9 Major Common Life Events That Will Impact Your Finances
Life is unpredictable. And you won’t be able to plan for every financial surprise that hits you along the way. But, part of being financially responsible is preparing for what you can. Most people experience major life events that greatly affect their finances. Being aware of how these big life moments will impact your wallet—and […]
Avoiding High-Interest Credit Traps – 8 Strategies to Consider Today
High-interest credit products such as payday loans can often be attractive and appear to be a quick solution during financial challenges. However, these options often lead to a cycle of debt that’s difficult to escape. The good news is that you can avoid falling into these costly traps by understanding the risks and adopting smarter […]
Debt Snowball or Debt Avalanche: Which Method Is Best to Eliminate Your Debt?
Are you looking for an effective strategy to tackle your debt and pay it off fast? We will be covering two popular methods today: the debt snowball and debt avalanche methods. Keep reading to learn more about them and see if they make sense for your financial situation. Understanding the Debt Snowball Method The snowball […]
Understanding Bankruptcy: Types, Consequences, and Process
The cost of groceries, gasoline, utilities, and other necessities has risen steadily, but inflation-adjusted wages have mostly stagnated. As a result, many consumers have less money available to pay for goods and services. The Federal Reserve increased interest rates in an attempt to combat inflation, making it more expensive to borrow money. For some people, […]
How To Consolidate Your Debt Wisely
Debt can handicap you, causing stress and complicating your financial life. If you find yourself juggling multiple debts, whether from credit cards, personal loans, or other sources, you might consider debt consolidation as a way to regain control. However, it’s important to call out that debt consolidation is not a one-size-fits-all solution. Used wisely, yes, […]
How Your Debt Is Mentally Draining You (And What to Do About It)
In many ways, it can feel like debt is an unavoidable part of life. The average American holds $104,215 in debt across mortgages, credit cards, car loans and student loans. But, just because debt is so “common,” doesn’t mean it’s easy. The mental toll of owing a lot of money to lenders is undeniable. If […]
What to Do If You Can’t Make a Loan Payment
While it isn’t the most fun topic, the reality is that financial difficulties can affect anyone. As we all know, life happens and sometimes these hardships come with unexpected events that may make it difficult to meet existing loan payments. Whether it’s due to a job loss, car accident, medical emergency, inflation, or something else, […]
Good Debt vs. Bad Debt: Key Differences You Need to Know
Many people view debt as something to avoid, yet the average American household has about $101,915 in debt. The key is not to refrain from taking on debts entirely but to learn to differentiate between good debt and bad debt. Good debts can help you build wealth and meet your goals. They are an investment […]
The Implications of Mortgage Debt on Your Finances
In the second quarter of 2024, the median purchase price of a home in the United States reached $412,300. With prices rising rapidly, understanding what a mortgage is and how it works is more important than ever. High debt levels can make it more challenging to qualify for a mortgage with a reasonable interest rate, […]
Avoiding Debt During 3 Major Life Events
Major life events such as going to college, getting married, and buying a home are exciting milestones. However, they can also be financially stressful and lead to significant debt if not managed carefully. Planning ahead and making informed decisions allows you to navigate these events without accumulating unnecessary debt. Here are practical tips to help […]
