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3 Things to Consider if You're Not Experienced with Gig Work

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3 Things to Know if You're New to Gig Work

by Kelsey Sheehy Senior Writer | Personal finance, small-business, and personal business Kelsey Sheehy is a senior writer and NerdWallet's expert on small-business. She started at NerdWallet in 2015 and spent six years as a personal finance journalist and spokesperson before switching gears to focus on the financial decisions and challenges faced by small-business owners. Kelsey's articles have appeared in The New York Times, The Washington Post, Nasdaq and MarketWatch, among other publications. She is also the author of a column on millennials and money for The Associated Press along with some other writers from NerdWallet. Kelsey has been as a guest on "Today" show, NBC News and ABC's "World News Tonight" and has been quoted by the Los Angeles Times, CNBC, American Banker, NPR and Vice, among other publications. Before becoming a member of NerdWallet, Kelsey covered college (and how to pay for it) at U.S. News & World Report. The location of her work is Washington, D.C.

The publication was published on January 29, 2021. at 6:00 AM PST

Edited by Kirsten VerHaar, the Senior Assisting Editor eBay and Yahoo! Kirsten VerHaar is an editor of personal finance. She holds an English literature degree from the University of Colorado Boulder. In her previous roles, she was a chief editor at eBay and was in charge of a team of writers who wrote about eBay's content team across the globe. She also wrote for Yahoo. In the years since joining NerdWallet at the beginning of 2015 she has written about topics as wide-ranging as vacuums (yes they really exist!) as well as budgeting and Black Friday.

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Shutdowns, layoffs, and salary reductions brought about by the have caused millions of Americans searching for alternative sources of income. People who have recently shifted to gig work could be weeks away from a financial shock in the shape of tax bills that aren't expected and fine print on insurance coverage.

"These are the two most crucial things that new business owners overlook," says Chris Russell who is a certified financial planner who has a specialization in business owners and self-employed.

Are you not a small-business owner? We'll start with that.

To the IRS, you are a small-sized business

Sure, you're operating food delivery. However, that's not enough to make you a small-scale business according to the IRS. That's the only one that matters in the tax world.

"Basically you're an independent contractor," states Garrett Watson, a senior policy analyst at the Tax Foundation, a nonprofit organization. "You aren't required to create anything complex. There is no need to integrate or do anything like this."

However, you will need to pay taxes on any money you earn from gig work. This is usually an unpleasant, and costly, surprise for new gig workers. As an employee, income and tax withholding are automatically taken from your salary. However, this is not the case with gig workers, Russell says.

"No taxes are deducted from the earnings you earn as a business proprietor," Russell says. "Meaning that you'll likely be owing a significant amount towards the IRS when you file your taxes."

A best practice is to that you should follow is: for each dollar you earn through gig work, you should save 30% to put toward your income and . As time goes on, you must estimate and pay those taxes every quarter to avoid paying a penalty due to the IRS.

If you're thinking "I didn't earn much. I'm not going to report it. What will the IRS be aware?" Don't. It'll know.

Get the most value for your cash

Track all your spending at a glance to understand your patterns and identify opportunities to reduce your expenses.

Tracking expenses is your best partner

The gig work you do isn't just money in the bank. You're incurring costs as well. Keep track of those as you can likely take some of them off and reduce that tax bill we talked about a second ago.

"Keep good and honest documents to make the most of all deductions that you're legally entitled," says Ryan Greiser an expert certified financial planner from Doylestown, Pennsylvania.

Apps such as Stride, Hurdlr and MileIQ will automatically track your miles and expenditures, at no cost or a minimal cost to help you calculate taxes. Based on your specific situation, Greiser suggests QuickBooks might be worth exploring.

"It is a low-cost investment to , estimate your quarterly taxes, monitor your mileage and pay your quarterly tax on the internet," Greiser says.

Also, you should research the specifics of what is able to and cannot be deducted depending on your specific work Watson states, pointing to ride-hailing as an illustration.

Imagine you drop a rider off and drive across town to catch the next one and he tells you. Are you able to deduct the cost of fuel used between rides? (You can. )The is a great place to get answers to your questions.

Insurance can be complicated

The IRS isn't the only agency who needs to be aware of your new income stream. Your insurance provider needs to be aware, too. Not disclosing your work could result in you being removed off your insurance in some instances. In addition your insurance agent will help you understand what aspects of your work protected.

Moving people or food? It's important to find out if your personal car insurance policy covers incidents while you're on the job (It most likely won't.). Commercial or rideshare insurance might fill any gaps.

The platform you're using on might provide you with a commercial policy but it's only applicable only in certain circumstances. It's important to know the specifics of the protection.

Uber and Lyft offer commercial insurance for drivers, but it applies only if you have passengers in your vehicle or are on the route to collect the passenger who has accepted the ride. DoorDash offers liability insurance only and just when food is inside your car. Grubhub and Instacart do not offer commercial insurance for delivery drivers using their platforms.

The post originated from NerdWallet and was originally printed through The Associated Press.

About the author: Kelsey Sheehy is a personal finance writer for NerdWallet. Her work has been featured in The New York Times, USA Today, CBS News and The Associated Press.

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Smart Money Moves to help Black Americans in Financial Distress

Advertiser disclosure You're our first priority. Everytime. We believe that everyone should be able to make sound financial decisions without hesitation. While our website doesn't contain every financial institution or product that is available however, we're confident that the guidance we offer and the information we offer and the tools we create are objective, independent simple, and completely free. How do we earn money? Our partners compensate us. This can influence the products we write about (and where they are featured on our website) however it in no way affects our suggestions or recommendations that are based on hundreds of hours of research. Our partners cannot be paid to ensure positive review of their services or products. .

The smartest money moves to help Black Americans in Financial Distress

Written by Sean Pyles Senior Writer | Personal finance and financial debt Sean Pyles leads podcasting at NerdWallet as the producer and host of the NerdWallet's "Smart Money" podcast. On "Smart Money" Sean talks with Nerds from NerdWallet's NerdWallet Content team to answer the listeners' questions about personal finance. With a focus on thoughtful and practical advice on money, Sean provides real-world guidance that can help consumers better their financial lives. In addition to answering listeners' financial questions on "Smart Money" Sean also interviews guests who are not part of NerdWallet and creates special segments to explore topics like the racial wealth gap as well as how to get started investing, and the background of college loans.

Before Sean was the host of podcasting at NerdWallet the company, he also wrote about topics related to consumer debt. His writing has been featured on USA Today, The New York Times and other publications. When when he's not writing about personal finances, Sean can be found working in his garden, taking runs and walking his dog for long walks. He is based within Ocean Shores, Washington.

(image: https://www.mostinside.com/wp-content/uploads/2020/02/Payday-Loan-Online-and-Lenders.png)Updated Feb 5, 2018.

