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What Is Bankruptcy? Definition, Types and What You Need to Know

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What is Bankruptcy? Definition, Types and What to Know

Are you struggling with a mountain of debt but not making any progress? It could be that bankruptcy is the tool to overcome the debt.

By Sean Pyles Senior Writer | Personal finances financial debt Sean Pyles leads podcasting at NerdWallet as the producer and host of NerdWallet's "Smart Money" podcast. In "Smart Money," Sean talks with Nerds from the NerdWallet Content team to answer listeners' personal finance questions. With a focus on thoughtful and practical advice on money, Sean provides real-world guidance that will help consumers improve their financial lives. In addition to answering listeners' financial concerns on "Smart Money" Sean also interviews guests outside of NerdWallet and creates special segments to explore topics such as the racial gap in wealth as well as how to get started investing and the history for student loans.

Before Sean took over podcasting for NerdWallet the company, he also wrote about topics concerning consumer debt. His writing has been featured throughout the media including USA Today, The New York Times as well as other publications. When Sean isn't writing about personal finances, Sean can be found working in the garden, taking walks, or taking his dog for long walks. Sean is located at Ocean Shores, Washington.

Updated Apr 25 2022

Editor: Kathy Hinson Lead Assigning Editor Personal finances, credit scoring debt and money management Kathy Hinson leads the Core Personal Finance team at NerdWallet. In the past, she worked for 18 years at The Oregonian in Portland in positions such as copy desk chief and team editor and designer. Previous experience included news and copy editing for various Southern California newspapers, including the Los Angeles Times. She earned a bachelor's degree in mass communications and journalism from Iowa's University of Iowa.

A majority of the products we feature are from our partners, who we pay. This influences which products we write about as well as the place and way the product is featured on a page. However, this does not affect our opinions. Our opinions are entirely our own. Here's a list and .

The most important key

Bankruptcy is a legal tool to help consumers and businesses resolve overwhelming debt. It's a complex process best handled with the assistance of an attorney.

Chapter 7 and Chapter 13 are the two most commonly used by consumers, while Chapter 11 is typically used for business purposes.

Bankruptcy may make sense in the event that your non-mortgage total is greater than 40% of income and the method of paying it down is unclear.

The effects of bankruptcy on your credit will be severe and will remain with you for years, but you can start to rebuild your credit score as quickly as a few months.

There are alternative debt relief options to consider for example, one .

What is bankruptcy?

The process of filing bankruptcy is legal that can provide relief for people struggling to repay debts. In the event of a bankruptcy filed, people may be able to eliminate a portion of debt, or even enter the repayment program with better terms for payment.

A bankruptcy filing puts an end to the phone calls, debt litigations and . The process is complex and the hiring of an attorney is highly recommended, but you're likely to see some parts of your financial situation improve within six months of filing. It is important to note that certain debts such as student loans or recent tax payments and child support generally can't be wiped out in bankruptcy.

What are the different types of bankruptcy?

The two most common kinds of consumer bankruptcy are . Chapter 11 bankruptcy is typically used by businesses.

Here's the full overview:

Chapter 7 bankruptcy

Known as "liquidation" since most non-secured debts are forgiven this is the fastest and most popular type of bankruptcy.

The best option for consumers who have primarily unsecured debt, such as medical debt and credit card debt, as well as personal loans.

Eligibility

It is necessary to pass this test test that determines if you are eligible to be a Chapter 7.

Could not have received any Chapter 7 discharge or a Chapter 13 discharge in the in the past six years.

You cannot have filed a bankruptcy petition within the last 180 days, which was dismissed because you failed to appear in court or abide by court orders, or you voluntarily dismissed your own filing as creditors requested court relief to recover the property they held a lien on.

Chapter 13 bankruptcy

Known as known as a "wage earners" bankruptcy, restructures debts into a payment plan over three to five years.

Best for: Those who have assets they want to keep, such as expensive jewelry, or secured loans they'd like to stay current , such as a mortgage.

Eligibility

You should have a steady income.

You must be current with tax filings.

You have been charged for Chapter 13 within the last two years or Chapter 7 in the past four years.

It is not possible to file a bankruptcy petition in the previous 180 days that was dismissed for certain reasons like failure to attend court or follow the court's order.

Chapter 11 bankruptcy

It is also known as a "reorganization" bankruptcy the chapter is commonly utilized by companies and other businesses.

Ideal for businesses that wish to remain operational.

Eligibility

You cannot have filed bankruptcy in the previous 180 days and it was dismissed due to your failure to show up in court or to follow the court's orders or you decided to dismiss your own bankruptcy petition as creditors requested court relief to reclaim the property they held a lien on.

Are you a good candidate for bankruptcy?

The filing of bankruptcy isn't an easy choice You'll need to weigh the pros and cons of the long-term consequences on your credit and debt. But in general, if:

There's no way to repay your debts in five years.

Your total debt (excluding any mortgage) is more than 40percent of income.

You're paying the most you can toward your debts but aren't making progress.

The burden of debt is preventing you from meeting the other goals of your finances, like investing for retirement.

If you're considering bankruptcy take advantage of free consultations with a bankruptcy attorney and a to better understand your financial situation and determine if bankruptcy is the right choice for you.

Do you require a bankruptcy attorney?

The quick answer is: Yes.

Bankruptcy can be a lengthy and complicated process. A mistake in filling out the form could lead to the denial of your bankruptcy case. This means that you will need to wait for six months before filing again. to guide you through the process and ensure that your paperwork is properly filled out.

Beware if you're thinking of filing without an attorney: The bankruptcy data shows that only 1.4% of Chapter 13 bankruptcy cases filed without an attorney in 2012 were granted a discharge, meaning the cases were dismissed and the debts that were eligible paid off in accordance with the Federal Judicial Center.

Of Chapter 7 bankruptcy cases filed with an attorney in 2012, 95% were successfully resolved in comparison to just two-thirds of the cases that were filed without an attorney, according to the center's data.

A lot of bankruptcy attorneys will demand the payment prior to filing, but you have options to help .

How long will bankruptcy remain on your credit report?

Filing for bankruptcy is the most damaging action you can do to your credit as it can damage your credit for years to come .

However, there's one bright side: Your credit may begin to improve after a few months of filing. The improvement could be particularly noticeable if you were already delinquent in your debts.

A 2014 report from the Federal Reserve Bank of Philadelphia found that those who had filed Chapter 7 bankruptcy saw their scores rise from 538 on average and an average 600 on a scale between 300 and 850 by the time their case was discharged, which usually takes six months.

There are steps you can take to help .

Learn: Canadians?

What are alternatives to bankruptcy?

Based on the type and amount of debt you are in You may also have other solutions to settle your debt.

Make use of this calculator to research the various options available to you for debt relief, such as an approach to managing debt from a nonprofit credit counseling agency, do-it-yourself methods and consolidation.

Know where every dollar goes

Discover ways of spending your money on the things you love and spend less on things you don't.

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

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How to protect yourself when co-signing a car loan Part Of Financing a Car With a Co-Signer In this series Financing a Car With a Co-Signer 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 financial calculators and tools as well as publishing authoritative and original content, by enabling you to conduct research and compare data at no cost and help you make financial decisions with confidence. Bankrate has partnerships with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this site come from companies that compensate us. This compensation can affect the way and where products appear on the site, such as for instance, the order in which they may be listed within the categories of listing, except where prohibited by law. Our mortgage, home equity and other home lending products. But this compensation does have no impact on the information we provide, or the reviews that you read on this site. We do not contain the entire universe of businesses or financial deals that might be accessible to you. Oliver Rossi/Getty Images

2 minutes read. Published 12 October 2022

Authored by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the ins and outs of securely borrowing money to buy an automobile. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping their readers to manage their finances with clear, well-researched information that is broken down into complex topics into manageable bites. The Bankrate promise

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Therefore, this compensation may impact how, where and in what order products are listed, except where prohibited by law. We also offer mortgage and home equity products, as well as other products for home loans. Other elements, like our own proprietary website rules and whether or not a product is available in your area or at your personal credit score may also influence the manner in which products appear on this site. While we strive to provide a wide range offers, Bankrate does not include specific information on every financial or credit product or service. Signing off as a could allow the vehicle to be owned for a relative or friend member who may not qualify for financing without your assistance. But co-signing carries a risks, as you share the same legal responsibility for the loan late payments, or default could impact your financial situation. However, if the owner of the vehicle is accountable, co-signing may increase your credit score. Five ways to protect yourself as a cosigner these tips to ensure your financial security in the event that you decide to act as co-signer in the future for a . 1. Use co-signers only for close friends or family members The biggest risk that comes with co-signing as co-signer on a loan co-signer is potential harm to your credit score. Ideally, you should only help a family or friend member who you trust -one with a steady income that is stable financially. You need to be confident that the principal borrower is able to repay but they were not eligible due to their lack of credit history or financial stability. 2. Be sure that your name is on the title of the vehicle. Co-signers do not hold ownership to the car. This means that how you're listed on the loan agreement is important. If you are not named on the title, you may not have a legal claim to the vehicle, however you would be responsible for any future payments. Check that the title identifies the primary owner and yourself. The vehicle can't be transferred without two with their signatures. 3. You should draft a contract. While you will both sign off on the loan in its entirety and the contract itself, having a separate one stating your expectations regarding the principal borrower could be an added layer of protection and serve as an indicator of the contract's severity. This contract need not be overly complicated. Just a promissory note outlining the cost, obligations, and what default will mean to both sides. Once you have both agreed, bring it to a notary public to have it finalized. 4. Make sure you track monthly payments. One method to feel more confident in the principal borrower's capacity to pay is to monitor the monthly payment schedule. It could be as easy as setting up a reminder on a calendar to keep track of their expenditure. While it may feel awkward but remember that your credit is on the line. Simply reach out and open an exchange to keep track of the family member or friend without having to manage the loan. 5. Make sure you have enough money to pay the loan. In the event that all else fails you need to know that you can cover the payments on the loan. If you're unable to pay the lender then your credit score will be in danger -- as well as the fact that you may risk default and other legal actions. The principal borrower is responsible for the largest share of the burden, but you are ultimately on the hook for the loan as a co-signer. What happens when you co-sign an auto loan can affect your credit dangers of co-signing a vehicle loan are not difficult, but they could be severe. If the person you sign for isn't able to pay, your credit could take a big hit and you'll be on the responsibility of paying for the loan. But there are also potential positive effects for your credit score. Credit mix: Based on the credit you have open in your accounts including a car loan to your credit report may increase what's known as"your credit mixture. Your credit mix makes up 10% of the FICO credit score. Pay history: While your score could decrease if the primary borrower doesn't make timely payments but it is possible to reap benefits -- though on less of a scale- from them making consistent punctual payments. The bottom line Acting as a co-signer is a big financial decision that can cause financial or interpersonal headaches. For many, it is the difference between owning a vehicle or not. If you choose to be a co-signer, protect yourself and be certain you are able to pay for the loan in the event that the primary co-signer defaults. Find out more

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The article was written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the ins and outs of securely taking out loans to purchase an automobile. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to control their finances through providing clear, well-researched information that breaks down otherwise complex topics into manageable bites.

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How They Conceded Debt

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How They Split Debt

They tamed debt according to their own rules. Learn from their experiences to guide your own debt-payoff journey.

Written by Amrita Jayakumar Writer The Washington Post Amrita Jayakumar is a former special-assignment writer for NerdWallet. She also wrote a syndicated column on the millennials and money. She also wrote about personal loans as well as consumer credit and debt. In the past, she worked as an editor at The Washington Post. Her work was published in The Miami Herald and USAToday. Amrita holds a master's degree in journalism from the University ofMissouri.

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

The majority or all of the items featured on this page are from our partners, who pay us. This affects the products we write about and where and how the product is featured on a page. But, it doesn't affect our opinions. Our opinions are entirely our own. Here is a list of and .

Two teachers raked out More than $53,000

Jae Bratton and her husband

That rumor about kids being expensive? Fact! That's why Jae Bratton and her husband who is a teacher in the same school determined to pay off their debt during the three years leading up to the birth of their first child.

From $20K to $0 in 5 years and 8 Steps

Photo by Jonathan Sharpe

It took a few years- and just about every technique in the book- for Kenley Young to wipe out more than $20,000 in the credit card debt. In that time, he learned many things about how paying down dreams can be entangled with the reality of significant life situations. Now a NerdWallet editor, he shares the tools that had the most impact on his way to reach $0.

Achieving a goal can lead to Helping Others

Photo taken by Sandra Leigh Photography. Sandra Leigh Photography

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Renovating the home, Increasing the Business

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Making the Right Choices with a Budget for the Baby

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Cutting small expenses was a Big Goal

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Rebounding From Bankruptcy

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Keeping a 'Passion for Fashion on the Road to Repayment

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A Saver, a Spender and Dreams of a Family

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"Happiness Journey" Fueled Payment

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From 'Extravagantly Broke' comfortably frugal

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Little Splurges along the Path to Freedom

Brian as well as Lindsey Baldwin wiped out $130,000 in student loans in under four years. They still managed some treats for their family throughout the process.

Small wins can help you achieve an enthralling Dream

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Whipping Up a Payoff 'Tornado'

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'It Made Our Marriage So Strong'

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Money Under 30

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Brian Brandow had his debt revelation when the father of three had to tell his family members that there was no vacation this year. The Brandows had exhausted the credit card they had. They used a debt management plan to pay off the balance of $109,000 over the course of four years.

Cait Flanders

In her early 20s Flanders amassed debts of close to $30,000 because she said "yes" to everything. By monitoring expenditures and limiting unnecessary purchases, she was able to pay the balance off in two years.

Active Budgeting Pays Off

Newlyweds and recent graduates with debts of $20,000, Johnny and Joanna Galbraith decided to develop an action plan to get out of the red. They paid off the debt within 1.5 years.

My Shiny Nickels

Laura Dobbins and her family lived in an upscale home that had all the luxury trappings, but they were nearly $4000 in credit. They restructured their lives and began saving, and within a mere two years were debt-free.

Smart spending, dedication

Zina Kumok graduated college with $24,000 of students loan debt. However, since she earned an average of $28,000 per year, she decided that she had to do something about the debt. The debt was paid off over three years.

The Family CEO

Julie Mayfield and her husband faced 18 years of debt -- which amounted to $59,000 to fund their daughter's first year of college. They put any extra money they had toward debt and paid it off in 22 months.

'Monster Payments'

Amanda Page graduated with $48,500 in student loan debt. Ten years later, realizing she'd paid less than $1000 of her total balance, she took on extra work. She employed a plan to make "monster payment" to pay off the debt in 14 months.

Penny Pinchin"Mom

Before marriage, Tracie Fobes declared bankruptcy to get rid of debt. But by the time they and their husband had their very first son, they had accrued an additional $37,000. Conversations about finances led them to complete the repayment in less than two years.

Queen of Free

Cherie Lowe as well her husband, Brian, had more than $127,000 in credit that was spread over payday loans, medical bills and student loans. After the birth of their son, they prompted changes in their lifestyle and they were debt-free after four years.

The Budgetnista

(Photo taken by Tinnetta Bell.)

Tiffany Aliche was saddled with $57,500 in graduate student loans as well as $40,000 of credit card debt and $200,000 in mortgage debt due to default. Then she returned to her home and switched to a cash-only lifestyle to pay it off.

Well Kept Wallet

Deacon Hayes and his wife Kim utilized credit to fund their lifestyle. When they were $52,000 in debt and were living from paycheck from paycheck to paycheck, the couple realized they needed to act. The Hayes paid it off in just 18 months.

His and Her Money

After their wedding, Talaat and Tai McNeely were financially different and had about $30,000 in debt. They lived on one income and employed the other to pay off their debts within a year.

Debt Free Guys

John Schneider and David Auten had years of experience in the financial sector -- but they were able to accrue $51,000 of the credit card industry. They cut down on expenditure, utilized an account balance transfer, and paid it off over 18 months.

From top to bottom

About the author: Amrita Jayakumar is a former writer for NerdWallet. She was previously employed by The Washington Post and the Miami Herald.

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Dive even deeper in Personal Finance

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(image: https://picography.co/page/1/600)Debt Consolidation or. Debt Settlement: Which one is better?

Advertiser disclosure You're our first priority. Everytime. We believe everyone should be able make financial decisions without hesitation. While our website doesn't feature every company or financial product on the market however, we're confident of the advice we offer, the information we provide and the tools we create are objective, independent simple, and cost-free. So how do we earn money? Our partners compensate us. This could influence which products we write about (and where those products appear on the website), but it doesn't affect our advice or suggestions, which are grounded in hundreds of hours of study. Our partners cannot be paid to ensure positive reviews of their products or services. .

Debt Consolidation and. The Debt Settlement Option: What is Better?

Debt consolidation and debt settlement Both have advantages and pros and. Which is best for you is based on your specific circumstances.

By Sean Pyles Senior Writer | Personal finance and financial debt Sean Pyles leads podcasting at NerdWallet as the host and producer of the NerdWallet's "Smart Money" podcast. In "Smart Money" Sean talks with Nerds on NerdWallet's NerdWallet Content team to answer listeners' personal finance questions. With a focus on thoughtful and actionable money advice, Sean provides real-world guidance that will help people improve the financial situation of their lives. In addition to answering listeners' money questions on "Smart Money," Sean also interviews guests outside of NerdWallet and also creates special segments on topics such as the racial wealth gap, how to start investing and the history of student loans.

Before Sean lead podcasting at NerdWallet the company, he also wrote about topics concerning consumer debt. His writing has been featured in USA Today, The New York Times and other publications. When when he's not writing about personal finance, Sean can be found digging around his garden, going for runs and taking his dog for long walks. He lives in Ocean Shores, Washington.

Updated Aug 5, 2021, 12:55 PM PDT

Editor: Kathy Hinson Lead Assigning Editor Personal finance, credit scoring, debt and money management Kathy Hinson leads the Core Personal Finance team at NerdWallet. Previously, she spent 18 years with The Oregonian in Portland in positions such as copy desk chief and team director of design and editing. Previous experience included copy and news editing for several Southern California newspapers, including the Los Angeles Times. She earned a bachelor's degree in mass communications and journalism in The University of Iowa.

