis. Despite the growth in the mortgage market, mortgage originations are still 25% lower than their pre-recession average.8

As recently as 2010, three banks (Wells Fargo, Bank of America, and Chase) originated 56% of all mortgages.13 In 2016, all banks put together originate just 44% of all loans.9

In a growing trend toward “non-bank” lending, both credit unions and non-depository lenders cut into banks’ share of the mortgage market. In 2016, credit unions issued 9% of all mortgages. Additionally, 47% of all mortgages in 2016 came from non-depository lending institutions like Quicken Loans and PennyMac. Behind Wells Fargo ($249 billion) and Chase ($117 billion), Quicken ($96 billion) was the third largest issuer of mortgages in 2016. In the fourth quarter of 2016, PennyMac issued $22 billion in loans and was the fourth largest lender overall.9

Government vs. Private Securitization

Banks tend to be more willing to lend mortgages to consumers if a third party will buy the mortgage in the secondary market. This is a process called loan securitization. Consumers can’t directly influence who buys their mortgage. Nonetheless, mortgage securitization influences who gets mortgages and their rates. Over the last five years government securitization enterprises, FHA and VA loans, and portfolio loan securitization have risen. However, today private loan securitization is almost extinct.

Government-sponsored enterprises (GSEs) have traditionally played an important role in ensuring that banks will issue new mortgages. In 2016, 46% of all loans issued were securitized by Fannie Mae or Freddie Mac. However, in absolute terms, Fannie and Freddie purchased 20% fewer loans than they did in the years leading up to 2006.8

In 2016, a tiny fraction (0.4%) of all loans were purchased by private securitization companies.8 Prior to 2007, private securitization companies held $1.6 trillion in subprime and Alt-A (near prime) mortgages. In 2005 alone, private securitization companies purchased $1.1 trillion worth of mortgages. Today private securitization companies hold just $500 billion in total assets, including $440 billion in subprime and Alt-A loans.14

As private securitization firms exited the mortgage landscape, programs from the Federal Housing Administration (FHA) and U.S. Department of Veterans Affairs (VA) have filled in some of the gap. The FHA and VA are designed to help borrowers get loans despite having smaller down payments or lower incomes. FHA and VA loans accounted for 23% of all loans issued in 2016. These loan programs are the only mortgages that grew in absolute terms from the pre-mortgage crisis. Prior to 2006, FHA and VA loans only accounted for $155 billion in loans per year. In 2016, FHA and VA loans accounted for $470 billion in loans issued.8

Portfolio loans, mortgages held by banks, accounted for $639 billion in new mortgages in 2016. Despite tripling in volume from their 2009 low, portfolio loans remain down 24% from their pre-crisis average.8

Mortgage Credit Characteristics

Since banks are issuing 21% fewer mortgages compared to pre-crisis averages, borrowers need higher incomes and better credit to get a mortgage.

The median FICO score for an originated mortgage rose from 707 in late 2006 to 764 today. The scores on the bottom decile of mortgage borrowers rose even more dramatically from 578 to 657.6

In 2016, 23% of all first lien mortgages were financed through FHA or VA programs. First-time FHA borrowers had an average credit score of 677. This puts the average first-time FHA borrower in the bottom quartile of all mortgage borrowers.8

Prior to 2009, an average of 20% of all volumes originated went to people with subprime credit scores (<660). In the first quarter of 2017, just 8% of all mortgages were issued to borrowers with subprime credit scores. Mortgages for people with excellent credit (scores above 760) more than doubled. Between 2003 and 2008 just 27% of all mortgages went to people with excellent credit. In the first quarter of 2017, 61% of all mortgages went to people with excellent credit.6

Banks have also tightened lending standards related to maximum debt-to-income ratios for their mortgages. In 2007, conventional mortgages had an average debt-to-income ratio of 38.6%; today the average ratio is 34.3%.15 The lower debt-to-income ratio is in line with pre-crisis levels.

LTV and Delinquency Trends

Banks continue to screen customers on the basis of credit score and income, but customers who take on mortgages are taking on bigger mortgages than ever before. Today a new mortgage has an average unpaid balance of $244,000, according to data from the Consumer Financial Protection Bureau.3

The primary drivers behind larger loans are higher home prices, but lower down payments also play a role. Prior to the housing crisis, more than half of all borrowers put down at least 20%. The average loan-to-value ratio at loan origination was 82%.10

Today, half of all borrowers put down 5% or less. A quarter of all borrowers have just 3.5% equity at the time of mortgage origination. As a result, the average loan-to-value ratio at origination has climbed to 88%.10

Despite a growing trend toward smaller down payments, growing home prices mean that overall loan-to-value ratios in the broader market show healthy trends. Today, the average loan-to-value ratio across all homes in the United States is an estimated 48%. The average LTV on mortgaged homes is 73%.16

This is substantially higher than the pre-recession LTV ratio of approximately 60%. However, homeowners saw very healthy improvements in loan-to-value ratios of 94% in early 2011. Between 2009 and 2011 more than a quarter of all mortgaged homes had negative equity. Today, just 6.2% of homes have negative equity.17

Although the current LTV on mortgaged homes remains above historical averages, Americans continue to manage mortgage debt well. Current homeowners have mortgage payments that make up an average of just 16.5% of their annual household income.18

After falling for 20 straight quarters, mortgage delinquency rates reached an eight-year low (1.57%) in the fourth quarter of 2016. Delinquency rates ticked up to 1.67% for the first time in Q1 2017, but remain substantially below the 2010 high of 8.89% delinquency.11

Despite the general progress, delinquency rates are still six basis points higher than their 2003-2006 average of 1.07%. It remains to be seen if delinquency rates will return to their pre-crisis lows, or if the housing market is entering a new normal.

Sources:

