Latest news with #NationalDebtRelief
Yahoo
3 days ago
- Business
- Yahoo
5 Reasons You Should Pay Off All Debts Before Retirement If You Can
Debt is becoming an increasingly common burden for older Americans. According to a Lending Tree report, more than 97% of adults aged 66 to 71 carry non-mortgage debt. In addition, older residents in the nation's largest cities have a median debt balance of $11,349. Read More: Find Out: This financial strain is prompting many to delay retirement, draw down savings prematurely, and experience heightened stress. Here are five reasons you should pay off all debts before retirement if you can. Carrying debt can drastically postpone retirement and force many Americans to work far longer than they planned. A National Debt Relief survey found that 67% of non-retired respondents said they 'definitely' don't have enough saved to live comfortably in retirement and needed an average of 12 more years to reach their savings goals. 'Our findings reveal a troubling reality: Our nation's growing consumer debt epidemic has left millions of older Americans feeling stressed about their debt, which has considerable impacts on their ability to build a comfortable financial future and their ability to retire,' said Natalia Brown, the organization's chief compliance and consumer affairs officer. Be Aware: For many older adults, carrying debt makes it difficult to save enough for a stable retirement. Nearly half (49%) of respondents in the National Debt Relief survey reported having less than $20,000 saved, and 22% had saved nothing at all. 'Carrying debt into retirement can quietly eat away at everything you've built,' said Bert Hofhuis, entrepreneur and founder of Banking Times. 'You've likely spent decades saving, budgeting and investing, only to see loan repayments or credit cards continue pulling money from your pocket when you're no longer earning a steady income. 'When you're debt-free, your pension or drawdown can go directly toward your needs, experiences or even helping family, rather than servicing interest. I've seen people sleep better just knowing no one's waiting at the end of the month to be paid back.' Debt doesn't pause when the markets dip. Retirees who carry debt may need to withdraw more aggressively from their pension or retirement accounts to meet monthly obligations. 'That puts pressure on your portfolio and can shorten how long it lasts,' Hofhuis said. 'In some cases, people trigger large taxable withdrawals to make lump-sum repayments, and that throws off their income plan. 'Debt repayments don't adjust based on how the markets perform, so if there's a dip in your investments, you're still expected to meet the same monthly commitments. It can trap you in a corner, where you're forced to make poor financial decisions just to keep up.' Retirement often brings a psychological shift in spending that can be worsened by debt. Mark Zagurski, director, strategy and communications at Mutual of Omaha Advisors, said that while some studies suggest retirees spend more at the beginning and end of retirement, debt affects their mindset. 'Many retirees become more price-conscious when they stop earning an income and start relying on savings,' Zagurski said. 'This can lead to cautious spending, and in some cases, underspending, even when it's not necessary. 'Carrying debt into retirement can make your finances feel tight at a time when you want to relax and enjoy life. High-interest debt can grow quickly, making it tough to keep up with payments. That could mean cutting back on things you enjoy or even selling assets to stay afloat.' Carrying debt into retirement reduces one's ability to adapt when life throws a curveball. 'Retirement isn't as fixed as people imagine,' Hofhuis said. 'Expenses pop up, whether it's healthcare, home repairs or helping grandchildren. If you're locked into repayments, there's less room to adapt.' Debt also adds emotional strain that often goes unspoken. 'I've worked with retirees who felt ashamed about their balances and kept it hidden from family,' Hofhuis said. 'It affected their well-being, not just their finances. If something unexpected happens, like a medical cost or a family emergency, and your money's tied up in loan repayments, you don't have many good options.' More From GOBankingRates These 10 Used Cars Will Last Longer Than an Average New Vehicle 9 Downsizing Tips for the Middle Class To Save on Monthly Expenses This article originally appeared on 5 Reasons You Should Pay Off All Debts Before Retirement If You Can
Yahoo
5 days ago
- Business
- Yahoo
5 Key Signs You're in Financial Fight or Flight Mode, According to Dasha Kennedy
Dasha Kennedy, creator of The Broke Black Girl and financial activist, is known for sharing real-world money advice through social media and other online platforms. Recently, she partnered with National Debt Relief to offer guidance to people who have always assumed that their financial problems were the result of simply being 'bad with money.' Trending Now: For You: Kennedy said people should not blame themselves for a lack of discipline when it comes to excessive spending or failing to save for the future. She explained bad money habits may result from being in 'financial fight or flight' mode. The financial educator explained that financial fight or flight mode is 'a real physical response to stress that keeps your brain and body in survival mode.' Here are five signs that you may be operating out of fear when it comes to your money, according to Dasha Kennedy. People who avoid checking their bank accounts are not necessarily careless. They may instead be reacting to fear or anxiety surrounding their financial situation. Avoidance is not unusual when it comes to stressful situations and it may be more widespread than you think. According to a Mind Over Money study published by Capital One and The Decision Lab, 77% of respondents said they felt nervous about their finances while nearly 60% said they felt like finances controlled their lives. Read Next: Another indicator that you may be in financial fight or flight mode, according