Applying for a loan requires a lot of research—not just on loan specifics, but research on you too! Loans make some of our biggest life decisions possible, so it's crucial to be realistic about your goals, your financial situation and your future.
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If you're considering financing your college education with the help of a student loan, the smartest thing you can do for yourself is to only borrow what you truly need. Pursuing post-secondary education should be an exciting time in your life. You're making decisions and opening up possibilities that will shape your future—a future that is adventurous and fulfilling and that decidedly does not include years of crippling debt.
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When it comes to buying a new car, you have three options: purchasing it with cash, purchasing it through a loan (also known as financing) or leasing it. For most shoppers, the decision comes down to buying or leasing.
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Predatory lending can also take the form of car loans, sub-prime loans, home equity loans, tax refund anticipation loans or any type of consumer debt. Common predatory lending practices include a failure to disclose information, disclosing false information, risk-based pricing, and inflated charges and fees. These practices, either individually or when combined, create a cycle of debt that causes severe financial hardship for families and individuals.
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There are key differences between owning and renting a home. Owning a home gives you the peace of mind of having a permanent place to live. As a renter, it's relatively easy to move around; you're not responsible for finding a new tenant to take your place. There's no right answer for whether it's better to own or rent your home—look to your personal goals for guidance.
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Debt is stressful, it's expensive, and it limits the amount of money you can put toward your life goals. To pay off your debt, get organized by making a list of all your debts, choose a strategy which affects the order in which you pay off your debts, and follow a monthly payment plan that is generous and realistic.
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Buying a home is likely the biggest purchase of your life, and you'll usually need a loan to make it happen. Comparing mortgages can be confusing and intimidating—let's break it all down so you can understand how it works.
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