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How to transfer a car title Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by providing you with interactive tools and financial calculators as well as publishing original and objective content. This allows you to conduct research and compare information for free and 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 deals that are displayed on this site come from companies that compensate us. This compensation may impact how and where products are displayed on the site, such as the order in which they be listed within the categories of listing, except where prohibited by law. Our mortgage, home equity and other home loan products. But this compensation does affect the information we publish, or the reviews you see on this site. We do not cover the entire universe of businesses or financial offers that may be open to you. Photo Concepts/Getty Images

3 min read . Published 11 October 2022

Kellye Guinan Kellye Guinan Written by Personal and Business Finance contributor Kellye Guinan is a freelance editor and journalist with over five years of experience in personal finance. She is also employed full-time at the local library where she helps the community to access information about financial literacy, as well as other topics. Edited by Helen Wilbers Edited by Helen Wilbers Editing for Bankrate from late 2022. He values clear reporting that helps readers easily get deals and make best choices for their financial situation. He is a specialist in auto and small business loans. The Bankrate guarantee

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Bankrate adheres to a strict code of conduct standard of conduct, which means you can be confident that we'll put your needs first. Our award-winning editors and journalists provide honest and trustworthy content that will assist you in making the right financial decisions. Our main principles are that we respect your confidence. Our aim is to provide our readers with reliable and honest information, and we have established editorial standards to ensure this happens. Our reporters and editors rigorously fact-check editorial content to ensure the information you're receiving is correct. We maintain a firewall between advertisers as well as our editorial staff. Our editorial team doesn't receive any direct payment by our advertising partners. Editorial Independence Bankrate's editorial staff writes in the name of YOU - the reader. Our aim is to offer you the most accurate advice to aid you in making informed financial decisions for your personal finances. We adhere to strict guidelines in order in order to make sure that the content we publish is not affected by advertisements. Our editorial team is not paid direct compensation from advertisers, and our content is thoroughly verified to guarantee its accuracy. So whether you're reading an article or a report, you can trust that you're getting reliable and dependable information. What we do to earn money

There are money-related questions. Bankrate has answers. Our experts have been helping you manage your finances for more than four decades. We strive to continuously provide consumers with the expert guidance and the tools necessary to succeed throughout life's financial journey. Bankrate adheres to strict standards standard of conduct, so you can rest assured that our content is honest and accurate. Our award-winning editors and reporters produce honest and reliable content that will help you make the best financial decisions. The content we create by our editorial staff is objective, truthful and is not influenced by our advertisers. We're honest about how we are capable of bringing high-quality information, competitive rates and helpful tools to you , by describing how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the placement of sponsored products and services or through you clicking certain links posted on our site. Therefore, this compensation may affect the way, location and in what order the items appear in listing categories, unless it is prohibited by law for our mortgage or home equity products, as well as other home loan products. Other factors, like our own proprietary website rules and whether the product is available within the area you reside in or is within your personal credit score can also impact the way and place products are listed on this site. Although we try to offer an array of offers, Bankrate does not include information about every credit or financial products or services. If you are currently selling, among the important steps is to transfer your car title. The is the legal document that identifies that the vehicle's owner is. Regulations and laws for title transfers differ by state. The process and procedures are usually simple, but you should check with the state's department for motor vehicles for requirements specific to your state. How to transfer a car title for a buyer the new owner of the vehicle, it is important to handle the paperwork as quickly as possible. You will not have legal ownership of the vehicle until you have the title transferred by working with the seller to allow the transfer to happen. The process usually involves a few set steps. Verify that you are the legal owner: Check the vehicle's VIN and ownership documents to make sure you're not buying an illegal . Also, note the odometer reading when you purchase the car. Seller transfers title the title: The seller of the vehicle must transfer title to your name by signing the release and transferring ownership to you. Ensure liens are cleared: If the seller holds a loan to the car, that lien must be resolved. A letter from the lender stating that the loan has been paidor simply checking to see if the title is free of lien with the DMV -- is enough. Get new title: After the owner's signature is approved on the title, and any liens have been removed, visit the DMV to get the new title issued in your name. Temporary title issued: In a lot of cases, the DMV can issue an interim title and send the final certificate within a few weeks. Transferring your title is simpler when you purchase from a dealer. The majority of dealerships handle the process for you. If you'd like to handle it, it's up to you and the seller to make sure that the paperwork is handled correctly. How do you transfer a vehicle title to a seller if you are a seller, you have to transfer the title to the buyer. This is an especially important step since you hold legal title until the transfer takes place. In the meantime, you'll be held responsible for any legal issues or charges that are incurred by the new driver. As the seller, you need to be the one to sign the old title in order that the buyer can get the title they want with their own name. To simplify the process, go to the DMV together with the buyer, and then get the document notarized if your state requires it. When more than one name is on the document, you need to check whether the words between the names on the title is "or" or "and" prior to completing the transfer. In the case of an "and," you will require the other named person to approve the transfer, too. to a dealership comes with lesser paperwork, but you'll likely earn less money through this route. But the dealership may take care of the title transfer for you. It is still necessary to confirm your title but it'll take less time in the end. How to transfer the title of a car using the help of a loan The transfer of a car title is relatively simple, it can be a bit more complicated. If the owner of the vehicle is still in the process of paying off an auto loan then the lender will likely have possession of the title. Check with the lender to ensure the loan is paid in full so that the new owner can . After that, you can ask for evidence of loan payment to the DMV in your area so that the transfer can occur. Documents needed Although the necessary documents differ by state, when the time comes to transfer the title at your DMV, you will most likely require the following documents for the bill of sale: Sale price Odometer reading date of sale. Insurance details Name and address of the buyer and recipient address Information about the license The bottom note that transferring your title to your vehicle is the final step of the buying or selling process, therefore it is essential to do it correctly. Be sure that all the owners of the vehicle agree to the transfer of title to buyer. Also, ensure that all lien holders are cleared to complete the sale properly. Since the rules differ by state, you should check with the local DMV and call ahead to confirm that you have all needed documents before you go in for the new title.

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Written by Business and personal financial Contributor Kellye Guinan is a freelance editor and writer with over five years ' experience within personal financial planning. She is also a full-time worker at her local library where she helps the community gain access to information on financial literacy, as well as other subjects. Edited by Helen Wilbers Edited by Helen Wilbers is editing for Bankrate from late 2022. He values clear reporting that helps readers successfully find deals and make the best choices for their money. He specializes in auto and small business loans. Similar Articles: Auto 3 minutes read on January 19 2023 Auto 4 min read Sep 20 20, 2022 Auto Loans 3 min read August 18 2022. Auto Loans 3 min read June 23, 2022

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Credit Cards with No Cash Advance Fee

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Credit Cards With No Cash Advance Charge

The majority of cards charge an upfront fee for advances, and then immediately charge hefty interest. Some cards, however, have no fees.

Written by Anisha Sekar Anisha is a former personal finance journalist for NerdWallet. She has worked with Silicon Valley startups as well as in the public sector and has contributed to publications including Technorati along with Women Grow Business. She completed her studies in applied mathematics and economics at Brown University.

Updated June 1, 2022 1:54PM PDT

A majority of the products featured here are provided by our partners, who pay us. This impacts the types of products we review and where and how the product is displayed on a page. However, it does not affect our assessments. Our views are our own. Here is a list of and .

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If you're in a difficult situation, it can be a helpful (if costly) way to get fast cash. However, it's usually expensive, and for three reasons:

Cash advance charges. These may be a flat rate of between $5 and $10 for cash advances, or up to 5percent of the amount that is lent. It could be a percentage with a minimum dollar amount -for example, 10% or 3 or $10, depending on the amount that is greater.

Bank or ATM fees. These fees are imposed through the institution responsible for the transaction -- which is the owner of the ATM or the bank where you receive your cash advance.

Interest. Some credit cards charge more interest on cash advances than for purchases. There's also no limit rate, which means that interest starts to accrue as soon as you get that cash.

It's rare to find credit card that don't have cash advance charges, but they exist. Some cards also charge the same APR for advances as on purchase, and this is beneficial because they'll still be charging interest on cash advances as soon as it is made. If you need to advance funds, the card with these features is sure to be an advantage -- but remember, it is a strategy of last choice. Before you take the credit card you have to the ATM, you should consider alternatives to cash advances for instance, cards that give the ability to either .

