Whether you’re just starting a new romantic relationship, are considering tying the knot or have been married for years, you’ve likely discovered conversation topics that you would prefer to avoid. Money and debt are often at the top of our personal “do not discuss” list, which can lead to major problems down the road. In a recent study of divorced individuals, 36.1% of them reported that financial problems were a big contributing factor to their divorce.
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If you’re in debt, you can likely point out the effects that it has on your life. The inability to accomplish your financial goals, facing high interest payments, and dealing with garnished wages may first come to mind, but have you considered the impact that debt can have on your mental health?
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Creating and managing a budget is a great way to help you stay on top of your finances. You can ensure that you have enough to cover your expenses while also determining what to cut back on by planning out your spending every month. Fortunately, a recent poll reported that 69% of respondents keep a family budget, which means almost 7 out of 10 of us are on the right track.
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Here at Top Dollar, we spend a lot of time thinking about people’s finances. When we got wind of just how much real-world money people were spending on virtual items in MMO (massively multiplayer online) games, we just had to look into it.
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A debt-to-income (DTI) ratio is the percentage of a person’s monthly gross income that is dedicated towards paying back debts. Your DTI ratio is an important piece of data that will help lenders determine the likelihood that you’ll repay a loan.
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According to the New York Federal Reserve, America’s household debt is the highest it’s ever been (in nominal dollars), with the previous peak being in 2008. But why? Well, one possible reason is that the current era of low and negative interest rates is tempting many people to load up on mortgages, credit cards, auto loans and student loans.
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When you hear the phrase “in case of emergency,” what comes to mind? Many individuals think of safety drills, stored nonperishables, first aid kits and calling 911. Having an emergency stash of cash might not be on your “in case of emergency” list, but it should be one of your biggest financial priorities.
Let’s say you’ve decided that debt relief is the right choice to help you pay off your debt. As you learn more about the debt relief process, you start wondering how it could affect your credit score. If it could leave a negative impact, should you still use a debt relief service? Here’s what you need to know about debt relief’s effect on your credit score, plus some tips on improving your score in the long run.
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Dealing with even a small amount of debt may feel stressful and overwhelming. A debt-increasing interest charges and late fees to the mix, and it can get even more difficult to manage.
When you decide to tackle your debt, you might want to look into a debt relief program such as debt resolution.
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Planning to consolidate your debt? You might be worried about what consolidation could do to your credit score. It’s common for many people to see their credit scores decline when they consolidate debt, at least in the beginning. As you pay down debt and reduce spending, you’ll probably see your score begin to climb.
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