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The coronavirus pandemic has made it difficult for many Americans to manage their debt. Companies like Fiona and Braidwood Capital are fighting for market share of the growing debt consolidation loan market. In this article, I am going to highlight some of the differences between Fiona and Braidwood Capital and go over some of the techniques that you can leverage to handle debt at any age.

Being in debt is not necessarily a bad thing provided that you can handle it. In fact, having some well-managed debt is better than having no debt at all since this will give confidence to lenders in your ability to pay back and manage debt.

I chose to show you the differences between Fiona and Braidwood Capital so you can make an informed decision when comparing debt consolidation and debt relief loan options. There are not the only two choices you will have. There are many companies out there offering fair deals for those looking to consolidate debt.

Fiona Beats Braidwood Capital
Editorial Credit: Fizkes

Fiona Review

Based in New York, this loan marketplace has been around since 2015. Fiona connects borrowers with some of the best lenders in the business. It provides you with a quick and easy way to search for financial services. Ultimately, Fiona (formerly Even Financial) –lets you compare personal loans, credit cards, savings accounts, and student loan refinancing options. 

Fiona offers flexible personal loans ranging from $1,000 to $100,000, and competitive APRs from 4.99% – 35.99%. Repayment options range from 24 to 84 months. All loans are unsecured, meaning that the loan is issued and supported only by the borrower’s creditworthiness, rather than by any type of collateral.

Braidwood Capital Review

Braidwood Capital is the newest bait and switch trap brought to you by none other than the same devil that brought you Tiffany Funding, Nickel Advisors and Coral Funding and about 50 other debt consolidation and personal loan web sites.

The story is the same. They lure you in by sending you direct mail with a “personalized invitation code” and a low 3%-4% interest rate to consolidate your high-interest credit card debt. You will be directed to BraidwoodCapital.com or mybraidwoodcapital.com. More than likely you will not qualify for one of their debt relief loans and they will try and flip you into a more expensive debt settlement product.


Here is what you can do to manage debt and keep it in the sweet spot where it is a boon and not a bane for your finances and credit score.

Set Your Financial Goals With Fiona

You should set both long term and short-term financial objectives so that you gradually work your way towards financial freedom even before your approach retirement.

If you have a high amount of debt, then you should think of a plan for bringing it down to acceptable levels. If you are saddled with too much debt then you may not be able to enjoy a comfortable retirement. Fiona is an excellent resource for you to explore your debt consolidation options.

You should set the age at which you should have a car for your own home. The best age for keeping a savings is your current age because the sooner you start, the better.

High Interest Debt

To manage debt in a better way, you should set your highest interest debt as your top priority. The advantage of this method is that you will get rid of debt that is incurring a high amount of interest and making it difficult for you to pay back. Most often, this happens to be credit card debts since they carry some of the highest interest rates. Fiona offers multiple options for you to pay off you credit card debt.

If certain credit cards have a very high interest rate, then you can think about closing these accounts. While this might affect your credit score, the damage done will be less than that done by default on payments. Once your financial scenario stabilizes and you are able to manage debt in a better way, you can open these accounts one by one.

Research Student Loans To Manage Debt

Before committing yourself towards any student loan, you should first do your research to find a loan that provides the most lenient terms and conditions. As soon as you graduate from college, you may find it difficult to manage debt since you may likely not have a particularly high salary on your first job without experience.

You should look for student loans that take payments as a certain percentage of your income. This will help you to better manage debt.

Credit Utilization Ratio

The credit utilization ratio is a key metric that indicates your ability to manage debt. Hence, it has a strong impact on your credit score. For a good credit score, you must ensure that your credit utilization rate does not exceed 30% of your credit limit. This way, lenders will see you as a responsible borrower and will be more willing to extend important loans like the mortgage.

Debt to Income Ratio

Another important metric that indicates your ability to manage debt is the debt to income ratio. To win the confidence of lenders, you must ensure that your debt is no more than 30% of your income. If you exceed this threshold, then lenders will think that you are unable to manage debt. Lenders may deny you a loan since they see you as a risky prospect.

Avoid Too Many Credit Lines

If you want to manage debt efficiently and avoid financial stress, then you must avoid taking out too many lines of credit at once since that can hamper your ability to pay back on time. If you have high credit card debt together with a mortgage and an auto loan, then this can reduce your ability to manage debt.

A much better approach is to take on credit lines one by one. So you should first take out an auto loan and settle it on time before taking out that mortgage. The mortgage is probably going to be your biggest ever financial undertaking and it will likely take decades to pay back. Hence, you should take out a mortgage when you have repaid your credit card bills, student loan and car loan.

Try to Save More

Think of ways to save costs instead of spending excessive amounts on expensive leisure and recreation events like dining out and traveling. Rather than going on an oversees trip, you can explore nearby states or even enjoy a staycation with your friends and family. Preparing your meals at home is much more cost-effective than eating out. It will also build up your culinary expertise, which is much more satisfying and appealing than eating out.

Side Job

Working part-time is an excellent way to manage debt, besides saving more. Once you have paid back your debt by doing a side job, you can think about continuing it so that you can reach your retirement fund target much sooner.

There are plenty of side job opportunities that you can partake in to earn extra. Just think about what interests you and where your strength lies. This way, you will be able to enjoy working extra.

Monthly Budget

It is hard to imagine how anyone can manage debt without first keeping a budget. A monthly budget is your primary financial plan that you must never avoid or postpone for failing to plan is planning to fail.

Make sure that you keep a reasonable budget. It is equally important to follow up on how well you are keeping within your budget. If you cannot keep within your budget, locate all those costs where you are spending extra. Think of ways to cut down these costs.

Track Expenses

To keep within your budget, you should track your expenses as they happen. As a result, you will know where your money is going and what you need to do to save more. You can now track your expenses by using one of the myriad free apps available for this purpose.

There are several more ways for you to manage debt more efficiently. Talk to your financial advisor for more information.

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