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 […]
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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, […]
My Wallet is Lost (or Stolen) What Should I Do?
At one time or another, you’ve likely felt the icy chill of panic associated with a lost wallet. Oh no, there goes my week – and my credit! At that moment, it occurs to you how vulnerable we are to identity theft and fraud when we carry around documents that contain our most private information. […]
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 […]
College Students and Credit Cards – A Good Plan?
For many young adults, college is when the topic of money and finances gets real. Many college students start to manage money on their own for the first time in their lives. College students use money daily. Many have recurring bills to pay, such as rent, insurance, and tuition. They also have to pay for […]
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 […]
What Can I Do to Save Big on Next Summer’s Vacation?
If you’re already thinking about your summer vacation amid this dreary winter weather, who can blame you? And if you’re thinking of using credit card travel rewards to book your summer trip, now is definitely a good time to start planning your vacation. Plan Your Summer Vacation with Travel Rewards First, you need a strategy […]
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 […]
Optimize Holiday Shopping for Savings and Rewards
It’s that time of year again! The time when most of us get our credit cards out and spend more than we usually do. Holiday shopping is so much more than just buying gifts though – think about the amount of money you spend on groceries for the holidays! If you’ve ever hosted a Thanksgiving […]
Is Opening a Store Credit Card a Good Way to Save?
The holiday season is here, and you’re beginning to think about all of the shopping you need to do! Whether you did some planning and set a budget for the holidays or not, it’s important to think about what you can afford to spend. Clever marketing by retailers can have you believing you’re saving when […]
Is it Smart to Freeze My Credit (and How do I)?
You’ve probably heard at one time or another that freezing your credit is a good idea. Since almost 45% of Americans had their personal information stolen in the Equifax breach in 2017, more people have taken steps to do a credit freeze of their files. About 20% of Americans secured their credit directly after the […]
Build a High Credit Score and Keep it There
480. 550. 640. 720. You know your number. Maybe you even use a credit score manager to keep an eye on your credit score. Now you are thinking about trying to improve it. After all, a good credit score opens up a world of opportunities for you. Lower interest rates on loans. Higher chances of […]
Is Work-Life Balance Making Your Credit Card Debt Worse?
Work-life balance is not a new concept; everyone feels the pull between home and work. In a never-ending quest for the perfect work-life balance, however, we end up hurting ourselves. Let’s look at this issue through the lens of another, seemingly unrelated issue: scarcity mindset. When we look at the quest for balance in this […]
How Can a Bad Credit Score Hurt You?
As you may be aware, your credit score is kind of a big deal. A good score makes life easier, while a bad score might make it pretty difficult. The trouble is, a lot of people don’t realize what their credit score really is. Or how having a bad credit score can hurt them. Here’s […]
Travel Hacking: The best way to save money on vacations?
You’ve probably seen pictures of people lounging in over-the-water bungalows sipping tropical drinks while claiming they’re traveling to expensive vacation destinations for little to no money. At first, you might’ve thought it was a scam. Then you heard about using credit cards to do something called travel hacking. Unless money is not a consideration when […]
How are Secured and Unsecured Debt Different?
When reading about borrowing money, you may have heard the terms secured and unsecured debt come up. Not entirely clear on what they mean? You’re not alone. Secured Debt Secured debt refers to debt guaranteed or secured by an asset. Great, but what does that mean? It means that when you borrow the money, the […]
Best Ways to Use a 0% Credit Card Balance Transfer
Nearly everyone gets credit card offers in the mail. And if you have a high enough credit score, 0% credit card balance transfer offers show up on occasion. Sometimes credit card companies even mail you “convenience” checks you can cash and use to pay off debt or have money transferred into your account to use […]
How Can I Pay Off Credit Card Debt for Good? [Pay debt off faster]
After you pay your mortgage or rent, buy groceries, and send in the car payment, there may not be enough money left for the month. It’s easy to use a credit card to fill in the shortage. But before you know it, you’ve run up massive balances, with no idea how you’re going to pay […]
