It’s estimated that some 60 million American households regularly carry outstanding credit card balances. According to a WalletHub study, the average household’s credit card balance is $8,425. We know what this means: Carrying a balance (meaning you don’t pay off your total amount due every month) incurs interest (meaning you’re actually paying more than you owe on your card). But why are so many of us falling prey to this debt trap? By investigating five of the most common reasons why we accumulate those high card balances, in no particular order, we might be able to help you avoid this finan ..read more

So, you’ve decided to take the leap and buy a home. Congratulations! But have you given some thought to what kind of mortgage you can afford? Think about the price of the home as well as the monthly payment you’ll pay to own that home. Banks take your ability to pay the monthly payment into consideration when deciding whether or not to grant you a loan. If you use the same principle that banks use to narrow your search to homes that you can afford, you will be one step ahead of the game. So how do you do that? Read on to determine how much mortgage you can afford. How Much Can You Spend on a M ..read more

Do you toss and turn at night worrying about your debt? If so, you’re not alone! From student loans to high credit card balances, carrying too much debt is common in America, which runs on credit. According to a recent Experian consumer debt study, outstanding consumer debt in this country reached nearly $15 trillion. While credit is a great convenience, it can also cause many challenges. Lugging too much debt around can cause a lot more than just financial stress – it can actually take a toll on your physical health, leading to joint pain, depression, and heart disease. Most of us have some a ..read more

From car notes to credit cards, monthly bills can be pretty overwhelming – and unfortunately, curling up in a fetal position and hoping our bills disappear doesn’t work too well. It can be a daunting task to sort out your monthly bills… and even more terrifying to pay them. This is likely why so many of us put off paying them until the 11th hour. But because creditors report your monthly payments to the three major credit bureaus, the procrastination of bill paying can lead to late fees and penalties, quickly taking a toll on your credit score. We have come up with a few simple bill payment st ..read more

Do you feel like you have no idea how much money you’re spending each month? Are your credit card statements always a surprise? In short, is your financial life disorganized? It can be extremely stressful to face the unknown every time you balance your checkbook. Lost bills, missed payment deadlines, and overdrawing your checking account leads to penalties and fees. Forgetting to pay a bill (or two… or three…) due to disorganization is frustrating and can cause some financial hiccups – but fortunately it’s also an easy financial problem to fix. Read on for seven easy tips you can start today t ..read more

Month after month, you receive your credit card bill. It’s stressful because you can’t pay it off… and you start to wonder, “What would happen if I just stop sending in payments?” If you’ve ever been in this situation, read on! The short answer is that a lot of negative things will happen. And the consequences will impact your financial situation for many years. Consequence #1: Finance Charges If you’ve ever missed a payment or paid it late, you know that your credit card company is quick to charge a late fee – especially if this isn’t your first time. The late fee is a one-time charge incurre ..read more

Have you ever considered what would happen if you didn’t receive your next paycheck? Would this jeopardize your home, or make it difficult to buy essentials? This can be a terrifying thought – especially if you’re among the 78% of American households living paycheck-to-paycheck. Fortunately, there are steps you can take to break this vicious paycheck-to-paycheck cycle. We get it: Changing your financial habits can be tricky – but believe us, the payoffs are well worth the hard work! Removing or reducing financial worries contributes to improved mental health and overall quality of life. And yo ..read more

Living paycheck-to-paycheck is all too common. In fact, recent data indicate that three-fourths of American workers with salaries of $50,000 or less rely on each paycheck to make ends meet. If you’re part of this (very large) group, chances are good that you’re also struggling with debt. To make a dent in your debt balance – or even pay it off for good – your best bet is to reduce your spending. By putting more money toward paying off debt than spending, you’ll pay off your debt faster and surrender less of your hard-earned money to interest. The following are five real-world tips for making m ..read more

Did you just open your first credit card account? Congratulations! There’s a lot to know about savvy credit card use. Unfortunately, the best place to learn what you need to know so you can protect your financial future isn’t always your credit card company. Here are four important things that your lender might not tell you – but knowing them can spare you a world of financial hurt. 1. Understand What You Owe When you read your statement, you’ll likely see three different amounts you can pay: the “current balance,” the “statement balance,” and the “minimum payment due,” (or some similar wordin ..read more

When your voicemail is filled with messages from collection agencies and stacks of bills arrive in your mailbox that you have no chance of paying, it’s time for some serious debt relief help. But before you seek relief from a professional, you should understand your options. Some professionals will helpfully walk you through a debt management program or counsel you about the best way to handle your debt, but scammers will take advantage of you unless you know what to look for. So, when should you seriously consider debt relief? If you know that you can’t pay off your unsecured debt in five yea ..read more