Self-Help Articles

4 Ways to consolidate credit card debt. Credit card debt consolidation is the process of combining multiple credit card balances into a single monthly payment. Consolidating your credit card debt can make payments easier and sometimes even cheaper. If you can score a lower interest rate, you’ll be able to reduce interest costs, make your […]

4 Tips for savvy credit card use. Your credit cards are an important part of your financial portfolio. When you use them wisely, they offer a plethora of benefits. You don’t need to carry around a big wad of cash, and if you use reward-based cards, you can earn some great perks. Also, you typically

Let’s face it: Debt has a way of creeping up. Small charges that add up over time or unexpected expenses can often lead to a mound of debt. This is particularly true during times of reduced income or unexpected job loss. Before we know it, our debt is out of control – and we have

When Wallis Simpson, the Duchess of Windsor, said, “You can never be too rich or too thin,” she was obviously not talking about credit files. In fact, a thin credit file is not at all attractive, especially to potential creditors. But how can you know if your credit file is too thin? It’s not as

Reestablish your emergency fund in 4 steps. Was it an emergency appendectomy that landed you in the hospital? Or burst water pipes that flooded your basement? Or a fender-bender that resulted in some costly repairs? Whatever the reason, you tapped into your emergency fund to pay the bills. And now your precious safety net is

If you have a credit card, you surely know that you receive a monthly billing statement with all the information you need to know about the current status of your credit card account. Whether it comes hard-copy in the mail or electronically via email, you’ll always get the same information from month to month. But

Too often, when faced with the need to make a major purchase, we find ourselves having to turn to consumer debt to fully pay for it. Due to lack of planning or unexpected timing, these one-time big expenses often end up costing big money for years to come. What is the point of shopping around

How debt management plans affect your credit: When it comes to paying off a lot of debt, few methods are as efficient and effective as a debt management plan. While it’s one of the more extreme measures, in many ways, it can also be a direct path to debt freedom. A debt management plan (DMP)

Let’s face it, life can throw some real curve balls. That perfect house you bought a few years ago may have started out looking like a dream come true, but now it’s turned into a debt nightmare. If paying the mortgage is keeping you up at night, rest assured that help is available. You don’t

Debt collectors are third-party businesses hired by creditors to collect unpaid debts. Some companies buy past-due debts from creditors or other businesses and then try to collect them. Say you have a past-due balance with ABCredit; they may hire PQRecovery to collect the debt you owe.  Debt collectors aren’t part of the company that extended

Bankruptcy. It’s not a fun topic of conversation, but if personal bankruptcy is something that could be in your future, it’s important to understand what you’re facing. The first thing to understand is that bankruptcy, as scary as it sounds, won’t leave you penniless. On the contrary – it can actually lessen what you owe.

Are there really hidden dangers of credit card debt? Credit cards are such a convenience. Don’t like to carry wads of cash? Forgot your checkbook at home? Need quick access to funds? No problem! That little piece of plastic in your wallet solves all those problems. But such convenience has a price. And across the

Debt-to-income ratio (DTI) is one of those financial terms that probably sounds vaguely familiar to you. You know you’ve heard it somewhere before, but you can’t quite remember what it is – or why you should care. The truth is, unless you have applied for a loan recently, you probably haven’t given it much thought

Need to reduce your debt? Don’t do this: We talk a lot about debt – particularly getting out of debt. And while we cover a lot of strategies that help many people dig out of a financial hole, it’s time for a frank discussion about a few schemes that don’t work for a lot of

Does this sound familiar? Every time you check out, the cashier at your favorite department store asks if you’d like to save 10% on today’s purchase by signing up for the store’s credit card. You perpetually turn down the offer because you don’t want to go through the hassle of the paperwork. But you remain

Student Loan Default Explained: When you took out your student loan, you signed a promissory note and entered into a legally binding contract promising that you’d repay your lender when the time came. Well, the time has come. Now, what do you do to make sure you’re holding up your end of the bargain? Perhaps

In today’s economy, having good credit is about more than just being able to borrow money. In fact, credit checks are regularly required for lease approvals, with utility companies, and even as part of the job application process.  While most people know that credit scores are a factor in determining interest rates on mortgages, loans,

Debt consolidation as a financial tool has been around in one form or another for years. While it may sound like a complicated industry term used by experts, it is actually a fairly simple concept for rolling multiple unsecured debts into one single loan for the purpose of debt repayment.  What Is Debt Consolidation? In

Debt. We all have it. Debt in itself is not always bad. It can be a helpful tool in, say, covering bills during employment gaps or paying for a college education. But excess debt can be a financial burden – one that limits your ability to pursue other personal and financial goals, one that keeps

In this digital age, many of us have ditched the mailed copies of our credit card statements. Instead, we do all our mobile banking on our computers or phones. But there are still holdouts, for a variety of reasons, who prefer the piece of paper in-hand. But after a while, all those papers become a

What’s more stressful than a pile of high-interest credit card debt? A pile of high-interest credit card debt that’s spread out over several cards, each with their own balances, minimum payments, interest rates, and due dates.  If you’re struggling with multiple credit cards with high balances, debt consolidation might be a good choice. Not only

Many people take advantage of student loans to help finance their college education. These loans are typically owned by the federal government and offer specific benefits not available through private lenders. Proof of credit, a source of income, and even co-signers are unnecessary in most cases to be eligible for these federal funds. Repayment is

How late payments affect your credit score: While it may be tempting to procrastinate paying bills, your payment history is more important than you might think when it comes to the way creditors see you. Your FICO score, a number used by potential lenders to determine your creditworthiness, is weighted the most heavily on one

Considering bankruptcy? Here’s what you need to know: You’re drowning in high-interest credit card debt. You’re way behind on your payments. Your credit score has taken a nosedive. Every time your phone rings, there’s a debt collector on the line.   When debt gets out of control, it’s easy to feel like your whole life is

Bankruptcy. It’s not a fun topic of conversation, but if personal bankruptcy is something that could be in your future, it’s important to understand what you’re facing. It’s also important to know that there are 2 types of personal bankruptcy. The first thing to understand is that bankruptcy, as scary as it sounds, won’t leave

It’s time for “the talk.” Yes, it’s time to get past your feelings of awkwardness and fears of uncomfortable silence, and sit your family down for a frank discussion… of your finances. Granted, money conversations with your family might not be fun, but they sure beat money worries that can arise by skipping the talk.

Are there pros and cons of using a personal loan to pay off credit cards? Credit card debt can feel overwhelming, especially when you’ve got a card with a large balance (or multiple cards with large balances). And as credit card lenders charge high interest, it’s easy to feel like you’re fighting a losing battle

Do you find it impossible to stick to a budget? Does it seem like you’re always broke or that you’re living paycheck-to-paycheck? Are your credit cards almost maxed out? Do you find yourself buying things you don’t need or making purchases that you know you can’t afford? If you answered “yes” to any of the

When it comes to your overall financial health, your credit score is very important – which is why we devote a lot of attention to this benchmark. Your credit score is a solid indicator of your financial habits. It’s an unbiased, data-driven number that reflects your so-called “creditworthiness” – or how likely you are to