Self-Help Articles

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

A starter credit card is a beginner-focused credit card designed for individuals with limited or no credit history. It serves as an accessible entry point to building credit by offering manageable credit limits and straightforward terms—commonly backing credit development through consistent, responsible use. In today’s economy, having good credit is about more than just being

Have you ever found yourself wondering: “Should I consider debt consolidation”? 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

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

Phony online shopping sites. “Spoofed” phone numbers. Legit-sounding tech support calls. It seems like scammers are always coming up with new ways to trick people into sharing personal information. The good news is that most of these scams are easy to spot – if you know what to look for.  In this guide, we’ll take

Self-care is one of the many buzzwords to gain traction on the blogosphere in the last year or so. Google “self-care,” and you’ll find images of people blissfully doing yoga with goats, eating healthy food, or kicking back with a good book. You might also find articles and suggested “self-care to-do lists” packed full of

Perhaps it starts with a phone call from a debt collector, demanding payment for purchases you don’t remember making on a credit card you don’t even have. Maybe you suddenly stop receiving your bank statements and credit card bills in the mail. Or possibly you notice that your checking account is suddenly short a few

Do a quick Google search for “debt repayment method,” and you’ll find plenty of suggestions, from the gimmicky (Snowballs! Avalanches!) to the no-nonsense (balance transfers). How do they stack up? Which one is right for you? In this blog, we’ll take a look at some of the most popular debt repayment strategies out there, along

So, you’re an easy mark: The additional discounts offered by becoming a cardholder and all those bonus points if you “sign up now” are too good to pass up. But if you’re feeling that pull from a “cash-back” or “mileage points” credit card, pause for a moment before taking the plunge. These types of cards

Here at American Credit Foundation, we’re big proponents of “the emergency fund.” Hopefully, if you’re reading this, you already have (or have started, at the very least) a stash of cash in case of some unforeseen catastrophe. Be it a broken water heater, a hole in the roof, an ambulance ride to the ER, or

We talk a lot about your credit cards (those pesky pieces of plastic that are equal parts good and bad, depending on how you use them) and your credit score (that three-digit number predicting the likelihood that you’ll pay your credit obligations on time). But let’s take a moment to discuss your credit utilization. It’s

It’s no secret: College ain’t cheap – and it’s only getting more expensive. Over the past 30 years, the cost of an American university education has tripled. The College Board reports that the average tuition for a four-year school is $10,230 – compared to $3,360 in 1988.[1] If you’ve gone to college in those intervening

Dealing with financially irresponsible family members refers to the strategic and empathetic approach of managing problematic financial behaviors exhibited by relatives—such as reckless spending, repeated borrowing without repayment, or over-dependence—while minimizing personal strain and preserving familial relationships. It can be awkward to mix family and money issues, whether it’s loaning money to a struggling relative

Maybe you finally got a “real” job – one that pays for more than your (very) basic living expenses. Or it could be that your boss decided to reward your decade-plus of hard work with a well-deserved and long overdue raise. Perhaps you just got a healthy chunk of cash in the form of a

Budgets are great… for some people. Creating a spending plan by looking at all bills and regular payments can give you a complete picture of your spending and saving habits. And sticking to that plan can really help you keep your finances in check. But let’s face it: Traditional budgets aren’t for everyone. For some,

Debt default: What is it? How can you prevent it? Your car note fell behind the refrigerator. You got busy with work and didn’t remember to schedule your online student loan payment. You were down with the flu for a week and totally forgot to pay your credit card bill. We get it. These things