Making the Right Financial Moves When Medical Emergencies Arrive

Today I have another guest post, from personal finance blogger Josh Wilson at FamilyFaithFinance.com.

Medical bills can be a nightmare. A night in the emergency room or bad news from a doctor can mean thousands of dollars taken from your bank account or even harm to your credit score. But, since medical bills don’t go straight to your credit score, there are some moves to make within the first 90 days after an emergency occurs.

The Consumer Financial Protection Bureau reports that about half of all collection accounts on credit reports actually come from medical debt. The report also said that a single collection can cause a decent credit score to fall about 100 points. Many patients don’t even realize how quick a medical bill can damage their credit.

Other misconceptions include: Continue reading

Tips and Tricks I Learned On My (Sometimes Rocky) Path of Student Loan Repayment

Today I have a guest post from Jacob, a personal finance blogger at DollarDilligence.com, on a topic that I know many of my readers deal with – student loan repayment.

I couldn’t believe my eyes when I logged online and took a look at how much of my student debt I had paid off in the previous year. It was next to nothing. I hadn’t even missed any payments. To start the year, I had around $26,000 in debt and after 12 months of payments I hadn’t even gotten to under $25,000.

I couldn’t believe it.

My problem was that I was on an income-driven repayment plan that limited my payments to only 10% of my income. My interest was still accruing and I was barely putting a dent in my principal – a common problem with these kinds of plans.

That’s when I decided I needed to make a change. I completely changed my lifestyle and repayment plan, and vowed to repay my debt within the next year and a half.

I’m happy to say that I was successful, though it wasn’t fun. How did I do it?  Continue reading