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 card, credit card companies hope you’ll continue to use it […]
Manage Debt
Paying Off Debt? Be Wary of this Advice
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, you have to stop digging the debt hole and stop […]
How a CPA Got Into Massive Amounts of Debt [and what she did about it]
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 finances is so accessible, why are North American household debt […]
Pay Down Debt Quicker with a Side Business
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 debt quicker, but one of the best ways is to […]
Why Do Banks and Lenders Reduce Credit Limits?
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. To minimize risk, financial institutions are reducing some borrowers’ credit […]
Is Consolidating Your Debt a Good Idea?
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 consider debt consolidation. To know if it’s right for you, […]
Pay Down Debt First or Start Investing?
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 pay down debt. But it leaves a lot of people […]
Are Peer-to-Peer (P2P) Loans Good for Borrowing Money?
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 a personal loan or a cash advance from your credit […]
What Are My Options if I Need to Borrow Money?
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 loans to cover monthly cash shortages and emergencies. If you […]
Predatory Loans: What are they and how do I avoid them?
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 of their own. When they can’t pay bills and creditors […]
How to Get Your Credit Score for Free
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 do for yourself. Another number you need to watch is […]
What Is a Cash Out Refinance Mortgage and Why Do One?
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 consider refinancing your mortgage to reduce payments or the term […]
How Does the Debt Collection Process Work?
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 you. This process may involve constant (potentially harassing) communication from […]
How Do I Get Rid of Private Mortgage Insurance (PMI)?
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 house, your lender probably required you to have private mortgage […]
Your Credit Report: How to Order, Read and Understand
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 addresses Previous employers and more Since your credit report contains […]
When Is a Personal Loan a Good Idea?
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 debt is right for your situation. Common Reasons to Get […]
What Happens When You Cannot Pay Your Mortgage?
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 a rough emotional time, your finances are a wreck. You […]
When is the Right Time to Refinance My Mortgage?
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 thing you can do is run the numbers and do […]
What is Revolving Credit and is it Good to Use?
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 of credit (HELOC’s), and deposit accounts with overdraft protection are […]
How Does Bankruptcy Work and is it Right for Me?
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 works and if it might be the right move for […]
What is a Reverse Mortgage and Should I Get One?
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 mortgage balance), a reverse mortgage could help alleviate your stress. […]
Should I Consolidate or Refinance Student Loans?
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 easier to manage, you may want to consolidate or refinance […]
Why is Taking on Debt (even “Good” debt) a Problem?
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 it necessary to take out loans. So is debt really […]
Is Cosigning for a Loan Ever a Good Idea?
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 for a cosigner when they don’t know or understand what […]
What to do About Fraudulent Credit Card Activity
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 of fraudulent credit card activity. Thieves don’t wait for the […]
