What It Is, How It Works, Example

What Is Reaffirmation? Reaffirmation is a type of agreement a debtor makes with a lender to repay some or all of a debt despite going through bankruptcy proceedings. When a person files for bankruptcy, they do so in order to be relieved of a debt burden they cannot pay. By entering into a reaffirmation agreement,…

What not to do when paying off debt

Knowing what not to do is just as important as knowing what to do when it comes to paying off debt. Andrii Yalanskyi/Getty Images Debt levels in the U.S. are climbing higher than ever, and the strain is being felt across millions of households. Borrowers are carrying larger balances overall in terms of their debt…