The majority or all of the items featured on this page are provided by 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 the page. However, this does not affect our assessments. Our opinions are our own. Here's a list of and .

You're trying to pay down . What is the best way to do it? or debt settlement?

They sound alike They sound similar, but they refer to two different things- and one can create more issues for you.

It's time to cut your debt

Join the link to sign up and track everything from mortgages to credit cards from mortgages to credit cards all in one place.

Debt consolidation

In this case, several debts are rolled into a single one. It is possible to use a balance transfer credit card, , home-equity loan or 401(k) loan.

Why you might choose this:

For a lower interest rate than what you're currently paying, that will help you save money and helps you get rid of your debt faster

In order to reduce the number of payments you're making

If it's a debt to pay down is manageable in you can type

• How to pay off your debts:

Debt settlement

is risky because you withhold the payment from a creditor, and then, once your account is severely indebted attempt to negotiate a lower payment to satisfy the debt.

Withholding payments can ruin your credit score and can lead the possibility of being sued for payment. There's no guarantee that the creditor will accept a settlement.

You may try hiring or trying the services of a firm, but be careful this field is filled with scammers. The Federal Trade Commission recently ordered 11 of these companies to stop their advertising, claiming that they took tens of thousands of dollars in cash from consumers , and provided the companies little or no benefit.

The reason you should consider it:

Do this only if have a credit card that's long-delinquent, or in the process of being , and you think the creditor may take a partial installment. You're not risking much since the damage has already taken care of.

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

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Ilending

iLending The 2023 Review of Auto Loan Refinancing Published 2023-01-01 at 00:00:00

Authored by Emma Woodward Written by Contributing writer

Emma Woodward is a former contributor to Bankrate and freelance writer who loves writing to demystify personal finance topics. Emma has contributed to businesses and publications like Finch, Toast, JBD Clothiers and The Financial Diet.

The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since the end of 2021. They are dedicated to helping their readers gain the confidence to manage their finances through providing concise, well-researched, and clear information that breaks down otherwise complex topics into manageable bites.

Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by providing you with interactive financial calculators and tools that provide objective and original content. We also allow users to conduct research and compare information for free to help you make sound financial decisions. Bankrate has agreements with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make money The products that appear on this site come from companies that pay us. This compensation may impact how and when products are featured on this site, including, for example, the order in which they may appear within the listing categories and other categories, unless prohibited by law for our mortgage home equity, mortgage and other home loan products. But this compensation does not influence the information we publish, or the reviews that you read on this site. We do not contain the universe of companies or financial deals that may be available to you.

Reviewer's disclosures Reviewers are supervised by staff. The opinions expressed are solely the views of the reviewer. They have not been reviewed or acknowledged by any advertiser. The information, including rates and fees provided in the review are accurate up to the date that the review was written. Review the information at the top of this page and the lender's website for the most up-to-date details.

A look 3.9 rating: 3.9 stars out of 5

Bankrate Score

Availability Rating: 3.8 stars out of 5

The Affordability Score: 3.6 stars out of five

Customer Experience Rating: 4.4 5 stars from five

Transparency Rating: 4.5 stars out of 5

Find out about auto loan rates

About iLending Loan amount Not divulged

Min. credit score Not disclosed

APR that starts at 2.14%

Funds are available as soon as one day

iLending provides personalized customer support and options to save you money sound appealing, but you should consider both the benefits and drawbacks of this refinancing service prior to signing up.

PROS Personal loan specialist

Low minimum APR

Simple and quick application procedure

CONS Only refinance vehicles loans

No in-person service

Vague qualification requirements

If you're looking to refinance your vehicle loan ILending might be the right place to start. iLending offers refinancing for all automobile loans with the goal of making it easier to save money. This company has been in operation for over 15 years, and it has been awarded an A+ grade by the Better Business Bureau.

With every customer, iLending provides a loan specialist to help you through the case. They even assist borrowers who have bad credit scores. While iLending doesn't function as a lender, they partner with credit unions and banks around the nation to find the loan options that can save you the most money.

Do you qualify? Anyone who is interested should ensure they meet the basic conditions. You will some equity in the car and a good ratio of debt to income (DTI) ratio to be accepted. You can determine your DTI using a . iLending does not disclose a minimum credit score or annual incomethat could differ among its lender partners. However, generally speaking, you'll need an average credit score of at minimum 670 to be eligible for the best rates offered by lenders. What we like and what we don't like for refinancing, you'll receive personal assistance in understanding the loan process. You could also get a very low interest. Still, there is no in-person customer service that may not be the best option for you.

What we like about personal lending specialist: Each customer is assigned a personalized loan specialist who will assist them throughout the refinancing process. The minimum rate is low: ILending's advertised Minimum APR at 2.14% is less than many competitors' but the rates you'll be offered will vary depending on your creditworthiness, as well as other factors. It's a simple and fast process to apply Apply on the internet using a simple process that is expected to take just about a couple of minutes. We dislike that they only refinance car loans: iLending doesn't offer loans for . There is no in-person service available: iLending aims to save its customers money by operating with lower expenses for overhead -- which means they don't have physical locations. Vague qualification requirements: iLending's website doesn't provide many of the qualification conditions, such as a the minimum credit score, as well as the limits on minimum or maximum loan amounts. How to contact iLending You can reach iLending customer service by phone at 866-683-5505, via chat available on iLending website, or by using the contact form via email available on the website. Customer service representatives are available Monday through Friday, from 6 a.m. to 8 p.m. MST, on Saturdays from 8 a.m. to 4 p.m. MT and Sunday between 10 a.m. until 3 p.m. The time is MT. Live chat and phone support are available in both Spanish as well as English.