Here are a few options for credit cards that do not charge a charge for cash advances.

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PenFed Platinum Rewards Visa Signature(r) Card

NerdWallet's ratings are based on the work of the editorial staff. The scoring formula takes into account the kind of card being evaluated (such like cash back or balance transfer) and the card's rates in addition to fees, rewards, and other benefits.

It does not have a cash advance fee, but it will charge the highest interest rate on the card. Otherwise, the $0 -annual-fee card boasts a sign-up bonus and impressive ongoing rewards:

5 points for $1 for gasoline at the pump, and charging stations for electric vehicles.

3 points per $1 spent on supermarket purchases, restaurants and dining, as well as TV, radio cable, as well as streaming.

1 point for $1 spent on other purchases.

There are some disadvantages. Points can be used to purchase gift cards, travel and merchandise, but not cash returned. The card requires good credit to qualify. Also, you must join PenFed to be eligible for the PenFed Platinum Rewards Visa Signature(r) Card . This isn't difficult , but presents an extra hurdle. To join, create a savings account at PenFed with a $5 minimum deposit.

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Chime Credit Builder Visa Secured Credit Card

The is another possibility for those wanting to build credit, and it functions differently from more traditional credit cards. Instead of a security account, you can use the card in conjunction with a Chime Spending Account, which is the first account you open.

From there, you move money from your spending account to your Credit Builder secured account, which essentially allows you to create an account budget for your spending with credit cards. When the bill has been paid, money is removed from your Credit Builder secured account. The card charges no interest since it makes it not possible to make purchases that exceed the amount you have deposited into the account.

You can use the Chime Credit Builder Visa Secured Credit Card at any ATM without incurring interest. If you utilize an in-network ATM, you won't be charged any fees. You can locate ATMs in network within your region on the Chime app.

Nerdy Tip

On July 6 2021, the non-profit news agency ProPublica discovered that a lot of Chime customers' accounts were closed without notice, thereby leaving them with no access to funds. The report by ProPublica states that Chime stated that a number of account closings were due to fraud, but it also admitted that several of the closures were mistakes. If your account was shut down by Chime or other neobanks without notice, there are to possibly rectify the situation. Act quickly by contacting the neobank directly to discuss the situation. If you're not helped by the neobank you can file a complaint with the Consumer Financial Protection Bureau.

DCU Visa(r) Platinum Secured Credit Card

NerdWallet's ratings are determined by the editorial staff. The scoring formula takes into account the kind of card being evaluated (such like cash back or balance transfer) as well as the card's rate in addition to fees, rewards, rewards and other features.

The offer includes no cash advance fee with the same rate for cash advances that the charges on purchases. ( The ongoing APR is 16.00 percent variable .) This is a great option for people seeking to improve their credit. It is a no-cost annual fee, but it provides no reward on an ongoing basis. It also is required to make a $500 minimum amount of security, which can be high when compared with other .

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Prosper Card

The Prosper Card is an for those developing credit. It has an annual fee of $39 which is waived for the first year when you enroll in autopay prior to the time you receive your first statement. It is accepted at ATMs in which Mastercard is accepted. Prosper will not charge an ATM fee. However, you could be charged fees by the owner of the ATM, in addition, you'll pay the card's maximum interest rate.

There's no sign-up bonuses or rewards that are ongoing, however Prosper will check your account every three months to determine if you qualify for a credit limit increase.

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About the writer: Anisha Sekar is a former personal finance writer for NerdWallet. She worked for Silicon Valley startups and in the public sector. She was a mathematician who studied applied economics in Brown University.

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How to Recover from a Repossession of your Car in 5 Steps

Advertiser disclosure You're our first priority. Every time. We believe that every person should be able make financial decisions with confidence. And while our site doesn't contain every company or financial product on the market We're pleased that the guidance we offer, 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 may influence which products we review and write about (and where those products appear on our website), but it does not affect our suggestions or recommendations, which are grounded in many hours of research. Our partners cannot be paid to ensure positive ratings of their goods or services. .

How to Recover From the Repossession of a Car in just 5 steps

Find out the reason your car was taken over, then see if you can return it -- and know your rights.

By Claire Tsosie Assigning Editor | Credit cards, business software Payments Claire Tsosie is an assigning editor for NerdWallet. Her specialties include analysis and planning. She has written articles on a variety of subjects, including software for business, Medicare and home improvement. Prior to that, she worked as a credit cards writer at NerdWallet for more than five years. Her work was highlighted by Forbes, USA Today and The Associated Press. She's given talks on both CardCon (2017, 2018) as well as FinCon (2019).

as well as Lauren Schwahn Lead Writer | Personal finances and the debt Lauren Schwahn is a writer at NerdWallet who writes about budgeting, debt and money-saving strategies. She is a contributor to the "Millennial Money" column of The Associated Press. She has been featured by USA Today, MarketWatch and more. Lauren has a bachelor's degree in the field of history at her home at the University of California, Santa Cruz. She is based within San Francisco.

Updated Nov 28, 2022

The content was edited by Sheri Gordon, Assistant Assigning Editor Credit scoring, making more money and conserving it, paying off the debt Sheri Gordon serves as the assistant editor assigned on the Core Personal Finance team at NerdWallet and has been editing financial content for more than 20 years. Prior to joining NerdWallet, Sheri was on the metro and business copy desks of the Los Angeles Times, where she worked on stories that earned an award in the year 1998 for the Pulitzer Prize for breaking news. Sheri edited magazines on arts, culture food, education, and activism. She has published books about water policy, healthy living and architecture. Sheri graduated with an undergraduate degree in Arts in history at the University of California, Los Angeles.

The majority or all of the items featured on this page are provided by our partners, who pay us. This influences which products we write about as well as the place and way the product appears on a page. But, it doesn't influence our evaluations. Our views are our own. Here is a list of and .

If your vehicle is repossession It's possible that you don't know why it happened -- or what you'll need to do to arrive at work the following day. However, you can get back on track by taking action to take the care of your transportation requirements and also to safeguard your credit from damage.

There are 5 steps that you could take to recover from a repossession:

1. Ask why your car was repossessed

If you've , you may know exactly why your vehicle was taken. In other instances, the reason isn't so obvious. In certain states, failing to obtain insurance as part of a loan or lease contract can count as a default, and your car can be repoised due to it. Contact your lender before making any rash decisions so you can clarify the situation.

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2. Find out if it is possible to return your car that was repossessed

A lot of times the bank or repossession firm will allow you to take your car back as long as you repay the loan in complete, as well as all repossession expenses prior to the time it is auctioned off. It is possible to return the loan and come up with an alternative payment plan as well. The repossession may not be removed from in these situations, but the new payment will typically be recorded if you sign arrangements in agreement with the lender (but not if you buy the car back from auction).

Before getting your car back Think about these questions:

If you took your car back, would be able to pay for the cost of insurance, maintenance, and fuel?

Not making the necessary repairs or getting into an accident without insurance could result in a worse financial situation. Without gas, you still wouldn't be able to travel from point A to point B. If you're unable to afford these costs, reselling your vehicle might not be your most cost-effective alternative.

Do you have access affordable public transportation or an autopool?

Getting to work by bus or another means could be a better choice rather than re-establishing your loan or paying the amount and fees for repossession in full.

Do you intend to file for bankruptcy?

If you're extremely behind in your expenses and have no way of making things better, you may already be contemplating . File before the repo agency decides to sell your vehicle and there's a high possibility that you'll be able to keep your car and work out the best way to pay off your debts. Talk to your about whether this is possible in light of the kind that you're filing.

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3. Know your rights

Even if your car is taken away still have protections

The lender or repo company can take possession of the vehicle, but not the items inside

If you have left your laptop in your car, for instance you are liable to the lender can't keep or sell it. In some states in some states, the repo or bank agency could be required to give you the list of things in the car , and inform you how you can retrieve them. If that's not the case then you might need to ask. This generally doesn't pertain to any accessories you have in your car, such as new wheels or an upgraded audio system.

Your property shouldn't be damaged by the process

If your vehicle is stored in your garage for instance, a repo agent can't break down your garage door to retrieve your car. If you feel that your rights have been infringed, you should contact an attorney for consumers.

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4. If the car is sold Ask if you owe money

If a repo agency takes possession of your vehicle and sells it at auction it could be that you're not owed any money to it. However, that's not always the situation.

