Latest news with #DebtRelief
Miami Herald
5 days ago
- Automotive
- Miami Herald
Spring survey: Consumers plan to buy cars despite costs
Spring survey: Consumers plan to buy cars despite costs If current events have made you question whether you should buy a vehicle right now, you're not alone. Recent surveys suggest potential price increases are on everyone's minds. The auto market has had a lot of ups and downs since 2020, and now a hard-to-predict tariff policy is adding even more uncertainty. Surveys show some consumers have canceled their plans to buy or lease a vehicle this year. However, not everyone is scared off buying: Around 17% of consumers say they are very likely to buy in the next year, according to a 2025 survey by HarrisX in coordination with Allison Worldwide. Maybe those 17% of consumers know you can still find ways to save money on your next vehicle, even in an uncertain market. Vehicle selection, comparison shopping, and finding the right auto loan can all make a big difference in your monthly payment. Key Takeaways: Surveys show many consumers plan to buy or lease a car in 2025, despite worries about price increases and could still minimize costs on your next vehicle, even if prices go the right model, shopping around, and qualifying for a lower interest rate can all make purchasing a vehicle cheaper. Freedom Debt Relief provides some simple steps to follow while car shopping to help you save the most money. Step 1: Make a plan (and stick to it) Most people don't want to impulse-buy a vehicle, so it's important to have a plan in place. The sooner you start planning, in fact, the better off you'll be, since you'll have more time to save for your purchase and shop around. Not sure where to start? Consider these points: How much can you afford? If you plan to pay cash, don't deplete your savings or derail your retirement planning. If you're financing with an auto loan, budget for an affordable monthly payment. One popular rule is to spend no more than 20% of your annual gross income on a kind of loan do you need? A longer loan makes your budget stretch, but it costs you more in the long run, thanks to interest fees. Find the sweet spot between what you can afford monthly and what will cost you less will insurance cost? Purchasing the vehicle is only a part of the cost. You also need to insure it. Factor the cost of insurance into your budget and plan. You can get quotes before you buy the do you really need from your vehicle? Remember that the main purpose of your vehicle is transportation, and they are available at many price points. Don't go over your budget trying to impress people, or for bells and whistles you don't really need. Step 2: Choosing a car Once you know what you can safely spend, choose a make and model that fits both your budget and your needs. This may take some time given all of the options, but it's a vital step. Here's some advice for choosing the right vehicle: Research price, features, safety, mileage, and reliability. You can find a lot of good data online through reliable auto reporting sites like Car and sure the vehicle fits your lifestyle, because early depreciation and trading-in can cost you a lot. You might yearn for a tiny sports car, but your family probably won't love it if you sardine them on every road all ownership costs when comparing cars: repairs, maintenance, gas, and insurance. Check out the cost of car ownership calculator to compare the annual expenses of different makes and costs of new vs. used for your desired model. In some markets, the cost difference may not be as much as you expect, making a new vehicle roughly as affordable as a used used cars, get a CarFax, VINCheck, or AutoCheck report to see the vehicle's history before recommend a pre-purchase inspection from a licensed mechanic, even if a used car is "certified." Expect to pay around $85 to $150, but it could save you thousands in repair bills. Step 3: Shopping for the best price The cost of a given make, model, and year can vary by thousands from one dealer to another. Dealer fees can also add a lot onto the cost of your vehicle, so you always want to shop around for the best overall price. Use these tips to find the best car prices: Be flexible about make, model, and color. Have a list of cars you'd accept, and be ready to compromise on anything that isn't a your search. Consider big and small dealers, rental agencies, out-of-town (or out-of-state) dealers, and (for used cars) private the internet. View more cars in less