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Debt

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Mary J. Blige Recalls Drowning In 'Hundreds Of Millions Of Dollars' In Debt Owed To The IRS

There is sometimes a downside to fame and fortune. For the legendary Mary J. Blige, her success became tied to a debt worth “hundreds of millions of dollars,” per Insider.

Jun 7, 2023

Kanye West Once Claimed He Ended Up With $53M In Debt After Funding His Own Fashion Venture

Certain artists produce music that serves as markers in time and culture. Artists like Whitney Houston, Michael Jackson, Jay-Z, and many others have hits that will take people to a specific memory and help define moments. Although his actions may sometimes overshadow his music, Kanye West can be added to that list of artists. West is a Chicago native that entered the music scene, writing and producing music for major artists. He would go on to establish a solo career that had mainstream success with songs like “Flashing Lights,” “Gold Digger,” and “Good Life.” Throughout his career, the 45-year-old has earned several Grammy Awards with four Billboard number-one hits and 20 top-ten hits on the charts. And this success was based on a formula West had in mind for changing the hip-hop landscape. His creativity was beyond limits, even from the start of his career. “Pop music has a lot of instrumentation, and I brought that to hip-hop,” West explained in a 2004 Complex interview. “I want...

May 25, 2023

Doctors Renée And Nii Darko Help Others Out Of Debt After Accumulating $800K Student Loans

Doctors Renée and Nii Darko pursued the medical field to help save lives and to make their immigrant parents proud. However, the couple initially w asn’t aware of the dent the pursuit would make in their pockets.

Feb 28, 2023

Earthquake Says He Was Once Sitting On $3M In Debt While Living Next To One Of Hollywood's Highest-Paid Black Actors

Comedian Earthquake fell on hard times while living right beside one of Hollywood’s highest-paid Black actors, Jamie Foxx. The comedian explains that while he was a neighbor to the renowned entertainer, who has an estimated $170 million net worth, he had somehow acquired $3 million in debt. For Earthquake, it’s a difference between “being broke” and “being in debt.” He further explained during an appearance on “Club Shay Shay,” the podcast led by former NFL superstar Shannon Sharpe.

May 26, 2022

This Couple Paid Off Over $100K In Debt In Under Two Years — Here's How

The art of the side hustle is working out in a huge way for this couple. According to Good Morning America (GMA), Anthony and Jhanilka Hartzog managed to pay off $114,151 over the span of two years thanks to those extra streams of income. They set a goal in 2017 with a plan to pay off their debt in whole by Jhanilka’s 30th birthday and the couple delivered.

Jan 11, 2022

Can’t Pay Credit Card Bills Because of the Coronavirus? Make This Call

Have your finances been rocked by the coronavirus? Your credit card issuer might be willing to offer a helping hand, but you’ll likely have to ask for it. As America and the rest of the world wrestle with the COVID-19 pandemic, more daily lives are being upended. Lockdowns, self-quarantines and other drastic measures to stop the spread of the virus are becoming more common here in the U.S., leading to missed paychecks and unpaid time off from work and other hardships. For many Americans, whose financial margin for error is tiny even in the best of economic times, these disruptions can be a really big deal. They can make it hard to pay your mortgage, car loan or credit card bill, for example. The good news is that these disruptions will likely only be temporary, but that doesn’t make things any easier in the short term. Fortunately, you can take steps right now to help your situation: the simplest step is to call your credit card issuer and ask for help. Many credit card issuers have...

Apr 22, 2020

Two Black Businesswomen Help Clear Balances of 30 Fellow HBCU Students

The college student loan debt crisis is a serious issue America has been faced with for decades. Americans owe over $1.64 trillion in student loan debt as we’re burdened with the cost of higher education more than ever in 2020. While politicians like Bernie Sanders and Elizabeth Warren have made proposals for free college tuition and forgiveness for the current student loan debt, others are making their own strides to eliminate debt for current college students. Clark Atlanta University alum and female entrepreneurs, Pinky Cole and Stacey Lee have made an effort to put a dent in the student loan debt crisis by helping clear balances for 30 fellow CAU college students. The 30 Clark Atlanta University seniors were surprised with a special gift from these businesswomen as they were originally led to believe they were simply meeting the two alumni. Little did they know these dynamic entrepreneurs were going to give them a clean slate after college by completely wiping their debt. “We...

Mar 12, 2020

Study: More Than 1 in 3 Credit Cardholders Ended 2019 With More Card Debt Than They Started With

Let’s be real — some of us might not have made as much financial progress as we would have liked in 2019. Thankfully, it’s a new year, and we have another chance to do better. CompareCards commissioned a survey of almost 800 credit cardholders and found that nearly 1 in 5 cardholders with credit card debt didn’t make any progress towards paying off their debt last year. On top of that, 35 percent of cardholders entered 2020 with more credit card debt than they had in the beginning of 2019. In this article: Key findings Many cardholders started the new year with card debt Nearly 1 in 5 indebted cardholders didn’t make any payoff progress in 2019 The credit card debt gender gap continues How to prioritize paying off credit card debt in 2020 The bottom line Key findings Nearly 1 in 5 cardholders with credit card debt didn’t make any payoff progress this year. 35 percent of cardholders have more credit card debt now than they did on Jan. 1, 2019. On the other hand, 34 percent now have...

Jan 10, 2020

Can Student Loan Debt Eat Up Your Social Security Benefits?

Unfortunately, Social Security payments can be garnished if you default on federal student loans , as many retired borrowers find out the hard way. Called an offset, more people than ever are losing out on Social Security benefits due to federal student loan debt. However, there are limits to how much can be garnished for student loans, though these limits don’t go far enough. If you’ve defaulted on your student loan debt, here’s what you need to know about student loans and Social Security benefits, as well as your options for student loan forgiveness at age 65 and above. Can student loan debt threaten your Social Security payments? What’s the Social Security garnishment limit? How many Americans had their Social Security payments garnished? What can people do to save their Social Security payments? What can you do to avoid student loan default? Student loans and Social Security payments: The bottom line Can student loan debt threaten your Social Security payments? Yes — and the...

Dec 10, 2019

Tips for Getting Out of Business Debt

When your business needs funding, it might be necessary to apply for a loan or other type of financing. But debt has a downside. Once you borrow, getting out of business loan debt could slow growth or prevent you from borrowing again in the future. “Debt can be an integral component to scaling your business, but it’s absolutely critical it’s used for the right reasons and in the right proportions,” said Mike Hennessy, founder of Harbor Crest Wealth Advisors. We’ll help you understand how to responsibly use and repay financing so you can get your business out of debt. How to get out of business debt Reduce your recurring expenses. Look for opportunities to refinance. Increase revenue. How debt can help or hurt your business Preventing a cycle of business loan debt How to get out of business debt Here are a few strategies to follow to get out of — and stay out of — business debt. Reduce your recurring expenses. You may be only spending on necessities if you have small business debt,...

Dec 9, 2019