Should I Invest or Pay Down Debt?

Choosing between paying down debt and investing your money can be a difficult decision. There are many factors that should be considered, including interest rates and long-term financial goals. There is no right or wrong answer for how you proceed, but here are some pros and cons of each option. Should I invest or pay … Continue reading Should I Invest or Pay Down Debt?

What is a Good Interest Rate for Credit Cards?

When applying for a credit card, it’s important to review the APR. The APR is your annual percentage rate or interest rate when you carry a balance on your credit card. Your APR depends on several factors, including your credit score and the type of credit card you apply for, so what constitutes a good … Continue reading What is a Good Interest Rate for Credit Cards?

Should You Use Your Tax Refund to Pay Off Debt?

The new year brings exciting beginnings, infinite possibilities…and the tax season. While filing taxes is no fun, receiving your refund certainly can be. It’s tempting to splurge on your wish list once you receive your refund, but there are likely better ways to utilize the refunded money. Last year, the average tax refund was $2800. … Continue reading Should You Use Your Tax Refund to Pay Off Debt?

Which types of credit inquiries will impact your credit score? 

There are two types of credit inquiries, hard inquiries and soft inquiries. Hard inquiries are used to track how often you have applied for credit in the last two years. Soft inquiries are when you or a potential employer, apartment management, etc. pulls a “check” on your credit report (only people you authorize can do … Continue reading Which types of credit inquiries will impact your credit score? 

Good debt vs. bad debt

Debt is good (sometimes). Of course the best kind of debt is the kind you could afford to pay off in a single month. Borrowing money (revolving or fixed terms) is a way of life for most consumerist mentality purchases. Because most of these type purchases are made on credit cards, revolving debt like credit … Continue reading Good debt vs. bad debt

How does interest work with debt

If you’ve ever purchased a house, car, or opened a credit card, then you’ve dealtwith interest. Interest is the price that someone pays for using someone else’smoney. For example, when you are the borrower, you pay interest. When you arethe lender, you earn interest, such as when you open a savings account.How Does Interest Work … Continue reading How does interest work with debt

How much student debt is too much?

Whether you are a high school student preparing to go to college or a career professional considering returning to school for a different degree, student debt can be overwhelming. There are mixed theories regarding student debt loads. Some people believe it is okay to take out as much as required to pay for tuition and … Continue reading How much student debt is too much?

What is a credit score?

If you have used a credit card or bought something on credit, then chances are that you have a credit score. Hopefully this isn’t your first time hearing about it! Credit scores are designed to represent your ability to manage credit and pay your bills on time. Your credit score is calculated using the information … Continue reading What is a credit score?

COVID-19 and its Impact on Debt

When the COVID-19 pandemic reached America in March 2020, the longest economic expansion in U.S. history ended. Almost every part of the U.S. economy was affected as businesses were shut down or limited to operating at a quarter of what they had been before. Many Americans experienced unemployment or significant financial loss. This dramatic decrease … Continue reading COVID-19 and its Impact on Debt

What is the Debt-to-Income Ratio?

The most important indicators of overall financial health are a good credit score and a solid debt to income ratio. While your debt-to-income ratio does not affect your credit score, it can help determine how comfortable you should be with your current debt amount, and help you decide on how much credit is right for … Continue reading What is the Debt-to-Income Ratio?