Edited by Hanah Cho Vice President Personal finance Hanah Cho, Vice President for Content. She led multiple NerdWallet teams that focused on personal finance prior to being promoted to deputy director and then director. She first was hired by NerdWallet as a writer, covering small businesses. In the past, she was a reporter covering business and startups at The Dallas Morning News, and was previously a journalist for business at The Baltimore Sun. She was also treasurer of the Texas Chapter of the Asian American Journalists Association.

The majority or all of the items featured on this page come from our partners who pay us. This influences which products we review as well as the place and way the product appears on the page. But, it doesn't affect our assessments. Our opinions are our own. Here's a list and .

Credit card debt that is at record levels and fluctuating incomes pose financial difficulties for many American households, and particularly those with lower incomes. The effects may be felt especially keenly in households with black members, where historic and systemic discrimination based on race has resulted in higher disparities in wealth as well as debt.

But there are moves that families in such a situation can take to improve their finances, including improving their credit profile and seeking alternatives to the risky products like .

Deeply rooted disparities between wealth and debt

The disparities in wealth and debt feed into one another According to Pamela Chan, project director of human insights at Prosperity Now, a nonprofit based in Washington, D.C.

"If you're a person who doesn't have a lot of wealth ... when emergency situations arise, that usually makes people rely on debt to make it through the times," Chan says. "Then after someone has taken on the loan, especially if they don't have money, they're more vulnerable should something happen when they're trying pay back their debt."

The discrimination imposed by institutions against generations of black Americans and its far-reaching consequences have led to black families facing greater financial hardship than white families, Chan says.

The wage gap is just one example. As of 2015, black men made 22% less than white men who, for instance, had the same education, experience and residence region the report of Economic Policy Institute Economic Policy Institute found.

In 2016 the median family wealth for whites was nearly 10 times the median income of families with black parents -- $171,000 compared to $17,600 -- as per the Federal Reserve's Survey of Consumer Finances.

How to improve your finances in order to build wealth

is the initial step to creating wealth. Before making any decisions an accredited financial advisor from Michigan Weslia Echols recommends planning a long-term plan.

"The first thing I ask people to do is take deep breaths. If you do this, and assess the situation fully it is unlikely that you will seek an instant answer such as a payday loan," Echols states. "Getting rid of your debts is a lengthy process."

Echols suggests establishing a precise budget and payoff schedule. Here are some suggestions to enhance your financial profile.

Improve your credit score Your credit score and report is among the top crucial aspects of your financial life. If they're in the best state, you'll become more attractive to lenders, increasing the chances of getting credit at lower rates. NerdWallet provides both a and credit score that is which is updated every week.

Begin by examining your account for any incorrect information, such as an account that's not really yours which could lower your score.

Start to improve your score by making on-time payments for all accounts, which includes loans and credit card loans; payment history is the biggest single factor affecting the score. The credit bureau Experian advises keeping your -- or the amount of your credit limit you use less than 30%..

Take care when it comes to debt: It's 2017 and the Survey of Consumer Finances shows that families with black parents tend to have ratios of debt-to-income -- the ratio of your debt to your income greater than 40%, a marker of financial trouble as per the Federal Reserve. Nine percent of families from black households had DTIs above 40%, as opposed to 6% for white households.

Take care of your debt as economically as you can to pay off your debt more quickly by lowering your interest rate. Transferring the balance to a zero-interest credit card could be an alternative for those with solid credit.

If you don't qualify for such a card consider whether it can help you pay down your credit card debt quicker and more affordably. If your monthly payments for debt exceed 50% of your income You may need to seek out legal advice about what's best for you. Though it doesn't erase all types of debt, it can offer the opportunity for a fresh start, and also aid in meeting other financial goals, such as planning for your retirement. Information sources like LawHelp.com can help you find local legal aid.

Avoid risky products A majority of black Americans are likely to use high-interest loans similar to payday loans in comparison to 21 percent of white Americans, according to a 2016 report from the Financial Industry Regulatory Authority. These loans can carry interest rates up to 300% and could lead to repeated borrowing, trapping the customer in a cycle debt.

If you need cash, you can find lower loan rates at a community credit union. Additionally, apps such as Earnin provide you with the ability to advance your salary with no fees or interest. If you're not able to establish credit A -- which is offered by many credit unions -- will provide you with the money you need while you improve your credit score.

For further assistance, contact the free advice of a non-profit organization, such as the National Foundation for Credit Counseling.

This article was written by NerdWallet and was originally released through The Associated Press.

About the author: Sean Pyles is the executive producer and host of NerdWallet's Smart Money podcast. His writing has appeared in The New York Times, USA Today and elsewhere.

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Gift Card vs. A Prepaid Credit Debit Card What's the Best Gift?

Advertiser disclosure You're our first priority. Everytime. We believe everyone should be able to make financial decisions with confidence. While our website doesn't feature every company or financial product that is available in the marketplace however, we're confident that the advice we provide, the information we provide and the tools we develop are objective, independent simple, and cost-free. How do we earn money? Our partners pay us. This could influence which products we write about (and where those products appear on the site) However, it does not affect our advice or suggestions that are based on many hours of research. Our partners do not be paid to ensure positive review of their services or products. .

Gift Card or. Credit Card Prepaid: What's the Better Gift?

The gift card is the clear winner for a straightforward cash-based gift. Prepaid debit cards function than bank accounts.

by Spencer Tierney Senior Writer | Certificates of deposit ethics, ethical banking, bank deposit accounts Spencer Tierney is a consumer banker at NerdWallet. He has been writing about personal finance since 2013 with a particular focus on certificates of deposit and other banking-related issues. The work he has written for him was featured on The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. He is located in Berkeley, California.

Updated Dec 22, 2022

Editor: Sara Clarke Assistant Assigning Editor | Banking Sara Clarke is a Banking editor at NerdWallet. She has been an reporter and editor in various newsrooms for over two decades, most recently at U.S. News & World Report. She was in charge of projects like U.S. News's U.S. News education rankings as well as the Best States rankings. Sara has been featured as a guest on SiriusXM Business Radio and iHeartMedia's WHO Newsradio and has been quoted on The Salt Lake Tribune, The St. Paul (Minnesota) Pioneer Press and other outlets. Sara is located near Washington, D.C.

A majority of the products featured here are from our partners who pay us. This impacts the types of products we feature and the location and manner in which the product appears on the page. But, it doesn't affect our assessments. Our opinions are our own. Here's a list and .

Cash is an easy gift option, but what form it should take is a different issue.

Placing bills in an envelope could be a good idea, but it's not ideal The reason is that there's no way to retrieve cash in the event that it gets lost or stolen. Additionally, it's easy to forget the cash was a present once it's in the wallet.

