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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 credit... -
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... -
10 Frugal Ideas Made Simple
What’s the best way to wipe out debt? Don’t spend more than you make. It’s a simple concept, but in today’s consumeristic society, it can take a lot of strategizing. Try some of these frugal living tips to make the most of the cash you have and avoid – or eliminate – debt. Tip 1. Buy in Bulk. Take stock of the nonperishable household items you buy frequently –... -
I Just Got My First Credit Card… Now What?
So, you recently got your first credit card. Sure, you read the fine print before signing up, but you probably still have questions about how to successfully navigate this brave new world. And there are likely a few gray areas your lender didn’t fully disclose. Here, we’ll investigate just a few of the potential surprises, so you can avoid making financial missteps with your new credit card. The minimum... -
Top 3 Benefits to Frugality
Okay, it’s time to get real: Statistics show that most of us are WAY overspending. We’re either not saving enough to maintain a sufficient emergency fund or – even worse – spending more than we earn. In fact, the average American household spends 90% of its income. At the same time, wages across most sectors are pretty stagnant. Pay fell during the Great Recession of 2008, and most of... -
Keeping Your Credit Card Info Updated
When you’re moving, there are lots of, well, moving pieces. It’s a hectic time, to be sure: You need to make sure your utilities are switched over, your locks are changed, your kids’ new school registrations are complete, and your plants are surviving in their new habitat. But one of the most important pieces in this puzzle is to maintain connection with your credit card issuers. This is very... -
5 Reasons to Say NO to Credit Cards
Credit cards are a great option when you don’t want to carry cash. They enable online purchases. They are abundantly available. And they offer convenience, protection, and rewards that make them handy tools in your financial arsenal. They work well when you manage them smartly by paying off your balances every month. On the flip side of the coin, credit cards can be financially devastating if you don’t consider... -
4 Quick Tips to Build Up Your Emergency Fund
How’s your emergency fund? If you answered, “Very robust,” good for you. You likely have a secure financial footing, so continue what you’re doing. But if the words “your emergency fund” give you a deer-in-the-headlights pause, take heed! Financial experts agree that you should have enough savings set aside to cover several months’ worth of regular living expenses. This cushion will prove invaluable if you encounter the unexpected road... -
FAQs About Debt Management Plans
A debt management plan (DMP) is an agreement between a debtor (that’s you, the person in debt) and a creditor (think: your bank or your credit card company) that tackles your outstanding debt. In a nutshell, a DMP groups your outstanding unsecured debts (like your credit cards and medical bills) into one payment and creates an affordable four- to six-year repayment plan. A debt manager will work with your...