Category: Credit

Learn about how to get and maintain good credit or fix poor credit

Budgeting, Credit, Debt, Personal Finance

OMG, I Can’t Pay My Bills!

Maybe you’re in your twenties and you’ve been out and about enjoying life. You socialize with your friends most nights and you finally got that apartment you always wanted even though it cost just a little more than you wanted to pay. You have a job, but it’s not the one you really wanted. It’s a paycheck and some experience, but you really want something better. And now this…you realize that you just can’t pay all your expenses each month and you’re in big trouble! Trust me on this: you’re not alone. Many young people (and even not so young people) start out with the idea that everything will just fall into place once they’re on their own. They’re all about the fun of independence, their first apartment and job, and what seems to be a great adventure with sunshine and happiness ahead. But, the reality is you never had to manage your own money before. Mom and Dad probably helped you quite a bit and if a shortfall ever arose, well they put a bandaid on it with a loan or a gift. There’s nothing to be ashamed of here. It’s part of growing up and now that you are an adult, you need to figure it out on your own!

OMG I Can't Pay My Bills

So you can’t pay your bills…what can you do?Continue reading“OMG, I Can’t Pay My Bills!”

Credit, Debt, Home

Home Equity Line of Credit: Is it for you?

There may come a time when you face a situation when you need money that is above and beyond your emergency funds. We may all face them at some point, whether it’s a medical emergency, car or house situation, or perhaps something with the kids like a huge tuition bill or family issue you need to help solve. What can you do? There are several solutions, but today I’d like to address a common but often misunderstood one, the home equity line of credit, or HELOC.

Home Equity Line of Credit: Is it for you?

First, let’s talk about home equity. The equity is the difference between what you owe on your home to pay off any mortgage and the current market value of your home. For example:Continue reading“Home Equity Line of Credit: Is it for you?”

Credit

How to Use a Credit Card Wisely

Credit, in the form of credit cards, is something most of us want, need, and use almost every week of our adult lives. Learning how to use a credit card wisely helps us to save money in the long run and avoid the trap of ongoing debt. Many of us use credit cards for convenience, so that we can avoid carrying cash in our pockets for purchases like groceries, gas, and household items. This makes sense when done with responsibility, thought, and keeping your budget foremost in your mind. Many advisors say to pay cash for everything and avoid credit cards entirely. I disagree. Credit is important to have and protect, and to learn to use wisely.

How to use a credit card wisely
Continue reading“How to Use a Credit Card Wisely”