Cash on plastic cards is better when you make the right choice between gift cards and debit cards. Here's the information you need to know.

Gift cards vs. prepaid debit cards

Let's begin by describing what they have in common: Both are credit cards that are prepaid, meaning you pay for the card in advance for spending at physical and online shops. They also offer protections against loss when you sign them under your own name. There are two types of cards in the same section of a shop, such as Walgreens So make sure to recognize which you're buying.

The main difference between a gift card and a prepaid debit card is that the gift card is a single-use credit card while a prepaid debit card can be reloaded as a payment option that comes with all the features and charges that checking accounts and linked debit cards do.

The purpose of gift cards is they are used to purchase goods from a specific store brand or in any other store that accepts payment networks like Visa, Mastercard or American Express. They do not allow cash withdrawals, and most aren't reloadable.

Prepaid debit cards perform a range of tasks: purchase items; withdraw cash at ATMs, banks or certain shops; or also use web features such as bill pay. They are also reloadable.

Due to their versatility, prepaid debit cards can serve as budgeting tools or even replacements to checking account. They've traditionally been for curbing overspending, but lately, there's been increased (a typical cost associated with overspending) as well as to help track expenditure.

>> MORE:

Winner Prize: Gift cards

Gift cards live up to their name: presents. Their simplicity is the reason they are a better choice to present. But there's another reason: Prepaid debit cards generally are subject to monthly fees, similar to checking accounts, and the fees, often between $5 and $10, can be as high as $120 annually. There could be other fees as well the transaction fees or inactivity fees.

Gift cards are the best choice, but they're not all equal bargains.

Gift cards for general use like those issued by Visa and Mastercard are typically charged one upfront charge, commonly known as a purchase or activation fee that the gift recipient is required to have to pay. The cost could range from $2.95 to $5.95, depending on the amount added on the card as determined by an assortment of gift card websites. However, there aren't many charges after the purchase.

There are exceptions. A bank may offer general-use gift cards with replacement card fees or inactivity fees. These may get charged monthly after one year without card use.

You can get around most or all charges by purchasing a gift card from a store. It is important to know the terms and fees on gift cards before you buy it so that the gift you give your loved ones brings happiness without any fees.

Author bio Spencer Tierney is a writer and NerdWallet's official authority for certificates of deposit. The work of Spencer Tierney has been highlighted by USA Today and the Los Angeles Times.

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Gift Card Vs. Prepaid Debit Card: What's the best gift?

Advertiser disclosure You're our first priority. Everytime. We believe that everyone should be able to make financial decisions with confidence. While our website doesn't include every business or financial product that is available in the marketplace however, we're confident that the advice we provide and the information we offer as well as the tools we design are objective, independent, straightforward -- and free. So how do we make money? Our partners pay us. This could influence which products we write about (and where they are featured on our website), but it does not affect our recommendations or advice, which are grounded in many hours of study. Our partners are not able to pay us to guarantee favorable reviews of their products or services. .

Gift Card vs. Prepaid Debit Card: Which is the Best Gift?

The gift card is the clear winner in a simple cash gift. Prepaid debit cards are more than bank accounts.

Written by Spencer Tierney Senior Writer | Certificates of deposit ethics, ethical banking, bank deposits Spencer Tierney is a consumer writer for banking at NerdWallet. He has covered the personal financial sector since, with a particular focus on certificates of deposit as well as other banking-related issues. He has had his work featured on The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among other publications. He is located in Berkeley, California.

Updated Dec 22 2022

Edited by Sara Clarke Assistant Assigning Editor | Banking Sara Clarke is a Banking editor at NerdWallet. She was reporter and editor in various newsrooms for over two decades, with the most recent in U.S. News & World Report. She managed projects such as the U.S. News education rankings and rankings for the Best States rankings. Sara has appeared in SiriusXM Business Radio and iHeartMedia's WHO Newsradio and has been mentioned by The Salt Lake Tribune, The St. Paul (Minnesota) Pioneer Press and other publications. She lives near Washington, D.C.

A majority of the products featured here are provided by our partners, who pay us. This affects the products we review and where and how the product appears on a page. But, it doesn't influence our evaluations. Our views are our own. Here's a list of and .

Cash is an easy gift option, but what shape it will take is a different matter.

Putting bills into an envelope might be effective however it's not the best idea The reason is that there's no way to recover cash if it gets lost or stolen. It's also easy to forget cash was a gift once it's tucked into a wallet.

The storage of cash in plastic cards is more secure when you make the right choice in between gift card and debit cards. This is what you should be aware of.

Gift cards vs. prepaid debit cards

Let's begin by describing how they're similar They're both pre-paid cards, which means that you can put money into the card ahead of time for purchases at both online and physical stores. They also offer protections against loss if you register them in your name. There are two types of cards in the same section of a shop, such as Walgreens Make certain to know which you're picking up.

The major difference between a giftcard and a prepaid debit card is that the gift card is a one-time spending card and a prepaid card is a reloadable payment option that has most features and fees associated with a checking account as well as a linked debit card have.

Gift cards have one job for them: to purchase products from a specific store brand or at any store that accepts payment networks like Visa, Mastercard or American Express. They do not allow cash withdrawals and are not reloadable.

Prepaid debit cards have many jobs: make purchases; withdraw cash at ATMs, banks, or retailers; as well as also use online features like bill pay. They're also reloadable.

Due to their versatility, prepaid debit cards can be used as budgeting tools, or even replacements for checking accounts. They've been traditionally used to limit overspending, but in recent years there have been increased (a usual cost of spending too much) and also to aid in tracking spending.

>> MORE:

Winner: Gift cards

Gift cards are as true as their title they are gifts. Their simplicity is partly what makes them better to gift. However, there's a second reason. Prepaid debit cards generally are subject to monthly fees, similar to checking accounts, and the charges, usually between $5 and $10, can add up to $120 per year. There could be other fees as well the transaction fees or inactivity charges.

The gift cards can be the best choice, but they're not all equal bargains.

Gift cards for general use like those offered by Visa and Mastercard typically have one upfront cost, usually known as a purchase or activation fee that the gift-giver is expected to pay. The fee might be $2.95 or $5.95 dependent on the amount added to the card, as per an assortment of gift card websites. There aren't a lot of fees following purchase.

There are exceptions, however. Some banks offer general-use gift cards with replacement card fees or inactivity fees. These can be charged on a monthly basis after an entire year of card use.

You can avoid the majority or all charges by purchasing a store brand gift card. It is important to know the terms and conditions of a gift card before you purchase it, so that your holiday gift brings pleasure without fees.

Author bio Spencer Tierney is a writer and NerdWallet's authority on certificates of deposit. He has had his work featured in USA Today and the Los Angeles Times.

