If your holiday spending got out of control and you are wondering how you are going to pay your credit card debt, you are not alone. In fact, it has been reported by NerdWallet that the average American household has approximately $15,000 in credit card debt. But how do you payoff your credit card debt and still afford the necessities and save for your retirement? There is no easy answer.
If you are trying to decide whether to refinance or modify your mortgage, it is important to understand how each option works. Many homeowners are surprised to learn that they can modify their mortgage even when they are current on their payments. It isn't a common occurrence, but modifications (also called "recasts") of current mortgages have been available for years.
You have probably heard that credit card debt is one of the main reasons people have to file for bankruptcy. What you may be surprised to learn is that the actual debt may not be the cause as much as the interest that accumulates on the debt!
If you are facing foreclosure of your home, a loan modification may be the answer to your troubles. Before you modify a loan, it is important to understand the pros and cons, including: