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How Long Will Negative Information Stay on Your Credit Report?
Your credit report not only provides your credit score, but also your credit history. Lenders will often take a look at your credit report to determine how financially responsible you are. Things like late payments and missed payments help lenders identify potential lending risks. Not only can certain blemishes hurt your chances of having a loan […]
How Does Debt Consolidation Affect Your Credit?
If you have racked up the debt across the years, don’t feel bad! Just about everyone has accumulated a substantial amount of debt at one point or another. After all, most people cannot afford to pay for a college education, a home, an automobile, and other costs of living without loans or a credit card.
How is Interest Calculated on a Credit Card?
Credit cards are tricky. Everyone knows how they work, but few people know how they really work. The basics are easy to understand. You’re provided with a line of credit. You use your credit card on whatever you want to purchase. You have to make a minimum payment every month on the balance of your card.
Debunking 4 Debt Consolidation Myths
If you’re currently paying off several different debts, such as if you have a number of credit cards with high balances, then you might be tempted to consolidate your debts. To consolidate your debt, you’ll be provided with a loan that covers all of your debts. You can then pay off all your debts and then you’ll […]
How to Pay Off Debts Quickly
Having a lot of debt can be an incredible burden. Not only does debt tend to increase as a result of high-interest rates, but it can affect your credit score — not to mention your financial flexibility.
7 Ideas For Getting Out Of Debt
If you’re in debt, you’re not alone. The average American has thousands of dollars in credit card debt along with tens of thousands of dollars in non-mortgage debt, such as car loans and student loans. Getting out of debt can be difficult, especially as interest rates on your debts make it feel like you’re swimming against […]
What is the Relationship Between Credit and Debt
Your credit score is a representation of how financially responsible you are, both now and in the past. It’s why lenders and creditors will use your credit score to determine how big of a risk you are, which is why it affects whether you’re able to qualify for a loan or for credit and what […]
Understanding the Difference Between Simple and Compound Interest
Interest is something that affects our money everyday for the good or for the bad. When we aren’t earning interest, we are essentially losing money over time because when we go to the grocery store or the sporting goods store or clothing store, the same amount of money in our pockets will buy less goods over time.
Why Making Minimum Payments is Killing Your Financial Health
Once you’re in debt, getting out of debt can be a real challenge. The larger your debt grows, the higher your minimum payments become and the more you end up paying in interest. This is especially true when it comes to credit card debt. Because of how much interest can add to what you owe, you […]
Should I Save Money Even Though I’m in Debt?
Trying to get out of debt can be challenging, especially if you have credit card debt. Even as you pay down credit card debt, it can seem like an uphill battle due to the interest that continues to accrue every month. Because of this, the last thing you’re probably thinking about is putting aside money. Instead, you’re […]