Say a bank gave you a $10,000 car loan and you still owed $9,000 on it when you failed to pay. If the car you repossessed sold at auction for $7,000 and you owe the remaining $2,000 for the vehicle, plus repossession fees In some instances. This is called a deficiency balance.

Deficiency balances are common particularly when the auto loan was for a new car. There are times when you lose 10% of a brand new car's value just by driving it off the lot. But the lender or repossession company has the obligation to conduct the sale in the "commercially reasonable way." When the repoed vehicle is offered at a cost that is lower than the actual market value of the car, you might be able to dispute the high deficiency balance in the courts.

If you don't pay attention to the deficit balance, the account may be . The lender can also sue you for this balance typically, if the debt is within the .

The accounts in collections are kept are valid for seven years. when you've got the cash, it's usually a good idea to settle the balance to minimize the impact on your credit.

Readers may also have questions.

What happens if you make a repossession on your own?

If you notify your lender that you are unable to pay your loan and plan to return the vehicle. The lender will then resell the car, and you'll get a receipt with the sale's details. As with repossessions involuntary the buyer must pay the difference between the price that the vehicle sold for and what you owed for the loan. That's called the deficiency balance.

How long does a voluntary repossession stay in your credit file?

Voluntary repossession, which is a form of loan default, will stay on your credit report for a period of time . This type of negative mark can affect your credit scoreparticularly your auto-specific credit scores, which determine the interest rate you pay for your next vehicle loan.

What happens when you get your vehicle seized?

If your car is seized, it could be auctioned off at auction. If the car is sold for less than you owe, you may be sued for the difference, known as a deficiency as well as any fees that may be applicable.

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5. Do your best to improve your credit

A for up to seven years, meaning a significant aspect of getting your credit back afterward is just waiting. However, you can take a proactive approach by paying your bills on time and trying to pay off any other debt. This way, by the time your negative history comes off the record your credit score will be higher than it was previously and you'll be in better position.

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Find out how your credit is scored

See your free score and the factors that influence it, plus insights into ways to keep building.

Authors' Bios Claire Tsosie is an assignment editor for NerdWallet. The work she has done for NerdWallet was featured in Forbes, USA Today and The Associated Press.

Lauren Schwahn covers consumer credit and debt for NerdWallet. Her work has been covered by USA Today and The Associated Press.

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Are Cash Advances a good Idea?

Advertiser disclosure You're our first priority. Every time. We believe that everyone should be able make financial decisions without hesitation. And while our site does not include every company or financial product in the marketplace however, we're confident that the advice we provide and the information we offer and the tools we create are objective, independent, straightforward -- and free. How do we earn money? Our partners compensate us. This may influence which products we write about (and where those products appear on the site), but it in no way affects our advice or suggestions that are based on hundreds of hours of study. Our partners do not promise us favorable ratings of their goods or services. .

Do Cash Advances make sense? good Idea?

Rarely. They can provide quick cash, however the high interest and fees will be expensive. Less expensive alternatives exist.

By Anisha Sekar Anisha is a former personal finance journalist for NerdWallet. She has worked for Silicon Valley startups as well as the public sector and has contributed to publications like Technorati as well as Women Grow Business. She was a mathematician who studied applied economics at Brown University.

Updated October 7, 2022 at 1:20 PM PDT

Many or all of the products we feature come from our partners, who pay us. This influences which products we review as well as the place and way the product is featured on a page. However, this doesn't affect our assessments. Our opinions are entirely our own. Here's a list of and .

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Every now and then you might find yourself needing cash but only have credit cards. You might be at the cash-only café, or perhaps your taxi driver doesn't take plastic. Whatever the reason, a cash advance may seem like a good option. A cash advance is a short-term loan to your credit card account. It's a straightforward transaction that can have very expensive results. In the majority of cases it's not a good idea.

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The issue is with cash advances.

The process of getting a cash advance can be just as simple as visiting the bank teller or ATM or ATM, showing your card and walking away with cash. It sounds like a dream but cash advances tend to come with fees and/or more interest rates. This article will provide a detailed explanation of the distinctions between a cash advance and a normal purchase:

Cash advance fee: As the name implies it is one-time charge that you pay when you get your cash advance. It usually ranges between 3% and five percent of the sum. For instance, if you make an advance of $200 then the charge of between $6 and $10 will be tacked on to the balance of your account.

Higher interest rate: Many cards charge a higher APR for cash advances than for regular purchases.

No grace period Credit card companies typically gives you a of at least 20 days to repay the purchase before being charged interest. Cash advances, however will begin accruing interest on the first day.

Credit limit lower: Certain credit cards have a separate cash advance credit limit that is less than the credit limit overall.

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What are some alternatives to a cash advance?

There are plenty of other . Here are some examples that might be more relevant to you:

Promotional offers from your card's provider: In recent times, you can avail some offer the ability to convert your credit into an installment loan without requiring a new loan application. You're still charged interest when you take advantage of this feature however you could receive a lower rate.

An overdraft to your account with a checking account can cost anywhere from $25 to $35 if the balance on your account goes negative but you've authorized your bank to approve the withdrawal regardless. You can opt out of this, naturally but it's a good alternative for funds that are needed in the short term. Be aware, thoughSome banks will also charge extra overdraft fees.

An early withdrawal from the certificate of deposit (CD) It is another option for those who need cash immediately. However, CDs are intended for long-term deposits, and you may have your CD canceled.

A This alternative is typically more complex than the other optionsbecause it involves you going to a bank and applying to get the loan. The interest rates for 24-month personal loans are less than those on most credit cards, but the rates on shorter-term loans provided by payday lenders are often much higher.

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When do cash advances have a sense?

Cash advances rarely are a good idea.

When compared to the options listed previously mentioned, you may be pleasantly find that a cash advance using you credit card might be the most affordable option once your crunch the numbers (though it's possible to think about opening a bank account with ). But, it's not completely free. If you're forced to get a cash advance it's only sensible to take it out when you know you'll be able to pay it back in the shortest amount of time. In the event that you don't, the interest can pile up with each passing day.

The balance could tip favor of cash advances when you're using a credit card with no cash advance fee. In that scenario, you don't need to worry about the interest payment.

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It's even better: avoid the need for an advance

Create an emergency fund to pay for any unexpected costs. You might want to set automatic deductions that allow you to transfer money from your primary checking account to an account designated as a "rainy day" account or explore a few methods to earn additional income by working.

If you're thinking about cash advances because you've forgotten to carry cash, then you may want to research debit cards that have . That way, you'll be able to go to the ATM closest to you without having to pay an out-of-network charge.

About the writer: Anisha Sekar is a former personal finance writer at NerdWallet. She has worked with Silicon Valley startups and in the public sector. She completed her applied maths and economics in Brown University.

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Find the best credit card for your needs. Whether you want to pay lower interest or earn higher rewards, the right card's out there. Just answer a few concerns and we'll refine down the selection for you.

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How I Repaid Debt How I Made the Most of an Gig Economy

Advertiser disclosure You're our first priority. Each time. We believe that every person should be able to make financial decisions without hesitation. Although our website does not contain every company or financial product available on the market We're pleased of the advice we provide as well as the advice we provide as well as the tools we design are objective, independent, straightforward -- and cost-free. How do we earn money? Our partners compensate us. This may influence which products we review and write about (and where those products appear on our site) However, it in no way affects our recommendations or advice that are based on thousands of hours of study. Our partners do not promise us favorable reviews of their products or services. .

How I repaid my debt to make the most of an Gig Economy

Written by Amrita Jayakumar Writer The Washington Post Amrita Jayakumar was a former special assignment reporter for NerdWallet. She also published a syndicated article on millennials and money, and focused on personal loans as well as consumer credit and debt. Previously, she was an editor at The Washington Post. Her work has been featured on The Miami Herald and USAToday. Amrita holds a master's degree of journalism at The University ofMissouri.

Published on February 5, 2019 9:11 AM PST

Editor: Kathy Hinson Lead Assigning Editor Personal finances, credit scoring managing money and debt Kathy Hinson leads the Core Personal Finance team at NerdWallet. In the past, she worked for 18 years at The Oregonian in Portland in roles including copy desk chief and team leader for design and editing. Prior experience includes copy and news editing for various Southern California newspapers, including the Los Angeles Times. She earned a bachelor's degree in mass communication and journalism in The University of Iowa.

A majority of the products featured here come from our partners, who pay us. This influences which products we write about as well as the place and way the product is displayed on a page. However, this doesn't affect our opinions. Our views are our own. Here is a list of and .

This series of NerdWallet interviews those who have overcome debt by combining commitment, budgeting and smart financial choices. Responses have been edited for length and clarity.

Kara Perez has never had a full-time job. The 30-year-old businesswoman from Austin, Texas, juggled multiple part-time jobs in her 20s such as catering to Nannying, to coaching the sport of lacrosse in high schools.

Perez was a 2011 graduate with an English degree, and over $25,000 in student loan debt. Three years into "adulting" and no job offer in sight, she knew she couldn't afford to carry on with the burden forever. "I realized that nobody can save me. I must save myself from this existence that I'm in," she says.

Perez decided to make use of her gig-based life and shifted things into high gear -- balancing five jobs while working all week. Every dollar she earned toward her credit card debt.

Today, debt-free, Perez runs her own business, named a financial education and event company that teaches women how to manage their money. She spoke about her highs as well as lows to NerdWallet and her tale may inspire you to .

What was your debt and salary at the time you began?

I completed my studies in 2011 and had a little over $25,000 spread across 5 different loans. When I was really committed to repaying debt] in 2014, I had about $18,000 and am earning $18,423.

How did you end up in the position of being in

I attended my first choice school , Wesleyan University. I come from a household with only one income and taking out loans was always a part of the plan.

What is the trigger that prompted you to pay off your the debt?

It was a bit depressing watching everyone around me continue to live their lives and feeling as if that I had been drowning. I was spending my time mostly crying and freaking out. I was applying to jobs but I hadn't gotten accepted. I was three years out of school and working part-time as a caterer, and 10 hours per day as an office receptionist for a gym.

My friends were traveling, getting actual jobs, or even promotions and I was stuck.

When I first started learning about money] I was required to take out a students loan to cover six months, because I was unable to pay the monthly payments.

What steps did you take?

Two things I did that I did: I reduced everything to remotely feasible in the budget I had set, then I began looking for work. I drove a van on the high school team golf. I did freelance writing for 12 dollars an hour on small blogs and freelance social media management.

I also became extremely frugal. I would bring home leftovers from my catering job and eat them instead spending money on groceries some weeks.

[Perez lived with multiple roommates at the time]. My roommates were my best friends, but they all came from wealthy backgrounds with no debt. The people were extremely supportive My friends would often stay to dinner at home instead of [making me] take me out to eat.

I'm still a bit frugal. I have a boyfriend and a roommate and do not eat out often.

>> MORE:

That is certainly a tough juggling act.

I worked five different part-time jobs. I often had to work seven days a month. I was exhausted at the end of the day, but I was also proud as hell.

Do you have any suggestions on using the debt avalanche method for paying your loans.

My federal loan with a rate of 6.8%; that was the highest interest rate I had. This is the loan with the highest rate of interest.It is the debt with the highest interest. I put any additional payment towards that debt and I made the minimum payment on everything else.

Have your earnings fluctuated through the time?

Catering as well as the social media work I performed was hourlywork, and I asked for more hours. I also worked to negotiate raises for my catering and non-profit jobs, so that was helpful. I went from $12 an hour for a catering job to $15.50 in the time of the year. In 2015 [the year she paid off the debtI made $32,249.63.

Do you have any suggestions for what you would have done differently?

When I look back, the main thing I wish I had done was started investing into my retirement accounts in tandem with getting rid of my debt. I didn't begin investing until later, which was time my money could be growing during the bull market.

What are your goals now?

I'm a business owner and work all the time. I'm also a super-saver; I'd like to accumulate enough money to make work be an alternative. Last year I saved 70% of my total income by using a an .

How to ditch your own debt

Create a budget that you can put funds towards debt, while also saving for unexpected expenses and stash some away to play. To accomplish this we recommend the where your expenditure is split between wants, needs, and savings and repayment of debt.

The debt avalanche method used by Perez employed is an efficient method of paying off debt since you reduce interest costs, however for those who want to win quickly it is also possible to try the and pay off the debt with the lowest amount first.

As Perez states, this is something that could and should be done alongside debt payoff.

Photo taken by Shane Henderson.

(image: https://instant-loans-usa.com/sites/default/files/styles/full/public/article/same_day_pdl_0.png?itok=9CReljir)About the writer: Amrita Jayakumar is a former writer for NerdWallet. She previously worked at The Washington Post and the Miami Herald.

In a similar vein...

Dive even deeper in Personal Finance

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Varo Vs. Chime: Which Is Better for You?

Advertiser disclosure You're our first priority. Each time. We believe that every person should be able to make financial decisions without hesitation. While our website doesn't feature every company or financial product available in the marketplace however, we're confident that the advice we provide as well as the advice we provide and the tools we create are impartial, independent simple, and free. How do we earn money? Our partners compensate us. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice that are based on thousands of hours of study. Our partners do not be paid to ensure positive reviews of their products or services. .

Varo vs. Chime: Which Is More Suitable for You?

Varo as well as Chime both have high interest on savings accounts, however their products and services have a few distinctions.

By Chanelle Bessette Lead Writer/Spokesperson Banking, checking Accounts, cash Manager Accounts Chanelle Bessette is a personal finance writer for NerdWallet covering banking. She was previously employed at Fortune, Forbes and the Reno Gazette-Journal. She is also an official spokesperson for the bank team. Her work has been published on The New York Times, Vox and Apartment Therapy.

Updated May 6, 2022

Editor: Sara Clarke Assistant Assigning Editor | Banking Sara Clarke is a Banking editor at NerdWallet. She has worked as an editor and project manager in newsrooms for over two years, including most recently in 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 mentioned in The Salt Lake Tribune, The St. Paul (Minnesota) Pioneer Press and other outlets. Sara is located near Washington, D.C.

The majority or all of the products we feature come from our partners who pay us. This impacts the types of products we feature and the location and manner in which the product is featured on the page. However, this does not affect our opinions. Our opinions are entirely our own. Here's a list of and .

Varo and Chime have comparable offerings however there are some differences. Varo is a bank while Chime is a neobank- an online-only financial service company that partners with a bank to provide account insurance.

Here's how the two firms compare to one another.

Snapshot for comparison

Checking account

No monthly maintenance fee or minimum balance requirement for one of the two brands, Varo or Chime.

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

Deposits of cash at Varo and Chime can be costly, although the cash deposit in Walgreens are free with Chime.

Savings account

With Varo customers can earn as much as 5.00% per year on the balances up to $5,000 if certain conditions are met. Alternatively, customers can earn 3.00 percent APY, without having to meet those conditions or for balances that exceed $5,000.

Chime offers 2.00% APR in their High Yield Savings account.

ATMs, overdrafts and customer service

Chime's SpotMe(r) overdraft facility allows customers to overdraft up to $200 without fee if they meet some specific requirements for their accounts.

Varo doesn't allow overdrafts, however it does offer an advance cash program.

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

Chime customers have access to more than 60,000 free MoneyPass, Allpoint and Visa Plus Alliance ATMs.

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

Varo as well as Chime both have strong mobile app ratings.

Choose Varo if:

You'd like a stunning rate of interest on savings and will be able to reach that goal.

Choose Chime if

You want a strong rate of interest on savings, and an overdraft option that is flexible.

Checking

NerdWallet's ratings are determined by the editorial staff. The scoring formulas consider many data points for each financial product and service.

at Varo Bank, Member FDIC

Varo Bank Account. This Varo Bank Account has no monthly charges or minimum balance requirements. In addition, customers can access the ATM Allpoint network, with more than 55,000 free ATMs which allow customers to take cash withdrawals. However, depositing cash is more complicated; Varo customers have to go to the Green Dot retailer such as Walgreens or Safeway and could be charged a fee of up to $5.95. Customers are also able to receive their pay up to two days earlier with direct deposits.

NerdWallet's ratings are made by our editorial team. The scoring formulas take into account many data points for every financial product or service.

Chime Savings Account. Chime does not have monthly charges or require a certain balance on its Spending Account. Chime also has a savings program where customers can round their purchases to the nearest dollar and pay the difference. Furthermore, Chime customers can make fee-free withdrawals from more than 60,000 nationwide ATMs. Chime can also be found in the Green Dot network, so customers can make cash deposits at certain retailers with a charge or at Walgreens at no cost.