time, and set up alerts or notifications on the sites you prepared to move fast. Once you find the right deal, having pre-approved financing can help a lot. If a dealership or individual needs to unload a car quickly, the price will likely be a little lower. But they won't sell to you if you can't close the deal and pay a trade-in. You can offset some of today's hefty price increases if you have a trade-in, because their prices are also higher. Also look into selling your old car versus trading it in, because you may get quite a bit more from a private buyer than the for extras. Dealers may not be willing to drop their prices, but you may be able to negotiate some high-margin freebies like extended warranties, cheaper financing, or free oil focus only on monthly payments. Instead, have a firm budget for the total price of the vehicle. Lowering your monthly payment tends to make your overall cost much higher. Step 4: Borrowing for less Other than vehicle price, the main factor impacting your car payments is the interest on your auto loan. The lower your interest rate, the lower your costs will be, both for your monthly payment and overall. Consider this when shopping for an auto loan: Check your credit reportand FICO score before shopping. You won't know what interest rate is fair unless you understand your credit profile. The higher your credit scores, the lower your interest rates tend to credit report errors. If your credit report contains score-reducing errors, clear them before shopping for a car. You can dispute errors with each credit bureau your score is low, work on raising it. If you don't need to buy immediately, you may have time to improve your credit score. Even a few points can make a big difference, according to FICO's Loan Savings Calculator. For example, increasing from the 660-689 range to the 690-719 range can save you over $2,000 during the life of a $30,000 five-year up financing in advance. Get quotes from several competing lenders, including credit unions and banks, auto financing companies, and secured personal loan up total costs. There are several moving parts in auto financing: vehicle price (minus any rebates), interest rate, and loan charges. When comparing offers, add up the total cost over the entire life of the car-down payment, plus loan fees and anything else you pay upfront, plus the total of all payments over the loan term. The lowest amount wins. Step 5: Play the waiting game The used and new auto markets are in a bit of a murky situation right now, but that won't always be the case. Sometimes, when you're not sure of the right move, the best thing you can do is wait. If your vehicle is still safe and reliable, it might be best to hang on to it for a little while as the market settles. This also gives you more time to save money for the down payment and/or boost your credit score-moves that can make your new car more affordable in the long run. In the end, the best car for you isn't the one with the most bells and whistles; it's the one you can best afford. FAQs What is the lowest credit score to buy a car? Unlike with mortgages, there is no minimum credit score for auto loans. You may find a dealer that will finance a loan even if you're in "deep subprime" territory, which is a score in the 300-500 range. However, Experian reckons that only 1.79% of all auto loans originated in 2021 were deep subprime loans. So you may have to seek out someone willing to play ball. And you can be pretty sure you'll be paying a very high interest rate on such a loan. What Is the difference between secured and unsecured debt? Secured debt is guaranteed by something valuable (collateral) that you agree to give up if you can't repay the debt. Car loans and mortgages are secured debts. If you default on the loan, the lender could sell the collateral to get the money you owe. Unsecured debt is a loan that you qualify for based on your creditworthiness. The risk to the lender is that if you don't repay the debt, the lender is stuck with the loss. That's why unsecured loans tend to cost more than secured loans. Can a budget app help me save money? Yes, budget apps could help you save money by helping you create a budget and track your spending and income. Popular budget apps include Goodbudget, PocketGuard, EveryDollar, MoLO, and YNAB. This story was produced by Freedom Debt Relief and reviewed and distributed by Stacker. © Stacker Media, LLC.
CNBC
6 days ago
- Business
- CNBC
Does APR matter if I pay off my credit card each month?