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What will Fed Rate increases in 2023 Mean for Savings Accounts

Advertiser disclosure You're our first priority. Every time. We believe everyone should be able to make financial decisions without hesitation. While our website doesn't feature every company or financial product that is available on the market, we're proud that the guidance we offer and the information we offer as well as the tools we design are impartial, independent easy to use and cost-free. How do we earn money? Our partners compensate us. This can influence the products we review and write about (and the way they appear on the website), but it does not affect our suggestions or recommendations, which are grounded in hundreds of hours of research. Our partners cannot be paid to ensure positive review of their services or products. .

What does a Fed Rate increase in 2023 will mean for Savings Accounts

Savings accounts with high yields are likely to have higher interest rates. accounts in 2023 could continue to increase, though not as fast or as high as in the previous year.

By Margarette Burnette Senior Writer Savings accounts, money market accounts, bank accounts Margarette Burnette is an specialist in saving and has written about bank accounts since prior to the Great Recession. Her work has been published in the major newspapers. Before joining NerdWallet, Margarette was a freelance journalist, with articles in magazines like Good Housekeeping, and Parenting. Margarette is located close to Atlanta, Georgia.

Updated Mar 22 2023

Edited by Yuliya Goldshteyn Assistant Assigning Bank Yuliya Goldshteyn is a banking editor at NerdWallet. She previously worked as an editor, a researcher and writer in a variety of industries, from health care and market research. She received a bachelor's diploma in history from the University of California, Berkeley as well as a master's degree in social sciences from the University of Chicago, with an emphasis on Soviet cultural history. She is based at Portland, Oregon.

A majority of the products featured here are from our partners, who we pay. This affects the products we write about as well as the place and way the product appears on the page. However, it does not affect our assessments. Our opinions are our own. Here is a list of and .

It's 2023 and it's 2023 and the Federal Reserve just announced its second federal funds rate range hike of 0.25%. This is after seven rate hikes in 2022. The new goal that is a range that ranges from 4.75% to 5 percent. This increase is smaller than some of the dramatic changes that will take place in 2022. However, the increase also means that rates have reached their highest levels since 2006.

All of the recent rate hikes mean that loans and credit card balances have become more costly. But if you have a savings account or certificate of deposit, you might benefit. Here's a look at what the most recent rate hike might have for savings accounts by 2023.

Savings rates in 2023: at least 4% APY

In the beginning of 2022, a few of the top savings accounts only earned 0.50 percent annual percent yield. These days, the most effective savings accounts are .

This is a significant increase for just one year. Since the most recent federal funds rate increase from the previous year isn't as big as most of the 2022 rate bumps, don't expect to see APYs almost 8 times more. However, you may still find yields that are a little higher, including more accounts that reach the 4% figure.

Keep an eye out for high-yield online savings accounts specifically, which are likely to offer some of the best rates.

On the other hand, savings accounts in a few of the largest national banks have rates of 0.01%, despite the multiple federal fund rate increases last year. These rates lag behind the average national savings rate, which is 0.37 percent in March 20th in 2023. This is according to the Federal Deposit Insurance Corp.

If you have a savings account that has a low rate, it may be worth your effort to look for a savings account that earns 3%-4% APY.

Savings are reinvested into the future

One of the main reasons why the Federal Reserve has been increasing rates is that it wants to fight inflation. Based on the U.S. Bureau of Labor Statistics CPI, which is the measure of consumer prices that is commonly used to gauge inflation, increased 6.0 percent over the course of the year for February 20, 2023. The figure, although high compared to prior years, is still lower than what it was in June 2022, when CPI was 9.1 percent higher year over year.

This is a good reason to build up an in a high-yield account now. No one can predict the future but having a robust savings account can help prepare you for financial storm.

It's a good idea to have 3 to 6 months of your expenses in savings However, that's a significant amount. Even if you're not having that amount of money saved up You can build it up over time in amounts that are feasible for you.

If you get a pay check twice a month and have the ability to save $50 every payday. You'll have more than $600 saved up within six months, and that could be a great help in an emergency situation. Placing that money in an account that has a high rate could help you build your money.

The difference a high-yielding savings account can make

Where you save your money will affect the balance. If you put your emergency savings of $600 in an account that earns a 0.01 percent APY similar to that provided by some of the nation's largest banks, and didn't make any additional deposits, it's worth the sum of 6 cents after a year. But if that money was in a high-yield savings account with a 4.00 percent annual percentage rate even if you didn't make any additional deposits the balance would increase to more than $24 over the same time frame. That's a gain for simply choosing a better savings account.

Learn how APYs are changing in high-yield accounts as opposed to traditional accounts.

March 2023

February 2023

January 2023

December 2022

November 2022

October 2022

September 2022

August 2022

Online institutions

, Member FDIC.

3.40% APY.

3.40% APY.

3.30% APY.

3.30% APY.

3.00% APY.

2.35% APY.

1.85% APY.

1.85% APY.

Member FDIC.

4.05% APY.

4.05% APY.

4.05% APY.

3.85% APY.

3.60% APY.

3.00% APY.

2.10% APY.

2.10% APY.

Member FDIC.

4.00% APY.

4.00% APY.

4.00% APY.

3.60% APY.

3.25% APY.

3.12% APY.

2.07% APY.

2.07% APY.

National brick-and-mortar banks

, Member FDIC.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

Member FDIC.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

You can do your own calculations with NerdWallet's to see what your savings could yield.

Fed rate increases will continue until 2023 -- so far. You can take advantage of this by putting your cash in a high yield savings account. You'll earn better rates than with a regular savings account, and will be more equipped for whatever financial challenges you face.

About the author: Margarette Burnette is a savings account expert at NerdWallet. The work she has done was highlighted on USA Today and The Associated Press.

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7 Tips for Getting an Apartment without a Credit Check

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7 Tips to Get an apartment without a credit Check

Consider offering references, obtaining someone to share a room, paying a larger deposit and working directly with an individual landlord.

by Erin El Issa Senior Writer | Data analysis, personal finance credit card Erin El Issa writes data-driven research on personal finance, credit cards, investment, travel, banking and student loans. She is a fan of numbers and hopes to demystify data sets to help consumers improve the quality of their lives financially. Before she became a Nerd at the beginning of 2014, Erin worked as an accountant for tax purposes and freelance personal financial writer. Erin's writing has been featured in The New York Times, CNBC as well as on the "Today" programme, Forbes and elsewhere. In her free moments, Erin reads voraciously and is unable to keep on top of her two kids. Erin is from Ypsilanti, Michigan.

