All posts by Michael Peterson

Bill Payment Strategies for Procrastinators

From car notes to credit cards, monthly bills can be pretty overwhelming – and unfortunately, curling up in a fetal position and hoping our bills disappear doesn’t work too well. It can be a daunting task to sort out your monthly bills… and even more terrifying to pay them. This is likely why so many of us put off paying them until the 11th hour. But because creditors report...

Advice for Organizing Your Finances

Do you feel like you have no idea how much money you’re spending each month? Are your credit card statements always a surprise? In short, is your financial life disorganized? It can be extremely stressful to face the unknown every time you balance your checkbook. Lost bills, missed payment deadlines, and overdrawing your checking account leads to penalties and fees. Forgetting to pay a bill (or two… or three…)...

7 Consequences of Not Paying Your Credit Card

Month after month, you receive your credit card bill. It’s stressful because you can’t pay it off… and you start to wonder, “What would happen if I just stop sending in payments?” If you’ve ever been in this situation, read on! The short answer is that a lot of negative things will happen. And the consequences will impact your financial situation for many years. Consequence #1: Finance Charges If...

4 Ways to Stop Living Paycheck-to-Paycheck

Have you ever considered what would happen if you didn’t receive your next paycheck? Would this jeopardize your home, or make it difficult to buy essentials? This can be a terrifying thought – especially if you’re among the 78% of American households living paycheck-to-paycheck. Fortunately, there are steps you can take to break this vicious paycheck-to-paycheck cycle. We get it: Changing your financial habits can be tricky – but...

5 Simple Cuts to Curb Your Spending

Living paycheck-to-paycheck is all too common. In fact, recent data indicate that three-fourths of American workers with salaries of $50,000 or less rely on each paycheck to make ends meet. If you’re part of this (very large) group, chances are good that you’re also struggling with debt. To make a dent in your debt balance – or even pay it off for good – your best bet is to...

New to Credit Cards? Here’s What You Need to Know!

Did you just open your first credit card account? Congratulations! There’s a lot to know about savvy credit card use. Unfortunately, the best place to learn what you need to know so you can protect your financial future isn’t always your credit card company. Here are four important things that your lender might not tell you – but knowing them can spare you a world of financial hurt. 1....

Closing a Credit Card? What You Should Know

Are you considering closing a credit card? Whether you’re trying to curb your credit card spending, feel you have too many credit cards that you never use, keep an account open even though it doesn’t fit your lifestyle anymore, or another valid reason, there are some important things to consider before you make the move to close a credit card account for good. How Can Closing a Credit Card...

Need Debt Relief? Here Are Your Options

When your voicemail is filled with messages from collection agencies and stacks of bills arrive in your mailbox that you have no chance of paying, it’s time for some serious debt relief help. But before you seek relief from a professional, you should understand your options. Some professionals will helpfully walk you through a debt management program or counsel you about the best way to handle your debt, but...

6 Credit Report Myths

We talk a lot about credit scores and credit reports. Why? They are very important when it comes to your personal finances. It’s just as important to understand what these numbers mean – confusion on your part can impede your ability to make savvy financial decisions. Unfortunately, there’s a wealth of misinformation when it comes to credit reports and credit scores. Let’s take a look at six common misconceptions...

What To Do if You Can’t Pay Your Mortgage

Paying bills is stressful enough, but if you come to the end of your checkbook balance and discover that you don’t have enough to cover your mortgage, that stress goes up exponentially. But before you panic, you should know that you have options. First, Make Contact With Your Loan Servicer Before deciding how to move forward, your first step is to contact your mortgage loan servicer. Because loans are...