to Kennedy, is if you feel like budgeting is a punishment. Most experts agree that budgeting that is too restrictive or unrealistic can backfire. Kennedy suggested finding a system that 'works with your real life, not against it.' Feeling frozen when paying bills is a sign that your money habits may be based in fear. If you have a missed or late payment, you aren't alone. A report by NPR found that more Americans were falling behind on their bills with almost 9% of credit card balances falling into delinquency from 2023 to 2024. Higher prices and inflation are two major factors that may be contributing to the financial strain many people are experiencing. Kennedy recommended establishing a routine that helps to reduce stress when it comes to dealing with finances. People who spend to feel relief only to be bombarded with feelings of guilt afterward may not be spendthrifts. Instead, their habits may be based on a biological response to the stress they experience when faced with financial uncertainty or instability. Kennedy suggested seeking professional help to gain control over finances by building a realistic plan for spending and saving. Whether it's because of an insurmountable amount of credit card debt or living paycheck to paycheck, avoiding dealing with your financial situation may just be your body's response to a stressful situation. Kennedy recommends taking small steps to achieve financial stability, making one decision at a time to avoid triggering your body's stress hormones. More From GOBankingRates 8 Common Mistakes Retirees Make With Their Social Security Checks 3 Reasons Retired Boomers Shouldn't Give Their Kids a Living Inheritance (And 2 Reasons They Should) This article originally appeared on 5 Key Signs You're in Financial Fight or Flight Mode, According to Dasha Kennedy Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
5 days ago
- Business
- Yahoo
5 Key Signs You're in Financial Fight or Flight Mode, According to Dasha Kennedy
Dasha Kennedy, creator of The Broke Black Girl and financial activist, is known for sharing real-world money advice through social media and other online platforms. Recently, she partnered with National Debt Relief to offer guidance to people who have always assumed that their financial problems were the result of simply being 'bad with money.' Trending Now: For You: Kennedy said people should not blame themselves for a lack of discipline when it comes to excessive spending or failing to save for the future. She explained bad money habits may result from being in 'financial fight or flight' mode. The financial educator explained that financial fight or flight mode is 'a real physical response to stress that keeps your brain and body in survival mode.' Here are five signs that you may be operating out of fear when it comes to your money, according to Dasha Kennedy. People who avoid checking their bank accounts are not necessarily careless. They may instead be reacting to fear or anxiety surrounding their financial situation. Avoidance is not unusual when it comes to stressful situations and it may be more widespread than you think. According to a Mind Over Money study published by Capital One and The Decision Lab, 77% of respondents said they felt nervous about their finances while nearly 60% said they felt like finances controlled their lives. Read Next: Another indicator that you may be in financial fight or flight mode, according to Kennedy, is if you feel like budgeting is a punishment. Most experts agree that budgeting that is too restrictive or unrealistic can backfire. Kennedy suggested finding a system that 'works with your real life, not against it.' Feeling frozen when paying bills is a sign that your money habits may be based in fear. If you have a missed or late payment, you aren't alone. A report by NPR found that more Americans were falling behind on their bills with almost 9% of credit card balances falling into delinquency from 2023 to 2024. Higher prices and inflation are two major factors that may be contributing to the financial strain many people are experiencing. Kennedy recommended establishing a routine that helps to reduce stress when it comes to dealing with finances. People who spend to feel relief only to be bombarded with feelings of guilt afterward may not be spendthrifts. Instead, their habits may be based on a biological response to the stress they experience when faced with financial uncertainty or instability. Kennedy suggested seeking professional help to gain control over finances by building a realistic plan for spending and saving. Whether it's because of an insurmountable amount of credit card debt or living paycheck to paycheck, avoiding dealing with your financial situation may just be your body's response to a stressful situation. Kennedy recommends taking small steps to achieve financial stability, making one decision at a time to avoid triggering your body's stress hormones. More From GOBankingRates 8 Common Mistakes Retirees Make With Their Social Security Checks 3 Reasons Retired Boomers Shouldn't Give Their Kids a Living Inheritance (And 2 Reasons They Should) This article originally appeared on 5 Key Signs You're in Financial Fight or Flight Mode, According to Dasha Kennedy Error al recuperar los datos Inicia sesión para acceder a tu cartera de valores Error al recuperar los datos Error al recuperar los datos Error al recuperar los datos Error al recuperar los datos
Yahoo
18-05-2025
- Business
- Yahoo
3 Fun Money Trends We Need To Leave Behind, According to Dasha Kennedy