, Tiffany Curtis Lead Writer Health and wellness Tiffany Lashai Curtis is a lead writer for the core Personal Finance team within NerdWallet. The former health writer at Livestrong.com as well as a freelance writer for publications such as Refinery29, Business Insider and MTV News, where she was a specialist in issues that affect marginalized communities. In her role as a health facilitator she's led health-related discussions for groups like Planned Parenthood and Harvard University. She is located in Philadelphia.

and Amanda Barroso Lead Writer | Credit scoring, budgeting, personal financial planning Amanda Barroso is a personal finance author that has joined NerdWallet in 2021, covering credit scoring. She has also written data studies and participated in NerdWallet's "Smart Money" podcast. Before joining the team Amanda was a journalist for over 10 years covering issues facing the majority of Americans, which includes writing at the Pew Research Center, a policy analyst at the National Women's Law Center and a college professor. Amanda received a doctorate degree from The Ohio State University.

Updated Dec 19, 2022

Edited by Kirsten VerHaar, Senior Assisting Editor eBay, Yahoo! Kirsten VerHaar edits for personal finance. She holds an English literature degree from the University of Colorado Boulder. In her previous roles as a chief editor for eBay and was in charge of a team of writers who wrote about eBay's global content team. She also wrote for Yahoo. After joining NerdWallet at the beginning of 2015 she's covered subjects as diverse as vacuums (yes it really is) as well as budgeting and Black Friday.

Many or all of the items featured on this page are from our partners, who pay us. This impacts the types of products we write about as well as the place and way the product appears on a page. However, this doesn't affect our assessments. Our views are our own. Here's a list and .

A solid credit history is important for many reasons. This includes obtaining credit accounts and cell phone contracts. In many cases, you'll need credit in order to lease an apartment. Do not be afraid to ask your landlord if they have a certain credit score requirement prior to you make the effort of applying.

Apartments with no credit are more likely to be located in rural or low population areas than large cities with lots of competition means landlords can have stiffer requirements.

Why landlords typically need a credit score to let an apartment

Most landlords use a combination of background and credit checks to determine a potential tenant's capacity to pay rent consistently punctually. While these tests don't provide the whole story of a person's finances but they are among the most widely used tools for assessing liability and protect the landlord.

When checking the credit reports of your clients, landlords are likely to search for items like prior bankruptcies or expulsions or late payments. A history of large debts or of collections might also be red flags.

>> MORE:

How do I find a place to live with little or no credit

If you do not have a credit history yet or your credit isn't as great as you'd like -- here are a few ways to work around it and (hopefully) get approved.

1. Hire an owner who is an individual Beware of scams

Most apartment complexes as well as management firms require the use of a . However, some owners are willing to let you rent without established credit.

Generally, these landlords will still ask you to prove your income stability. You can only rent apartments within the city your budget, even if it is possible to get approved for a more expensive place.

And be cautious of listings of no credit check apartments that seem too good to be true. A few signs that renting listings are scam, according to the Federal Trade Commission include:

A property owner who wants an initial security deposit or the first month's rent prior to having signed a lease or seen the apartment.

The owner of a rental property says they're in another country, but they have someone who is working for them to help you get the apartment. Don't transfer money to another country and be cautious in the event that you are unable to meet someone or see the apartment before making a decision.

The owner of a rental property wants you to wire them money. A wire transfer is exactly the same as giving cash. You can't get it back.

2. Offer to move in as soon as possible

A few empty units is costly for landlords. They must pay for the mortgage and utilities without any compensation in the form of rent. Because of this particularly if you reside in a location with low rental demand -you might be able to lease a property without credit history when you are able to move in right away.

>> SIGN UP:

3. Show proof of savings or income

If you don't have an established credit score, you could be approved if your income is stable and will adequately be able to pay the cost of rent. It's generally recommended that you keep rent expenses to less than one-third of your earnings from taking home pay which means that if you earn an average of $3,000 per month, it's best to take a look at apartments with a monthly rent of less than $1,000. Remember that as the median rent costs skyrocket, it's not always possible to stick to that guideline. Try to locate a property that has a monthly rental that is .

If you don't have a stable income, a large savings balance may suffice. The savings required will vary dependent on the management or apartment complex company, but in the ideal case, it should cover several months of rent payments.

4. You can pay a few months' rent upfront as a security deposit

Landlords are more likely to rent your property if you have the rent funds in the bank for a few months. If you pay two to three months upfront, your landlord won't run the risk of not making a payment, at least for a short period of time. It is important to ensure that the payment is documented so you can get refunds at conclusion of the lease.

5. Provide reference letters

Show your character by providing professional references from former employers, professors or teachers. The general assumption is those who are responsible in their work and at school tend to be responsible with their money. These reference points to your character can demonstrate that you're a diligent, responsible person who won't be late with the rent.

Be aware of how your credit score is scored

Find your free score and the factors that influence it, as well as insights into ways to keep building.

6. Start the month with a month-to-month offer.

If you sign a lease for three months or going from month to month your landlord may decide to not renew your lease for a longer term in the event that you're not paying. Of course, you're sure you'll always pay the rent in time, but you have to demonstrate that to your landlord by proving a history of punctual rent payments.

7. Find a co-signer, or a roommate who has a good credit rating

If you don't have alternatives, you can ask a close friend or family member with good credit to sign for you. Know that this person will be liable is willing to sign, they can cancel your loan if you fail to pay it on time in a timely manner. To keep your relationship solid, you must make your payment in the full amount and promptly.

It's also a good idea to consider finding your roommate. If the person you're considering rooming with is creditworthy this could increase the chances of you getting an apartment. Sharing rent will aid your budget.

Methods to build credit

If you aren't looking to move immediately or are having difficulty finding an apartment It's not a bad idea to take a look .

Request secure credit cards. These cards require users to put down a cash deposit before the account is established. The amount is equivalent to the credit limit of the card -- if you make a deposit of $250, then that will be the credit limit, as well. The most secure cards permit the possibility of upgrading to a non-secured card which doesn't require deposit, so make sure to do your research before applying.

Ask anyone you trust to see if you can be added to their credit card as an . It will not be a burden for paying bills and benefit from the increased available credit, which will lower the amount you use and increase your credit score in the process.

Make the money from . The lender usually a credit union or small lbank, holds the full amount while you make payments over time. When you've paid back the loan in entirety, you'll receive the entire amount. This type of loan helps you build an enviable record of timely payments and accumulates funds that can be used to cover an emergency or for other goals to save.

Get credit to make utility and rent payments. will help you get the credit report to show your rent payments. The use of this method allows utility and rent payments to count towards your credit score from that credit bureau. The most important thing is to make sure that all your payments are in time to get credit and improve your score.

The authors' bios: Erin El Issa is a credit card expert and a writer for studies at NerdWallet. The work she has written for NerdWallet was highlighted on USA Today, U.S. News and MarketWatch.

Tiffany Lashai Curtis is a lead writer on the personal finance team. She has more than five years of experience in reporting on topics that affect communities that are marginalized.