Auto loan kinds available

Loan quick facts Amounts: Not disclosed Terms 12 -84 months APR from 2.14%

It is the only place you can find auto loan refinancing through iLending. It is an unofficial service that connects the current borrower and potential new lenders. Current auto loan customers can avail the iLending service if they desire lower interest rates or . Working with many different lenders across the nation means that rates and terms vary. It is possible to connect with any of their loan specialists to discuss specific loan terms that might be for you. How do you apply for an loan with iLending You are able to apply for a refinance of your auto loan directly through the iLending website. The application will require the basic information, such as the Social Security number, your name, address and contact info. The loan specialist will then contact you to verify any necessary information. According to its website, the process should only take less than a minute.

Required application information Your name, date of birth as well as Social Security number. Your telephone #, address, and email address Employment and income information Year, make model, trim and year of the vehicle. The vehicle's identification number (VIN) the current mileage for the vehicle

iLending FAQs

Does iLending charge fees when applicants apply for an the auto loan refinancing? Absolutely not, iLending does not assess the application fee.

Is iLending a reputable business? Yes. The platform online has been around for over 15 years, and is currently holding an A+ rating from the Better Business Bureau.

How Bankrate rates iLending

Overall score

3.9

Availability

3.8

Because iLending has a broad network of lenders and lenders, it is able to assist borrowers in any state. But it doesn't offer its most or minimum loan amounts.

Affordability

3.6

Rates start at 2.14 per cent APR. You won't find a maximum APR though, and fees aren't stated.

Customer experience

4.4

Customer support is available seven all week long, and available in both English or Spanish.

Transparency

4.5

Prequalification is possible, however just the minimal rate will be accessible prior to you filling in your details.

Methodology to rate lenders who focus on auto refinance loans, Bankrate considers 16 different factors. These factors range in consideration to the loan amount, disclosed APR and acceptance criteria. Each lender has a score that is based on four categories. The availability category includes loan amounts, vehicle restrictions and the availability of each state. Affordability: Primarily, this section covers expected APR and acceptance conditions, discounts for autopay, and the amount of charges. Customer experience: This category includes accessibility to online services, availability of support along with funding timelines, options for automatic payment and app accessibility. Transparency: Here , prequalification and disclosure of rates and fees are taken into account.

Disclosure of author The reviews are written by Bankrate.com staff. The opinions expressed are only those of the reviewer , and have not been reviewed or acknowledged by any advertising company. The information, including rates and fees provided in the review is accurate up to the date of the review. Check the data in the upper right hand corner of the page, and the lender's website for the most up-to-date information.

Written by

Emma Woodward

Contributing to writer

Emma Woodward is a former contributor for Bankrate and freelance writer who loves writing to demystify personal finance issues. She has written for various companies and publications like Finch, Toast, JBD Clothiers and The Financial Diet.

The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to take control of their finances through providing concise, well-studied, and well-documented data that chunks complex topics into manageable bites.

Auto loans editor

About

Help

Legal Cookie settings Don't sell my info

How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the promotion of sponsored goods or services, or when you click on certain hyperlinks on our site. This compensation could impact how, where and when products appear within listing categories and categories, unless it is prohibited by law. We also offer mortgage home equity, mortgage and other products for home loans. Other factors, such as our own rules for our website and whether a product is available within the area you reside in or is within your personal credit score could also affect the way and place products are listed on this website. We strive to offer an array of offers, Bankrate does not include specific information on every financial or credit product or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |

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Median Net Worth as Age How do you compare?

Advertiser disclosure You're our first priority. Every time. We believe that everyone should be able to make sound financial decisions without hesitation. While our website doesn't include every business or financial product on the market however, we're confident that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward -- and cost-free. How do we earn money? Our partners compensate us. This can influence the products we write about (and where those products appear on our website), but it in no way affects our recommendations or advice that are based on hundreds of hours of research. Our partners cannot pay us to guarantee favorable review of their services or products. .

Median Net Worth by Age How Can You Compare?

The average net worth for U.S. families is $748,800. The median -- which is a more accurate measurement is $121,700.

by Lauren Schwahn Lead Writer | Personal financial, the debt Lauren Schwahn is a writer at NerdWallet who writes about debt, budgeting and ways to save money. She is a contributor to the "Millennial Money" column of The Associated Press. She has been highlighted on USA Today, MarketWatch and many more. Lauren has a bachelor's level degree in historical studies from The University of California, Santa Cruz. She is located within San Francisco.

Updated Dec 2 2022, 2022 2:31PM PST

Edited by Courtney Neidel Assigning Editor | Personal financial planning, budgeting, and spending Courtney Neidel is an assigning editor for the personal finance team at NerdWallet. She joined NerdWallet in 2014 and worked for the next six years doing articles about budgeting, shopping and money-saving tips before she was promoted to editor. Courtney has been featured as a authority on retail by "Good Morning America,"" Cheddar, and CBSN. Her prior work experience includes freelance writing on behalf of California newspapers.

The majority or all of the items featured on this page are provided by our partners who compensate us. This affects the products we review and the location and manner in which the product is featured on the page. However, this does not affect our opinions. Our opinions are our own. Here's a list and .

The majority of us are aware that our net worth isn't anywhere near that of celebrity billionaires like Oprah Winfrey ($2.5 billion) or Jay-Z ($1.3 billion). And it's been reported that Elon Musk's net worth declined to more than total amount of Oprah and Jay-Z combined -- $100 billion. However, he's still worth more than $200 billion.

Have you ever wondered what your net worth is compared to others'? We analyzed the average net worth numbers of the Federal Reserve's Survey of Consumer Finances report to help you figure it out.

What is the net worth?

Net worth is the amount you own minus the amount that you owe. With a calculator , you can determine yours by deducting the total value of all your debts (such as credit card debt and students loans) from the worth of your entire assets (including your home and the savings in your pension accounts).

>> RELATED:

What is the average American Net worth?

So how do we determine the average amount of net worth for Americans? According to the Federal Reserve Board issues the Survey of Consumer Finances every three years to provide information on household earnings, net worth and more. In the current report- released in September 2020, with data gathered in the year 2019 The overall median or average net worth of U.S. households is $748,800 [0*) Federal Reserve Bulletin . . Accessed on Apr 11, 2022.

. It seems like a lot, doesn't it? It's because wealthy households drive the average up.

