Learn. Earn. Grow.
Budgeting, debt relief, credit health, career tips and more.
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.
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.
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.
Updated July 2020 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.
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.
Updated July 2020 If you are considering debt consolidation or have already begun the process you might be concerned about what it could do to your credit score. It is common for credit scores to decline after consolidation, at least in the beginning. Fortunately, the effects are usually temporary and repairing your score is easier than you might think. Once you have paid down your debts, reduced your spending and made a reliable budget, you can adopt good habits that…
When you’re struggling to manage multiple debts, you might wonder if debt consolidation is a good fit for you. It works by combining your multiple payments, and due dates (not to mention the multiple logins you have for each payment) into one convenient monthly payment.
Updated July 2020 If you have multiple forms of debt, you are probably familiar with the frustration of keeping track of many different interest rates, payment amounts and due dates. Managing multiple debts can be stressful, especially if you struggle to organize your finances or have an irregular income. Add late or missed payments to the mix and you can quickly be drowning in debt. If this sounds familiar, it could be time to consolidate your debt.
Updated July 2020 Using a credit card is a great way to establish credit and can pave the way for more advanced borrowing like a car loan, personal loan or mortgage. Unfortunately, not all credit cards have good terms and some cards come with extra fees and penalties that can be costly to the unsuspecting consumer. This is why it is important to thoroughly understand the terms of any credit card you use and make sure that you understand how…