  1. Board of Governors of the Federal Reserve System (U.S.), Households and Nonprofit Organizations; Home Mortgages; Liability, Level [HHMSDODNS], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/HHMSDODNS, June 22, 2017.
  2. Survey of Consumer Expectations Housing Survey – 2017,” Credit Quality and Inclusion, from the Federal Reserve Bank of New York. Accessed June 22, 2017.
  3. Home Mortgage Disclosure Act, Consumer Financial Protection Bureau, “Average Loan Amount, 1-4 family dwelling, 2015.” Accessed June 22, 2017.
  4. U.S. Bureau of the Census, Homeownership Rate for the United States [USHOWN], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/USHOWN, June 22, 2017. (Calculated as percent of all housing units occupied by an owner occupant.)
  5. “U.S. Census Bureau, 2011-2015 American Community Survey 5-Year Estimates,” Mortgage Status, Owner-Occupied Housing Units. Accessed June 22, 2017.
  6. Quarterly Report on Household Debt and Credit May 2017.” Credit Score at Origination: Mortgages, from the Federal Reserve Bank of New York and Equifax Consumer Credit Panel. Accessed June 22, 2017.
  7. Calculated metric:
    1. Down Payment Value = Home Price* Average Down Payment Amount (Average Unpaid Balance on a New Mortgageb / Median LTV on a New Loanc) * (1 – Median LTV on a New Loanc)
    2. Home Mortgage Disclosure Act, Consumer Financial Protection Bureau, “Average Loan Amount, 1-4 family dwelling, 2015.” Accessed June 22, 2017. Gives an average unpaid principal balance on a new loan = $244K.
    3. Housing Finance at a Glance: A Monthly Chartbook, May 2017.” Combined LTV at Origination from the Urban Institute, Urban Institute, calculated from: Corelogic, eMBS, HMDA, SIFMA, and Urban Institute. Data provided by Urban Institute Housing Finance Policy Center Staff.
  8. Housing Finance at a Glance: A Monthly Chartbook, May 2017.” First Lien Origination Volume from the Urban Institute. Source: Inside Mortgage Finance and the Urban Institute. Data provided by Urban Institute Housing Finance Policy Center Staff.
  9. Mortgage Daily. 2017. “Mortgage Daily 2016 Biggest Lender Ranking” [Press Release] Retrieved from https://globenewswire.com/news-release/2017/04/03/953457/0/en/Mortgage-Daily-2016-Biggest-Lender-Ranking.html.
  10. Housing Finance at a Glance: A Monthly Chartbook, May 2017.” Combined LTV at Origination from the Urban Institute, Urban Institute, calculated from: Corelogic, eMBS, HMDA, SIFMA, and Urban Institute. Data provided by Urban Institute Housing Finance Policy Center Staff.
  11. Quarterly Report on Household Debt and Credit May 2017.” Mortgage Delinquency Rates, from the Federal Reserve Bank of New York and Equifax Consumer Credit Panel. Accessed June 22, 2017.
  12. Calculated metric: Value of U.S. Real Estatea – Mortgage Debt Held by Individualsb
    1. Board of Governors of the Federal Reserve System (U.S.), Households; Owner-Occupied Real Estate including Vacant Land and Mobile Homes at Market Value [HOOREVLMHMV], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/HOOREVLMHMV, June 22, 2017.
    2. Board of Governors of the Federal Reserve System (U.S.), Households and Nonprofit Organizations; Home Mortgages; Liability, Level [HHMSDODNS], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/HHMSDODNS, June 22, 2017.
  13. Mortgage Daily, 2017. “3 Biggest Lenders Close over Half of U.S. Mortgages” [Press Release]. Retrieved from http://www.mortgagedaily.com/PressRelease021511.asp?spcode=chronicle.
  14. Housing Finance at a Glance: A Monthly Chartbook, May 2017” from the Urban Institute Private Label Securities by Product Type, Urban Institute, calculated from: Corelogic and the Urban Institute. Data provided by Urban Institute Housing Finance Policy Center Staff.
  15. Fannie Mae Statistical Summary Tables: April 2017” from Fannie Mae. Accessed June 22, 2017; and “Single Family Loan-Level Dataset Summary Statistics” from Freddie Mac. Accessed June 22, 2017. Combined debt-to-income ratios weighted using original unpaid balance from both datasets.
  16. Calculated metrics:
    1. All Houses LTV = Value of All Mortgagesc / Value of All U.S. Homesd
    2. Mortgages Houses LTV = Value of All Mortgagesc / (Value of All Homesd – Value of Homes with No Mortgagee)
    3. Board of Governors of the Federal Reserve System (U.S.), Households; Owner-Occupied Real Estate including Vacant Land and Mobile Homes at Market Value [HOOREVLMHMV], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/HOOREVLMHMV, June 22, 2017.
    4. Board of Governors of the Federal Reserve System (U.S.), Households and Nonprofit Organizations; Home Mortgages; Liability, Level [HHMSDODNS], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/HHMSDODNS, June 22, 2017.
    5. U.S. Census Bureau, 2011-2015 American Community Survey 5-Year Estimates, Aggregate Value (Dollars) by Mortgage Status, June 22, 2017.
  17. Housing Finance at a Glance: A Monthly Chartbook, May 2017.” Negative Equity Share. Source: CoreLogic and the Urban Institute. Data provided by Urban Institute Housing Finance Policy Center Staff.
  18. Survey of Consumer Expectations Housing Survey – 2017,” Credit Quality and Inclusion, from the Federal Reserve Bank of New York. Accessed June 22, 2017.
Hannah Rounds
Hannah Rounds |

Hannah Rounds is a writer at MagnifyMoney. You can email Hannah at hannah@magnifymoney.com

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Balance Transfer, Reviews

Review: Alliant Credit Union Visa Platinum Card Balance Transfer

The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.

If you have credit card debt, you are probably paying a high (double-digit) interest rate. One of the best ways to get out of debt faster is to use a 0% balance transfer offer. At MagnifyMoney, our favorite balance transfers have no balance transfer fee. Alliant Credit Union — a credit union that anyone can join — is offering a no-fee 0% balance transfer for 12 months. Although there are longer 0% balance transfers on the market, this is a solid no-fee option that can help you save money and become debt-free faster.

One added perk: Once you become a member of the credit union to take advantage of the balance transfer offer, you will also be able to take advantage of Alliant’s other competitive products. They offer a savings account that pays 1.05% APY. They offer 2.5% cash back on a new credit card. And their mortgage and auto loan rates are some of the lowest in the country. Alliant, one of our favorite credit unions in the country, provides the value you expect from a credit union with the user interface and digital tools that you would expect from a bank.

Visa® Platinum Card from Alliant CU

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on Alliant CU’s secure website

Visa® Platinum Card from Alliant CU

Intro Rate
0%

promotional rate

Intro Fee
0%
APR
10.24%-22.24%

Variable

Duration
12 months
Credit required
fair-credit

Average

How the Card Works

The Alliant Visa Platinum Card is a very simple, straightforward credit card. There is no annual fee, and there are no rewards. You will probably be given a 0% intro APR on purchases and balance transfers for the first 12 months that you have the card (more on that later). Even better — there is no fee for the balance transfer. After 12 months, the APR will range from 10.24% to 22.24%, depending upon your credit score.

Unfortunately, there is one part of this card that is a little complicated — and could lead to disappointment. You are not guaranteed the 0% interest rate for the 12 months. Depending upon your credit score, the interest rate during the 12-month promotional period could be as high as 5.99%. While a 5.99% rate (especially for someone with a less than perfect credit score) could be a good deal — it is certainly not the 0% intro APR being advertised.

In order to get the credit card, you will need to become a member of the credit union. There are a number of ways that you can become a member. Some of the ways are free (for example, you live in a community in Illinois that is covered). But for most people, the easiest way to join is to make a $10 donation to Foster Care to Success. This is an organization that serves foster teens across the U.S. that are “ageing out” of the system. Once you make that contribution, you will be eligible to join the credit union and get the credit card (along with other credit union products). The application process is easy — you just need to select “not a member” at the beginning of the process, and it will walk you through the membership process as part of your credit card application.

The credit card does offer some standard credit card perks, like $0 fraud liability and rental car insurance. However, the real value is the low interest rate that can help you become debt-free fast.

