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Why Do Banks and Lenders Reduce Credit Limits?

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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 […]

How To Get Your Credit Score For Free

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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 […]

Federal Funds Rate: What Is It And How Does It Affect You?

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You might have heard of the Federal Reserve and the terms federal funds rate, and discount rate.  But what do they mean? And more importantly, how do they affect you? The short answers are: The Federal Reserve is the central bank system providing financial services to banks and government entities. It does not provide services […]

What Is A Cash Out Refinance Mortgage And Why Do One?

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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 […]

What Are The Best Ways For Keeping My Family Safe From Identity Theft?

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Thanks to data breach after data breach, online security and identity theft are at the forefront of most adults’ minds. Most of us work pretty hard to keep ourselves safe online. We log out of public computers after using them. We create different usernames. And we change our passwords regularly. We even resist the urge […]

What is Revolving Credit and Is It Good To Use?

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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 […]

Ready To Learn More About Managing Your Money? Start Here

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Is reducing debt and saving for the future on your to-do list? Then you’ve come to the right place. If you’re ready to start managing your money more effectively, check out our top beginner articles on taking control of your personal finances. You’ll learn about breaking the cycle of living paycheck to paycheck. Also, find […]

Is It Smart To Freeze My Credit (And How Do I)?

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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 […]