Blog: May 2016

interest ratesIf you are like the average consumer, there are at least a couple of credit cards with active balances. You also have a car loan and a personal loan in the mix. After deciding that reworking the budget and paying off those debts is a priority, the next question is which you should tackle first.

Student DebtPaying Off Your Student Debt: Doing the Minimum or Going for Extra Credit?

Millions of people have student loan debt on their hands, averaging at around $33,000. It's no wonder that so many are wondering if they should pay off their loans quickly, or take it slow to build their credit score. It can be a major problem for Americans in their twenties and early thirties who find themselves unable to afford the minimum payment on their student debt, and end up paying hundreds of dollars a month extra to get rid of their loans more quickly isn’t plausible. On the other hand, those who do pay these loans off in less time end up saving thousands of dollars in interest over the life of the loan. 

 

FICO ScoreYour credit score is one of the most important numbers in your life. It can help you get loans at the best interest rates, get insurance at the lowest rates and it could play a role in helping you get a job or even something as simple as financing a cell phone. Let's take a look at how you can achieve and maintain the best credit score possible.<--break-><--break->

Chapter 7 Bankruptcy Bankruptcy is a daunting word. It conjures imagery most people would likely prefer to avoid if possible. A lot of the anxiety produced by discussions of bankruptcy come from a basic misunderstanding of what the process is, why it is important and how it can be used to protect your finances. One might fairly ask how going bankrupt can protect finances. The answer is that bankruptcy is not the legal term for someone with no money.

The truth is, any economic system that relies even partially on credit must have a mechanism for restoring the practical financial viability of someone who reaches a point where their debts so far exceed their assets and income they have no means to repay their debts. Bankruptcy laws are arranged into several chapters, each of which is written to address a certain set of circumstances. One of those is called Bankruptcy Chapter 7.