Looking at the median, or the midpoint value, provides the most accurate way to represent the typical person. The median value of U.S. households is $121,700. That might help you breathe more easily.

Average net worth by age

Net worth estimates vary according to education, age, and other factors. We'll focus on the median and average net worth figures for various age groups:

Age of head of family

Median net worth

Average net worth

Less than 35

$13,900

$76,300

35-44

$91,300

$436,200

45-54

$168,600

$833,200

55-64

$212,500

$1,175,900

65-74

$266,400

$1,217,700

75+

$254,800

$977,600

How to calculate your net worth?

Are you unsure of what your personal number is? Make use of our calculator for net worth to figure it out.

Net worth calculator

Enter the amount of both your debts and your assets in order to determine your net worth.

Assets

Checking your accounts

Savings accounts

Accounts for retirement and investments

Real estate

Cars

Other assets Include any other accounts or valuables (e.g. jewlery, art, etc. ).

Liabilities

Mortgages

Personal loans

Car loans

Credit card debt

Student loans

Other debt Include payday loans and any other loans that aren't listed here.

Net worth

Learn about the value of your money.

NerdWallet gives you a complete overview of your finances bill, debts, bills and spending -- all in one spot.

What is the significance of net worth?

Net worth is one way to gauge your financial health and identify areas of strength and weakness. But, it's not a perfect picture. Even if someone has a doesn't mean they have the highest standard of living. For example, a person's home could increase the net worth of their home but they may be cash poor in the event that they don't intend to sell it and have no savings.

Curiosity about others' wealth can inspire us to set and pursue financial goals. It also can cause us to feel inferior. It is important to keep in mind that net worth isn't a set amount. It's subject to change in a positive or negative way over the passage of time.

How to increase your net worth

However, wanting to increase your number isn't necessarily a bad thing. There are a variety of strategies that you can employ to increase your the wealth of your net. Begin by following a few fundamental steps:

Select a strategy for debt repayment. Plan out a way to eliminate the burdensome debts. We recommend that you pay off those with the highest interest rates first. This strategy is known as the . Another option to consider is to roll several debts into one payment.

Increase your savings. Automate savings and make use of competitive accounts interest rates, and investigate other options .

Be patient. The trend for most people is that their net worth rises as they age. Try to stay on the right track and give yourself time for your efforts to pay off.

Keep track of your money using NerdWallet.

Skip the bank apps and see all your accounts at one time.

Author bios: Lauren Schwahn covers consumer credit and loans at NerdWallet. Her work has been highlighted on USA Today and The Associated Press.

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What is a hard Inquiry?

Advertiser disclosure You're our first priority. Each time. We believe that everyone should be able to make financial decisions without hesitation. Although our site does not include every company or financial product that is available on the market, we're proud that the guidance we offer, the information we provide and the tools we create are independent, objective, straightforward -- and completely free. So how do we make money? Our partners pay us. This can influence the products we review and write about (and where those products appear on our website), but it in no way affects our recommendations or advice, which are grounded in many hours of study. Our partners are not able to promise us favorable review of their services or products. .

What is a hard Inquiry?

A hard credit check can take just a few points from your score for a short period, however an informal inquiry won't impact it.

Through our Nerdwallet contributors are experts in their field They have various backgrounds including finance, journalism, and consulting. Our editorial standards are the strictest editorial standards to ensure our readers have the information necessary to make financial decisions with confidence. Find out more about our

Updated on 13 February 2023.

Editor: Kathy Hinson Lead Assigning Editor Personal finance, credit scoring, debt and money management Kathy Hinson leads the Core Personal Finance team at NerdWallet. Prior to joining NerdWallet, she worked for 18 years with 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 many Southern California newspapers, including the Los Angeles Times. She graduated with a bachelor's in mass communication and journalism at The University of Iowa.

The majority or all of the products we feature are from our partners, who pay us. This affects the products we feature and where and how the product is featured on a page. However, this does not influence our evaluations. Our opinions are our own. Here's a list and .

A hard inquiry is a request to check your credit score, usually to determine the viability of an loan or credit card application. It may shave the smallest amount of points off your credit score however, it's only temporary.

If you do a credit inquiry yourself, it's considered a soft credit inquiry or a soft check. It doesn't impact your credit score.

The Fair Credit Reporting Act places restrictions on when and why your credit report may be inspected.

Do you need a credit report exam?

Register for an account to have your free credit report and score at hand, all the time.

What is a tough question?

An inquiry that is also called an 'hard pull' or a credit check, needs your permission. It occurs when you make an application for credit such as a mortgage, credit card auto loan and student loan and personal loan. This doesn't occur if you are only seeking pre-qualification to determine whether to apply.

This inquiry becomes part of your credit report. This means that anyone who pulls your credit report can view it. A hard inquiry will remain on your credit report for some time, but it stops affecting your credit score within less than one year.

Nerdy Tip

When you apply for a credit card that requires a hard check regarding your credit score, you may get an influx of marketing messages from lenders. This is because credit bureaus sell marketing lists in response to hard inquiries. However, you are able to opt out at any time, whether permanently or for five years. Visit , a service offered by the credit agencies Equifax, Experian, TransUnion and Innovis or call 888-567 8688. The bureaus state that your request will be effective after five working days. Be aware that you could still receive marketing offers from lenders that utilize other sources. Opting out does not alter your credit score or your eligibility to obtain credit or insurance.

How does a hard inquiry impact your score on credit?

A single hard inquiry can reduce five points from you FICO score. With the most widely used FICO model every inquiry within a 45-day period are considered to be one inquiry when you are " ," such as for mortgage, student and auto loans. The older FICO models and VantageScore which is FICO's rival, also group inquiries for rate shopping, but within 14 days. A VantageScore spokesperson said that a hard inquiry could shave as much as 10 points off a VantageScore.

The majority of lenders or card issuers will obtain a credit report from only one of the three major credit bureausthe three major credit bureaus - Equifax, Experian or TransUnion. Therefore, the request will show up on only the credit report you have. However, this is not the case with mortgages, in which the three credit bureaus are usually checked.

