May 10, 2021


Digging out of personal debt

WEST MICHIGAN – Digging your way out of debt can feel like a massive undertaking – or sometimes like you’re trying to dig yourself out of a hole, that you keep sinking deeper into.

For some Americans the past year was a blessing, financially, letting them throw thousands of dollars at their credit card debt. And the three COVID relief packages added some extra cash flow, giving everyone $3,200 in direct payments.

So overall consumers are doing well, but what’s the best way to attack the remaining amount of debt? Lindsay Bryan-Podvin, LMSW, is a Financial Therapist at

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Get Out of Credit Card Debt

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When you’re deep in credit card debt, sky-high interest rates can make it tough to dig yourself out. A personal loan can sometimes be helpful if you want to a lower interest rate and fixed monthly payments.

Payoff offers a quick, easy application process for qualified borrowers looking to consolidate their credit card debt and pay it down over time at a lower interest rate.

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Small business owners feel pressure of personal debt guarantees

The vise is tightening on owners of restaurants, fitness centers and other small U.S. businesses trying to hold on until the economy fully reopens. 

Unlike at most big companies, the burden is often deeply personal, because small business owners often end up providing a personal guarantee when they take on debt or sign a lease. 

Increased vaccination rates, loosening state restrictions and the $1.9 trillion stimulus package are raising hopes that these businesses can make it through, but the weight of those guarantees isn’t dissipating, The Wall Street Journal reports. Many businesses have accrued debt after deferring rent, loan

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Small-Business Owners Feel Weight of Personal Debt Guarantees

The vise is tightening on owners of restaurants, fitness centers and other small U.S. businesses trying to hold on until the economy fully reopens. And unlike at most big companies, the burden is often deeply personal.

Townsend Wentz borrowed from his family to open his first Philadelphia fine-dining restaurant in 2014. The chef tapped the equity in his home, erased any semblance of a retirement account and diverted college funds for his daughter into his business. Roughly $1.5 million in personal investment now sits in the balance. The pandemic repeatedly closed his five locations for portions of the year.


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Santander Eyes Expansion in Leveraged Finance, ESG-Linked Debt

Banco Santander SA is expanding its leveraged finance business under Rafael Noya, who took over as head of global debt financing a year ago.

The Spanish bank is broadening its lending to speculative-rated borrowers from its traditional focus on high-grade debt, Noya said in an interview. It’s been building a team to get more high-yield mandates in Europe and the U.S.

“There will be a difference in the size of the deal, but we will have a well-rounded product to play head-to-head in the U.S. market too,” Noya said.

Recent deals include funding the buyout of Spanish telecommunications firm Masmovil

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The real-life depths of Bay Area debt

The more people talk about their debt, the more they tend to blame themselves.

Debt convinces people that the money they have shouldn’t be spent and the money they make isn’t actually theirs. Even the smallest indulgences turn into guilt trips, as if they’ve splurged on the equivalent of a yacht.

In the United States — and in the Bay Area — debt has ballooned into a near-universal experience. If you don’t have it, you know someone who does. The pandemic brought debt to the forefront of local and national discussions. About student loans, the $1.7 trillion bubble that everyone

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