Amanda Barroso covers consumer credit and debt for NerdWallet. She was previously employed at the Pew Research Center and earned an honorary doctorate from The Ohio State University.

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Varo vs. Chime: Which Is Better for You?

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Varo vs. Chime: Which Is Better for You?

Varo and Chime both have high rates of interest on savings accounts, however their services and products have a few different features.

By Chanelle Bessette Banking, checking and Cash Management Accounts Chanelle Bessette is a personal finance writer for NerdWallet that covers banking. She previously worked at Fortune, Forbes and the Reno Gazette-Journal. She is also a spokesperson for the banking team, and her expertise has been published in The New York Times, Vox and Apartment Therapy.

Updated May 6, 2022

Edited by Sara Clarke Assistant Assigning Editor | Banking Sara Clarke is a Banking editor at NerdWallet. She was an editor and project manager in newsrooms for over two years, including most recently working for U.S. News & World Report. She was responsible for projects such as The U.S. News education rankings as well as the Best States rankings. Sara has appeared in SiriusXM Business Radio and iHeartMedia's WHO Newsradio and has been quoted in The Salt Lake Tribune, The St. Paul (Minnesota) Pioneer Press and other publications. She lives close to Washington, D.C.

Many or all of the items featured on this page are provided by our partners who compensate us. This affects the products we feature and the location and manner in which the product appears on a page. However, this does not influence our evaluations. Our opinions are entirely our own. Here's a list of and .

Varo and Chime have comparable offerings with some key differences. Varo has a function as a bank and Chime is a neobank -- an online-only financial service firm that works with a bank in order to offer account insurance.

The two firms compare to one another.

Snapshot comparison

Checking your account

There is no monthly maintenance charge or minimum balance requirement to either Varo or Chime.

Varo Chime and Varo Chime both have direct deposits that are early (up two days earlier).

The cash deposits offered at Varo and Chime may be expensive however the cash deposit from Walgreens are free when you use Chime.

Savings account

With Varo customers, they are able to earn 5.00% annual percentage yield on balances up to $5,000 if certain conditions are met. Customers can also earn 3.00% APY without meeting those conditions or for balances of more than $5,000.

Chime offers 2.00% APY for its high Yield Savings account.

ATMs, Overdrafts, and customer service

Chime's SpotMe(r) overdraft service allows customers to extend their credit up to $200 at no charge if they meet specific requirements for their accounts.

Varo doesn't permit overdrafts however, it does have a cash advance program.

Varo customers have access to more than 55,000 cost-free Allpoint ATMs.

Chime customers can access more than 60,000 fee-free MoneyPass, Allpoint and Visa Plus Alliance ATMs.

Varo Chime and Varo Chime are both online-only and do not have branches.

Varo and Chime both have excellent mobile app ratings.

Choose Varo if:

You want a stellar interest rate on savings , and can meet the requirements to reach that goal.

Choose Chime if:

You're looking for a high rate of interest on savings, and an overdraft option that is flexible.

Checking

NerdWallet's ratings are determined by our editorial team. The scoring formulas are based on many data points for each financial product and service.

at Varo Bank, Member FDIC

Varo Bank Account. This Varo Bank Account has no fees for monthly or minimum balance requirements. In addition, customers can access The Allpoint ATM network, that has more than 55,000 ATMs for free which allow customers to take cash withdrawals. However, cash deposits are more complicated; Varo customers must visit the Green Dot retailer such as Walgreens or Safeway and could be charged a fee that can be as high as $5.95. Customers are also able to receive their paychecks as much as two days early by direct deposits.

NerdWallet's ratings are made through our team of editors. The scoring formulas consider several data points associated with every financial product or service.

Chime Savings Account. Chime does not charge monthly fees or require a minimum amount in its spending account. It also has a savings program where customers can round up each purchase to the nearest cent and save the difference. Additionally, Chime customers can make fee-free withdrawals at more than 60,000 ATMs in the United States. Chime belongs to the Green Dot network, so customers can cash-in at specific retailers for a small fee, or at Walgreens at no cost.

See more information from Chime

(image: https://universityinnovation.org/images/e/ed/Mitchell_Scott.jpeg)Chime claims: "The retailer that receives the cash is responsible for transferring the funds to Chime Checking Account. Chime checking Account. The fees for cash deposit may apply for retailers other than Walgreens."

"Round Ups automatically round up debit card purchases to the nearest dollar. Then, transfer the round up to your Chime checking account to your savings."

"Early availability of direct deposit money depends on the timing of the submission of the payment file by the payee. We typically make the funds accessible on the same day that we receive the payee's payment form which may be up to two days prior to the date for the scheduled payment."

"Out-of-network ATM withdrawal charges may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM."

Savings

Varo Savings Account. The account starts at a minimum of 3.00 percent APY, however they are able to earn 5.00 percent on up to $5,000 if they have $1,000 or more in direct deposit per month, and have the positive balance of their account balance in their checking (Varo Bank Account) and savings balance at the close each month. Varo has two automatic savings programs. The first lets customers withdraw an amount of direct deposits in their checking account and then transfer it to their savings. Another program allows customers to earn savings upon making purchases. Varo will round up your purchase to the nearest dollar, and put the difference to an account for savings.

Chime High Yield Savings. Chime's savings account is free and offers an 2.00% APY , as it has an account balance of at minimum $0.01. Chime also offers two automatic savings programs: a roundup programme for purchases made using an account debit card for checking accounts and a program that will save 10% of direct deposits of $500 or more from your checking account into the savings accounts. Be aware that a Chime Checking Account is necessary to qualify for savings Account.

Find out more details from Chime

Chime declares: " The Annual Percentage Yield ("APY") for Chime Savings Account Chime Savings Account is variable and may change at any time. The stated APY will be in effect from October 25, 2022. There is no minimum balance to be met. It is necessary to be able to keep $0.01 in savings to earn interest. "

"There's no cost for the Chime Savings Account. Cash withdrawal fees and Third-party fees could apply to Chime Checking Accounts. You need an existing Chime checking Account to create a Chime Savings Account."

Experience with banking

Varo Chime and Varo Chime are online-only, which means that you're not able to use them if prefer in-person support. The good news is that Varo provides extended weekends and weeksdays phone support hours and ways to contact customer service via email and Twitter and Chime can be reached via chat, email and telephone 24/7, as well as on Twitter.

Varo and Chime also have very high mobile app ratings in their Google Play and App Store marketplaces.

Overdrafts

Varo. Varo does not allow overdrafts to occur When a customer wants to perform a transaction which would create a negative balance in their account, then Varo declines the transaction. If you're looking for some breathing room between paychecks then you can take advantage of Varo Advance. Varo Advance program, which lets you get cash advances of up to $100 for an amount of $5.