If you want to earn rewards, Alliant does offer another card — the Visa Platinum Rewards Card. This card has the same balance transfer offer (0% for 12 months with no balance transfer fee). But with this card, you also earn rewards. You can earn 2 points for every $1 spent on the card. However, the APRs (after the balance transfer period) will be higher. In general, we advise people to separate their spending from their borrowing. Cards that offer no rewards tend to have lower interest rates, and cards with rewards have higher interest rates — as we see in this case. If you are looking to become debt-free, it is probably better to ignore rewards and get the lowest interest rate possible.

How to Qualify for the Card

Alliant targets people with good or excellent credit. In general, that means you have a decent chance of being approved if your score is in the mid-600s, but you have a much better chance of being approved if your score is above 700.

In addition, Alliant (like all lenders) will need to be comfortable that you will be able to afford your payments. That means you will need to have a steady source of income. In addition, the lender will likely look at your total debt in relation to your income. If you have too much debt, you will find it more difficult to get approved.

What We Like About the Card

No fee for the balance transfer.

There is nothing better than free. And with no balance transfer fee and no interest for 12 months, that is exactly what you get. Pay down as much of the debt as possible during the promotional period — because every dollar of every payment will go toward principal.

It is from a credit union.

At MagnifyMoney, we like credit unions — in theory. As member-owned organizations, credit unions do not need to worry about shareholders and should be able to offer better value and lower interest rates. Unfortunately, far too many credit unions have websites that look like they were designed in the 1990s. With Alliant, we finally have a credit union that has made the application process easy, and has a great website. Alliant is delivering on the true potential of a credit union.

What We Don’t Like About the Card

It is not the longest balance transfer.

There are a number of longer no-fee balance transfer options on the market. You can get a no-fee balance transfer for as long as 15 months from some of the leading banks in the country.

You are not guaranteed a 0% intro offer — the rate could be higher.

In the fine print, Alliant makes it clear that you might not get a 0% intro rate. The intro rate could be as high as 5.99%, depending upon your credit score. The only silver lining: Alliant is willing to give intro rates to people with less than perfect credit. But we still find it a bit annoying that you could apply for a 0% intro rate and end up with a 5.99% rate instead.

Joining the credit union costs money.

If you can’t find a free way to join the credit union, you will have to make a $10 donation. We certainly like the cause that you would be supporting. However, it is still additional money that you would need to spend in order to get access to the product.

How to Complete a Balance Transfer

Completing the balance transfer is easy. During the application process, you can provide the credit card number of your existing credit cards (where the debt is located now). Alliant will then make a payment to your existing credit card companies.

Alternatively, you can call Alliant once you have the card to complete the balance transfer on the phone.

Just remember these tips:

  • If you start the balance transfer close to the payment date, you might want to make the minimum payment to ensure you don’t get hit with any late charges. Although balance transfers usually process quickly — they can take a couple of weeks. And you would not want to get stuck with a late fee.
  • Get the transfer done as quickly as possible. The 0% is for 12 months from when you open the account — not from when you transfer the debt. The faster your transfer the debt, the more money you can save.

Who Benefits Most from the Card

If you have credit card debt that you think you can pay off in a year, this is a great option. With no balance transfer fee and 0% interest for one year — you can pay down your debt quickly. If you think it will take longer to pay off your debt, you might want to consider a longer balance transfer from a more traditional bank.

FAQs

Yes, anyone can join. During the application process, you will be asked if you are already a member of the credit union. Just select “not a member” and you can join during the application process.

Once the introductory period is over, interest will start to accrue at the standard purchase interest rate on a go-forward basis. Interest during the introductory period is waived — so you do not need to worry about a retroactive interest charge.

In the short term, your credit score will probably take a small hit (5-10 points) because you applied for new credit. However, over time, a balance transfer can increase your credit score with proper practices. This is because while new credit makes up 10% of your credit score, the amount you owe accounts for 30%. By using a balance transfer, you will reduce your interest rate. That should help you get out of debt a lot faster.

Liz Stapleton
Liz Stapleton |

Liz Stapleton is a writer at MagnifyMoney. You can email Liz here

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1 in 5 Americans Will Go into Debt to Pay for Summer Vacation

The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.

With summertime right around the corner, millions of Americans will pile into cars, planes, and trains and head off for summer vacation.

In a new nationwide poll, MagnifyMoney asked 500 U.S. adults planning to take a summer vacation how they will pay for their getaways.

Alarmingly, we found a significant number of vacationers are willing to drive themselves into debt for some fun in the sun.

Key findings:

  • The average American will spend $2,936 on their summer vacation in 2017

  • 1 in 5 vacationers (21%) will go into debt to pay for their summer getaways

  • People who already have debt are more than twice as likely to use debt to cover some vacation expenses as people who are debt-free: 30% vs. 13%

  • Vacationers who plan to use debt to pay for their vacation will also spend much more than the average vacationer: $4,351 vs. $2,936

  • Summer vacation FOMO is real: 31% of people say they feel pressured to go on vacation even though they’d rather pay off debt.

—————————————

Summer Vacation: The Ultimate Debt Trap?

Summer vacation will set the average American back nearly $3,000 this year, according to the survey.

But an alarming number of travelers will be going into debt to finance their getaways.

One in five (21%) of respondents said they plan to go into debt to pay for vacation, according to the survey.

Among those who said they plan go into debt to pay for vacation, a whopping 71% admitted to already carrying some credit card debt.

People who already have debt are more likely to turn to debt to pay for vacation (30%) than those who are debt-free (13%).

 

Using debt to pay for a big trip may not seem like a big deal. But our survey shows using debt can lead people to spend more than they might spend otherwise.

When we looked at respondents who said they are planning to take on debt to pay for their vacation, we found that they were likely to spend significantly more on vacation than their peers.

On average, survey respondents said their vacations will cost $2,936 this year. And they plan to cover 20% of that expense ($595) with some form of debt.

On the other hand, people planning to go into debt said they will spend nearly twice that amount on their vacation — $4,351. And they’ll use debt to cover an even larger share of their total vacation expenses — 38% vs. 20%.

On the flip side, vacationers who have no debt will spend the least on vacation and plan to cover just 14% of their total vacation costs with new debt.

Vacation debt can easily stick around for months or even years to come, depending on how much debt a consumer already has to contend with.

Let’s say a person pays for their vacation expenses on a credit card with an average APR of 16%. They spend $1,670. If they make only minimum payments each month, it would take them over five years to pay off the debt, and they would pay $822 in interest charges.

When it comes to vacation, credit cards are king

The vast majority of respondents who said they will use debt to pay for some of their vacation expenses will use credit cards.

 

FOMO + Vacation Debt

It’s evident from our survey that outside societal pressure to take a big summer vacation can push someone to spend outside of their means.

Nearly one-third (31%) of people who already have debt say they felt pressure to go on vacation anyway.

The pressure is even worse for people who said they are planning to go into debt for vacation. Nearly half (46%) said they felt pressure to go on vacation even though they’d like to pay down some of their existing debt.

People who planned on taking on debt to pay for their summer vacation were also less likely to say they would be willing to skip a summer vacation to pay off their debt.

More than half (53%) of people planning to go into debt for vacation would be willing to skip vacation to pay off debt.

Meanwhile, 60% of people who have no debt said they’d be willing to skip a vacation to pay off debt.

