Whether you like it or not, credit affects the major areas of our lives: where we live, work, and the ability to get loans, insurance, and possibly even utilities, especially cell phones. The majority of auto insurance companies use credit scores when determining rates and it is also common with home insurers. Employers can even [...]
What’s the deal with getting credit after a bankruptcy is filed? Surprisingly, there are options available. Once your case is discharged, you will likely begin to receive new offers of credit. The reason is twofold. First, the credit card company knows you have already filed for bankruptcy so that if you default in the future, [...]
Make no mistake about it, filing for bankruptcy is an extreme move, not a quick fix. It’s a long, painful process with a huge stigma, and you’re unlikely to be able to get any kind of credit for ten years afterwards. Yet bankruptcies are on the rise. More and more people seem to be using [...]
The biggest mistake is not that people use credit, but rather how they use it. Most people determine if they can purchase something based on their comfort with the payment, rather than considering the effect of the interest rate. Most people make “minimum payments” on their debts (about 2.5% of the total owed). That doesn’t seem too bad [...]
Continue reading about Making Minimum Payments Will Cost You
Without goals, you have nothing to work for. The same applies for making and maintaining a proper budget. You have to t set yourself up with guidelines and goals, this is the only way you’ll know if you’re moving in the right direction or not. Having clearly defined financial goals is instrumental in determining whether [...]
Credit is a prettier word for debt. When you obtain credit you are borrowing money, or getting the right to access money (like a credit card, for example), and you agree to pay back the person or company that loaned you that money. In these type transactions, you are the “borrower” or “debtor” and the [...]
Suddenly you’ve gone from evaluating your next major purchase to worrying about the price of bread. National retail institutions are collapsing daily but the price of gas is going down. Banks aren’t lending. What happened during the last few years and what’s still happening?
How did we get here?
American banks issued sub-prime mortgages for many years, [...]
Congress is racing to pass a giant bill to stimulate the economy. But a key piece of it may be a little slower in coming than many people expect.
The biggest single tax break in the Democrats’ proposed economic recovery package is the $145 billion “Make Work Pay Credit.”
The credit, which President Obama championed, would reach [...]
LONDON – Britain announced a second rescue plan for the country’s ailing banks on Monday, hoping to thaw frozen lending by offering to insure banks against large-scale losses on bad assets they already hold.
London’s stock market, however, was spooked by fears that the latest government move was a step toward full nationalization of one or more banks. [...]
In a world where credit is the life blood of our society how does one survive without it? Now that credit lines are being reduced or even closed how do you react? There are no easy answers, but there are some suggestions.
There is no doubt the first adjustment you have to make is your mind [...]
