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Category Archives: Debt Consolidation

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FTC Orders Operators of Credit Card Reduction Scam To Pay Millions And Get Out Of Debt Relief Business

By Nowack & Olson, PLLC |

Sometimes taking on a new debt to pay off your existing debt can be a wise move.  If the new loan has a lower interest rate than the debts you are using the loan money to pay off, then you will have a higher debt to credit ratio in the short term, but in… Read More »

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Beware Of Loans With Interest Rates Higher Than 100 Percent

By Nowack & Olson, PLLC |

Several weeks ago, Jelena McWilliams ended her tenure as chairperson of the Federal Deposit Insurance Corporation (FDIC); President Biden will appoint a new chairperson soon.  The change in FDIC leadership could mean a change in its policies on consumer lending.  Consumer advocates and struggling borrowers hope that the new FDIC leader will close some… Read More »

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Is Opening A New Credit Card The Solution To Your Credit Card Debt Problems?

By Nowack & Olson, PLLC |

Credit cards can make your financial situation worse, but if you use them strategically, they can also make your financial situation better.  For example, opening a credit card, but only using it to make small purchases can increase your credit to debt ratio, thereby improving your credit score, especially if you pay off your… Read More »

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Is The Snowball Method An Appropriate Debt Repayment Strategy For You?

By Nowack & Olson, PLLC |

Another year, another set of good intentions about paying off your debts.  You have been doing this for as long as you have been old enough to make New Year’s Resolutions more ambitious than to quit biting your fingernails or to confess your feelings to your crush before graduation.  Will 2022 be any different? … Read More »

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Is It Ever A Good Idea To Take Out A Personal Loan?

By Nowack & Olson, PLLC |

You know you are an adult when you dread the sight of the mail truck.  When you are a child, postal mail addressed to you is a cause for literal celebration; almost every piece of mail you receive is a holiday greeting card or a party invitation.  When you are an adult, however, your… Read More »

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Debt Consolidation Can Help Your Financial Situation, But Only If You Do Your Research

By Nowack & Olson, PLLC |

If you struggle with debt, as most of us do, you probably get lots of notices in the mail from banks offering you personal loans with which to consolidate your debt.  On fact, they may even make it sound like consolidating your debt is a universal solution to everyone’s debt problems.  If that were… Read More »

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