Millennials Rack Up the Most Vacation Debt

Millennials may spend more on vacations than older generations, but it’s Gen Xers and Boomers who are more likely to fund their vacation expenses with plastic.

On average, 18-35 year olds said they will spend $3,163 on vacation and take on $725 of debt in the process. By comparison, respondents age 35 and older will spend $2,761 on vacation and cover $495 of it with debt.

Millennials were slightly more susceptible to peer pressure as well. Just under half (49%) of 18-35 year olds who plan to go into debt for vacation said they feel pressured to vacation rather than pay off debt. Comparatively, 44% of those age 35 years and older who said they plan to go into debt for vacation also said they felt pressure to do so.

Methodology: MagnifyMoney commissioned Pollfish to conduct an online survey of 500 U.S. adults who plan to take a vacation this summer and are responsible for most of the cost of the vacation. Responses were collected April 15 – 26, 2017.

Mandi Woodruff
Mandi Woodruff |

Mandi Woodruff is a writer at MagnifyMoney. You can email Mandi at mandi@magnifymoney.com

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Pay Down My Debt, Strategies to Save

Create a Budget Designed Just for Dumping Debt

The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.

Even if you hate spreadsheets and numbers, coming up with a debt-destroying budget can be simple with a single rule: always apply excess funds to debt.

This rule can work with two of the most common debt repayment methods: the debt snowball or the debt avalanche.

The debt snowball method attacks smaller debts first, regardless of interest rate. The goal is to motivate you with small victories in order to go on and gain confidence to pay off larger debts. The debt avalanche method focuses on paying down debt with the highest interest rate until you pay off the balance with the lowest interest rate.

How Much Can I Throw Toward My Debt?

The math for your budgeting process is super-simple: Monthly income minus monthly expenses equals the amount of extra money you can apply toward your debt each month. The emphasis is on extra money because you’ll still want to pay your minimum debt obligations to avoid getting behind on your payments.

Note: If you still need help with the math because you’ve got to actually figure out how much you spend each month, you can use an app that connects with your bank to add up all your expenses. Check out services like Mint.com, YNAB, or Personal Capital to help you get quick figures around your income and spending along with categories for each.

Though the math is not too complicated, the harder part could be increasing the gap between your income and expenses to actually have a surplus in your budget.

Unless you’ve got little to no wiggle room in your budget, you don’t have to start cutting expenses quite yet. However, there are some expenses that are discretionary and should be omitted from your equation until you’ve tamed your debt load.

For now, just get a baseline of what you should have left over at the end of each month once all your bills and expenses are accounted for. If it’s $15, great. Start there. If it’s more, even better.

Once you get this number, use it to pay more on your debt than is required. So if your minimum payment is normally $50, pay $65 with your $15 surplus. It can be the smallest debt or the account with the highest interest rate. What matters now is that you do something to get into the habit of making extra payments on debt and accounting for it in your monthly budget.

How to Apply This Rule in Various Scenarios

If you budget with a goal in mind, the purpose of your money becomes clearer. Any kind of money that turns out to be extra should be applied to debt to reduce your balances. But the key is being mindful of extra money, even when it doesn’t seem to be extra.

For example, getting a raise is a reason for some people to increase their standard of living. They might move to a place with a view or buy that lavish SUV they’ve been eyeing for a while. If you’ve committed extra funds to a purpose (paying off debt), the decision is made for you far in advance of you actually getting the money.

The same goes for your income tax refund check. You might bank on this money every time income tax filing season comes around. While many people are planning spring break trips and shopping sprees with this money, you’ve got to make up your mind that this money is already earmarked for debt repayment.

Finally, there’s always that unexpected windfall: an inheritance, a settlement, or any type of money you never saw coming. This might be one of the most difficult chunks of money to part with for the sake of paying off debt. After all, you didn’t know it was coming, and maybe you didn’t have to work too hard for it.

In this case, it’s pretty tempting to want to splurge and blow it all on something you think you deserve. Things can get complicated at this point. But if you keep following “the rule,” this money is technically already allocated, and your debt repayment budget suddenly becomes easier to stick with.

Keep Widening the Gap Between Income and Expenses

This is the fun part. Why? You get to be creative and have more control over your debt repayment timeline. Want to get out of debt fast? Then you’ll have to figure out how to make your income outpace your expenses. It could mean adding a side hustle to the mix or getting more aggressive with cutting out or decreasing expenses.

Adjusting Your Tax Withholdings

If you pocket a large tax refund each year, ask yourself why. It is likely because you are paying too much in income taxes throughout the year. If that’s the case, you can change your tax withholdings through your payroll department to keep more money in your pocket throughout the year. It will mean a smaller tax refund come tax time, but you’ll have more cash on hand to put toward your debt with each paycheck.

Use this IRS withholding calculator to estimate your withholdings.

Decrease Your Income Tax Liability

There are more than a few ways to decrease your income tax liability. From IRA contributions to tax tips for entrepreneurial endeavors and other tax credits and deductions, there should be one or more things you can do to owe less on your tax bill.

Cut Expenses Where You Can

There are so many ways to save money on so many things. You can start small with things like eating out and having cable and work up to saving money on housing costs or refinancing student loans.

Then there are the diehards who go full monty and go through full-on spending freezes on things like takeout and travel. The list of cost-cutting measures can get pretty long, but you get the point: Go through your spending with a fine-tooth comb and find out where you can save and what you could cut.

Increase Your Income

Creating another stream of income sounds gimmicky, but there are ways to do it without getting caught up in scams. You can find a part-time job, provide consulting services on the side, or even start a mini-business like dog walking or car washing. It shouldn’t be anything that will cost you tons up front to start, and it shouldn’t hinder your ability to keep your full-time job.

You may find that you have to try a few things before you come up with the perfect combination of low overhead, quick to start, and profitable. That’s OK. Just keep plugging away until something clicks. It’ll be more than worth it to add that extra income to the budget for paying off more debt even faster.

Remember the Golden Rule: Excess Cash Goes to Debt

It all comes down to committing your cash to a purpose ahead of time. No matter how your financial circumstance changes, you’ll know what to do when you’ve got a surplus of money.

You’ll have to come up with a list of things you are willing to do to increase your cash reserves, but if you keep the goal in mind of continually applying extra funds toward debt, you’ll save on interest and also pay down your debt faster.

Aja McClanahan
Aja McClanahan |

Aja McClanahan is a writer at MagnifyMoney. You can email Aja here

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Featured, Health, News

How Weight Loss Helped This Couple Pay Down $22,000 of Debt

The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.

Photo courtesy of Brian LeBlanc

About two years ago, Brian LeBlanc was fed up. The 30-year-old policy analyst from Alberta, Canada, had struggled with his weight for years. At the time, he weighed 240 pounds and had trouble finding clothes that fit. He decided it was time to change his lifestyle for good.

LeBlanc started running and cutting back on fast food and soft drinks. He ordered smaller portions at restaurants and avoided convenience-store foods. About a year into his weight-loss mission, his wife Erin, 31, joined him in his efforts.

“The biggest change we made was buying a kitchen food scale and measuring everything we eat,” Brian says. “Creating that habit was really powerful.”

