A common question anybody struggling with payday debt has asked is “Can I get another payday loan if I already have one?” The short answer is that yes, you usually can get another payday loan. However, it will likely not be from the same lender, and the terms will be even worse than your original loan. …
If I Owe a Payday Loan, Can I Get Another? Yes, But You Probably Shouldn’t Read More »
Student loan debt in 2020 is now $1.56 trillion in the United States, with borrowers on average owing $37,172 in debt. Graduates of the most recent class of students leave college with $29,200 in student loans. Student loan debt is the second largest class of consumer debt, behind mortgage debt. For millions of Americans, higher …
Since the Diner’s Club card first became available in 1950, Americans have been enamored by the concept of the credit card. Additional creditors like American Express followed suit soon after, kickstarting America’s love affair with credit. While credit cards are convenient and provide consumers with additional purchasing power, it’s easy for your financial situation to …
U.S. Credit Card Debt Statistics & Data – Updated 2020 Read More »
If you’re dealing with financial struggles that have you considering bankruptcy, it’s common to feel like you’re alone in the world. But, hundreds of thousands of Americans declare bankruptcy each year. While many people tend to look at bankruptcy as the result of reckless spending and poor financial management, bankruptcy statistics show that most filings …
While it’s a relatively new financial concept, the concept of microfinance is incredibly powerful. Microloans and other forms of microfinance may have the power to reduce global poverty while providing much-needed financial services to a sector of people that are most commonly underserved by traditional financial products. Not to be confused with predatory payday loans, …
Microfinance, Microlending and Microcredit Statistics – Updated 2020 Read More »
Now more than ever, Americans are drowning in debt. Prior to the Great Recession of 2008, many Americans were struggling to keep their heads above water. When the bubble burst, those with the most debt were left drowning in a sea of financial insolvency. While the country has since recovered financially, the extended COVID-19 pandemic …
American Consumer Debt Statistics – Updated 2020 Read More »
Many of the studies we’ve conducted at the Microcredit Summit have indicated a clear relationship between the impact of finance and the effect on health. There is a clear correlation, and one of the plausible explanations that microfinance leads to better health is stress. When people are in debt, suffering through poverty or going through …
Can Going Outside be the Key to Reducing Stress? Read More »
From payday loans to credit card debt, most Americans owe money in one form or another. In 2020, U.S. consumer debt hit $14.88 trillion, according to an Experian consumer debt study. Juggling multiple high-interest payments can leave many borrowers struggling to stay afloat. And payday loans are dangerous, short-term loans that can haunt borrowers for an extended period of …
Can Payday Loans Be Consolidated? Read More to Find Out. Read More »
When getting out of debt, you really have three options: reduce your debt amount, increase your income, or reduce your expenses. Usually, you’ll want to do a combo of all three, but by far the easiest is to reduce your expense. And one of the easiest ways to reduce your expenses is on common, recurring …
Payday loans help to bridge the gap between struggling Americans and the timing of their next paycheck. But due to sky-high fees and soaring interest rates, traditional payday loans have been outlawed in many states. But that doesn’t seem to have pared back the number of lenders preying on those who need an emergency infusion of cash. Enter …
