Personal finance articles related to managing debt including debt elimination, proper use of credit cards, mortgages, and other debt related matters.
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Many credit card companies offer rewards to attract new customers. And it works! A 2018 study found 79% of people choose credit cards for their rewards. But is it always a good idea to use credit cards for rewards? Once you sign up for a…
If you’re in debt, it can feel overwhelming. You may feel like you’ll always be indebted and that things will never get better. However, plenty of people have been where you are and have successfully gotten out of debt, and you can too. First, though,…
Personal finance management information is everywhere. You can read about how to manage your money almost anywhere on the internet these days. They write books about it. In fact, a lot of them are best sellers. If the opportunity to learn how to manage your…
Does your debt prevent you from living a stress-free life? How often does your debt come between you and your financial goals? Paying down debt can be a difficult task, but not an impossible one. There are a few different methods of paying off your…
Due to the pandemic, shut-downs have created an economic crisis that substantially increases the risk for lenders. With tens of millions of people unemployed, it’s not surprising there’s a greater reliance on credit. And with that, a higher percentage of missed payments on these accounts….
Do you feel like you’re drowning in debt? Struggling to stay on top of minimum payments or interest payments? Incurring late fees? Or perhaps you’re chipping away at your obligations but still feeling like you cannot move that mountain? Depending on your situation, you might…
Getting ahead financially isn’t merely about earning more. It’s also about what you do with that money once you receive it. Investing can help your net worth grow, but debt can eat away at it. That means most people understand they need to invest and…
There are plenty of reasons to look at various options for borrowing money when you need it. A mortgage to buy a home, auto loan to purchase a car, or student loans to attend college. If you need money for other reasons, you might consider…
Seldom does anyone get the opportunity to skate through life without having to borrow money. Of course, many people borrow money to buy a house or a new car. But the kind of borrowing we’re referring to is the use of credit cards or personal…
It’s no secret many people eventually encounter difficulties dealing with their finances. In some cases, it’s a matter of poor borrowing habits and improper money mismanagement. But other times, people fall victim to circumstances beyond their control and wind up needing money through no fault…
Taking control of your personal finances means spending plenty of time looking at numbers. It can be overwhelming tracking expenses, creating a budget, monitoring credit card balances, and growing your income and net worth. But it’s also some of the most important work you can…
While some people think renting is the best decision, others of us dream of owning our own home. Most of us home buyers have a goal of paying off our mortgages before retiring (or earlier if possible). So, when interest rates drop, it’s smart to…
At some point in your life, you may fall on hard financial times and be unable to pay your bills. Despite your struggles, your creditors still want to get paid. They’ll likely employ a series of tactics called debt collection to get their money from…
If you pay for private mortgage insurance (PMI) you’re not alone. The average down payment on a home purchase is only 6% requiring most homeowners to pay for PMI each month. If you had less than a 20 percent down payment when you bought your…
Your credit report contains a great deal of information about your financial past: Your current and past debt balances How often you’ve missed payments Where you’ve applied for credit Information on bankruptcies and tax liens How far behind you are on child support Your previous…
A personal loan is a loan you can use to fund any purpose. But before you start scheming about what you’d do with an extra few grand, it’s important to understand how this type of loan works. Then you can determine if taking on this…
Perhaps you lost your job after going through a divorce. Or you’re suffering from a severe illness or injury and unable to work. Whatever the cause, you’re now struggling to make ends meet and worry you can’t pay your mortgage. On top of it being…
Refinancing your home loan could save you a lot of money. But, depending on your situation, the cost to refinance could mean you end up spending more in the long run. So when should you refinance your house? That depends on several factors. The best…
There’s a good chance you already have access to revolving credit and use it frequently. Almost 70% of Americans have at least one credit card. Many people have multiple revolving credit accounts or “lines” of credit. Credit cards (including store credit cards), home equity lines…
Debt can get away from you quickly. Regardless of how you accumulated it, once you’re in the debt collection process, the constant collection calls, threatening letters, and sleepless nights ultimately take their toll. Running through options in your head, you’re beginning to wonder how bankruptcy…
Financing your retirement is no easy feat. You’ll need enough money to cover your regular expenses, your hobbies, and potentially significantly increased medical costs. If you’re worried about funding your golden years and you own a home (either free and clear or with a small…
Most graduates walk away from college with a mix of federal and private student loans. When you have more than one, it’s likely you have multiple loan servicers with different due dates and minimum payments to consider for each one. To make your student debt…
In today’s world, taking on debt seems to be a matter of course. It’s how you’re expected, even encouraged, to pay for college, a new car, and a house. Even if you’re averse to getting into debt, the high costs of those things can make…
An internet search of the term “cosigning a loan” quickly reveals it’s a terrible idea. And there are valid reasons for much of the negativity. Helping a family member or a friend by cosigning a loan is incredibly helpful for them, but significant problems arise…
While you’re working hard to find great deals and optimize your holiday shopping, criminals are working hard to steal and use your credit card information. If you haven’t experienced an unauthorized charge on a credit card yet, you probably know someone who’s been a victim…
If you contribute to a 401(k) plan through your employer, it could be one of your most substantial assets besides your home. And if money is tight and your savings account balance is running low, you might wonder how you can tap the funds in…