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

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In Personal Finance ResourcesLendKey

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 …

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Your Basic Guide to Credit Freezes

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In Personal FinanceLendKey

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 …

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Student Loan Repayment Options to Avoid Default

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In Loan Refinancing Personal Finance StudentsLendKey

What to do When You Can’t Afford Your Student Loan Payment The consequences of not paying student loans are harsh. Unlike other types of loans, if you are unable to make payments, student loans are generally not dischargeable with bankruptcy.1 Defaulting on a student loan can result in anything from being sued for the amount of the loan, to the loss of social security benefits. Your tax refunds can be intercepted and you may end up surrendering your income to repay the debt, not to mention the consequences defaulting will have on your credit.1 However, not all hope is lost …

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A Guide to Budgeting for Recent Graduates

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In Personal Finance StudentsLendKey

Graduating college is a major milestone. Finally, you can expect to have no more classes, no more homework or tests, and no more all-nighters (hopefully)! But with this newfound freedom comes a new series of responsibilities. For one, your student loans are looming over the horizon, and you’ll need to start budgeting for monthly payments. Additionally, many other aspects of your life could change: anything from your housing situation to your career path. Will you be financially ready to start “adulting” like never before? The key to managing your money after your days as a student is building a budget …

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How to Save Money When You Have Student Loan Debt

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In Personal Finance StudentsLendKey

3 Tips for Short-Term Savings When You Have Student Loan Debt Are you having trouble setting money aside from every paycheck? You’re not alone. About 61 percent of people say they don’t have enough money saved up for six months’ worth of expenses. Moreover, 49 percent of Americans are even worse off—they’re not able to set anything aside for their emergency fund, and are living paycheck to paycheck.1 Now consider the fact that not all of those people have student loan debt. The cost of living is high and the entertainment options limitless, meaning short-term savings are hard enough as …