Many people constantly complain about being in debt, but when you ask: do you have a budget, do you know how much you owe, or when you suggest they cut back on expenses they look at you as if you are speaking a foreign language, or they just plain out refuse. I am always amazed at this; how can you ever get out of debt if you dont change your mindset and if you arent willing to work hard and make sacrifices? There is no quick fix or cure-all to get out of debt. It takes a l…
Why Late Payments Haunt You For 7 Years
Did you ever wonder why a negative item has to stay on your credit report for 7 years? This question has been circulated for many years, and no one was able to give an answer other than what is stated in the Fair Credit Reporting Act (FCRA). I always wondered what the answer was myself, but was never satisfied just knowing that someone just decided to use the magic number 7.
Why You Need An Emergency Fund
Many Americans today don’t have a savings account or emergency fund. I heard on the news recently that the Commerce Department reported that Americans spend all the money they have and personal savings rates have reached the lowest level since the Great Depression.
Transferring Credit Card Debt May Be Hazardous To Your Financial Health
Credit card companies now make it so easy to transfer one credit card balance to another. We get so bombarded with all the advertisements for balance transfers it’s hard to decide what company to do business with.
Understanding Credit Scoring
Your credit score is one of the most critical factors in your financial life. It determines if you will be approved for a loan or line of credit. A credit score is a mathematically calculated number developed by the Fair Isaac Corporation (FICO) that lenders use to rate potential customers in determining the likelihood that a customer will pay his or her bills on time.
Say “Bah, Humbug!” To Holiday Debt
Ah, the holiday season! Turkey and dressing, pumpkin pie, Santa hats, jingle bells, and lots and lots of eggnog make the season a delight. But all fun and reindeer games aside, you have to be careful to make sure you dont wind up as poor as Tiny Tim! Americans can spend as much as $1,000 a year on gifts for family and friends. That is a big chunk of money that can hit you pretty hard come January, but only if you dont plan ahead. There are some tips and tricks you can do to…
Paying Off Debt
The Debt I refer to here is Consumer Debt that is linked to the acquisition of lifestyle comforts, whims or desires.
How To Keep Your ‘get Out Of Debt’ Resolutions This Year
Getting out of debt is one of the top New Years resolutions made every year. Unfortunately, like many New Years resolutions, most people generally forget about or give up on their resolution to get out of debt before the first month is even up. Here are some tips to help you keep your ‘get out of debt’ resolution this year:
Five Bad Habits That Can Lead To Bad Credit
Theres lots of good ideas out there on what you can do to correct a bad credit or a bad debt situation. But have you ever taken a few minutes to think, How in the heck did my credit get so bad?.
Five Ways To Stop Living Paycheck To Paycheck
Over 1 million Americans file for personal bankruptcy every year. The average American household has 10 credit cards. People are living above their means. Americans are drowning in debt and the problem is getting worse. Many people are foreclosing on their homes and will be forced to live on the street because they are in so much debt.
Even People With Good Credit Are Penalized
By now everyone is aware of the Vantage credit scoring system developed by the three major credit bureaus: Equifax, Experian and TransUnion. The system grades consumers on a scale of A-F. I have done extensive research, but have yet to find out how lenders will use this score, or which lenders will choose to use the Vantage score as opposed to the FICO score.
Becoming Debt Free May Require Lifestyle Changes
Largely due to widespread advertising, we are continually barraged with the notion that debt isnt such a bad thing. You just swipe your credit card to purchase what you want. With revolving credit and multiple cards, almost anything you want to purchase seems within reach. Consequently, debt can gradually accumulate, adding intense stress to your life. It can also spoil your credit score. This means that in the future when you need a loan, you may be unceremoniously turned d…