Over the last two years, the couple has shed a total of 170 pounds.

But losing weight, they soon realized, came with an unexpected fringe benefit — saving thousands of dollars per year. Often, people complain that it’s expensive to be healthy — gym memberships and fresh produce don’t come cheap, after all. But the LeBlancs found the opposite to be true.

Erin, who is a payroll specialist, also managed their household budget. She began noticing a difference in how little money they were wasting on fast food and unused grocery items.

Photo courtesy of Brian LeBlanc

“Before, we always had the best intentions of going to the grocery store and buying all the healthy foods. But we never ate them,” she says. “We ended up throwing out a lot of healthy food, vegetables, and fruits.”

Before their lifestyle change, Brian and Erin would often eat out for dinner, spending as much as $80 per week, and they would often go out with friends, spending about $275 a month. Now, Brian says if they grab fast food, they choose a smaller portion. Last month, they only spent $22 on fast food.

What’s changed the most is how they shop for groceries, what they buy, and how they cook. Brian likes to prep all his meals on Sunday so his lunches during the week are consistent and portion-controlled. They also buy only enough fresh produce to last them a couple of days to prevent wasting food.

Shedding pounds — and student loan debt

Photo courtesy of Brian LeBlanc

Two years after the start of their weight-loss journey, they took a look at their bank statements to see how their spending has changed. By giving up eating out and drinking alcohol frequently, they now spend $600 less a month than they used to, even though they’ve had to buy new wardrobes and gym memberships.

With their newfound savings, the LeBlancs managed to pay off Brian’s $22,000 in student loans 13 years early. Even with the $600 they were now saving, they had to cut back significantly on their budget to come up with the $900-$1,000 they strived to put toward his loans each month. They stopped meeting friends for drinks after work, and Erin took on a part-time job to bring in extra cash. When they needed new wardrobes because their old clothing no longer fit, they frequented thrift shops instead of the mall.

When they made the final payment after two years, it was a relief to say the least.

Now the Canadian couple is saving for a vacation home in Phoenix, Ariz., which they hope to buy in the next few years, and they’re planning to tackle Erin’s student loans next. They’re happy with their weight and lives in general, but don’t take their journey for granted.

“There were times we questioned our sanity and we thought we cannot do this anymore,” says Erin. But they would always rally together in the end.

“There are things that are worth struggling for and worth putting in the effort,” Brian says. “Hands down, your health is one of those things.”

How Getting Healthy Can Help Financially

Spending less on food isn’t the only way your budget can improve alongside your health. Read below to see how a little weight loss can tip the scales when it comes to your finances.

  • Spend less on medical bills. Health care costs have skyrocketed in the last two decades, but they’ve impacted overweight and obese individuals more. A report from the Agency for Healthcare Research and Quality stated that between 2001 and 2006, costs increased 25% for those of normal weight — but 36.3% for those overweight, and a whopping 81.8% for obese people. The less you weigh, the less you’ll pay for monthly health insurance premiums and other expenses.
  • Buy cheaper clothes. Designers frequently charge more for plus-size clothing than smaller sizes. Some people claim retailers add a “fat tax” on clothes because there are fewer options for anyone over a size 12. It might not be fair, but it’s the way things are.
  • Save on life insurance. Your health is a huge factor for life insurance rates. Annual premiums for a healthy person can cost $300 less than for someone who is overweight.
  • Cut transportation costs. Biking or walking to get around is not only a cheap way to exercise — it’s a cheap way to travel. You’ll be saving on a gym membership and limiting gasoline costs in one fell swoop. Bonus points if you go the whole way and sell or downgrade your vehicle.
Zina Kumok
Zina Kumok |

Zina Kumok is a writer at MagnifyMoney. You can email Zina here

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Debt Buyers Reveal Just How Far They’re Willing to Go to Settle Unpaid Debts

The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.

Tens of millions of Americans are pursued by debt buyers, speculators who buy the rights to collect their overdue bills. Yet few consumers realize this growing segment of the collection industry may offer them a chance to slash their delinquent debts by as much as 75%.

A MagnifyMoney investigation examined the business practices of debt buyers as detailed in disclosures to their investors. Here’s how the game is played:

  • Buyers purchase massive bundles of unpaid consumer debts with face values that often total billions of dollars. Those are the bills that banks, credit card companies, and other creditors give up trying to collect.
  • Those debts are bought at deeply discounted prices, averaging roughly 8 cents on the dollar.
  • The buyers only expect to recover a fraction of the original amounts owed. Their target is to recover from 2 to 3 times more than they paid.

The bottom line: Debt buyers can turn profits that meet their goals by collecting merely 16% to 24% of the original face values. That knowledge can be useful to savvy debtors who choose to negotiate a settlement for less.

Debt buyers “absolutely” have more flexibility in negotiating with consumers, says Sheryl Wright, senior vice president of Encore Capital Group, the nation’s largest debt buyer. Encore offers most debtors a 40% discount to settle, according to the company’s website.

“There could be an advantage in terms of negotiating a favorable settlement,” says Lisa Stifler of the Center for Responsible Lending, a nonprofit consumer advocate. “Debt buyers are willing to – and generally do – accept lower amounts.”

Stifler warned that debtors should be cautious in all interactions with debt buyers and collectors. (See “Tips to fight back against debt buyers and debt collectors” later in this article.)

In the world of debt buying, the numbers can vary. The price of bad debt portfolios ranged from 5 to 15 cents on the dollar during the past two years, according to corporate disclosures of debt buyers. The variables include the age of debt, size of account, type of loan, previous collection attempts, geographic location, and data about debtors – plus shifts of supply and demand in the bad debt marketplace.

What remains constant is the debt buyers’ goal of recovering 2 to 3 times more than the purchase price they pay for the accounts.

It is a different business model than that of traditional debt collection agencies, contractors that pursue bills for a percentage of what they recover. In contrast, debt buyers may often be more willing to wheel and deal to settle accounts with consumers.

Debt buyers raked in $3.6 billion in revenue last year – about one-third of the nation’s debt collections, according to the Consumer Financial Protection Bureau’s latest annual report.

Information is scarce on the inner workings of hundreds of debt buyers who operate in the U.S. An accurate count is not available since only 17 states require buyers to be licensed.

Of the more than 575 debt buyers that belong to the industry’s trade association, only three are publicly traded entities required to file disclosures last year with the federal Securities and Exchange Commission. MagnifyMoney looked into reports from two of those companies and found telling insights into an industry typically secretive about its practices.

An “Encore” of unpaid bills

Encore owns nearly 36 million open accounts of consumer debt in the U.S. through its subsidiaries Midland Credit Management, Midland Funding, Asset Acceptance, and Atlantic Credit & Finance.

During 2016, Encore invested $900 million to buy debt with a face value of $9.8 billion – or 9 cents per dollar. On average, the corporation recovers 2.5 times more than it pays for debt portfolios – the equivalent of 22.5 cents per dollar owed, according to its annual report to the SEC.

In that disclosure, the San Diego-based operation details how it tries to get debtors to pay.

Encore boasts that its proprietary “decision science” enables it “to predict a consumer’s willingness and ability to repay his or her debt.” It obtains “detailed information” about debtors’ “credit, savings or payment behavior,” then analyzes “demographic data, account characteristics and economic variables.”

