Q: What is the difference between a secured credit card and a prepaid debt card? A: If you aren’t eligible for an unsecured credit card, you still have options for carrying plastic in your wallet. Secured credit cards and prepaid debit cards are fairly easy to get but both cards have their benefits and drawbacks. […]
Secured Credit Cards and Prepaid Debit Cards Explained Read More »
Some aspects of the banking industry, the credit system, or the credit-scoring world, may baffle you because the rules go against all logic and at times even contradict each other. Other financial rules, when implemented and applied in real life, may seem patently unfair to you. And then there are banking and credit rules that
How to Deal with Banks Without Going Insane Read More »
If it seems like you’re getting financially squeezed from all directions, that’s no figment of your imagination. Bank fees on the rise, utility rates are about to increase and even membership fees at places like Costco are going up. Why is all this happening now, and what should you do? Let’s look at each area
How to Handle Rising Fees From Banks, Utilities and Retailers Read More »
Beware of calls from shady, unlicensed collection agencies and their verbal threats to garnish your wages. I recently heard about people receiving repeated calls from the PDLR Group. Apparently representatives from PDLR were threatening to garnish people’s wages and consumers wanted to know if this was legitimate. One individual questioned the legitimacy of the PDLR
Beware of Calls and Threats From Fake Collection Agencies Read More »
Just in case you like to speed read articles, I’ll cut to the chase and tell you that race and gender DO NOT impact your credit score. Many consumers believe a host of myths and misconceptions about their credit scores. Some of the biggest fallacies surrounding this topic involve race, income and other factors that
The Impact of Race and Gender On Your Credit Score Read More »
After some changes to federal laws in 1998 and 2005, the statute of limitation on student loans has been dissolved (with some very limited exceptions), which means that you can no longer have your student loans discharged when you file for bankruptcy. Many people wonder whether they are eligible for a student loan discharge when
What is the Statute of Limitation for a Student Loan? Read More »
Q: Can putting something on layaway hurt my credit score? A: I don’t see how a layaway plan can help or hurt a consumer’s credit — mainly because no credit or loans are being provided. With a credit card, you charge what you want, take immediate possession of the merchandise, and then pay the bill
Will Layaway Help My Credit Score? Read More »
Here’s my simple two-step process for creating a basic budget. It’s fast, easy, and anyone can do it. Step 1: Itemize ALL of Your Expenses Create a list of everything you spend money on—whether those expenditures are weekly, monthly, or yearly. Use different categories to group all your expenses. Examples of common budget categories include:
An Easy Two-Step Process to Create a Basic Budget Read More »
Q: Two years ago I lost my job working at a New York bank making about $85,000 per year. Prior to my layoff, my financial situation looked something like this: Assets Savings of about $18,000 $60,000 in my 401k A $400,000 house with $170,000 in equity Liabilities A HELOC for $25,000 at 5% A $488
I Feel Like I’ve Lost Everything – What Should I Do? Read More »
Whether you had to deal with some unexpected medical bills, maxed out your credit cards to cover expenses, or faced some other type of financial blow recently, it’s time to rework your budget. Managing a budget after a financial downfall can be tricky, especially if you are strapped for cash and used up your emergency
How to Make a Budget Work after a Financial Downfall Read More »
In my latest book, Perfect Credit, I explained that the credit score industry prefers to work together—without you whenever possible. I’m not saying that they have no need for you or that they don’t want to have some dealings with you. After all, consumers provide valuable feedback and constitute a revenue source. And companies in
Is The Credit Score Industry Fair to Consumers? Read More »
Even though you can find some great deals on last-minute flights about a week before Thanksgiving, it may be challenging to find a flight that fits your schedule. Thanksgiving week continues to be one of the busiest travel seasons of the year, so it’s in your best interest to plan ahead and make those trip
5 Tips to Save on Thanksgiving Travel Read More »
If you have recently started on the long journey to improve your finances and get out of debt, you have probably hit a few real and imagined obstacles by now. Perhaps you did not get the raise that you were expecting, or even worse, you’ve lost your job altogether. Maybe you’ve been kicking yourself as
Four Surprising Insights About Getting Out of Debt Read More »
Q: A few years ago I bought a long-term care policy; it cost about $200.00 a month, which is a lot of money for my budget. A lot of people my age prefer not to pay for long term care, instead they expect government to take care of them. What is your opinion, please? A:
Should You Keep Your Long-Term Care Insurance Policy? Read More »
