Credit card debt is common. Many households are facing a growing credit card balance. But this type of debt, with notoriously high interest rates, is one of the hardest to climb out of. Once you slide into credit card debt, it can be difficult to pull yourself back out. If you want to avoid taking on credit card debt, it will require some thoughtful strategies. The good news is that it’s entirely possible to avoid taking on this type of debt. We will explore why credit card balances are growing, how these balances grow, and how you can stay out of credit card debt. Credit Card Balances Are Cli ..read more

What Is a Budget? A budget is a tool that you use to manage your money. Usually, a budget is balanced between income and expenses so that you know where all your money is going. Some budgets are short term, like if you’re saving for something like a new computer, and some are longer term, like if you plan to buy a house. Either way, they help you achieve your financial goals and protect you from financial stress. It doesn’t matter how you choose to budget, but you do want to make a budget (and stick to it, which is the hard part). You could list out all your expenditures separately and budget ..read more

One of the most distressing problems in America today is people living without roofs over their heads. In major cities, you see it all the time. And there are half a million people who are homeless living in America, with 30% of those people living in California. However, knowing the factors that lead to homelessness can help you avoid becoming homeless. If you’re struggling to make ends meet, know that you are not alone. More than half of Americans cannot afford a $400 emergency. They’re one disaster away from becoming homeless. But with proper money management and good support systems, you c ..read more

When you think of credit cards, unsecured credit cards likely come to mind first. While some financial gurus preach about the dangers of opening an unsecured credit card, the reality is that an unsecured credit card can be a useful financial tool. If you aren’t sure where to get started, you are in the right place. We’ve compiled a full guide on how to open an unsecured credit card. Let’s dive in! What Is an Unsecured Credit Card? An unsecured credit card is a type of credit card that doesn’t require you to make a cash deposit to get started. Unlike secured credit cards, an unsecured credit c ..read more

Back in 2020, the federal government gave student loan borrowers a payment reprieve. The temporary measure was designed to help borrowers with federal student loans get through the financial uncertainty caused by the pandemic. But the federal student loan payment pause came to an end in fall 2023. If you are a federal student loan borrower, the restart of payments may have a big impact on your financial situation. Let’s explore how you can prepare your finances for student loan payments. When Did Student Loan Payments Restart? During the federal student loan payment pause, the interest rate wa ..read more

When you need a vehicle to get around, you might feel pressure to spring for more than you can truly afford. Whether your financial situation has changed or you felt pressure to overspend at the dealership, being stuck with a car payment that you cannot afford is an uncomfortable situation. If you feel trapped with an oversized auto payment, the good news is that you have options. Let’s explore what you should do if you can’t afford your car payment. Average Car Payment Based on Experian data, around 8% of new car purchases in 2022 were financed. With that, the overwhelming majority of drivers ..read more

A secured credit card gives cardholders an opportunity to build credit. While you’ll have to make a security deposit to serve as collateral, this can serve as your entry point into building credit. But if you are new to credit cards, you might not know where to get started. Luckily, I’ve created a full guide to opening a secured credit card. Let’s explore everything you need to know about opening a secured credit card. What Is a Secured Credit Card? A secured credit card is a type of credit card that requires cardholders to make a cash deposit. The cash deposit serves as collateral for your sp ..read more

You can find financial advice almost everywhere you turn. Whether you are hearing advice from TikTok stars or friends and family, you’ve likely heard more than a few financial myths thrown into the mix. On the surface, financial myths might make some sense. After all, if you’ve heard something enough times, you might start to believe it. But the reality is that believing financial myths can push you to make sub-optimal financial choices. It’s critical to separate solid financial advice from myths. In this piece, you’ll find some of the top financial myths to ignore. Why Do People Share Financi ..read more

Artificial intelligence (AI) has been making headlines in recent months. As AI develops into a more sophisticated tool, it’s natural to wonder how this technology might impact financial advice. If AI can answer other questions, can it be trusted to provide worthwhile financial advice? Let’s explore how AI interacts with financial advice. Financial Advice and AI The investment industry is working to harness the power of artificial intelligence in the financial planning space. With the help of generative AI, like ChatGPT, people can find answers to basic personal finance questions. But the intro ..read more

The right credit score can make a world of difference to your financial future. Not only can a good credit score make it possible to obtain financing for major purchases, but it can also help you lock in lower interest rates to potentially save thousands over the life of your loan. While a good credit score is important, building it might feel like an impossible task. If you want to build your credit score, responsibly managing revolving and open credit accounts can help. Let’s explore what these accounts are and how you can leverage these types of accounts into a better credit score. Revolvin ..read more