Although some consumers may suffer from over reliance on credit cards, they do have some benefits. By making regular monthly payments, cardholders are able to establish a credit history. Having a positive track record can come in handy when seeking future loans, such as for a home. In addition, credit cards can have other advantages – like the ability to earn spending rewards after charging a certain amount of money to the card. Continue reading
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Should I be Monitoring my Credit?
What is a credit rating or score?
Your score indicates your overall financial health and tells potential lenders whether or not you have been responsible with your financial choices in the past. It also assesses your current level of debt. The way your score is calibrated may vary slightly by company; however, in general, your score will range between 300-850 and anything above 700 is considered to be a very good score. Continue reading
How Do I Avoid Bankruptcy?
Declaring bankruptcy is often a bottom of the barrel, last-ditch solution when your financial situation has become so severely impaired that you do not have any hope of immediate recovery and repayment of debt under your current arrangements. Declaring bankruptcy can destroy your credit history, cause you to lose your property or other assets and make receiving future loans difficult, so it should be taken seriously. It is not a free pass, either – you will still be responsible for repaying as much of what you owe as possible, and using every possible asset you have to fulfill your obligations. If you fear that you are coming perilously close to these unfortunate circumstances, you should immediately meet with a reputable financial counselor to discuss other options. Continue reading
What is a Debt Collection Judgment?
If you have a long-standing debt, such as failure to pay a credit card bill, eventually you may find yourself being threatened with legal action leading towards your debt going into judgment. This is a last resort option that gives companies the right to sue you for the amount that you owe, once the debt has gone to collection and they have made multiple attempts to collect it in other ways. The company’s attorney will send you a letter giving you a certain amount of time to repay the debt before you are summoned to court. Normally you will have about 30 days to respond. Continue reading
How to Pay your Taxes with a Credit Card
With tax season around the corner, many households will be wondering how to pay for the amount they owe Uncle Sam. The good news is that you won’t have to fork over your tax bill in cash, since many tax filing services allow you to pay by credit or debit card instead. However, there is an additional fee associated with using these services. In addition, paying with plastic only slightly delays the need to pay up in full, and so the main benefit is one of convenience. Continue reading
Does getting credit counseling affect your credit score?
Getting professional help to get out of debt is an important step for many people who find themselves too deeply in trouble to handle repayment of loans and bills on their own. You should always consider going to a reputable credit counselor who can help you make a budget, gain control of your finances, and get back on your feet. Simply meeting with someone to go over your personal financial history and get advice will not affect your score in any way. Continue reading
What are unemployment benefits?
The state regulates unemployment insurance funds under federal guidelines that protect workers who find themselves jobless. These funds may become available to you if you lose your job, providing you with financial assistance. This compensation will be available for a limited time, to support you during your search for new employment. Continue reading
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