Tayne Law Group

Category: Getting Rid of Debt

  • Should You File for Bankruptcy: Pros and Cons

    Should You File for Bankruptcy: Pros and Cons

    Dealing with thousands of dollars in debt can feel like a hopeless situation. Fortunately, several options are available to help you get it under control, including bankruptcy. However, filing for bankruptcy isn’t a quick fix for your debt problems. Therefore, it’s essential to understand the pros and cons of bankruptcy so you can make an […]

  • What a Debt Collection Agency Can (and Cannot) Do

    What a Debt Collection Agency Can (and Cannot) Do

    When you fail to pay back a debt, the original lender will usually try to collect it themselves. However, if it goes unpaid long enough, they may decide that it’s unlikely that they will ever recover the debt. At that point, the debt gets marked as a charge-off on your credit report, and the lender […]

  • Why Your Credit Score May Drop after Paying off Debt

    Why Your Credit Score May Drop after Paying off Debt

    Paying off a loan or credit card balance is a big accomplishment. But you might not feel like celebrating if you check your credit score, only to find that it’s dropped after knocking out that debt. After all, your creditors want to be paid back, so why would you be penalized? Before you get too […]

  • What to Do if MCA Lender Files a UCC Lien Against You

    What to Do if MCA Lender Files a UCC Lien Against You

    If you’ve taken out a merchant cash advance (MCA), you may already have an MCA UCC lien on your business credit reports. While this is typical for MCAs and other forms of business financing, it could impact your ability to get credit in the future. This is especially the case if the information in the […]

  • Here’s What Happens if You Don’t Pay Your Student Loans

    Here’s What Happens if You Don’t Pay Your Student Loans

    In today’s world, most of us are bogged down by student loan debt. In fact, the average American has over $39,000 worth of student loan debt in 2021, according to data from the Education Data Initiative.  However, while paying off that amount of debt can be hard, the consequences of not paying it can be […]

  • Is Borrowing From 401k to Pay Off Debt a Good Idea?

    Is Borrowing From 401k to Pay Off Debt a Good Idea?

    If you have credit card debt, but you have some retirement savings, there’s a good chance that you’ve thought about borrowing from a 401(k) to pay off debt. While borrowing from your retirement account is certainly an option, like any other financial decision, it does come with its own pros and cons. With that in […]

  • Personal Finance 101: Should I Save or Pay Off Debt?

    Personal Finance 101: Should I Save or Pay Off Debt?

    Every day, many Americans ask themselves, “Should I save or pay off debt?” If you’ve asked yourself that question recently, you’re not alone. In light of that, we have taken the liberty of answering this question once and for all. Keep reading to learn whether it makes sense to save first or to pay down […]

  • How to Consolidate Debt with Bad Credit

    How to Consolidate Debt with Bad Credit

    When you have bad credit, it can sometimes feel like your financial options are limited. Fortunately, there are things you can do to take control of your debt and improve your credit score. Below is a guide on how to consolidate debt with bad credit. Read it over to get a sense of the steps […]

  • Can You Buy a House with Credit Card Debt?

    Can You Buy a House with Credit Card Debt?

    Per the latest numbers from Debt.org, the average American household carried $5,315 worth of credit card debt in the fourth quarter of 2020. With numbers like those, it’s no surprise that many would-be-homebuyers wonder, “Can you buy a house with credit card debt?” The short answer is, yes, it is possible to buy a house […]

  • How to Create a Debt Payoff Plan

    How to Create a Debt Payoff Plan

    When you’re in debt and want to get out of the cycle for good, one of the first steps you can take is creating a debt repayment plan. With that in mind, we’ve created a guide on how to create a debt payoff plan below. If you follow these steps, there’s a good chance that […]