“We pursue collection activities on only a fraction of the accounts we purchase,” stated Encore. “Consumers who we believe are financially incapable of making any payments … are excluded from our collection process.”

The rest of the debtors can expect to hear from Encore’s collectors. But the company knows most won’t respond.

“Only a small number of consumers who we contact choose to engage with us,” Encore explained. “Those who do are often offered discounts on their obligations or are presented with payment plans that are intended to suit their needs.”

While the company offers most debtors discounts of 40% to settle, relatively few take advantage of that opportunity.

“The majority of consumers we contact do not respond to our calls and letters, and we must then make the decision about whether to pursue collection through legal action,” Encore stated. In its annual report, the company disclosed it spent $200 million for legal costs last year.

In a written response to questions from MagnifyMoney, Encore refused to reveal the number of lawsuits it has filed or the amount of money it has recovered as a result of that litigation.

“We ultimately take legal action in less than 5% of all of our accounts,” says Wright. If Encore has sued 5% of its 36 million domestic open accounts, the total would be roughly 1.8 million court cases.

Portfolio Recovery Associates has acquired a total of 43 million consumer debts in the U.S. during the past 20 years. Behind Encore, it ranks as the nation’s second-largest debt buyer.

Its parent company, PRA Group Inc. of Norfolk, Va., paid $900 million last year to buy debts with a face value of $10.5 billion – or 8 cents on the dollar, according to its 2016 annual report. Its target is to collect a multiple of 2 to 3 times what it paid.

It is a high-stakes investment. The company must satisfy its own creditors since it borrows hundreds of millions of dollars to buy other people’s unpaid debts. PRA Group reported $1.8 billion in corporate indebtedness last year.

PRA Group declined an opportunity to respond to questions from MagnifyMoney. In lieu of an interview, spokeswoman Nancy Porter requested written questions. But the company then chose not to provide answers.

Asta Funding Inc., the only other publicly traded debt buyer, did not respond to interview requests from MagnifyMoney.

Tips to fight back against debt buyers and debt collectors

All types of bill collectors have a common weakness: They often know little about the accounts they chase. And that’s a primary reason for many of the 860,000 consumer complaints against collectors last year, according to a database kept by the Federal Trade Commission.

Be sure the debt is legitimate first

In dealing with collectors, you should begin by questioning whether the debt is legitimate and accurate. You can also ask who owns the debt and how they obtained the right to collect it.

In 2015, Portfolio agreed to pay $19 million in consumer relief and $8 million in civil penalties as a result of an action by the CFPB.

“Portfolio bought debts that were potentially inaccurate, lacking documentation or unenforceable,” stated the CFPB. “Without verifying the debt, the company collected payments by pressuring consumers with false statements and churning out lawsuits using robo-signed court documents.”

One unemployed 51-year-old mother in Kansas City, Mo. fought back and won a big judgment in court.

Portfolio mistakenly sued Maria Guadalujpe Mejia for a $1,100 credit card debt owed by a man with a similar sounding name. Despite evidence it was pursuing the wrong person, the company refused to drop the lawsuit.

Mejia countersued Portfolio. Outraged by the company’s bullying tactics, a court awarded her $83 million in damages. In February, the company agreed to settled the case for an undisclosed amount.

Challenge the debt in writing

Within 30 days of first contact by a collector, you have the right to challenge the debt in writing. The collector is not allowed to contact you again until it sends a written verification of what it believes you owe.

Negotiate a settlement

If the bill is correct, you can attempt to negotiate a settlement for less, a sometimes lengthy process that could take months or years. By starting with low offers, you may leave more room to bargain.

Communicate with collectors in writing and keep copies of everything. On its website, the CFPB offers sample letters of how to correspond with collectors.

As previously noted, debt buyers generally have more leeway to negotiate settlements since they actually own the accounts. A partial list of debt buyers can be found online at DBA International.

In contrast, collection agencies working on contingency may be more restricted in what they can offer. They need to collect enough to satisfy the expectations of creditors plus cover their own fee.

As part of a settlement, the debt buyer or collector may offer a discount, a payment plan allowing the consumer to pay over time, or a combination of the two.

“Through this process, we use a variety of options, not just one approach or another, to create unique solutions that help consumers work toward long-term financial well-being and improve their quality of life,” says Encore’s Wright.

A settlement doesn’t guarantee the debt will be scrubbed from your credit report

To encourage settlements, Encore recently announced that it would remove negative information from the credit reports of consumers two years after they paid or settled their debts. Traditionally, the negative “tradelines” remain on credit reports for seven years.

“We believe the changes in our credit reporting policy provide a tangible solution to help our consumers move toward a better life,” says Wright.

However, Encore’s new policy does nothing to speed up the removal of any negative information reported by the original creditor from whom the company bought the debt.

Check your state’s statute of limitations on unpaid debts

Before any payment or negotiation, check to see if the statute of limitations has expired on the debt. That is the window of time for when you can be sued; it varies from state to state and generally ranges from three to six years.

If the statute of limitations on your debt has expired, you may legally owe nothing. If the expiration is nearing, you can have extra leverage in negotiating a settlement. But be careful: A partial payment can restart the statute in some states and lengthen the time a black mark remains on your credit record.

Respond promptly if the company decides to sue

If you are sued over the debt, be sure to respond by the deadline specified in the court papers. If you answer, the collector will have to prove you owe the money.

If you don’t timely answer the complaint, the burden of proof may switch to you. A judge may enter a default judgment against you – or even sign a court order to garnish your paycheck.

Seek help from a lawyer or legal aid service if you have questions, but be careful of where you turn for help. The CFPB warns consumers to be wary of debt collection services that charge money in advance to negotiate on your behalf. They often promise more than they can deliver and get paid no matter what happens.

Mark Lagerkvist
Mark Lagerkvist |

Mark Lagerkvist is a writer at MagnifyMoney. You can email Mark here

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Balance Transfer

Chase Slate® Review: Is this Legit? An Introductory $0 Fee Balance Transfer?

The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.

Chase Slate Review

Updated April 18, 2017

Chase Slate<sup>®</sup>

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on Chase’s secure website

Chase Slate® has a very popular introductory balance transfer offer. You can save with a $0 introductory balance transfer fee and get 0% introductory APR for 15 months on purchases and balance transfers, and $0 annual fee. Plus, receive your Monthly FICO® Score for free.

The savings can be astonishingly high, and you can take years off your debt repayment. But some people worry that the offer is too good to be true. So long as you do the following 3 things, it really is a free balance transfer:

  1. Complete the balance transfer within 60 days of opening the account. Otherwise, you lose the offer and standard balance transfer fees and rates would apply.
  2. Always pay on time. If you are just one day late, you will be charged a hefty late fee. And, if you are 60 days late, you will lose the promotional interest rate.
  3. Only transfer debt from another bank. You can not use this offer to transfer debt from another Chase credit card – and that includes co-brands (like United Airlines and Southwest Airlines credit cards).

The application process is easy, and will only take a few minutes.