Get more details from Chime

Chime says: "The retailer that receives your cash will be accountable for the transfer of funds to your Chime checking Account. Cash deposit fees may apply if using a retailer other that Walgreens."

"Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round-up from the account of your Chime Savings Account into your checking account."

"Early accessibility to funds from direct deposits will depend on the time of delivery of the payment document from the person who is making the payment. The funds are generally made available on the day the payment file is received, which may be up to 2 days before the date of the payment."

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

Savings

Varo Savings Account. Customers start at a baseline of 3.00 percent APY, however they can earn 5.00 percent on up to $5,000 when they have $1,000 or more in direct deposits each month and maintain a positive account balance in their checking (Varo Bank Account) and savings balance at the close every month. Varo offers two savings programs. The first lets customers take an amount of direct deposits in their checking account, and transfer funds to their savings. Another program allows customers to save money when they make an purchase. Varo will round up your purchase until it is within a dollar. Then, put the difference to the savings account.

Chime High Yield Savings. Chime's free savings account has a 2.00% APY , as long as you have at the minimum of $0.01. Chime also offers two automated saving programs. One is a roundup plan for purchases made using a checking account debit card and a program that will save 10 percent from direct transfers of $500 or more from your checking account to an account in your savings. It is important to note that a Chime checking Account is required to be eligible for the Savings Account.

Get more information from Chime

Chime states: " The Annual Percentage Yield ("APY") for the Chime Savings Account is subject to change and may change at any time. The APY disclosed is in effect on October 25 2022. There is no minimum balance requirement. You must be able to keep $0.01 saved to be able to make interest. "

"There's no charge for Chime Savings Account." Chime Savings Account. Cash withdrawal fees and Third-party fees may apply for Chime Accounts with Checking Accounts. You must have an account with a Chime Account with a Checking Account to open an account with Chime Savings. Chime Savings Account."

Experience with banking

Varo Chime and Varo Chime are both online only, which means there's no option if prefer in-person assistance. But, Varo has extended weekday and weekend phone support hours and options to reach customer service via email and Twitter and Chime is available through chat, email and telephone 24/7, as well as on Twitter.

Varo and Chime both have excellent scores for mobile apps on both the Google Play and App Store marketplaces.

Overdrafts

Varo. Varo doesn't let overdrafts happen When a customer wants to make a transaction that will result in an imbalance 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 allows you to get an advance that can be up to $100, with a fee of up to $5.

Chime. Chime doesn't charge overdraft fees. Instead, it has an overdraft program known as SpotMe(r), where customers can make overdrafts up to $200 if they have at least $200 in direct deposits every month.

See more information from Chime

Chime claims: "Chime is a financial technology company that is not a bank. Services for banking are provided via The Bancorp Bank, N.A. and Stride Bank, N.A. Members of the FDIC."

"Chime SpotMe is an optional service that requires only a single deposit of $200 or more in eligible direct deposits to the Chime Checking Account each month. The members who are eligible are allowed to draw on their account up to $20 on debit card purchases as well as cash withdrawals in the beginning however, they may later be qualified for a greater limit of up to $200 or more, based on the your Chime Account past history, direct deposit frequency and amount, spending activity as well as other risk-related variables. The limit you have set will be shown to you within the Chime mobile app. You will be informed of any modifications regarding your allowance. Your limit may change at any time, subject to Chime's discretion. While there aren't any overdraft charges, there could be third-party or out-of-network fees that are associated to ATM transactions. SpotMe won't cover non-debit card transactions, which includes ACH transfers or Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions."

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

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2022 American Household Credit Card Debt Study

Advertiser disclosure You're our first priority. Every time. We believe that every person should be able make financial decisions without hesitation. Although our site doesn't include every business 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 create are impartial, independent easy to use and cost-free. So how do we earn money? Our partners pay us. This may influence which products we review and write about (and the places they are featured on the site) However, it does not affect our advice or suggestions, which are grounded in thousands of hours of research. Our partners are not able to pay us to guarantee favorable reviews of their products or services. .

(image: https://burst.shopifycdn.com/photos/digital-download-product-photos.jpg?width=746&format=pjpg&exif=0&iptc=0)2022 American Household Credit Card Debt Study

NerdWallet's annual study finds that credit card debt is growing as the cost of living increases. Many Americans have financial concerns about the year to come.

By Erin El Issa Senior Writer | Personal finance, data analysis, credit card Erin El Issa writes data-driven research on personal finance, credit cards, travel, investing, banking as well as student loans. She is a fan of numbers and hopes to make data sets understandable to help people improve their finances. Before becoming an Nerd at the beginning of 2014, Erin was a tax accountant and freelance personal finance writer. Erin's work has been mentioned by The New York Times, CNBC, The "Today" show, Forbes and elsewhere. In her spare time, Erin reads voraciously and tries in vain to keep up with her two children. She is based in Ypsilanti, Michigan.

10 January 2023. Published at 9:16AM PST

Edited by Paul Soucy Lead Assigning Editor Credit cards, credit scoring personal financial planning Paul Soucy has led the Credit Cards content team at NerdWallet since 2015. He was an editor with USA Today, The Des Moines Register and the Meredith/Better Homes and Gardens family of magazines for over 20 years. He also established a profitable freelance writing and editing practice that focuses on personal and business finance. He was editor of the USA Today Weekly International Edition for six years, and was awarded the top honor of the year from ACES: The Society for Editing. He holds a bachelor's in journalism and a Master of Business Administration. The family lives in Des Moines, Iowa, with his fiancée, his two sons and a dog named Sam.

The majority or all of the products featured here come from our partners who pay us. This influences which products we review and where and how the product is featured on the page. However, this does not affect our opinions. Our opinions are entirely our own. Here's a list of and .

The past year has been an expensive one: Cost of living has risen faster than incomes, causing many Americans to borrow more to make ends meet. And interest rates that have risen in response to inflation are making debt more expensive.

The annual report of NerdWallet's look at the debt burden of households shows that credit card balances carried from month to month have increased over the past twelve months, reaching an estimated $488 billion as of December 2022 . Mortgages, auto loans as well as student loans and overall debt loads have also increased in the last year.

Here's the breakdown of what U.S. households owed in all and the median amount for each household for each type of debt, in December 2022:

Type of debt

Total owed by an average U.S. household with this credit

Total owed in U.S.

Change in percentage for total debt between 2021 to 2022.

Any kind of debt*

$169,242

$16.9 trillion

+7.83%

Credit cards (total)**

$18,054

$1.11 trillion

+15.25%

Credit cards (revolving)

$7,919

$488.12 billion

+32.64%***

Mortgages

$227,188

$11.92 trillion

+8.33%

Auto loans

$29,251

$1.55 trillion

+6.06%

Student loans

$59,149

$1.6 trillion

+1.19%

* This debt may include mortgages and line of credit for home equity auto loans credit cards, students loans and other debts of the household according to the Federal Reserve Bank of New York. Total U.S. credit card outstanding debt is comprised of transacting and revolving balances. Revolving debt was calculated using the average of the past five years of the percentage of credit card debt that is considered revolving (carried from month to month) as opposed to transacting (paid in full each month). In the past, we've had these figures from Experian. The credit bureau refused to give the revolving and. transactions data for 2022.

A note about this year's data

The more than 32% increase in revolving credit card debt which is credit card balances carried from month to month could be due to two reasons that have a dramatic increase in total credit card debt (revolving as well as nonrevolving) and a greater proportion of revolving debt. Credit card debt total rose by 15%. As the costs of living outpacing the growth in income It is logical that a greater share of this increase came through revolving debt. This is just an estimate. We have calculated it with the average percentage of revolving debt from the last five years. This percentage is higher that the previously low revolving credit percentage of 2021 but is in line with proportions prior to the COVID-19 pandemic.

The annual study we conduct analyses government data including such sources like the U.S. Bureau of Labor Statistics and the Federal Reserve Bank of New York to examine how household debt has changed over the last year. NerdWallet also recently ordered to conduct an online study of more than 2000 U.S. adults, conducted by The Harris Poll, to learn more about how Americans feel about their debt, and what they believe future interest rate increases will affect their financial situation. We also asked about Americans who use "buy now, and pay over time" services, as well as how their income has (or hasn't) kept up with inflation, and their financial concerns for the year to come.

