Category: Finance Tips

When your employer offers a retirement savings plan like a 401(k), saving for retirement can seem easy. These plans allow you to automate your savings so you can set it and forget it. If your employer doesn’t, not only do you miss out on benefits like a savings match, but you may not know how to begin planning for retirement.

Maxed out your credit card? It’s OK. It happens. The important thing is to understand the consequences and find out what you can do to get the debt under control. The immediate impact of maxing out your card depends on your current financial situation.

It’s the cardinal rule of credit card use: “Whatever you do, don’t max out your credit card.” It’s good advice, but there are always exceptions to rules. Remember, maxing out your credit card is risky if you won’t be able to pay down the balance fairly quickly. 

Making smart decisions with your money requires you to juggle multiple financial goals at the same time. That’s why we know that saving for retirement often goes hand in hand with managing your debt. If you are contemplating how to save for retirement when you have credit card debt, this blog will cover many common scenarios to consider when making your decision.

Having a credit card gives you the financial freedom to make large purchases and pay back the balance later, but this freedom only goes as far as your credit limit. Learn the do’s and don’ts of a credit card limit increase to

Summer is one of America’s favorite seasons for spending. It’s a time to take vacations, tackle big home improvement projects and spend money on events like weddings, concerts, parties and family reunions. 

In response to the COVID-19 pandemic, this summer looks very different than what we are used to. This year, Americans will be taking fewer or different types of vacations and skipping typical summer events, but that doesn’t necessarily mean we won’t be tempted to spend money! 

If you’ve explored your credit card options or looked into a mortgage or car loan, you’ve likely come across the term APR. This number can be a quick way to compare borrowing costs, but understanding what goes into the calculation and what this percentage truly means can be tricky.

“I never thought I’d consider bankruptcy” Does this sound familiar? As you research the impact of bankruptcy you may be questioning what will happen with your financial future if you move forward.

It can be difficult to find resources that describe the aftermath because every bankruptcy experience is unique. While we feel comfortable going to our friends for advice on where to shop, or what kind of car we should buy, financial troubles are rarely discussed. 

Trying to get credit when you have no credit history is a catch-22. Lenders rely on credit reports to assess their risk and many aren’t willing to lend to borrowers without enough history to generate a score. We usually assume that this problem only affects  young borrowers, so you might be surprised to know that 1 in 5 Americans  have no credit score.

Approximately 26 million Americans are “credit invisible” meaning they have no established credit with any of the major reporting agencies. Another 19 million Americans are considered “unscorable” which means they didn’t have enough credit for a score or their credit has been inactive too long to be scored. 

Have you finally caught up on your past due loan payments? Perhaps you just completed a debt relief program and were able to settle your debt for less than you owe?

If you have been working hard to pay off, settle or consolidate your debt it can be frustrating to see your credit score drop or stay stuck. Unfortunately, when it comes to debt relief a temporarily lower credit score may be a part of the process.