Chime. Chime doesn't charge overdraft fees. Instead, it has an overdraft program called SpotMe(r) that allows customers can make overdrafts up to $200 if they deposit at 200 direct deposits every month.

Find out more details from Chime

Chime states: "Chime is a financial technology company, not a bank. Services for banking are provided through The Bancorp Bank, N.A. and Stride Bank, N.A., Members FDIC."

"Chime SpotMe is an optional service that requires a single deposit of $200 or more in qualifying direct deposits to Chime Checking Account. Chime Checking Account each month. All qualifying members will be allowed to overdraw their account to the amount of $20 on debit card purchases and cash withdrawals in the beginning but they could be qualified for a greater limit that can be $200 or more based upon the members' Chime Account past history as well as the frequency of direct deposits and amount, spending activity as well as other risk-related variables. The limit you have set will be shown to you in the Chime mobile app. You will be notified of any changes regarding your allowance. Limits can change at any point, at Chime's discretion. Although there are no overdraft fees, there may be out-of network or third-party fees that are associated in ATM transactions. SpotMe does not cover non-debit-card transactions, which includes ACH transfers and Pay Anyone transfers and Chime Checkbook transactions. Check out the Terms and Conditions."

About the author: Chanelle Bessette is a personal finance writer for NerdWallet that covers banking. She specializes in cash management and checking accounts.

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How the car buying process has changed in 2023 Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make smarter financial decisions by providing you with interactive tools and financial calculators as well as publishing objective and original content, by enabling you to conduct research and compare information at no cost to help you make sound financial decisions. Bankrate has partnerships with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this site are from companies that compensate us. This compensation may impact how and when products are featured on this site, including such things as the order in which they may be displayed within the listing categories, except where prohibited by law. Our mortgage, home equity and other products for home loans. But this compensation does have no impact on the information we provide, or the reviews appear on this website. We do not contain the vast array of companies or financial deals that may be available to you.

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5 min read Published January 26, 2023

Authored by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the ways and pitfalls of using loans to buy an automobile.

Edited by Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate since the end of 2022. He values transparent reporting that allows readers to confidently find deals and make the best choices for their finances. He is a specialist in auto and small business loans.

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The purchase of a car is the second most expensive purchase most people make in their lives. The process of securing this expensive item has historically been a somewhat unpleasant experience that was accompanied by and at the dealership lot. In the wake of the new norm that the pandemic has brought, many dealers are embracing the and creating a more seamless buying experience. Car purchasing in 2023 can be a challenge due to and supply chain challenges that are keeping costs high. As consumers, it is essential to make use of the shift in the purchasing process of cars for your benefit. Consider the following ways that the buying process for cars could look different in the next year, for both the car owner or the buyer. What can you expect when buying a car this year As we get closer to 2023, it's hard to avoid news of and an imminent recession. Economic experts believe that the economy has an 85% chance of entering recession this year, according to. Although the likelihood of a recession isn't directly related to a customer's experience on the lot, the high cost of a car outside the dealership could mean additional discomfort when purchasing the next car. The month of December brought another record-breaking cost for new cars at $49,507 according to . But the future is not negative dealers have already taken notice of the challenging macro-environmental developments. Bankrate spoke with Dave Thomas, director of content marketing and an automotive sector analyst with CDK Global, for insight about the trends that are expected to emerge this year. Vehicle price remains paramount If you're looking to buy a car for this coming year, youas 47 percent of buyers according to the -- may use price as your most important consideration. The time commitment that comes with car buying is a factor for the remaining half of surveyed consumers, price is most important. This year could be a bit of a rollercoaster for drivers, says Thomas. "For consumers, the primary concern will be about those interest rates and finding the one that is within their budget," Thomas explains. The fact that this "could cause the shopping process to be more difficult than it was before the lower inventory." If you are shopping, make sure to consider numerous financing options are available to ensure that you are getting the best deal even when you pay higher prices and higher interest rates. Bankrate's tip

If you are considering a purchase, think about the total of what you'll need to pay -- and not only the month-long costs.

Low inventory persists When most people head to a dealer, they have some idea of the type of vehicle they want to purchase. However, many buyers have discovered showrooms empty of their dream car. During CDK's six-month , "the number of shoppers finding the vehicle they are looking for available has not exceeded 50," says Thomas. In addition, inventory is down when compared to 2019. While conditions are improving, supply remains below demand as per J.D. Power. In addition, the lack of inventory has led to an increase in drivers skipping the dealership altogether. "Some brands are experiencing inventories return, but all are unique in how many cars are in stock," Thomas says. This "led to the increase in customers ordering vehicles cars from the manufacturer, with the process being handled at dealerships." There are more options for buying online are growing. The standard car buying experience hasn't had an overhaul in the last few years, and customers are used to the lengthy procedure of purchasing a brand new or used car from a dealer. The shift to online car buying is not something that's completely new. Many local dealerships have offered online marketplaces for customers to look at inventory before arriving at the showroom. However, the online shopping experience has become more detailed in recent years. The time away that many motorists took from the car buying process due to high prices is also a reason why many people require more guidance when shopping. So while online shopping is on the rise, Thomas explains that "76 percent of those we surveyed stated that they would like to take their time to learn about all their options" this is an increase from the 67 percent of 2021 according to the 2023 . If you were one of those who remained on the sidelines over the past year because of the high cost, take comfort in the flexibility of this market. Dealerships will remain in operation. the traditional dealer isn't expected to be obsolete anytime soon, it has experienced shifts following the outbreak. Many motorists are making use of online shopping as well as when local dealerships are empty showrooms. However 91% of consumers did not go through the traditional process when purchasing a car during the past year, according to the CDK survey. More interestingly, nine percent of drivers who completed their car buying process fully online did not score the experience very highly. This is why it's a good idea not to overlook the hands-on experience it offers. But many dealerships are offering an ideal mix of worlds approach with the option to start online and finish in the store. Thomas explained the switch. A lot of automakers from the past are "streamlining the online shopping experience and trying to make the change from making part of the transaction online seamless experience at the showroom." Drivers benefit from the capability to crunch the numbers from the comfort of at home, yet still have a driving experience before signing the documents. There are four ways to utilize online car shopping to your advantage. Online car shopping is new and will require some learning. While some advice falls into the category of traditional car shopping, you should consider these suggestions when you're not on the showroom. 1. If you are able to research in person, or not, researching to find is the initial step in the car-buying process. Think about what aspects matter to you most: The dimensions of the car and its fuel efficiency, or the design and color. While you might not be able explore your new vehicle personally, YouTube car tours are a great resource to see the particulars of what a vehicle has to offer. 2. Make a budget. Once you've set your sights on the type of vehicle you'd like to purchase, it's essential to know what you're willing spend and . This will require some additional work but is much easier without a salesperson pressuring you. Take advantage of being in your home and think about all the factors that affect you including your earnings as well as insurance, fuel and any additional costs for your vehicle. 3. Find local inventory Another benefit when shopping for your car online is the possibility to verify local inventory prior to making a visit to the dealership. This can be done by using a variety of ways. Check out specific dealers in your area and search for, for example "Toyotas that are sold near me" or search on websites such as Edmunds or TrueCar. This will also aid in because you'll better grasp the market price for the car you want to buy. 4. Chat online with salespeople . Negotiation is often one of the most daunting aspects of the car-buying experience, but when you're sitting in front of a computer screen it's much simpler to negotiate the price you're entitled to. The majority of online marketplaces you'll come across will include a chat feature. Use it as a platform to ask the right questions. Focus on being firm, and share information you found when you look up local inventory for competing price options. The bottom line It's clear the experience of buying a car has changed for both the seller and the consumer over the last few years due to a variety of factors: Global pandemic inflation, global pandemic problems, supply chain challenges and the advancement of technological. It is crucial to remember that a refresh in the industry is happening and is providing more transparency and accessibility for the driver. Therefore, even though it's unlikely that car lots will completely disappear, think about purchasing online and saving both time and money.