Key conclusions

Prices are increasing more quickly than incomes. In the past year, the median income of households has only increased by 4.4% however, the total cost of living has increased 8 . The survey found that nearly 50% of working Americans (45%) claim that their earnings haven't been growing enough in the last twelve months to keep pace with inflation.

Buy now, pay later services may mean deeper debt for millions. One in five Americans (18%) said they've used a BNPL service within the last 12 months.

Consumers are anxious about financial stability over the coming year. Seven out of 10 Americans (69 percent) have concerns regarding their finances for the coming year. The top. top concern is the need to go into debt/more borrowing to meet the needs (31%) The next concern is having to pay higher the interest they pay on their debt (27%).

The average amount of interest charged by credit cards that households pay is increasing because of recently announced Federal Reserve rate hikes and increasing amounts of revolving credit card debt. U.S. households that carry credit card debt will pay an average of $1,380 in annual interest . And that's assuming interest rates don't go higher.

"Credit card debt is usually thought that it's the consequence of impulsive expenditure, however for the majority of Americans this isn't the case," says Sara Rathner who is a credit card NerdWallet expert. "Consumers feel the squeeze of increased prices and interest rates, and their paychecks just aren't keeping up. That's forcing many to make tough decisions, like going into debt to cover basic necessities."

The cost of living exceeds earnings growth by a significant amount over the last year

Every year, we look at the growth in cost of living as compared to the household income over the preceding decade to assess whether income is keeping up with the cost of living. When using that 10-year time frame, we have found that income is keeping up: Median household income is up by 44% since 2012, while overall expenses have been up by 28% in the same span . But the situation is completely different when we look at the short-term growth, because of the COVID-19 epidemic and the unusually high inflation.

Looking at growth over the last three years- pre-pandemic to now -- median income has grown by 7 percent, however overall costs have increased by nearly 16 . This includes a 27% increase in the cost of transportation and a 20 percent increase for food and beverage expenses, and a 14% increase in housing expenses. This could be a reason the reason why, as per our survey, 45% of Americans believe their financial health is less good when compared to prior to when the pandemic COVID-19 was first discovered.

In the survey, nearly 50% of working Americans (45 percent) say their pay hasn't been increasing enough in the last 12 months to keep up with the rate of inflation. The consumer price index as well as income growth data backs this up. Over the last year the prices have risen -- 8.2% annual inflation, in September 2022. It includes an increase of 13% rise in transportation costs, 11% in drinks and food costs, and 8% for housing costs. Meanwhile, households' median income has risen just 4% over this period .

Consumers are doing all they can to fight rising prices. According to the study more than 4 out of 5 Americans (79 percent) say they have made changes in response to inflation over the past six months. In the past six months, 42 percent of Americans have said they've driven less, while 39% say they've bought more brands from the stores and non-processed items. Close to 1 in 5 Americans (19 percent) have taken on more debt as a result of inflation in the past six months.

" Reviewing your spending habits for places to cut back and then putting the extra funds to savings or debt repayment could be very beneficial. " Sara Rathner , NerdWallet credit card expert

Debt is making Americans feel overwhelmed, anxious and stressed

Over the last year, nearly 3 in 10 Americans (28 percent) say their overall debt has increased, with 14% of Americans say they've taken on medical debt in this period. This debt is being a burden.

According to the study that 41% of Americans who have debt feel anxious about it, and 35% of them feel overwhelmed. This feeling of being overwhelmed is more common among Americans with annual household incomes less than $75,000, who are currently in debt: 44% of the population feel this way, against 27% of the indebted Americans with an annual household income of $75,000 or more.

BNPL could be hiding other debt

Our annual analysis of household debt analyzes traditional debt types -- such as credit cards, mortgages or student loans. The data on these debts is compiled and reported by government agencies such as that of the Federal Reserve Bank of New York. However, the issue of debt may get worse due to the emergence of short-term loans that are offered by firms such as Affirm as well as Klarna. BNPL services let you purchase something right now and make payments in installments -- often 25 percent at the time of purchase and 25% each two weeks until you pay it off. The longer-term BNPL options generally charge interest, like an conventional installment loan.

Based on our study the majority of Americans (18%) had used a BNPL service in the past 12 months. This is more common in younger Americans: 25% from Gen Zers (ages 18-25) and 30 percent of the millennials (ages 26-41) have used these services in the past year, while 16% among Gen Xers (ages 42-57) and 7 percent from baby boomers (ages between 58 and 76).

A few Americans rely upon BNPL solutions to cover the necessities of life items that are used up before they're even paid for. According to a report released in September 2022 by the CFPB, or CFPB the use of BNPL services for daily or necessary purchases such as utility bills, gas and groceries -- increased by 434 percent in the period between 2021 and 2020, and increased by 1,207% between 2019 and 2020.

BNPL services typically come with no interest, but they may be charged late fees for people who fail to pay. The CFPB report revealed that 10.5 percent of BNPL clients were assessed at least one late fee in 2021. While late fees are generally to be low -- around $7 on an typical loan amount of 135The report highlights potential negatives to these services that can be financially detrimental including overextension, and taking on more loans than you are able to manage.

For consumers who use the BNPL every now and then, overextension probably won't be a problem. However, for those who stack loans by taking on multiple loans in a short amount of time -- and are frequent BNPL users this payment obligation can affect their ability to pay for other expenses promptly due to the volume of BNPL obligations they are to pay. This can result in late fees, interest charges and even the loss of credit scores.

Many Americans bring financial worries in the year ahead

The past year has been expensiveand many don't believe things will improve in the coming year. A majority of Americans (69%) have financial concerns about the next 12 months The top concern being the need to enter debt, or deeper in debt, to cover necessities (31%).

Over one quarter of Americans (27 27.7%) are concerned about having to pay higher rates on their debts over the next 12 months. this is following a series of rate hikes by the Federal Reserve and the possibility of more rises in 2023.

Credit card interest rates are increasing and could be higher.

The Fed's actions have raised the average interest rate for accounts that pay interest to 18.43 percent as of August 2022, according the Federal Reserve Bank of St. Louis. It is now the most percentage since the St. Louis Fed began keeping track of this data in the year 1994. For American households carrying the average amount of credit card debt revolving it would cost $1,380 annually in interest charges. In the past year, the average interest charges were around $1,029 per year due to the lower amount of credit card debt that is revolving and lower interest rates.

During 2022 Americans were treated to seven interest rate increases from the Fed and more are likely to be coming in 2023. According to the survey over 3 in five Americans (61 percent) think future rate hikes will impact their finances, for good or for ill. Although 33 percent of Americans think that it will make their existing credit more expensive, and 28% think it will make the new loans more expensive, 1 of 5 Americans (20 percent) think they'll gain more interest on their savings.

What do Americans can do

Make preparations for a potential recession. At present the recession hasn't yet been officially declared, but certain experts believe that we're in one or are about to enter. Even if you are aware that one is coming, though it's hard to anticipate what's coming since the consequences of a recession don't seem to be common nor universal. Moreover, the uncertainty could quickly escalate into disaster. These past several years have given numerous evidences of the importance of preparing for the unforeseeable and there are strategies to minimize the damage to your financial wellbeing.

If you're in a position make the necessary changes, add money to your savings routinely. This could mean that you continue to create an emergency fund that covers three to six months' worth of expenses or even saving beyond that for the eventuality of longer-term income loss. To have more funds to put toward savings, look at your budget and consider the areas you can reduce. You don't have to reduce your expenses forever however, in the short-term, it can help you beef up your savings faster.

"If a one or two months worth of expenses are too much to be able to set aside, try to aim to put a few hundred bucks from an account for emergency funds," NerdWallet's Rathner advises. "It can be extremely useful when you're faced with an unexpected cost."

" You can't manage the economy in general but you can take the smallest steps to feel more financially secure right now. " Sara Rathner , NerdWallet credit card expert

Pay now rather than later, if it is possible to. Using a buy now, pay later option might be right for you however before you choose one, look at other options. If you have enough funds in order to settle the debt, putting the amount on a credit card will get you rewards, and also safeguard your purchase in the event of a defective or return item. It's also beneficial to save money for nonessentials over the course of six weeks -- the typical BNPL period and then make the purchase. It could be that you decide you don't need to purchase the item once a time has expired.