If you've ever owned a credit card before, chances are you're familiar with the term "APR," or annual percentage rate. For specifically credit cards, your purchase APR is essentially your interest rate, or the cost of borrowing money. But for those cardholders who pay their balance off on time and in full every month, their APR really doesn't matter. Let's see how managing your credit card payments can help you avoid interest entirely. Credit cards often have a few different types of APRs, but purchase APR is what many people are referring to when they talk about a credit card's interest rate. Purchase APR is essentially how much it costs to borrow money, which is what you're doing each time you use your card. For any borrowed funds that you don't pay back on time, your bank will charge you interest on the amount that remains unpaid. For example, if you had an unpaid statement balance of $1,000 on a card with a 20% APR, you would be charged an additional $16.57 in interest for that one billing cycle. You can see how credit card balances quickly balloon the longer they go unpaid. To find your card's APR, look at your monthly billing statement or contact your card issuer. Offers in this section are from affiliate partners and selected based on a combination of engagement, product relevance, compensation, and consistent Debt Relief has resolved over $19 billion in outstanding debts since 2002. It offers free credit card debt relief in 2011, Accredited Debt Relief has helped clients resolve over $1 billion in debt. Your purchase APR doesn't really matter if you pay your statement balance on time . Many credit cards have a grace period, which is the time between when your billing cycle ends and when your payment is due. Since credit cards only charge interest on outstanding balances, if you pay off everything you bought with your card for that period, you won't owe any interest. While grace periods are not required to be offered by cards, if they are, they must be for a minimum of 21 days. Paying off your card's balance on time and in full each month isn't just a good financial habit that can save you money on interest, but it also means you're maximizing the value you get from rewards. Let's look at a card like the Capital One Venture Rewards Credit Card, which comes with 5X miles on hotels, vacation rentals and rental cars booked through Capital One Travel and no foreign transaction fees. If you pay off your card's balance each month, you'll avoid the nearly 30% APR on purchases and balance transfers (!) and it also makes perks like an up to $120 credit for Global Entry or TSA PreCheck that much more valuable. It's a real $120 credit; if you were also paying interest on a balance, it effectively cancels out, or subtracts from, that credit you're getting. Good to Excellent670–850 19.99% - 29.24% variable $95 Earn 75,000 miles Terms apply. Read our Capital One Venture Rewards Credit Card review. The Capital One Venture Rewards Credit Card has a reasonable annual fee and earns flexible travel rewards, which makes it a great travel card for beginners or heavy travelers.$0 at the Transfer APR, 4% of the amount of each transferred balance that posts to your account at a promotional APR that Capital One may offer to you None We can apply the same thought process to a cash-rewards card like the Wells Fargo Active Cash® Card. With this credit card, you can earn a flat-rate 2% unlimited cash rewards on purchases while paying no annual fee. If you use this card and pay your bill on time and in full each month, you're essentially getting 2% cash rewards of what you spend back to you for no extra fees. On Wells Fargo's site On Wells Fargo's site Good to Excellent670–850 19.24%, 24.24%, or 29.24% Variable APR $0 Earn a $200 cash rewards bonus See rates and fees. Terms apply. The Wells Fargo Active Cash® Card is great if you want simplicity thanks to its flat-rate 2% unlimited cash rewards on purchases and $0 annual balance transfer fee of 3% for 120 days from account opening, then up to 5%, min: $5 3% Remember that rewards and welcome bonuses on new credit cards are really most valuable when you pay your credit card on time and in full every month. If you find yourself carrying credit card balances month to month, it's something you should address ASAP. It's likely that your credit card's APR is the highest interest rate you're being charged out of all your debts so it should be prioritized. Cut out other spending, like monthly subscriptions, until that balance is paid off entirely. And if it's a sizable amount of credit card debt, consider a balance transfer card where you transfer your outstanding balance to a credit card that has an introductory zero-interest period. That gives you time to make payments to your balance without accruing more interest. With the Citi Simplicity® Card, for example, you'll have a 0% intro APR for 21 months on balance transfers from date of account opening — nearly two years — to pay off your debt entirely (after, 18.24% to 28.99% variable APR). An intro balance transfer fee of 3% of the amount you transfer ($5 minimum) applies to transfers you make in the first four months, after that a fee of 5% of the amount you transfer applies ($5 minimum). Receive a 0% Intro APR for 21 months on balance transfers and for 12 months on purchases from date of account opening. Good to Excellent670–850 18.24% - 28.99% variable $0 None See rates and fees. Terms apply. Read our Citi Simplicity® Card review. The Citi Simplicity® Card may not earn rewards, but it can still save you money due to its amazing intro-APR offers. There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5). 3% Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox. Sign up here. At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every credit card article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of credit card products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
