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If you’re carrying a balance on one or more credit cards, you’re not alone: the average American has about $5,733 in credit card debt according to TransUnion’s latest report. Being in debt can be stressful for both your mental and financial health. In addition to negatively impacting your credit score, unchecked credit card debt can […]
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Dealing with debt can be overwhelming, especially if you carry multiple balances on credit cards and loans. The debt snowball strategy, a powerful debt-repayment method, offers a clear path toward financial freedom. What is the debt snowball method? With the debt snowball method, you start by paying off your smallest debt and gradually work your
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Title loans can provide you with access to fast cash, even if you have poor credit or no credit history at all. However, these loans can be very expensive and difficult to pay back, so it’s important to understand how they work before you apply. Here’s what you need to know about how title loans
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Car title loans are one option to get cash quickly if you find yourself in a tough spot. They do, however, come with a set of rigid terms and conditions that make it an option that should usually be considered after other alternatives. What Is a Car Title Loan? Car title loans are short-term loans
Is a Car Title Loan a Good Idea? Read More »
Americans are taking out fewer mortgage loans as interest rates increase, a reflection of buyer uncertainty amid rising inflation, higher interest rates and concerns about economic slowdowns. And even as mortgage rates hover near highs not seen in 20 years, mortgage amounts have yet to fall back to pre-pandemic levels. Experian examined mortgage rate data
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Establishing and building credit in today’s world can be an essential component of setting yourself up for financial success. A good credit score can make it easier to rent an apartment, get a lower interest rate on a car or house loan, be approved for a credit card or loan, and, in some cases, even
How to Build Credit: Why You Need It and How to Get It Read More »
If you’re wondering how to get out of debt, you’re not alone. Around 64 million Americans have some form of debt. And it’s not just credit card debt keeping people up at night. According to the credit-reporting agency Experian, Americans’ consumer debt adds up to more than $15 trillion. While each individual’s circumstances vary, trends
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John Schneider and David Auten were living lavishly, with designer jeans, expensive parties, and frequent dinners out where they would pick up the tab for a round of drinks or pricey bottle service. The couple, who are based in Las Vegas, soon realized they were facing more than $50,000 in debt, living in a basement
Why Saving and Debt are Big Problems for LGBTQ+ People Read More »
Starting in April, it could cost you to look at your credit report. Since the beginning of the pandemic, the three biggest credit reporting bureaus—Equifax, TransUnion, and Experian—have offered free weekly credit reports to help consumers stay on top of their credit scores, as many people have experienced layoffs and other difficult financial situations. But
How to Get a Free Credit Report and Why You Should Read More »
When you open your wallet, your credit cards and debit cards probably look the same. And their function is indistinguishable at the cash register. Just swipe, tap, or insert, and off you go. Despite their apparent similarities, these small plastic cards are actually very distinct in how they function once you complete your purchase. Understanding
Credit Cards vs. Debit Cards: The Differences Can Add Up Read More »
When you’re looking for a bank account, you might be wondering what the difference is between a checking and savings account. At financial institutions, such as banks and credit unions, you can open both types of account, and you might find a place for both in your financial plan. Read on for a dive into
Checking Account vs. Saving Account: What’s the Difference? Read More »
Students are taking on more debt than ever for an education, and Black Americans are reportedly facing more of the burden than other demographics. On average, Black college graduates have $25,000 more in student debt than white college graduates do, according to the Education Data Initiative. And four years after graduating, almost half of Black
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If you’re one of the millions of Americans with student debt, you may be curious if you qualify for student loan forgiveness, and how to apply for it. Student loan forgiveness programs allow the government to eliminate some or all of the federal debt that a student owes, meaning that they’re no longer responsible for
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The holiday season can be tough on spending—it can drain your bank accounts and leave you in debt. But it’s a struggle that can be avoided with some proper financial planning. Create a holiday budget Many people don’t plan for extra holiday expenses. In fact, the average U.S. consumer racked up about $1,300 on credit
How to Manage Your Budget (and Credit) During the Holidays Read More »