View Post

How to Start a Small Business When You have Student Loan Debt

LendKey

In Managing MoneyLendKey

Millennials may very well be the “small business” generation. Approximately 30 percent of millennials have already started a small business of their own, compared to 19 percent of baby boomers and 22 percent of generation X. This generation has a can-do attitude and they are strongly attracted to the individualistic nature of small businesses. Unfortunately, millennials are also a generation defined by student loan debt. Approximately 42 percent of millennials have reported that they, or someone in their household, has student loan debt in their name. This makes the millennial generation something of a paradox: these young people are go-getters …

View Post

Credit Freeze – What, How, Why, and Other Things to Consider

LendKey

In Managing MoneyLendKey

Identity theft is one of the biggest concerns in the modern world – especially given the relatively recent high-profile breaches. If you have had your identity stolen, getting it back can be a nightmare. Even if you have not, then the fear of somebody racking up thousands of dollars of debt in your name can be paralyzing. Because of this, some experts are suggesting freezing your credit as an effective way to protect yourself from identity theft. What is freezing your credit? If you freeze your credit, you prevent anyone other than you and your existing creditors from accessing your …

View Post

Your Basic Guide to Credit Freezes

LendKey

In Managing MoneyLendKey

Following the Equifax data breach in 2017, many customers started talking about the possibility of a credit freeze: a simple step they were hoping would prevent identity theft. Understanding how to perform a credit freeze, when you might want to perform one, and how to return your information to its normal state will help you navigate these often murky financial waters, better preparing you for future credit catastrophes. What is a Credit Freeze? During a credit freeze, you close off your credit accounts with the three key credit agencies. Thanks to the freeze, no one–specifically creditors–is able to access information …

View Post

Buying A Car With Student Loan Debt: Things to Consider

LendKey

In Managing MoneyLendKey

Buying a Car When You Have Student Loan Debt You’ve just graduated, with a crisp new diploma you’re ready to take on the world and are excited for your first day of work at your new “adult job”. You want to drive to work in your own car rather than your parent’s old ride – but can you afford it? Statistics overwhelmingly say no. Today, in addition to their exorbitant student loans, graduates are sliding further into debt due to rising car prices. The average new model costs in excess of $31,000, with even small sedans approaching the $20,000 mark …

View Post

Buying A House with Student Loan Debt: Things to Consider

LendKey

In Managing MoneyLendKey

When Can I Buy a House If I Have Student Loans? There are many reasons that millennials find owning a home appealing. In fact, a recent survey found that 33 percent of millennial home buyers’ decision to buy a home was driven chiefly by their dog.1 Dogs outranked marriage as well as the birth of a child as top motivators for buying homes. Whatever the case, becoming a homeowner is a goal for many recent graduates. But how does a home loan fit into the picture when you have student debt? If you’re a recent graduate who’s ready to get …

View Post

Till Debt Do Us Part: Love, Marriage, and Paying Bills with Student Loan Debt

LendKey

In Managing MoneyLendKey

So, you’ve decided to tie the knot — congratulations! This decision likely came after careful thought and deliberation on multiple fronts by both you and your partner. However, of all the considerations you’ve made in advance of deciding to get married, did you remember to take into account your financial status? Most young graduates fail to talk about finances upon deciding to get married, a mistake which can lead to major disagreements and a hefty dose of unhappiness in the future. It’s vital to have a serious discussion with your partner about all facets of their financial matters, from student …