Business Insider
6 days ago
- Business
- Business Insider
Achieve Debt Relief Review 2025
If you find yourself underwater in debt and are struggling to make payments toward your credit card or loan, a debt settlement company like Achieve Debt Relief might be able to help. According to the company, customers who complete the Achieve Debt Settlement program reduce their enrolled debt by 30% to 50% on average. However, the debt settlement process can be risky and is not an easy solution. Business Insider's personal finance team compared Achieve Debt Relief to the best debt settlement companies and found it to be a strong option, with free debt evaluation and a full selection of personal finance options including personal loans. Read on to see if Achieve Debt Relief is right for you. Pros and Cons of Achieve Debt Relief Pros Debt resolution could significantly reduce what you owe Requires a demonstrated hardship to move forward in the program Reduces monthly debt payments Alternative to bankruptcy Cons Debt settlement will not fix all of your debts and will affect credit score You might be responsible for paying taxes on the money you save through debt resolution Get Debt Relief Overview of Achieve Debt Relief Achieve Debt Relief is a debt settlement program. A team of experts work with creditors on your behalf to reduce the amount you owe. This allows you to pay off debts faster than making minimum monthly payments and aims to keep more money in your pocket. Many people turn to debt settlement in an effort to handle matters quickly and when they are feeling overwhelmed, but there are limitations to what debt settlement can do. Debt settlement through any company, including Achieve, will be reported to the credit bureaus, especially if you settle for less than you owe the creditor. Since your creditor took a financial loss on its business relationship with you, the settlement may negatively affect your credit score. Achieve Debt Relief works with unsecured debts. It is available in 31 states and works with legal partners to provide debt relief services in 10 more states (Connecticut, Georgia, New Hampshire, New Jersey, Illinois, Kansas, Maine, Ohio, South Carolina, and Virginia). The smallest debt amount that can be enrolled is $7,500, and Achieve accepts debts up to $100,000. The program takes an average of 24-48 months to complete. Achieve has served over 1.5 million customers and has resolved or consolidated over $20 billion in debt. How Achieve Debt Relief Works Achieve Debt Relief focuses on reducing the amount of debt you owe so you can pay it off quicker instead of making minimum monthly payments. To work with Achieve, you must first demonstrate a hardship. This is an unusual requirement among debt-relief companies and reflects well on Achieve. Qualifying hardships include job loss, unexpected salary reduction, divorce, and medical expenses. Then, you'll go over the debt you would like to enroll with Achieve debt experts and discuss a plan for resolving your debt. That plan will include how much you can afford to pay and what amount you want to settle for. Once onboarded, you will have access to an online dashboard covering your progress in the program 24/7, and member services are available 7 days a week. Achieve will negotiate with your creditors on your behalf and work out an agreed-upon settlement plan. Once you agree to the settlement amount, a payment plan will be implemented. Key Features of Achieve Debt Relief Debt Evaluation Achieve offers a free professional debt evaluation and the assistance of experts who negotiate with creditors on your behalf, often settling your unsecured debt for less than what is owed. Faster debt payoff Through the program, members can pay off debts faster by making one low monthly program deposit, typically less than the minimum monthly payments across all of their debts. Personal finance tools Achieve also offers personal finance options, including Achieve personal loans, home equity loans, and financial literacy and educational tools. Achieve GOOD App Achieve has a mobile app called GOOD, which stands for Get Out of Debt, for users to automate their budgeting and see all of their debt and finances in one place. Achieve Debt Relief Costs and Fees Program fees range from 15% - 25% of enrolled debt. The settlement fees are built into your program deposit so there is nothing extra to pay. There are no membership fees to join Achieve, only the monthly or bi-weekly deposit needed for debt negotiations and settlements. For example, if your total settlement amount after negotiations is $3,600, then