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Category: Debt

Not buying things you don’t have the money for might seem like Personal Finance 101, but our modern world often depends on taking on debt. At some point in life, most people take out a loan, whether it be for a small business, college, or a new home. Debt can be a force for good as long as you pay it back reliably, raising your credit score.

There is however, a dark side to debt. Sometimes, you have to take on debt unexpectedly for situations outside of your control, and that can quickly escalate if you aren’t prepared. Worse, there are people who prey on others’ debt for their own profit. You don’t want to fall prey to this side of debt, but it can be difficult to know where the line is. Educate yourself on how to responsibly take on new debt and pay off existing accounts.

Statute of Limitations on Debt in Your State

A person looks worried as they read some financial documents.

A statute of limitations on debt is a period when a creditor, lender, or collections agency can sue you for an unpaid debt. In 22 states, the statute of limitations on most debts is six years; in others, the deadline is between three and 10 years.   A creditor or debt collector cannot sue the borrower […]

What Is AFNI and Why Is It on My Credit Report?

AFNI is a medium-sized debt collection agency that buys debt from lenders and creditors. It is used by AT&T, the broadband connectivity provider, to collect seriously delinquent debts. The agency may appear on your credit reports as any of the following: “afni inc,””afni inc collections,””afni com,””afni peoria il,” or “afni collections at&t.” Collection agencies, such as AFNI, […]

What Is MRS Associates and Why Is It on My Credit Report?

MRS Associates is a debt collection agency based out of Cherry Hill, New Jersey and founded in 1991. The agency has taken on several corporate clients, including those in telecom, student loan, auto loan, credit card, and healthcare industries. MRS may appear on your credit report as any of the following: “mrs and associates,”“mrs company,”“mrs […]

Is Income-Driven Repayment Worth It?

A document labeled "student loan repayment."

Income-driven repayment plans (IDR plans) help borrowers keep the monthly payments on their student loans manageable. These plans allow you to take your income into account when calculating monthly payments. With these programs, you typically have to pay 10% to 15% of your discretionary income into your student loans each month. This cap on payment amounts can […]

What is Medical Bankruptcy?

A folder labeled "medical bills" is rubber stamped as "past due."

Medical bankruptcy is not a legal term — it’s a situation in which medical expenses are financially overwhelming and crippling for a family or individual. Filing for bankruptcy can help an overwhelmed individual get rid of several debts, including medical bills. According to a Gallup survey, Americans borrowed an estimated $88 billion over the last […]

What Is Chapter 11 Bankruptcy?

A gavel sits on to of a document titled "chapter 11 bankruptcy."

Chapter 11 bankruptcy is one of five types of bankruptcies and is known as the “reorganization bankruptcy.” It’s designed to allow a business to keep operating while they reorganize finances to pay their bills. Chrysler and General Motors filed Chapter 11 bankruptcies back-to-back in 2009 to temporarily block creditors from taking action against them to collect on […]