It is smart to limit inquiries that are hard to make. Before you make an application for credit, you should ensure as much as you can you are likely to be accepted so that you don't risk losing score points without getting the approval you seek. Don't apply for credit on impulse. Consider whether a discount or bonus you're hoping to receive is worth the risk in your score. If you have one or two points, it may not be too significant. If, however, you're of low credit scores, think twice.

What is an inquiry that is soft?

Soft inquiries, also referred to as soft pulls or soft credit checks, may occur without you knowing about them. If you've ever received a credit card proposal through the post, it's likely that the company offering the credit card did a soft credit check to determine if you be eligible. The same goes for other kinds of loan offers, or when the mortgage broker or lender offers a pre-qualification, or preapproval.

Employers also may do a background check on you and may look up your credit report that has been modified. Although they require your permission to look at your credit report, it's still not a hard inquiry because it's not a way of deciding whether to extend credit to you.

Most importantly, is an unstructured question, meaning it won't affect your score. You can get your information on demand through an online personal finance site such as NerdWallet. You can also receive your credit reports from the three major credit bureaus. The reports are available for free and, until the end of 2023, you're allowed to receive one report from each bureau per week.

If you check your own credit reports you'll find soft inquiries , but these don't appear on the credit reports that lenders see.

>> LEARN: How you can work in Canada

Soft or hard inquiry?

Some inquiries can be either difficult or soft. If you are renting a vehicle, apply to rent an apartment and subscribe to internet or cable TV or open an account with a financial institution or a person requires verification of that you are who they say you are, you might encounter a hard inquiry or a soft inquiry. Only way you can be sure beforehand is to contact the prospective tenant or the service company.

If you think a hard inquiry is on your credit report but isn't it is just as you can other inaccurate information. It's certainly worth investigating since it may indicate fraud or .

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Keep up with your credit score

We'll let you know whenever your score fluctuates, and provide free insights for ways to continue building.

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How to Pay Off Credit Card Debt in 4 Steps

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 feature every company or financial product that is available on the market however, we're confident that the guidance we offer, the information we provide as well as the tools we design are independent, objective, straightforward -- and completely free. So how do we make money? Our partners compensate us. This may influence which products we write about (and the way they appear on our website), but it does not affect our suggestions or recommendations, which are grounded in many hours of research. Our partners are not able to pay us to guarantee favorable ratings of their goods or services. .

How to Pay Off Credit Card In 4 Steps

Depending on the amount you may want to try depending on the amount, you could try a DIY method like debt snowball or consolidation, or consider debt relief.

By Sean Pyles Senior Writer | Personal finances, debt Sean Pyles leads podcasting at NerdWallet as the host and producer of the NerdWallet's "Smart Money" podcast. The show "Smart Money" Sean talks with Nerds across the NerdWallet Content team to answer listeners' personal finance questions. With a focus on shrewd and practical advice on money, Sean provides real-world guidance that can help consumers better in their finances. Beyond answering listeners' money concerns on "Smart Money," Sean also interviews guests outside of NerdWallet and produces special segments on topics such as the racial gap in wealth, how to start investing and the background for student loans.

Before Sean was the host of podcasts at NerdWallet the company, he also wrote about topics that dealt with consumer debt. His work has appeared throughout the media including USA Today, The New York Times and elsewhere. When he's not writing about personal finances, Sean can be found digging around his garden, going on runs and taking his dog for long walks. Sean is located within Ocean Shores, Washington.

And Tiffany Curtis Lead Writer | Health and wellness Tiffany Lashai Curtis is a head writer for the financial team of NerdWallet. She was previously the health writer for Livestrong.com as well as a freelancer for various publications such as Refinery29, Business Insider and MTV News, where she focused on the issues that affect communities with marginalized populations. As a wellness facilitator, she has led conversations for organizations like Planned Parenthood and Harvard University. She is based in Philadelphia.

Updated on Jan 25, 2023 at 9:36AM PST

Edited by Kathy Hinson Lead Assigning Editor Personal finances, credit scoring financial management and debt Kathy Hinson leads the Core Personal Finance team at NerdWallet. In the past, she worked for 18 years working at The Oregonian in Portland in roles including copy desk chief and team director of design and editing. Previous experience included news and copy editing for many Southern California newspapers, including the Los Angeles Times. She graduated with a bachelor's in mass communications and journalism in the University of Iowa.

Many or all of the products we feature are provided by our partners who pay us. This impacts the types of products we review and where and how the product is featured on the page. But, it doesn't affect our assessments. Our opinions are entirely our own. Here is a list of and .

If you're wondering how to lower your credit card debt Be aware that you're getting plenty of company. Credit card balances grew by 15% between 2021 and 2022 this was the biggest increase in more than 20 years, according to a November 2022 report from the Federal Reserve Bank of New York. [0] Federal Reserve Bank of New York's Center for Microeconomic Data . . Accessed on November 15, 2022.

As of September 2022, the average amount of revolving credit card debt owed for each U.S. household with credit card debt was $7,486 according to .

Achieving success requires a hands-on approach, from determining your best method of payment to contacting your creditors to discuss rates. This article will help you reduce your credit card debt in four steps.

1. Find a payment strategy or two

If you are determined to get rid of that credit card balance, consider these suggestions to get to your goal faster. Having a concrete repayment goal and strategy will help keep you as well as the credit card balance- in check.

Pay more than the minimum

Credit card issuers pay you a percentage, typically 2% on the amount you have. Remember, though: Banks earn money from their interest charges per period of billing, therefore the longer it takes you to settle, the greater they earn. The amount of interest on credit cards that is being paid has been increasing because of Federal Reserve rate hikes and the increasing amount of credit card debt with revolving terms. It's believed that U.S. households that carry credit card debt will pay an average of $1,380 credit card interest this year according to the study.

Examine your credit card bill for an "Minimum payment Warning," which will have a table showing how long it will be to pay off your balance if only made minimum payments -- and the amount of interest you'd be paying.

Debt snowball

The process of paying down the debt you owe uses your sense of accomplishment as motivation. You prioritize your debts by amount, then focus on eliminating the smallest one first. After you've paid it off the debt, you can roll that amount into the amount you're paying towards the next lowest and so on. Similar to a snowball that rolls down an hill, you'll slowly pay more and more until you've paid off your debt.

