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Debt Free Living in 2013 Financial times are tough in 2013, and they don’t seem to be getting drastically better for the average consumer. The unfortunate thing is that most of us are in fact “average consumers” — we have limited income and rising expenses, and we’re faced with a “new normal” of rising costs and stagnant earning potential. People who live in these scenarios usually have debt playing into their situation in one of two ways: First: They overspent when times were good, and now that things are a bit tight, the debt and interest have piled on to their monthly expenses and have become almost impossible to pay off. Second: As a result of tough economic times, people have resorted to going into debt to pay bills or even to maintain a certain level of luxury in their life, and have managed to ring up a large amount of debt in that fashion. Regardless of where you land on that spectrum, the goal is to get and stay out of debt . Whether you’ve already gone down this

Personal loans are not always bad. If you work with a reputable lender, use the loan for the right reasons and can commit to paying it back, then a personal loan can be a smart option. On the other hand, if the loan you’re considering comes with a triple-digit interest rate, and you have limited or unsteady means to pay it back, then a personal loan will do you more bad than good. What is a personal loan? A personal loan is money borrowed from a lender that you pay back with equal monthly payments, or installments, over a fixed period, typically two to seven years. You can get personal loans from banks, credit unions and online lenders. In return for borrowing, you pay interest on the loan. Interest rates on personal loans range from about 6% to 36%. Borrowers with good to excellent credit (above 690 on the FICO scale) are more likely to qualify and receive a rate at the lower end of that range. If your credit is bad, you can boost your chances of qualifying by building your credit a

Buying a house is one of the largest financial decisions of your life; but how do you know when you're ready to buy a home? 5 questions to help you find out. Amber bought her home at 25 years old, almost immediately after I purchased my house. She couldn’t let her baby brother be the only homeowner in the family. After all, owning a home is the American dream, isn’t it? My sister proudly moved into her house and quickly filled it with more Ikea furniture than a Swedish hostel an

The lies we tell ourselves about finances can cost us big. Here's how to change course. Most of us lie to ourselves. Psychologists put it down to something called cognitive dissonance, the uncomfortable tension we feel when our behavior does not match our beliefs. We know that we should save for the future, protect our credit scores, and build wealth, so when we don't do it, we come up with lies to make ourselves feel better. Here are some of the biggest whoppers we tell ourselves and how to straighten them out: Lie No. 1: I'll begin saving next year Truth: It never feels like the right time to save money. Perhaps your bills are due, there are things you want to buy, or the people you love need cash. We tell ourselves we'll start saving next year, believing we'll have more money to spare. The problem is, next year will bring the same financial responsibilities and temptations, if not more. And saving money -- even if it's just a little at a time -- o

When it comes to making big purchases like buying a home or financing a business, knowing and understanding your credit is super important! Your creditworthiness is used to determine your eligibility for “pay to use” services like your contract cell phone or your apartment rental. It’s also used to determine your interest rate on your credit cards and loans. Some employers may even use your credit report as a determining factor when considering you for a job! Given how important your credit is, let's get into how it all works. What is credit history? Your credit score is a part of your credit report, which is based on your credit history. Your credit history is a compilation of all credit cards and loans you’ve ever had, all the way back to that first credit card you signed up for in college in order to get the free t-shirt (been there, done that!). It’s the history of how (well) you've paid your bills in the past. And, as I said before, your credit score is a grading given

Debt for student loan has reached at its all-time peak of the total of 1.41 trillion in the year 2019, so here you aren’t the only one, (in case you were too anxious). A large sector of economy is keen on helping Americans know about appropriate ways to clear out large student debts , and a lot is there to learn that you can start after reading such interview to know about the basics. You can learn and consider a lot of options while thinking about various ways for how to pay off student loans. Some Key Takeaways to Pay off Student Loans It has to be critical for you to notice big picture: Firstly, know about the total sum that you currently owe and to whom you owe this, in addition to your total rate of interest and monthly payment for all loans. Figure out the best possible schedule for repayment for the situation - either it can be slow or quick. Payments should be made during the grace period - This can be towards the whole amount for loan or for at least the due i

If you are planning to buy or mortgage a house, then you should check your credit score. You will have to know your credit score. It is a good idea and you should get this idea for so many reasons. This score plays a major role in order to buy house. It is not only essential for the initial qualifications for a loan but the score also influences the down payment structure. Credit score can also determine the factors such as interest rate and other related costs that you need to pay in order to obtain a mortgage loan. You will have to know that a good credit score is needed to buy a house. It also depends on the types of mortgage loans. You will have to learn about the needed score and improve the credit in order to submit a mortgage application. What is the minimum credit score? There are several types of mortgage loans available in the market. Each mortgage loan needs minimum amount of credit score. Some lenders have strict criterion in order to determine the creditworth

Guaranteed Auto Protection Insurance, generally known as Gap insurance was originally made to protect the drivers from increased prices of new vehicles. In simple words, when a person met an accident and if the vehicle is completely destroyed and the full value of the vehicle is depreciated, then gap insurance can help in recovering the difference between the loan owed from the person and current value of the car. It is not mandatory for everyone to have gap insurance. If you are planning to buy a new vehicle , then it is recommended to have gap insurance for the protection of its value. Sometimes, it is also known as gap protection or totaled protection. Though the standard car insurance policy will also cover typical damage or theft charges, if the damaged car’s cash value is less than the loan amount, then the gap’ won’t be covered by insurance. Benefits of Gap Insurance Gap coverage is popular among car lovers because of the numerous benefits it provides. So here a

So, you are planning to file a bankruptcy. You want to know the entire process so that you can plan the next step without any confusion. In this article, we will try to answer all your queries. You will know what bankruptcy is. Besides, we will cover all the aspects that include legal requirements, obligations, and the outcome. You will know when the bankruptcy is not the right option and which type you should consider when planning to file one. What is Bankruptcy? Bankruptcy is a federal legal process. The process is designed to help individuals, companies, and institutions to start their finance fresh . It can come to the rescue of all those businesses and individuals who are going through a difficult time after a huge loss. The key objective of the bankruptcy is to enable you to be freed from all your financial obligations. However, the outcome will affect your future finance. People normally believe that bankruptcy is a complex process. They think that the court wi

Using a credit card is the fastest and the best way to build good credit, but the problem is you do not get a Secured credit card if you do not have a good credit history. Secured credit cards help people who have bad or not that great credit history to obtain a credit card in the first place. The use of modern technology in the financial space has revolutionized the very idea of lending. Thanks to Credit Cards you can now use a huge line of credit , from anywhere you need, wherever you need. What is a Secured Credit Card? A secured credit card derives its meaning from the fact that the line of credit that you get with it is secured and is backed by a cash deposit that you make to obtain the credit card. This deposit that you make serves as collateral on the account providing the card issuer with some security just in case the cardholder is unable to make the payments. Thus the deposit reduces the risk to the issuer. So what happens to the deposit that you have mad