If you decide to utilize BNPL services, set automatic payments in order to avoid late fees and limit the amount of purchases you can make in a an unspecified time to avoid getting overwhelmed.

Avoid large financial transactions If possible, steer clear of major financial decisions. Due to consumer worries about rising interest rates, credit being harder to access, and decreased credits, it is possible that you may be advised to delay taking on new credit obligations as long as you are able to. This might not be possible for you, and that's fine; sometimes, it's just not possible to wait for the right time especially when we're in financial difficulties. But if you can hold back from making any major financial changes, it's probably a good idea to do so.

"This is the perfect moment to concentrate on the basics of financial management," Rathner says. "Checking your spending habits to see where you can cut down and putting any extra money to debt or savings can be a big help."

Learn how rising interest rates impact you. More than a fifth of Americans (21 percent) aren't sure whether future interest rate hikes will affect their financial situation, as per the poll. If you're in the market for high-interest loans that are variable, like credit cards, a line of credit for your home equity -- or you have funds in a savings account, higher rates will probably affect you. The same goes for new loans with fixed rates like a mortgage or auto loan.

Interest rate increases can increase the cost of your debt, but they can increase your savings faster. If you have variable-rate debt try to make more frequent or higher-quality payments to pay it down quicker. Avoid applying for large loans with fixed rates as you canhigh rates can make large purchases, like a home or car, vastly more costly. If you have a savings account, check the interest rate. Rates were extremely low until recently, but today, you can get Annual percentage rate, or APRs, that are 3percent or more.

"The potential for economic uncertainty is always scary," Rathner says. "You can't control the economic system in general however, you can take the smallest steps to feel more financially secure today."

Methodology

The survey was conducted online within the United States by The Harris Poll on behalf of NerdWallet from October. 25-27, 2022, among 2 041 U.S. adults 18 and older. The precision of sampling of Harris online polls is assessed with a Bayesian credibility interval. For this study the data collected is reliable to within +/+/- 2.8 percentage points using an 95% confidence interval. For more information on the survey's methodology that includes weighting variables and subgroup sample sizes, please contact Lauren Nash at .

NerdWallet's analysis includes data from the following sources:

December 2022, as reported by the Federal Reserve Bank's Center for Microeconomic Data.

The date is November 20, 2022. Source: the U.S. Census Bureau.

from members of the Board of Governors of the Federal Reserve System.

September 2022, as reported by the U.S. Bureau of Labor Statistics.

December 2021, taken from December 2021, from the U.S. Census Bureau.

September 2022, in The U.S. Bureau of Labor Statistics' National Compensation Survey.

August 2022, from the Federal Reserve Bank of St. Louis.

Expand for footnotes

1. Credit card balances that are revolving calculated in a different way from other types of household debt. The Federal Reserve Bank of New York utilizes data from Equifax one of the three major credit reporting agencies located in the U.S., as the source for the data on credit card debt and includes the balances that are revolving (debt carried from month to month) and transacting balances (debt that will be paid off in the time of the next statement). We've previously utilized data provided by the credit reporting bureau Experian to calculate the proportion of balances that were revolved and transacted through bank credit cards. Experian declined to provide the data for 2022, therefore we used the median of percentages from 2017 through 2021. Information on revolving balances on retail credit cards was not available thus we assumed cardholders revolved their debts on both banks and retail credit card credit cards in the same way. Then, we multiplied the total outstanding balances on credit cards in the U.S. -- $1.11 trillion at December 2022 -- by the proportion of debt that is revolving. (According according to New York Fed, the nation's households had outstanding credit balances on their cards of $986 billion as of December 2022. This number includes credit cards for banks, but not retail credit cards. To make this number more representative of the total creditors, we calculated the $986 billion and added it to 25% of reported "other" debt; the New York Fed says about one quarter of the so-called other debt is outstanding credit card debt.) In addition, we divided this sum by the number of households carrying revolving credit card debt. We estimated the number households by multiplying the total number U.S. households by the percent of households that have this credit card (using the 2022 forecast based upon 2019 data of The U.S. Federal Reserve's Survey of Consumer Finances).

[2] To calculate the debt of households in each category -- with the exception of revolving credit cards debt -- we took the average amount of each type of debt which was reported to the Federal Reserve Bank of New York and then divided this amount into the total number of homes that have this type of debt. We calculated the number of household debt by multiplying total amount of U.S. households by the proportion of households with that debt, using data of the latest Survey of Consumer Finances.

Consumer price indexes or CPIs track price changes for a range of goods and services for consumers. The price indexes we studied include prices for apparel, education and communication, food and beverage as well as food and beverages from home taken away from home, housing medical, other products as well as services, recreational activities and transportation. According to the U.S. Bureau of Labor Statistics the price index of all items grew from 274.214 and then 296.761 from September 2021 between September 2021 and September 2022. Transportation CPI rose between 237.107 to 267.043 Food and beverages CPI increased from 280.413 and reached 310.635 while housing CPI was up from 283.532 to 306.323 between September 2021 and September 2022. To compare the increase in the price index categories with income growth from 2012, we forecast the 2022 median household income by using the 2021 median income of $70,784 and increasing or decreasing it according to the quarterly percent changes reported in the Bureau of Labor Statistics' Employment Cost Index data for civilian workers. Based on census data the median household earnings was $70,784 in 2021, and our projections indicate a median household income of $73,653 in 2022.

4] To estimate the amount of interest charged by credit cards over the course of a year We calculated the credit card debt that is revolving as well as data on the average interest rate for credit card accounts that are assessed interest from the Federal Reserve Bank of St. Louis until August 2022. In the event of a constant balance we divided the average revolving credit card debt among households that carry outstanding credit card loans by the APR average. This is merely an estimate. To make it easier, our calculations don't account for daily compounding or fluctuating balances.

5. As per the U.S. Bureau of Labor Statistics The price index of all items increased by 231.015 up to 296.761 from September of 2012 and September 2022. Based on census information the median household income of $51,017 was recorded in 2012. our projections show the median household income to be $73,653 for 2022.

6] As per the U.S. Bureau of Labor Statistics The price index of all products was up by 256.596 to 296.761 in the months of September to September 2022. Transportation CPI was up to 209.896 to 267.043 Food and drink CPI increased by 258.59 to 310.635 as well as housing CPI was up by 267.555 and reached 306.323 in the period between September to September 2022. Based on Census data, the median household income was $68,703 in the year 2019 Our projections predict the median household income to be $73,653 for 2022.

About the author: Erin El Issa is an expert in credit cards and a writer for studies at NerdWallet. She has had her work featured on USA Today, U.S. News and MarketWatch.

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I f leasing a vehicle is on your agenda Be aware that you are legally protected. Leasing companies are bound by the Consumer Leasing Act (Regulation M) This means that they must tell you all of the terms and charges of the deal they are providing you with. Therefore, be sure to ask the appropriate questions to ensure that your lessor is following legal regulations. What is an auto lease? An is a contract that lets you rent the car for a specific duration of time. The lease agreement contains guidelines for the time you spend with the vehicle, for example, limitations on mileage, the kinds of insurance you need to keep and the amount of damage that is acceptable. You can find it at many automobile dealerships. If you don't travel frequently or don't wish to buy a car for more than few years, leasing might be a good alternative to buying. What must be disclosed to you prior to signing a lease? In accordance with the Consumer Leasing Act and the Truth in Lending Act, lenders must provide you with basic information regarding your lease. Here is the list of things you need to look for to make sure that your lender adheres to leasing laws for the total lease amount. Before you sign an agreement, you need to receive a thorough written explanation of what you are required to pay or pay. Duration of lease and payment due dates. The leasing company has to inform the lease holder how many payments they need to make, as well as how much each payment will cost and when payment is due. Extra fees. It is essential to know about any upfront money you have to pay for, like down payments, registration or security deposits, and how much you'll pay if a payment is late. There may also be an overage charge for mileage and a disposition fee if you choose not to purchase the vehicle. Lease-end requirements. The lessor must explain any conditions that could force it to terminate the lease. The lease should also be explained in detail as to what happens if you decide to buy or lease. Vehicle maintenance requirements. You must be told how wear and tear will be assessed upon returning the vehicle and under what circumstances you'll have to cover damages. The leasing company should also inform you who's responsible for servicing the car. The lease requires insurance. You should be informed regarding lease requirements including a particular kind or amount of insurance. Car lease restrictions Since you don't technically own the vehicle, your lessor will have several limitations. This includes clauses that prohibit racing and ride shares along with more severe limitations on how far you are allowed to drive and where you have to go to for maintenance. Mileage Leased vehicles typically allow you to drive between 12,000-15,000 miles per year. These can stack up quickly when you commute or take long road trips, and there will likely be an extra charge for each mile over the agreed-upon limit. Regular maintenance You'll likely be charged for routine maintenance and servicing. The owner's manual will outline when your vehicle must be seen by a mechanic based on the readings of the odometer, however, your lessor may have an additional schedule you have to adhere to. You may also be required to see a certified mechanic or service centers approved by your manufacturer or dealer. If you do not take care of your maintenance regularly you could violate the wear-and-tear requirement in your lease contract. Cancellation of lease-end sales and cancellation of the lease agreement can be costly. Be prepared to commit to the two or three years of the vehicle or pay thousands of dollars in charges. This is one of the biggest restrictions you'll encounter, so consider it carefully when you're deciding to lease a vehicle. Your lessor may choose to restrict where you can trade in your vehicle at the end term of lease. In the majority of cases, your options will be to return the vehicle or . You may also be prohibited from subletting or swapping leases. Vehicle modification Customizing or modifying your vehicle is likely to be against your lease agreement. This means that you cannot paint special jobs, but it also means you may not be allowed to change out equipment like the speakers. If you want to have a custom car then a lease isn't the best choice. The bottom line Leasing a vehicle is a great investment for your finances, but be sure you are aware of the ins and outs of leasing laws to get the best deal. If the dealer you lease from tries to hide any terms of your lease or refuses to disclose things such as the total amount you pay as well as any potential fees you should go to a different dealer. Find out more

