Get Free Life Insurance for Your Kid’s College Expenses
All parents worry about their children — about their personal happiness, providing a good education for them, and of course, about their financial futures. For low-income parents, and single parents in particular, financial worries can loom especially large. That’s why I was pleasantly surprised to recently come across an offer for free life insurance for […]
Pick the Right Credit Card For Rebuilding Credit
As millions of people have filed for bankruptcy protection in recent years, many Americans want to know how to rebuild their credit rating after a Chapter 7 or Chapter 13 bankruptcy. One perennial question I’m often asked is: What is a good credit card to obtain in order to rebuild credit after bankruptcy? It’s a […]
Top 10 Smart Financial New Year’s Resolutions
Here are 10 New Year’s Resolutions to add to your list: Eliminate credit card debt. Answer this question: Do you really want to be in debt year after year and living paycheck to paycheck? If you said “No,” then it’s time to get serious about managing your money and getting rid of excessive debt. You […]
How Much Engagement Ring Can He (or You) Really Afford?
For many young couples, there is a certain amount of financial and emotional stress that comes with Valentine’s Day. Among women who are dating, the message they get from family, friends and others is that Valentine’s Day is the time to know if your guy is really into you. They may even start getting some […]
Will Opening A Checking Or Savings Account Hurt My Credit Rating?
Q: Will opening a savings account in order to save for a home down payment impair my credit rating by creating an inquiry on my credit report? A: No, any kind of checking account or savings account that you might have is: 1) Not reflected on your credit reports with either Experian, Equifax or TransUnion […]
Who Should Consolidate Student Loans And Who Should Not
You may be wondering if it’s in your best interest to consolidate your student loans. Well, experts say that you can benefit from a consolidation—to a greater or lesser extent—only by taking into account the full details of your personal situation. For those of you having serious difficulty making your monthly payments, you definitely should […]
What Student Loans Are Eligible for Consolidation?
In order to qualify for direct consolidation loans, you must have at least one direct loan or Federal Family Education Loan (FFEL) Program loan that is in grace, repayment, deferment, or default status. If you are currently enrolled in school, you can no longer consolidate your loans. This is because your loans will be defined […]
Frequently Asked Questions about Student Loan Consolidation
Question: How does loan consolidation work? Answer: When you consolidate your student loans, your original debts are paid off and you roll the combined balances from your previous loans into one new, larger loan with a fixed interest rate. Question: What are the main benefits of loan consolidation? Answer: It’s easier to make one payment […]
Alternatives to Payday Loans When You Need Cash Fast
The $40 billion a year payday loan industry is booming thanks to high unemployment and a lack of access to traditional bank credit. While most individuals typically think about payday lenders doing business mainly with poor people and minorities, the Wall Street Journal reports that payday loans are also increasingly being used by middle class […]
The Impact of a Credit Limit on Your Credit Rating
Q: One of my creditors, Bank of America, decided to decrease my credit limit from $4,000 to $500. At the time when they lowered my credit limit, I had a balance of $700. So, that put me $200 above the limit at the time of the change. They didn’t even call me, I called them. […]
Can I Keep My Car if I File Bankruptcy?
Q: I am having financial problems and can no longer make ends meet. Can I keep my car if I file bankruptcy? A: With so many consumers filing for bankruptcy protection or thinking about doing so, a lot of people are worried about what assets they can keep and what assets they might have to […]
What Does “Pay Yourself First” Really Mean
Q: I have a question from someone who wanted to know about essentially the definition of paying yourself first. She wrote me saying, ‘… there’s never been an accurate definition. Does it mean that it that you should pay yourself first the money that’s going into your retirement, into a emergency fund, or should you […]
Chapter 13 Bankruptcy Explained
Unlike Chapter 7, which can completely wipe out unsecured personal debts such as credit card bills and medical debt, Chapter 13 is a way to re-organize your finances and pay off some or all of your debts over a period of 3 to 5 years. Chapter 13 is also known as a wage earner’s plan, […]
How a Credit Card Balance Transfer Can Improve Your Credit Score
Right before and after the holidays you’ll probably get a lot of bank offers to transfer credit-card balances from one account to another. If you see balance transfers as an opportunity to go on a shopping spree, chances are you haven’t quite learned how to manage credit and debt wisely, and that balance transfer deal […]
Chapter 7 Bankruptcy Explained
Chapter 7, also known as “liquidation” or “straight liquidation,” is typically the simplest and fastest form of bankruptcy. Individuals, married couples and businesses can use chapter 7 bankruptcy protection to wipe out all unsecured debts, completing eliminating financial obligations such as: * credit card debt * medical bills * collection accounts * civil judgments * back rent * overdue utilities * […]