Credit Ratings 102
Common questions about credit ratings and closing accounts, credit card usage and boosting ratings Q: I’m currently unemployed and unmarried. Do these facts impact my credit scores? A: No. Neither of these facts affects your scores. Also, your scores are not affected by the number of dependents you have, retirement, debt-to-income ratio, number of years… Read More »
Credit Ratings 101
Cut through the misinformation about credit ratings Q: What’s the difference between a credit report and a credit score? A: A credit report contains information that creditors provide to a credit bureau; it details how you have handled your past and current financial obligations. A credit bureau collects data from creditors 24/7, but does not… Read More »
Problems with Debt & How to Get Out of It
Eliminating all non-mortgage debt should be one of your top financial goals A lot of debt spells disaster for most people’s financial plans, and it should be avoided at all costs. These are the top 8 reasons why having a lot of debt can be harmful: Debt works against wealth building: High interest loan payments… Read More »
The Reasons and Costs of Over-Borrowing
The concept of debt management is especially important today as Americans are saving less and are further in debt than at any other time in our history. Why do people over-borrow and what is the ultimate cost? Reasons for Growing Debt Level. Americans owe more and are saving less than at any other time in modern history…. Read More »
A Basic Review of Debt
The concept of debt management is especially important today as Americans are saving less and are further in debt than at any other time in our history. Let us explore what debt is, when it is good and bad, how to get out from under its bondage, and what the consumer should be aware of. Loans Defined–An… Read More »
The Insanity of Long-Term Car Loans
It has been reported that 7 and 8 year car loans are becoming the norm. This isn’t surprising, when you consider that the cost for a new mid-size family car, mini-van, hybrid, or small SUV can easily be $25,000, and it is not uncommon that if nice features are added they can easily cost $30,000… Read More »
Is Loaning to Friends a Good Idea?
Often I am asked what I think about loans between friends or family. There are usually two reasons where I see this happening, either to help bail someone out of a difficult financial situation or as way for the lender to earn interest, while helping a friend reduce their debt. If the motive is purely… Read More »
