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Category: Loans

Borrowing & Debt Q&A Hardship Programs: How to Pause Your Payments A hardship program is a short deal with your lender to pause or shrink payments while your income recovers. Almost none of them stop… Read the guide → Borrowing & Debt Q&A How to Deal With Medical Debt: 6 Real Options Work the options in order of how much they erase, not how easy they feel. Hospital financial assistance can zero the whole bill and… Read the guide → Borrowing & Debt Q&A 401(k) Loans: Rules, Costs and Risks A 401k loan carries the cheapest rate most borrowers can get (roughly 7.75% today) and the worst failure mode. Lose the job before i… Read the guide → Borrowing & Debt Q&A Should You Use Savings to Pay Off Debt? Yes, use savings to pay off debt when the debt costs more than your cash earns, which is nearly always true of credit cards at 22.15… Read the guide → Borrowing & Debt Q&A APR vs Interest Rate: What’s the Difference? The interest rate is what the lender charges on the money. The APR is that rate plus the fees you pay to get the loan, quoted as one… Read the guide → Borrowing & Debt Q&A How Is Loan Interest Calculated? The Simple Math How is loan interest calculated? Your unpaid balance multiplied by your rate, multiplied by the time the balance sat there. Most US… Read the guide → Borrowing & Debt Q&A What Is Loan Amortization? (Chart Included) Loan amortization is the schedule that splits every fixed payment between interest and principal. Interest is charged on what you st… Read the guide →