Can’t Get Approved for a Loan? What It Takes to Repair Your Credit

Having a good credit score can make life a lot easier. According to an article on Capital One’s website, a good credit score will lower your expenses because “many lenders offer better terms and lower interest rates to people with good credit histories.” They also say that a Good credit score may make it easier to: Buy […]

A Fresh Start: 4 Reasons Bankruptcy Is Not As Bad As You Think

When we think of bankruptcy we often think of irresponsibility with money, but job loss, divorce, tax liens and credit card debt are some other possible reasons that people might choose to file for bankruptcy. But according to a Harvard study 62% of all bankruptcies are actually the result of medical debts. One type of debt that can’t be discharged through bankruptcy is student loans. Regardless of the reason that you find it necessary to file for bankruptcy, it’s important to remember that this process isn’t as bad as you think. In fact, there are benefits that you can potentially reap from filing for bankruptcy.

How Much Mortgage Can You Really Afford

If you’re looking to buy a house in the near future, it’s important to know how much you can afford to spend. Setting a realistic budget will help you determine where you should buy, how much home to buy and how you will account for closing costs (including your down payment). How do you go about determining how much you can afford to spend on your next home?

These Numbers Should Make You Mad and Get You Motivated

It seems like a national epidemic… One of the biggest challenges that people face today is dealing with their personal debt. According to NerdWallet the average American family has $16,748 worth of credit card debt, $176,222 worth of mortgage debt, plus an auto loan debt of $28,948. All of this is on top of $49,905 worth of student loans (almost $25,000 per adult)!

According to Federal Reserve data in 2014 the Median household income was $53,718 and it rose to $56,516 in 2016. Unfortunately, that is the most recent data we have, but even if median household income rose to $60,000 in 2016 that is a lot of debt to be carrying on that amount of income.

Credit Cards Out of Control? 3 Ways to Get You Back on Your Feet

Interest on your credit cards adds up fast. An initial purchase of $1000, with an interest rate of 18%, could take years to pay off, assuming that you make only the minimum payments each month. In fact, if you make even a few late payments the penalties could result in NEVER paying it off, as you’ll see in a moment.

Avoid the Car Debt Trap

Just because you are in the market for a car doesn’t mean that you have to drain your bank account, or worse yet, go into years of financial servitude… umm… I mean debt. There are many ways to buy the car that you need at a price that you can afford. Let’s look at a few ways that you can still maintain fiscal sanity while purchasing a vehicle.

The Three Different Kinds of Debt and How to Avoid Them

Being overwhelmed by finances is never good, but we all know the feeling. Creating a budget is a good place to start, but if you don’t know the truth about different kinds of debt it will be hard to know what you’re getting into. Before you get in debt, you should know what types there are and how to avoid them if possible.

How Paying Interest will Eat You Alive

Whenever you take out a loan or create some form of debt, you must pay interest. Interest is considered the cost of doing business. It compensates the lender for the use of the money. You can think of it as the rent you are paying for the use of the money.  The interest rate that […]