Debt avalanche

As with the snowball approach It starts by the listing of your debts. But instead taking care to pay off the credit card that has the lowest balance first, you then pay off the card with the highest interest rate. It could be a faster and more affordable approach than the snowball technique.

Automate

Automating your payment is a quick method to ensure that your debts are paid so you avoid racking up late fees. If you're using the debt snowball or avalanche strategy you'll need to be a little more hands-on to make sure you're contributing the exact amount you'd like to for each account.

Worried About the Economy?

Manage your finances in the market's rising costs as well as economic uncertainty and worries about recession.

2. Consider debt consolidation

If you have a good credit score but your debt payments feel overwhelming, you might consider transferring them to one account. This way, you only need to make one payment each month to reduce the balance.

Credit card with 0% balance transfer card

It may seem odd to apply for credit cards when your primary goal is to get out of credit card debt, but can help save you money in the long run. Look for a card with an extended 0% introductory period, ideally 15 to 18 months -and then move all your outstanding credit card debt to that one account. There will be one payment each month, and you'll never pay any interest.

Personal loans

Similar to that, you can also take out a fixed-rate to settle your debt. While you'll need be paying interest on the loan, interest rate for personal loans tend to be lower than those for credit cards but they will aid in saving money. Utilize a calculator to estimate your savings.

3. Make contact with your creditors

Contact your creditors to explain your situation. Credit card companies might have the ability to bargain terms for payment or even offer a discount , especially when you're a frequent customer with a good track record of payments.

If your issuer has a hardship program, it may provide relief in the event that circumstances outside your control like sickness or unemployment affect your ability to pay. Even if you're not being affected by illness or unemployment and you're not experiencing any hardship, inflation is creating difficulties for many. As per the NerdWallet survey, 44% of employed Americans claim their wages haven't been increasing enough over the past year to keep up with inflation.

Whether you bargain with your lender or accept the conditions of a hardship program or a hardship program, either can result in lower interest rates or waived fees dependent on the issuer.

These minor changes could be just enough to help you get control of your debt and the worst thing that could happen is if they decide to say no.

4. Seek help through debt relief

If the total amount you owe is greater than you're able to pay each month and you're really struggling to get out of debt, it could be time to take some more drastic steps. Think about, for instance, the debt management program.

Debt management plan

These are developed with the assistance of a . Counselors negotiate new conditions with your creditors and consolidate your credit card debt. You'll then pay the counseling agency a fixed rate each month. Credit accounts could be closed, and you may have to give up new accounts for a period of time.

Bankruptcy

Filing for wipes out the unsecured debt, such as credit cards, but with consequence. It can assist you in restructuring your debts into a repayment plan that spans three to five years. It could be the best option if own assets that you would like to keep. It can stay at the top of your credit score for 7 to 10 years, however your credit score is more likely to improve within the time frame following declaring bankruptcy. Certain debts, like and tax debts, usually can't be erased in bankruptcy.

Debt settlement

A debt settlement creditor will accept less than the amount you owe. Even though it may sound like a great deal, it's not an option for the majority of people. Typically, you hire an agency for debt settlement to bargain for you with creditors. Read more details on and the risks you take.

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

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

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Free Budget Planner Worksheet

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A Budget Planning Worksheet for Free Worksheet

Include your earnings and expenses to this template for your monthly budget, and we'll show how your spending is aligned with the 50/30/20 principle.

The article was written by Lauren Schwahn Lead Writer | Personal finance and the debt Lauren Schwahn is a writer at NerdWallet who writes about budgeting, debt, and other money-saving strategies. She is a contributor to the "Millennial Money" column in The Associated Press. The work she has contributed to was highlighted by USA Today, MarketWatch and many more. Lauren has a bachelor's level degree in the field of history at her home at the University of California, Santa Cruz. She is based within San Francisco.

Updated 5 December 2022

Written by Rick VanderKnyff Senior Assigning Editor | Los Angeles Times; University of California, San Diego; Microsoft Rick VanderKnyff leads the team responsible for expanding NerdWallet's content to additional topics within personal financial. Previously, he has worked as a channel manager at MSN.com as well as a web manager at the University of California San Diego, and as an editor for copy as well as a staff writer at the Los Angeles Times. He holds a Bachelor of Arts in communication, as well as a Master of Arts in anthropology.

A majority of the products we feature are from our partners who pay us. This affects the products we review as well as the place and way the product is featured on a page. However, this does not influence our evaluations. Our opinions are entirely our own. Here's a list and .

What is a budget planner?

Budget planners are a tool, such as an worksheet or template that you can use to create your budget. A good budget planner will help you determine the best way to spend your money while avoiding or reducing the burden of debt. NerdWallet recommends the suggests that 50% of your earnings goes to necessities, 30 percent to wants and 20% toward the savings account and repaying debt.

Before you begin to create a budget

NerdWallet breaks down your spending and helps you find ways to cut costs.

Make a budget that you can stick to

The best plan for your budget is one that you can live with, so tweak your approach according to your needs. For instance the 50/30/20 breakdown can be a recommendation to help you get started. as needed until you reach the budget you want to achieve.

And if a hands-on monthly budget template doesn't work for you, think about one of these . They're all synced with your accounts for financial transactions, so they can for you.

If you're unable to create your dream budget into a real-life reality, or you're struggling to get a handle in your budget, the process of planning might not suffice for you. Explore other options, such as getting expert advice on finances or other resources that could help .

Monthly budget worksheet

Use the free budget worksheet below to see how your spending fares against the 50/30/20 budget guide.

If this budget sheet doesn't suit your needs, try another tool. Look into other options tools, or download a budget app. To get a simpler snapshot check out our .

For other money matters take a look at the information provided by NerdWallet.

Do you want nerdy advice that's tailored to your budget? Put all your money in one view, and get tailored insights to get the most value from it.

Author bios: Lauren Schwahn covers consumer credit and loans at NerdWallet. The work she has written for NerdWallet was featured in USA Today and The Associated Press.

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