How do I get a free annual credit report is one of the first questions you need to ask yourself if you are challenged with debt. What you are looking for? You are looking for everything….(1) make sure there are no mistakes on the report; (2) look for accounts that you did not open…identity theft; (3) dispute any bad information[Read More…]
A: How long do items stay on your credit report? Your credit report follows you for a long time; that is why you must be careful with your loan and credit card payments. If you are more than 30 days late on a payment, it will stay on your credit report for up to seven years and reflect negatively on[Read More…]
Q: How long bankruptcy on credit? A: How long bankruptcy on credit? Speak with a legal professional before you do anything, but avoid declaring bankruptcy if you can help it because it will haunt you for a long time. Typically on a credit report, which are maintained by three credit reporting agencies, truthful negative credit information can be kept on[Read More…]
If you have already been hit with some of the consequences of poor credit, like losing your credit cards and being closed off to most lending, one thing you might be able to do to improve yourself going forward is to get a secured credit card and then carefully pay that bill on time. The secured credit card is reported[Read More…]
Use all means at your disposal to get your student loans under control. Get ideas from sections in this website to reduce your loan repayment and interest charges to a minimum. Student debt relief is right up there with finding a paying job right after the finals are over, the graduation ceremonies are finished and friends get scattered around to[Read More…]
Often when debt begins to close in on a person the tendency is to seek out new sources of credit as a backup, which means typically applying for every credit card offer that can be found. Don’t do it if you can possibly avoid it because it can and will hurt your credit score. When the three credit reporting agencies[Read More…]
How much debt do you have? Sometimes it is hard for us to admit and actions often speak louder than words. You may not admit to having too much debt, but are the air raid sirens of debt going off? Are the red flags of debt madly waving? When the debt sirens go off, we can all hear them because[Read More…]
Don’t use public access computers if you can help it. When you do, change your password within 24 hours. You may be on vacation and you think you will drop into an internet café to check your email and the performance of your stock brokerage account. Don’t do it. You are vulnerable to becoming a victim of identity theft. There[Read More…]
Life is iffy, that’s why we all need an emergency fund: an amount to see us through tough times. But how much? How to we save it if we are spending almost everything we bring in, or worse, spending more than we are bringing it? As a rule of thumb, financial advisers suggest a enough money in an emergency fund[Read More…]
Chances are that if you are interested in building up your credit, you are either just starting out with no (or little) credit history or you have run into debt problems along the way and now want to build credit so that you can develop a higher credit score, a good credit report, get the best interest rates on loans[Read More…]
Taking a second or third job to reduce your debt load sounds completely unappetizing to all of us, but it is something to consider to get your debts down to zero fast and keep them there. Some of the best sites to find jobs, to fit in with your day job, include Indeed.com, Glassdoor.com, simplyhired.com, Ziprecruiter.com, Linkedin.com and others. Oftentimes,[Read More…]
How to Build Credit: Get a Free Annual Credit Report and Check it Carefully How do I get a free annual credit report is one of the first questions you need to ask yourself if you are challenged with debt. What you are looking for? You are looking for everything….(1) make sure there are no mistakes on the report; (2)[Read More…]
Business line of credit versus a business loan — The business line of credit is in fact a business loan, but the difference is that the business loan is made at a fixed rate and the business line of credit is made at a certain percentage over prime rate. Typically, the business line of credit interest rate is usually lower[Read More…]
Q: How long bankruptcy on credit report? A: How long bankruptcy on credit report? Bankruptcy is a serious thing in the world of credit and lending that will stay on your credit report for up to 10 years and may haunt you for a long time after that. Typically, negative credit information of yours will stay on your credit report[Read More…]
Use barter wherever you can to save time and money. You are skilled at certain things, others are skilled at other things. If you are an accountant, trade doing someone’s taxes with a painter or plumber for their services.
With the increased banking regulations today, banks are hemmed in on where they can make money and are just waiting for you to make late payments so that they can tighten the interest screws on you. Don’t let them. Start automatic payments on all of your credit cards and loans for the minimum monthly payment. We don’t recommend that you[Read More…]
(48) When You Borrow Money, Understand the Terms and Conditions of the Loan; Get into the Fine Print
When you borrow money, and that includes using a credit card, be sure you understand all of the terms and conditions of all your loans so that you do not run afoul of the lender.
Everyone has overspending triggers and if you want to get debt under control and build credit, you need to find and eliminate them. It could be the people who you shop with, the mood you are in, anything. You have to figure out what makes you spend money and stop or change it. One debt-ridden reader told us that she[Read More…]
If you have money flowing out in every direction, get control of it by making a list of where your money is going, then readjust where you are spending it. If you are an entrepreneur, the above advice goes doubly for you because a small business can be an endless money pit of leased equipment, employees, expense accounts, etc.
Take 20 percent of your monthly disposable income to pay down all debts until they disappear, then use that money to build up your emergency fund and then retirement savings.
Anytime you get in a windfall of cash, use it to pay down debt rather than buying a present for yourself. This includes tax returns, bonuses at work and, yes, your increased salary from finding and taking a better job. Most people, when they get a better, higher paying job, will crank up spending and debt. Be smart, use the[Read More…]
If you are charging various purchases, writing out checks, paying cash, withdrawing money from the ATM and not accounting for it, stop! Money is sailing out and you do not really know where it is going. Figure out one or two ways to spend your money and stick to it. For example, pay for everything through your checking account and[Read More…]
Once you have made the decision to commit yourself to getting out of debt and rebuilding your credit, you will see ways to begin freeing up money in many areas of your life to focus on reducing that debt. One way to do this is to always use price comparison sites before buying anything. Take it a step further and[Read More…]
Don’t try to hide from creditors if you have fallen behind on your payments. Contact them and determine what can be done to work out a new payment schedule. Nothing makes a lender more nervous than having someone with late payments who they are unable to reach. If you contact them early enough in the process and show a willingness[Read More…]
If cash seems to fly through your fingers and you struggle to get a handle on debt and build credit, leave your credit cards at home and get your paycheck deposited directly into your checking account and set withdrawal limits of how much you can take out from an ATM in one day.
If you are considering debt settlement or debt consolidation as two potential ways to relieve the debt you are carrying, make sure that you understand the difference between the two and the pros and cons of each. In its most simple form, debt settlement reduces the amount of debt you have, while debt consolidation reduces the number of creditors you[Read More…]
If you are overwhelmed with your debt and looking for a quick fix to get out of debt and get on with your life and you are looking at a debt settlement program, tread carefully and seek advice from a qualified financial adviser or a lawyer steeped in knowledge about bankruptcy and debt settlement.
Minimum monthly payments on credit cards is like someone with their hands around your neck and squeezing you…not enough to choke you to death, but certainly enough to make it hard to breathe. The only thing banks like more than you making a minimum monthly payment is for you to be late on a couple of payments so they can[Read More…]
Yes, there is good and bad debt relatively speaking and you need to appreciate the difference between the two in order to reduce debt and build credit. Good debt is “investment debt” so that when you borrow money, you expect to make money on the borrowed funds. What are examples of good debt? Home mortgages, loan for a college education,[Read More…]
One quick way to get your spending under control in a debt situation is to leave all of your credit cards at home and spend only cash. It will focus your spending and do away with all of those “lost transactions” you do, like $20 on a credit card here, $40 on another and $60 on another. If you use[Read More…]