Category: Debt Management
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Installment vs. Payday Loans: Know the Difference
Starting with loan options can feel overwhelming, especially when financial stress is high. For many Hispanic individuals in the U.S., navigating loans to cover essential expenses is an everyday reality. Payday loans are popular in Hispanic and Black communities because they’re quick and easy to get, despite their high interest rates [1]. When choosing a…
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Managing Student Loan Debt: A Guide for Grads
If you’re fresh out of school, I know firsthand how stressful it can be to face student loans. I’ve been there—dealing with both federal and private loans—and I’ve found a few things that helped me pay mine off faster. The good news? You don’t have to let your debt control you. Let’s dive into some…
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Loan Options When You Need Cash Fast
We’ve all been there—unexpected expenses pop up, and you’re short on cash. This time, though, you don’t want to ask your familia, especially that one tía who always bails you out. So, what are your options? Depending on how fast you need the money, here are some solutions you can try. Need Cash in 1-2…
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The Challenge of Compound Interest When Borrowing
Historically, we tend to talk about “compound interest” as a positive concept when saving money. This post focuses on the other side – the negative power of compound interest. We will speak to the crippling impact of compound interest when taking on debt, using credit cards as an example. How Credit Card Debt Works Imagine…
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What is Annual Percentage Rate (APR)?
What does annual percentage rate (APR) mean? It represents the yearly rate charged for a loan, like a credit card. When you apply for a credit card, you’ll see a section called the Schumer Box, which outlines key terms and details about the card. The box, named after a congressman, was created to ensure transparency…