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Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers with the ways and pitfalls of using loans to buy a car.

Edited by Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate since the end of 2022. He is a fan of clear reporting that helps readers confidently get deals and make most appropriate choices regarding their finances. He specializes in small business and auto loans.

Other Articles Related to Auto Loans 4 min read March 03, 2023.

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What is Debt Consolidation? and should I consolidate?

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What is Debt Consolidation? and do I need to consolidate?

Debt consolidation rolls multiple debts into a single payment. It is a great idea if you qualify for an interest rate that is low enough.

The article was written by Amrita Jayakumar Writer The Washington Post Amrita Jayakumar is a former special assignments reporter for NerdWallet. She also published a syndicated article on the millennial generation and money. She also wrote about personal loans as well as consumer credit as well as debt. Previously, she was an editor at The Washington Post. Her work has been featured within the Miami Herald and USAToday. Amrita holds a master's degree in journalistic studies from the University ofMissouri.

Updated Nov 29th, 2022 at 5:12PM PST

Written by Kathy Hinson Lead Assigning Editor Personal finance, credit scoring, managing money and debt Kathy Hinson leads the Core Personal Finance team at NerdWallet. Previously, she spent 18 years at The Oregonian in Portland in capacities such as chief of the copy desk and team director of design and editing. Prior experience includes news and copy editing at various Southern California newspapers, including the Los Angeles Times. She graduated with a bachelor's in mass communication and journalism from Iowa's University of Iowa.

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Debt consolidation rolls multiple debts, typically high-interest debts, such as credit card bills and other debts, into one payment. Debt consolidation might be the best option for you if you are able to obtain a lower interest rate. That will help you reduce your total debt and reorganize it so you can pay it off more quickly.

If you're struggling with an amount that is manageable and want to organize multiple bills with various interest rates, repayments and due dates, debt consolidation is a viable option that you can do on your own.

Important takeaways

How do you consolidate debt

There are two primary methods to consolidate debt, both of which concentrate your debt repayments into one monthly bill.

You can transfer all your debts onto this card and pay the balance in full during your promotional duration. You will likely need excellent or good credit (690 or higher) to be eligible.

Get a fixed-rate borrower: Use the proceeds of the loan to pay off the debt, and then pay back the loan by installments throughout the course of a specified time. You are eligible for an loan if you have bad or good credit (689 or below) however, those who have higher scores are likely to qualify for the lowest rates.

Two other options to consolidate debt is taking out a or . However, both of these options involve the risk of losing your home or your retirement. Whatever you decide the most suitable option for you will depend upon your credit rating and profile, along with your personal situation .

>> MORE:

Debt consolidation calculator

Utilize the calculator to figure out whether or not it's a good idea to consolidate.

If debt consolidation is an intelligent choice

The success of a consolidation strategy is dependent on the following:

Your monthly debt payments (including your mortgage or rent) aren't more than 50 percent of your monthly gross income.

Your credit score is high enough to qualify for a credit card with a 0% interest period or a low-interest debt consolidation loan.

Your cash flow consistently covers the cost of your credit card.

If you decide to take to take out a consolidation loan and you decide to repay it, you can pay it back in just five years.

This is a scenario where consolidation makes sense: Say you have four credit card accounts with rates of interest ranging from 18.99 percent to 24.99 percent. You always make your payments on time, so your credit score is excellent. You might qualify for an unsecured debt consolidation loan at 7% -an incredibly low interest rate.

For many, consolidating reveals a light at an end. If you choose to take out the loan with a term of three years you can be sure that the loan will be paid off within three years, assuming you make your payments on time and manage your spending. In contrast, the minimum payment on credit cards can mean months or years before they're paid off and you'll be paying more interest than the original principal.

Readers can also ask questions.

Do you think it's an excellent suggestion to merge credit cards?

Consolidate your debts if it means you are able to get a loan with better terms, or it can help you to pay your bills on time. Be sure to ensure that the consolidation is part of a wider plan to get out of debt , and that you don't rack up new balances on the cards that you've consolidated. Find out more about .

What is an debt consolidating loan work?

A personal loan lets you pay off your creditors yourself, or you can use an lender who sends cash directly towards your debtors. Find out the steps to .

Do debt consolidation loans hurt your credit?

Debt consolidation can help your credit score when you pay on time or consolidating shrinks the balances on your credit cards. Your credit could be affected in the event that you rack up debt on your credit cards shut down all or the majority of your remaining cards, or miss a payment on the loan for debt consolidation loan. Learn more about .

When debt consolidation doesn't make sense it, then don't do it.

Consolidation isn't a silver bullet for debt problems. It's not a solution to the excessive spending habits that create debt in the beginning. Also, it's not the best solution when you're not in any chances of paying it off even by making smaller payment.

If your debt load isn't too heavy, you could be able to pay it off in six months to a year at your current pace and you'd only save the amount you'd save in the process of consolidating, you shouldn't be concerned.

Do-it-yourself debt repayment alternative, like the . You can use a to test out the various options.

If the sum of your debts is greater than half your income and the calculator above reveals that debt consolidation isn't your best option, you're better off than treading in the water.

>> MORE: Sign up with NerdWallet to see your current debt breakdown and the next installments all in one spot.

It's time to cut your debt

Register to join the link and keep track of everything from credit mortgages to cards all from mortgages to credit cards all in one place.

>> LEARN about: What Canadians ought to think about

About the author: Amrita Jayakumar is a former writer at NerdWallet. She has previously worked for The Washington Post and the Miami Herald.

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