you would make a monthly payment to Achieve of $300 every month for 12 months. Achieve will then pay that amount to your creditors to pay off the settlement amount. Achieve Debt Relief Reviews and Ratings Achieve Debt Relief has a customer rating of 4.8 out of 5 stars on Trustpilot with over 11,000 reviews and an A+ rating with the Better Business Bureau. Common complaints include that creditor payments and consolidation loan payoffs were slow. Achieve Debt Relief is a member of The American Association of Debt Resolution (AADR). All members are accredited through a bi-annual audit for compliance with federal and state regulations as well as AADR industry standards. Achieve Debt Relief is also a member of the Financial Health Network, an organization dedicated to developing solutions to improve financial health. Achieve Debt Relief Alternatives Achieve Debt Relief vs. National Debt Relief National Debt Relief does not charge upfront fees; like Achieve, its service fees range from 15%-25% of the debt enrolled. It does not charge any fees until you start to see results. Also, like Achieve, there is an eligibility threshold of $7,500 of debt enrolled to work with National Debt Relief, and the debt settlement process can be lengthy. One advantage of Achieve is that it also offers personal loans, which can help borrowers with bad or fair credit qualify and make the service a one-stop stop. National Debt Relief offers services in 46 states and Washington, DC, while Achieve Debt Relief offers services in 31 states and works with legal partners to offer services in 10 other states where debt relief through a debt relief company is not allowed (Connecticut, Georgia, New Hampshire, New Jersey, Illinois, Kansas, Maine, Ohio, South Carolina, and Virginia). If you live in one of those 10 states, your debt resolution will be handled by Achieve's legal partners, which is something to consider, but the additional features like personal loans could still make Achieve a stronger choice. National Debt Relief review Achieve Debt Relief vs. Pacific Debt Relief Pacific Debt Relief does not charge upfront fees, and, like Achieve, service fees range from 15% to 25% based on the amount of your debt. Fees are rolled into your monthly payment and are due only when you start to see results. Also like Achieve, the average time of completion is 24-48 months. Unlike Achieve, Pacific Debt Relief requires at least $10,000 in debt to enroll in its program. If you have debt between $7,500 and $9,999, you'll choose Achieve. We rate debt settlement services like Achieve Debt Relief by taking into account the following criteria: Accreditation by trade associations or organizations Fee structures and disclosure Number of years in operation Money-back guarantees in cancellation policies Read the full breakdown of how we rate debt settlement companies. FAQs
Washington Post
16-05-2025
- Business
- Washington Post
World Bank says Saudi Arabia and Qatar have paid off Syria's outstanding debt
DAMASCUS, Syria — The World Bank said Friday that the $15.5 million Syria owed it has been paid off by Saudi Arabia and Qatar, clearing Damascus to take out new loans. Saudi Arabia and Qatar had announced plans last month to clear Syria's outstanding debts, a move that Syria hailed as paving the way for recovery and reconstruction after a 14-year conflict that killed half a million people and caused wide destruction in the country.
Yahoo
16-05-2025
- Health
- Yahoo
Thousands of LA County residents to receive medical debt relief letters next week
The Brief LA County is sending letters to over 134,000 residents, notifying them that their medical bills have been paid through the Medical Debt Relief Program. The program targets residents earning no more than four times the federal poverty level or having medical debt exceeding five times their income. LA County partnered with the nonprofit Undue Medical Debt to purchase and eliminate $500 million in medical debt for low-income residents. If you get a letter from LA County with a blue seal reading "Undue Medical Bill," don't confuse it with "Unpaid." It's not a joke. Don't throw it away! LA County is sending out letters to more than 134,000 residents, notifying them that their medical bills have been paid. It's the LA County Medical Debt Relief Program, which provides immediate relief by purchasing and eliminating medical debt for qualifying residents. The criteria? Earning no more than four times the federal poverty level, or medical debt adding up to more than five times their income. One in nine county residents are in that position. The county joined forces with the national nonprofit Undue Medical Debt, which purchases the unpaid debt from people who can't pay their hospital bills. In the secondary market, that debt can be purchased for a fraction of its value—from the medical facilities or collection agencies. So, through an initial investment of $5 million, LA County aims to buy and pay off $500 million in medical debt for low-income residents. Those people will get a notice in the mail in the next two weeks. They didn't have to apply or do anything. They were identified from their debt, which will disappear. LA County residents looking to get more information on the program can click here.