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7 Tips to Get an apartment without a credit Check

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(image: http://benniejacobsuu.blog.hr/slike/originals/a1.jpg)7 Tips for Getting an Apartment without a Credit Check

Consider offering references, obtaining a roommate, paying a larger deposit or working with an individual property owner.

By Erin El Issa Senior Writer | Personal finance, analysis of data credit cards Erin El Issa writes data-driven studies about personal finance, credit cards, investments, travel, as well as student loans. She is a fan of numbers and hopes to demystify data sets to help consumers improve their financial lives. Before she became an Nerd at the beginning of 2014, Erin was an accountant for tax purposes and freelance personal finance writer. Erin's writing has been featured as a result by The New York Times, CNBC, The "Today" show, Forbes and elsewhere. In her spare moments, Erin reads voraciously and tries in vain 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 leading writer for the core Personal Finance team within NerdWallet. She was previously the health writer for Livestrong.com and freelance journalist for magazines like Refinery29, Business Insider and MTV News, where she was a specialist in issues that affect marginalized communities. Being a facilitator of wellness she's led health-related discussions for groups like Planned Parenthood and Harvard University. She is located in Philadelphia.

as well as Amanda Barroso Lead Writer | Credit scoring, budgeting, personal finance Amanda Barroso is a personal finance writer who joined NerdWallet in 2021 to cover credit scoring. She also wrote data-driven studies and has was a contributor to the NerdWallet's "Smart Money" podcast. Prior to joining the team, Amanda was a journalist for over a decade covering issues facing numerous Americans, which includes her work as a writer in the Pew Research Center, a policy analyst at the National Women's Law Center and a college professor. Amanda earned a doctorate from The Ohio State University.

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A strong credit history is crucial for many reasons, including the possibility of obtaining credit cards or 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 before you make the effort of applying.

No credit apartments are more likely to be found in rural or low populations than in big cities with lots of competition means landlords can face more demanding requirements.

Why landlords typically need a credit score to lease an apartment

The majority of landlords employ a combination of background and credit tests to evaluate a potential tenant's capability to pay rent on time. While these tests don't provide the complete story about a person's financial situation, these are the most frequently employed tools to determine liability and protect the landlord.

When you check the credit reports of your clients, landlords are likely to search for items like previous bankruptcies, expulsions, or late payments. Large debts or a history of collections could also be red flags.

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How do I get an apartment with little or no credit

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

1. You can rent from an individual owner However, beware of scams

The majority of apartment complexes and management firms require the use of a . However, some individual owners will let you rent their apartments without establishing credit.

Usually, landlords nevertheless require proof of your income stability. Rent apartments only within your budget, even if it is possible to be approved for an expensive property.

Beware of advertisements for no credit check apartments that seem too good to be authentic. There are a few indicators that indicate a rental listing is a 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 property.

The owner of a rental property says they're in another country, but that they have someone acting on their behalf to help you get the apartment. Don't transfer money to another country Be suspicious in the event that you are unable to meet anyone or view the apartment before making a decision.

The owner of a rental property asks you to wire them money. Wire transfers are the same as handing over cash. However, you aren't able to get it back.

2. Invite you to relocate as soon as possible

A few empty apartments is expensive for landlords. They must pay for the mortgage and utilities without any repayment in the form rent. This is because -- particularly if reside in an area with low rental demand -- you may be able to rent a place without credit history if you're able to move in right away.

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3. Show proof of savings or income

In the event that you do not have a solid credit history, you might be considered if your income is stable and will adequately cover the rent. It is generally suggested that you limit your rental expenses at a minimum of one-third of your earnings from taking home pay which means that if you earn $3000 a month, it's best to consider apartments that have an annual rent of less than $1000. Be aware that as the median rent costs increase, it's not always possible to stick to that guidelines. However, try to find a home with a rent per month that .

If you do not have a stable income, a high savings balance could be enough. The savings required will vary depending on the management or apartment complex company, but in the ideal case, it should cover at least a month of rent payment.

4. Pay a one or two months' rent up front to secure the deposit

Landlords will be more likely to rent for you when they've got rent money in hand for a couple of months. By paying at least two or three months in advance the landlord will not run the risk of you not being able to pay, at the very least for a time. Make sure this payment is properly documented so you can get it back at the conclusion of the lease.

5. Provide reference letters

Demonstrate your quality of character by providing professional references from your previous employers, professors , or teachers. It is generally believed that those who are accountable at school and work are more likely to be responsible with their money. These references to character are a good way to show you're a hardworking, responsible person who won't be late on rent.

Know how your credit is assessed

Check your score for free and the factors that impact it, as well as suggestions on how to continue building.

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

By signing a three-month lease or going from month to month, the landlord can opt to not renew your lease for a longer period in the event that you're not paying. Of course, you're aware that you'll pay rent in full however, you must demonstrate that to your landlord with a good track record of on-time rent payments.

7. You can get a co-signer or roommate who has a good credit rating

If you don't have alternatives, consider asking your close family member with good credit to sign for you. Be aware that if the person is willing to sign, they can cancel your loan if you fail to complete the payment in a timely manner. To ensure that your relationships remain in good standing, make sure you pay your payment in the full amount and on time.

It's also a good idea to look into your roommate. If your potential roommate is creditworthy this could increase your odds of finding an apartment. Also, sharing the cost of rent can help your budget.

Strategies to build credit

If you don't plan to move right away or if you're having trouble finding a place to live It's not a bad idea to take a look .

Request secure credit cards. These types of cards require the user to put down a cash deposit at the time of opening the account. The amount is equivalent to the credit limit of the card -- if you deposit $250, that would be your credit limit as well. The best secured cards allow the possibility of upgrading to an unsecure card which doesn't require deposit, so be sure to conduct your research prior to applying.

Consider asking anyone you trust to see to add you to their credit card as an . You'll not be accountable for paying bills and benefit from the increased available credit, which can reduce the amount you use and increase your credit score in the process.

Make the money from . The lender, typically a credit union, or a small bank, will hold the entire amount while you make payments over time. Once you've paid the loan in entirety, you'll receive the entire amount. This type of loan helps you build a history of on-time payments and accumulates funds that can be used to cover an emergency or for other goals to save.

Credit is available to pay for utility bills and rent. can help get your credit reports to reflect 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 so that you can get credit and improve your score.

The authors' bios: Erin El Issa is a credit card expert and studies writer at NerdWallet. She has had her work featured by USA Today, U.S. News and MarketWatch.

Tiffany Lashai Curtis is a lead writer on the team for personal finance. She has more than 5 years of experience reporting on topics that affect communities that are marginalized.

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

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