The interest rates on credit cards are shockingly high, especially those store credit cards that you were tempted with during holiday shopping. Most store cards have interest rates higher than 20%, and here are some examples of particularly expensive cards:

  • Macy’s: 24.5%
  • Wal-Mart: 22.9%
  • Target: 22.9%

Store cards are obscenely expensive, but ordinary credit cards also carry a hefty interest rate. Most people who have a balance on a credit card are paying more than 15% on that debt.

If you wake up one morning with a debt hangover, you shouldn’t think of your high interest rate as a life sentence. Your debt does not need to stay on that high interest rate credit card: you can move it to a lower interest rate with an intro balance transfer. And, one of the best balance transfer credit cards out there is the Chase Slate®.

In this article, we will explain:

  • What is a balance transfer
  • How to qualify for a balance transfer credit card
  • Why Chase Slate® is an almost-perfect introductory balance transfer
  • How to complete a balance transfer with Chase
  • What to do once the balance transfer is complete

If you have any questions about this card, you can always send us an email at info@magnifymoney.com, and we would be happy to help answer any questions you might have. We always respond to emails within 24 hours, and are usually quicker than that.

What is a Balance Transfer

You have probably received many of these offers in your mail: a credit card company offers you a 0% interest rate if you transfer your existing credit card debt from another credit card company to the one offering the 0% deal.

A balance transfer is exactly what it sounds like: you can transfer your debt from Bank A to Bank B. Bank B wants your business, so they will “steal” your debt from their competition by offering a great interest rate for a fixed period of time (the promotional period). Often, a bank will charge a fee for the balance transfer. Given how high interest rates are on store cards and credit cards, the fee usually pays for itself within 3-6 months. If you can pay off your debt in fewer than 6 months, a balance transfer is not worthwhile. However, if it will take you longer than 6 months, you will almost always save money.

Banks want to steal your business from other banks: that is why the offers are only available for debt with another credit card issuer. For example, Chase is happy to take over debt from Citibank, Wells Fargo or Target. But, if you just want to transfer debt from one Chase credit card to another, you will be rejected.

Just think of cable/internet/telephone companies. They regularly give you amazing deals for the first year if you sign up for a bundle. After the year is over, the rate goes up. This is exactly the same idea: banks are competing for your debt.

How to Qualify for a Balance Transfer Credit Card

Banks will only offer balance transfers to people with good or excellent credit. That typically means that you will require:

  • A credit score of 680 or higher (700 preferred)
  • A debt burden (explained below) of less than 50% (40% or lower preferred)
  • Very few, if any, accounts that are currently delinquent

A debt burden is calculated by adding up your monthly fixed expenses and dividing that by your monthly income. The expenses should include: monthly rent or mortgage payment, auto payment, student loan payments and the monthly payment on any other credit cards or loans that appear on your credit bureau.

If your total payments are more than 50%, you will likely be declined. If it is less than 50%, you have a chance. However, banks typically want to see debt burdens below 40% (and you will likely get approved at higher debt burdens only if you have a very high credit score).

Banks do not share their underwriting criteria: instead, they keep them as carefully guarded secrets. Life would be a lot easier if they just told us what they wanted! However, at MagnifyMoney, we have done our best to reverse-engineer the underwriting criteria. If you meet the criteria above but are rejected, please let us know!

If you don’t qualify for a balance transfer, you may want to consider a personal loan. The concept is the same: you can take out a loan and use the proceeds to pay off existing credit card debt. But, unlike the credit card balance transfer market, personal loan companies tend to approve much riskier people. Just make sure the interest rate on your new loan is lower than the interest rate on your credit card before proceeding.

If you want to compare the cost of a balance transfer to the cost of a personal loan, you can do that with our balance transfer and personal loan calculator.

Customize your balance transfer offers with Magnifymoney tool

Why Chase Slate® is Almost Perfect

There are two key features of a balance transfer: the balance transfer fee (charged as a percent of the balance that is transferred, and added to your bill upon completion of the transfer), and the duration of the balance transfer (number of months at the promotional rate).

Chase does not charge a balance transfer fee for the intro offer. It is absolutely free to move your debt from another credit card issuer to Chase and it’s 0% intro APR for 15 months.

So, if you move your debt from your store card and pay it off by month 15, you will not pay a dime to Chase. It will have been completely free. If you do have a balance remaining at the end of the 15 month promotional period, you will not be charged interest retroactively. In other words, the interest that would have been charged during the 15 month promotional period has been waived completely. From month 16, interest would be charged on a go forward basis.

The balance transfer offer is almost perfect. Just be careful of the following:

  • You can only transfer debt from a bank other than Chase. That includes Chase co-branded credit cards, like United Airlines, Southwest Airlines, Marriott and others. Because Chase is the #1 credit card issuer in the country, it is possible that some or all of your debt is already with Chase.
  • The ongoing purchase APR (after month 15) will depend upon your credit score. The ongoing purchase APR range is 15.99% – 24.74% variable.

Chase has invested in one of the best introductory balance transfer offers out there. If you use the intro offer responsibly, you can have no interest and fees for 15 months. You should take advantage of the offer and reduce your debt as much as possible.

If all of your debt is with Chase, you can find plenty of other offers on our balance transfer marketplace. Just input how much debt you have and how much you can pay each month, and we will show you the offers (updated daily) and how much you will save with each transfer. There are plenty of options out there, so there is no reason to ever pay a high interest rate on your debt.

How to Complete a Balance Transfer with Chase

Make sure you complete your balance transfer as soon as you receive your card. The introductory offer is from when you opened the card, not the date you transfer the debt. So, every month you wait is a month of a promotional balance interest wasted.

It is incredibly easy to complete the balance transfer once you receive your credit card. You can always call them. The call center employees typically receive incentives to complete balance transfers, so it is highly likely that they will want to help you.

But, you don’t need to call them. You can complete the balance transfer online. We have put together a step-by-step guide. It should take you fewer than 5 minutes. All you need is the credit card number of the account that you want to pay off.

Warning: it can take up to 2 weeks for the payment from Chase to reach your bank. Make sure you continue to make payments on your old card until you receive confirmation that the old balance is paid off.

What to Do Once the Balance Transfer is Complete

Once you complete the balance transfer, your goal is to pay off your debt as quickly as possible. In a best case scenario, you divide the total balance by 15 months, and make sure you pay that amount each month. That way, you know that you will be debt free by the time the promotional period expires.

During the promotional period, make sure you:

  • Try to avoid spending on the credit card. Remember: the purpose of this 0% is to help you pay off your debt faster, not to get into more debt.
  • Make sure you make your payments on time, every month. If you pay late, you will be charged late fees. If you are 30 days late, it will hurt your credit score. And, at 60 days late, you will lose your 0% interest rate – and could be charged the penalty interest rate

At the end of the promotional period, don’t close the credit card. Closing credit cards can hurt your score, and Chase Slate® does not have an annual fee. So, it is a nice card to keep.

If you have debt sitting at a high interest rate, you should move it now. There is no reason to drown in high interest rate debt, and there is no reason to work hard only to pay interest to the bank.

