All posts by Michael Peterson

I Missed a Credit Card Payment… So What?

We talk a lot about paying your credit card bills on time. Why?  Because it’s REALLY important when taking control of your financial life. By knowing when your bills are due and getting into the habit of paying them by the deadline, you’ll reduce your stress. You can also save money, boost your credit score, and position yourself for lower-interest credit in the future.  Those positive reinforcements should be...

Consolidating Your Debt? Here’s What NOT to Do

Every month, you face a mound of credit card and bank statements (or your inbox fills up with them, and you have to write a separate check (or perform an individual internet transfer) for each of them. All the while, you feel like you’re no closer to zeroing out your balance on any of those debts. To get out of this frustrating and time-consuming loop, many people opt for...

Do You Have SMART Goals for Your Debt?

We talk a lot about credit card debt because it’s so pervasive in our society. In fact, the Federal Reserve estimates that the average American household carries $5,700 in credit card debt. And their prognosis is worse for those who can’t pay off their balances in full each month – those borrowers shoulder an average outstanding credit card debt of $9,333. If you fall into this second category, it’s...

How to Repay Debt: 4 Options

So, you’ve got a bunch of unsecured debt. You’ve been managing it, for the most part, but you’re finally fed up. You’re more than ready to start living debt-free. Great decision! Now what? There are many different approaches for tackling debt repayment. The option you choose is strictly a personal decision – you need to find the tactic that you understand best and that you can sustain. The best...

Pros and Cons of Paperless Statements

In today’s virtual-reliant world, much of our day-to-day business takes place in Cyberspace. But banking and financial transactions might still make you leery. Whether it’s your monthly credit card or mortgage bill, your regular bank account statement, your quarterly 401(k) update, or another financially sensitive document, some of us prefer the piece of paper delivered to our mailbox. Let’s face it: There are some negatives to a paperless system....

What to Look for in a Free Financial Management App

Keeping on top of your personal finances requires a lot of energy. But today, your financial organization can be at your fingertips … literally. As close, in fact, as your cellphone. With mobile banking on the rise, a wave of financial apps has emerged as the convenient way to monitor and track your finances. Use these tools in virtually every aspect of your personal finances. There are apps to...

Cheapest Ways to Do Online Grocery Shopping

According to a Gallup Poll from August 2019, only 2 out of 10 American adults reported regularly doing their weekly grocery shopping online. Since then, due to necessity, many more of us are looking for alternative ways to access food and other basic needs by utilizing these services – but likely suffering the sticker shock of marked-up prices and extra fees that go along with the convenience. If you...

4 Reasons NOT to Get a Payday Loan

Payday : A great day that most of us regard fondly. Payday loan : A financially detrimental debt arrangement that only benefits the lender. There’s a huge difference between these two terms. Unfortunately, while the former is pretty straightforward, there’s a lot of confusion surrounding the latter – something that shady or disreputable lenders use to their advantage.  A payday loan is short-term credit based on a borrower’s...

Eight Most Commonly Overlooked Budget Categories

Have you put the time and effort into creating a written monthly budget, and yet still find yourself constantly going over? Do you often find yourself pulling money from one budget item to cover unexpected expenses in another area? A well thought-out budget is a basic tool everyone should have in their financial toolbox, but if you’ve neglected to include some of the most often overlooked categories, you could...

Determining Your Debt-to-Income Ratio

If you’re an American, chances are pretty good that you carry debt. In fact, a Pew report from 2015 found that 80% of us owe money. While that means we’re in good company, it also means that most of us are feeling the stress of debt and the strain of repayment. So, just how much debt is “too much?” Of course, it’s completely personal – you might be OK...