Trends aren't limited to fashion. There's no shortage of money trends out there and like fashion, they're not all good. In a recent post on the National Debt Relief blog, financial activist Dasha Kennedy highlighted three money trends your finances need you to ditch immediately. Read More: Find Out: Keep reading to find out what these trends are and why they can be detrimental to your finances. The average consumer spent $218.75 per month on impulse buys in 2024, according to Capital One Shopping. Some people might be tempted to make impulse purchases after watching unboxing videos of viral hauls and must-have purchases, Kennedy said. Instead, she advised being intentional with your purchases and stopping to ask yourself if an item will add value to your life before taking your wallet out. Discover Next: A play on 'girl dinner,' TikTok user Samantha James introduced the idea of 'girl math,' highlighting how she — and presumably many women– justify their spending. Her examples included purchases under $5 counting as freebies, returning a $50 item to a store, and buying another $100 item counting as a $50 purchase and when concert tickets are bought months in advance, the show is essentially free. 'While this trend brought laughs and relatability to money conversations, sometimes it played into the idea that some financial decisions can be oversimplified,' Kennedy wrote in her blog post. She said there's nothing wrong with engaging in some guilt-free spending, but you should largely focus on making value-based decisions that align with your goals. Using positive affirmations to encourage yourself to be more responsible with your money is a good thing. However, that alone won't improve your finances. 'Pairing a hopeful mindset with practical habits like automating savings or tracking spending improves your chances of making real progress,' wrote Kennedy. Now that you know which money trends need to be left in the past, it's time to move forward. Kennedy shared several tips to help you do exactly that. When you've held onto certain financial habits for a while, it can be hard to give them up — even if they're not working. Doing so might make you feel like a failure, or learning new habits could feel daunting, but it's time to change that mindset. If the financial habits or trends you've grown accustomed to aren't making managing your money easier, Kennedy said it's okay to try something new. 'Look for habits that simplify your life, reduce financial stress or bring you closer to your goals,' Kennedy wrote. They might take a while to produce results, but she said strategies like automating your savings or tracking your spending will likely serve you better than a trendy Band-Aid solution. Instead of seeking out the next trendy way to overhaul your finances, Kennedy said to stick to the basics. This includes spending less than you earn, consistently saving money, and planning. More From GOBankingRates Here's How Much Cars Made in the US Cost Compared to Mexico, Canada and China 6 Hybrid Vehicles To Stay Away From in Retirement 4 Grocery Items To Buy Now Before Tariffs Raise Prices This Summer I'm a Retired Boomer: 6 Bills I Canceled This Year That Were a Waste of Money Sources: National Debt Relief, Money Trends That Were Fun, But It's Time to Move On Capital One Shopping, Impulse Buying Statistics TikTok, samjamessssss BuzzFeed, You've Heard Of 'Girl Dinner,' But This TikToker Just Brought Up 'Girl Math' And It's Probably The Most Accurate Thing I've Ever Heard This article originally appeared on 3 Fun Money Trends We Need To Leave Behind, According to Dasha Kennedy
Yahoo
14-05-2025
- Business
- Yahoo
Best Debt Relief Programs for 2025 to Help You Get Out of Debt in USA
DALLAS, May 14, 2025 (GLOBE NEWSWIRE) -- Payday Ventures, a leading provider of financial solutions in the United States, is proud to introduce new and improved Debt Relief Programs for 2025 through its trusted brand, Viva Debt Help. As more Americans struggle with rising debt, limited savings, and high-interest payments, Viva Debt Help aims to simplify access to effective debt relief solutions. Whether you're exploring debt consolidation options, need fast debt help, or want to learn if National Debt Relief is legit, this platform connects you with some of the best debt relief companies in the USA. Click Here to Get Debt Relief Help >> What Is a Debt Relief Program? A debt relief program helps reduce or eliminate unsecured debts like credit cards, personal loans, or medical bills. It may include debt consolidation, lower payments, or negotiating with creditors. These programs offer fast debt help if you're struggling with high-interest debt and want to regain control in 2025. Click Here to Get Debt Relief Help >> Why Choose US Debt Relief in 2025? In 2025, many Americans are under serious financial stress from inflation, job loss, or sudden expenses. As the US national debt rises, so does personal and consumer debt. If you're missing payments or your minimum payments aren't helping, it's time to explore trusted debt relief programs to get the debt help you need. Viva Debt Help – One of the Best Debt Relief Program in 2025 Looking for fast, reliable debt help in the USA? Viva Debt Help is one of the best debt relief options working to match individuals with trusted debt specialists. Here's why they stand out: Click Here to Get Debt Relief Help >> Free online form takes just minutes Get referred to FCA-approved debt solution providers Custom plans including debt consolidation options, settlements, or relief orders Potential to write off debt if eligible No obligation to proceed Viva Debt Help doesn't provide advice directly they connect you with legitimate advisors who are licensed to offer debt relief. Click Here to Get Debt Relief Help >> Is National Debt Relief Legit? Yes, it's a real company. But it's always wise to compare your options. Platforms like Viva Debt Help connect you with trusted advisors who review your debt and recommend the best debt relief program based on your needs. What Is Covered With a Debt Relief Program? Most debt relief programs cover unsecured debts these are debts not tied to any assets. Common examples include: Credit card debt Personal loans Medical bills Payday loans Utility bills Store cards Some programs may also help with debt consolidation options or negotiating lower payments. Name: Mukesh BhardwajEmail: mukesh@ Disclaimer: This announcement contains general information about Payday Ventures and its debt support services through Viva Debt Help. It is not intended to be financial advice. Services are available to U.S. residents in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