Nick Clements
Nick Clements |

Nick Clements is a writer at MagnifyMoney. You can email Nick at nick@magnifymoney.com

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Featured, News

21% of Divorcées Cite Money as the Cause of Their Divorce, MagnifyMoney Survey Shows

The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.

Magnifymoney - Divorce and Debt Survey

In MagnifyMoney’s 2017 Divorce and Debt Survey, we polled a national sample of 500 divorced U.S. adults to understand how money played into the end of their relationship.

Here are our key findings:

AMONG ALL SURVEY RESPONDENTS

More money = more problems

Among all respondents, 21% cited money as the cause of their divorce.

In fact, the more money a respondent earned, they more likely they were to cite money as the cause of their divorce.

Among people who earned $100,000 or more, 33% cited money as the cause of their divorce.

By contrast, only 25% of people who earned $50,000 to $99,999 cited money as the cause of their divorce. And the lowest income-earners, those earning $50,000 and under, were the least likely to say money was the cause of their divorce at just 18%.

Money might cause more stress for younger couples

While rates of divorce rose along with the amount of a couple’s’ earnings, the opposite seemed to be true when it came to age. Younger couples reported that financial issues drove them to divorce, while the rate went down for older couples.

  • Among 25-44 year olds: 24% cited money as the cause of their divorce
  • Among 45-64 year olds: 20% cited money as the cause of their divorce
  • Among those 65 and over: 18% cited money as the cause of their divorce

AMONG SURVEY RESPONDENTS WHO CITED MONEY AS THE REASON FOR THEIR DIVORCE…

Divorce often led to debt 

AMONG SURVEY RESPONDENTS WHO CITED MONEY AS THE REASON FOR THEIR DIVORCE

Between legal fees, paying for your own expenses instead of sharing the burden with a partner, and other costs that come up when you choose to end a marriage, divorce gets expensive. For couples who already faced financial problems, the added expense often meant getting into even more debt.

Well over half (59%) of respondents who cited money as the cause of their divorce also said they went into debt because of their divorce. And a whopping 60% said their credit score fell after the divorce. By comparison, just 36% of the total survey group said they went into debt because their divorce, and only 37% said their credit score suffered.

Among those who cited money as the cause of their divorce…

  • 2% of respondents said they got away with $500 or less in debt.
  • 13% said they racked up debts of $500 to $4,999.
  • 14% said they took on between $10,000 and $19,999 worth of debt
  • 23% said they owed $20,000 or more

Among all survey respondents…

  • 2% were less than $500 in debt
  • 8% were $500 to $4,999 in debt
  • 6% were $5,000 to $9,999 in debt
  • 8% were $10,000 to $19,999 in debt
  • 12% were $20,000 or more in debt

Overspending was the biggest source of tension

Overspending was the biggest source of tension

Nearly one-third (30%) of those who said that money was the reason for their divorce also said overspending was the most common problem they faced. Overspending can easily add up to carrying credit balances when the cash runs out — and in fact, credit card debt was the second most common money problem these respondents cited.

Bad credit was also a problem, along with other types of debt like medical and student loan debt. Most financial issues seemed to stem from bad cash flow habits, however. Only 3% said bad investments caused trouble within their relationships.

Financial infidelity was rampant

Financial infidelity was rampant

When overspending and debt become issues within a marriage, partners may feel compelled to hide mistakes and bad money habits from each other. In fact, 56% of survey respondents who said money was the reason for their divorce also admitted that they or their spouse lied about money or hid information from the other person. By comparison, just 33% of all divorcees surveyed said they lied or were lied to about money during their marriage.

Among the survey respondents who cited money as the cause of divorce…

  • 37% said their spouse lied to them about money
  • 8% said they lied to their spouse about money
  • 10% reported that they both lied to each other.

Among all survey respondents…

  • 24% said they their spouse lied about money
  • 3% said they lied to their spouse about money
  • 5% said they both lied about money

Most would rather keep separate bank accounts

Separation of finances

With financial stress causing trouble in relationships, it’s not too surprising that 57% of people who cited money as the cause of their divorce said married couples should maintain separate bank accounts. Forty-three percent maintained that within a marriage, couples should keep joint accounts — even though their marriages ended in divorce.

Most failed to keep a budget

Budgeting and divorce

A whopping 70% of respondents who said their marriages ended due to money said they didn’t stick to a budget during their marriage. A budget is such a simple tool, but one that’s essential to tracking cash flow and understanding where money comes from — and goes.

Most don’t believe prenups are necessary

Prenups and divorce
Dealing with divorce is never easy, especially when financial problems caused the separation and continue to plague couples after the paperwork is signed thanks to new debts.

Still, 58% of survey respondents whose marriage ended in divorce due to money said they didn’t think couples should get a prenuptial agreement before tying the knot.

How to deal with your finances after divorce

Here are a few tips to help you get back on your feet, financially speaking, once your divorce is finalized:

Recognize your bad money habits. Money issues can negatively impact a relationship, and even cause it to end. But they can hurt you as an individual, too.

Create a budget. Remember, most people whose marriage ended due to financial stresses didn’t keep a budget during their relationship. Doing so now will help you stay on top of your money and know exactly where it goes. That will allow you to make better spending decisions and help prevent taking on even more debt.

Don’t make major money decisions right away. If you just finalized your divorce, you may feel like you need to make major changes or choices right away. But take a moment to slow down and give yourself time to heal. You shouldn’t make emotional decisions with your money — and going through a divorce is an emotional time. Wait until you can think more clearly and rationally before doing anything with your assets, cash, or career.

Money should not be your therapy. Because divorce can do a number on you, mentally and emotionally, you may need help with the healing process. But that does not mean retail therapy! It’s tempting to spend on material things in an effort to make yourself feel better, but any happiness you feel from shopping sprees is temporary and fleeting. It can also leave you into even more debt. Put away your credit cards, stick to cash, and use your budget to guide you.

Work to rebuild your credit. 60% of people reported their divorce hurt their credit. If your credit suffered too, take steps to rebuild it. Pay down debts, make all payments on time and in full, and don’t continue to carry balances on credit cards. Try to avoid taking out too many new loans or lines of credit all at once.

You should also work through this checklist of important actions to take after your divorce:

  • Update your beneficiary information on your accounts and insurance policies.
  • Update your will and estate plan.
  • Make sure all of your assets are in your name only and no longer jointly held.
  • Cancel accounts or services you held jointly, like utilities or cable. Open new accounts for you in your name.
  • Allocate a line item for savings in your budget. You want to start rebuilding your own cash reserves. Set an automatic monthly transfer from your checking to your savings so you don’t forget.
  • Close joint credit cards and get a new line of credit in your name.
  • If you have children, keep careful records of expenses for them that you plan to split with your ex, in case of disagreements. Ideally, make sure your divorce agreement includes an explanation of how child care will be split and who is responsible for what, financially.
  • Think about whether you need to hire new financial professionals to help you. You may want to find a new financial planner and certified public accountant. You’ll want to update your financial plan to reflect the fact that you’re no longer married.

Survey methodology: 500 U.S. adults who reported they were in a marriage that ended in divorce via Google Surveys from Feb. 2 to 4, 2017.

MagnifyMoney
MagnifyMoney |

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