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Unsecured Debt and Secured Debt

March 1st, 2016

Debt comes in many forms. There are many bills, payments and obligations that can fall behind and end up becoming debt. There are also loans that can contribute to the debt you may have. Credit cards, medical bills, utilities, school loans, mortgages, car loans and more all constitute as debt. With so many different types of debt in existence, it can be hard to keep track of them all. What’s even worse is trying to categorize these debts. Fortunately, there are two main types of debt that more or less cover any debt you may have. These debt types are known as secured debt and unsecured debt.


Loans and How They Affect Your Finances

February 26th, 2016

Loans have as much of an impact on your credit rating as credit cards do. Having a loan is making a commitment to a long term payment plan in return for receiving a lump sum of funds now. These funds could be used for anything, from school tuition to purchasing a car. Some people take out loans due to necessity, while others have loans for vacations or large purchases they don’t have the money for at that point in time. Loans sound like the perfect way to get the money you need now while not having to worry about paying it back later. But how do loans impact your credit and your finances?


Credit Cards versus Charge Cards

February 25th, 2016

Credit cards are a popular form of buying power in today’s society. If you have one, you have the ability to borrow money and pay it back. But there is another type of card that follows similar rules. This would be called a charge card. A charge card also allows you to borrow money for purchases, but there are certain differences between the two types of cards. Most people know about credit cards, but some do confuse charge cards as being the same thing. How are they different, and which one is better?


Is Credit Card Debt Bad Debt?

February 23rd, 2016

Carrying credit card debt can turn into a costly endeavor. Before you know it, a small amount of credit card debt can grow exponentially if not monitored and paid on a regular basis. However, there is a way to have debt work in your favor. Maintaining debt requires as much discipline and dedication as it takes to eliminate debt. But first, you must understand what constitutes as controlled, or “good” debt and how to keep it from becoming bad debt.


Should You Settle With Your Creditors?

February 17th, 2016

Handling debt settlement is a tricky business. Making sure you are doing the right thing with you financial situation is not always the easiest thing to do. There are many options to consider when it comes to achieving debt relief. All of them have the same goal in mind: reaching debt elimination. However, debt settlement is an option that allows for a faster and more complete form of debt resolution. Here are some of the things to keep in mind when considering choosing debt settlement.


Credit Cards: Why You Shouldn’t Use Yours

February 16th, 2016

When you have past due credit accounts, it can be hard to deal with the situations debt may force you into. Falling behind on bills, maxing out credit cards and more can have serious impacts on your daily way of life. You might consider giving up the use of credit cards altogether to get rid of the credit card debt you have once you settle it. This course of action, however, can negatively impact your credit, resulting in further financial hardship down the line. A more financially sound approach might involve keeping a credit card active but unused. However, what should you consider if you plan on holding onto an unused credit card?


Defending Yourself Against Debt Collectors

February 12th, 2016

Debt collectors can become aggressive with their collection tactics. Sometimes they push too hard or cross the lines of legal collection procedures. When this happens, many people have no idea that their rights are being violated. Even if something seems to violate the rights of the individual, oftentimes it is not clear as to what can be done in defense against it. Rest assured, there are ways to counteract any unsanctioned collection methods enacted against you by any debt collector. Here are some of the ways you can protect yourself against unlawful debt collectors.


3 Tips To Budgeting with a Part-Time Job

February 10th, 2016

For people who do not carry a full-time job, budgeting may seem like an impossibility. Those who work part-time might believe that budgeting is not within the scope of their income. The truth is, money budgeting can happen at any level of income. Even those who work part-time can experience the benefits of saving money and consistent bill paying while working towards a goal such as debt relief.


What Creates Your FICO Score?

February 4th, 2016

Everyone has a FICO score, a number that defines their credit worthiness based on their past financial decisions. What most people do not know is how a FICO score is broken down by creditors. Since this is a main factor that a lender will use to determine your credit risk, it is imperative to know what creates and impacts a FICO score. More importantly, it is good to know what you can do to keep your FICO score healthy.


How to Avoid Adding Debt to Your Expenses

February 3rd, 2016

Budgeting your expenses can help you handle your money wisely and help you avoid debt. Extra fees, erroneous subscriptions and frivolous purchases can hinder your ability to manage your money. When fees for late payments, account maintenance and more hit your finances unexpectedly, the result can mean less money for more important things and the capacity to fall into serious debt. The key to avoiding these instances happening is to keep yourself aware of what is coming out of your account at all times.