Why it pays to check your credit report
When was the last time you checked your credit report? Because access to credit is such an important aspect of everyday life, money-management experts recommend that everyone should check their reports at least annually.
In simple terms, a credit report is a summary of the credit accounts you have and how you’ve used them. When you have a loan or a credit card, the lender tracks how you make payments, and then shares that information with what’s known as a credit reporting agency. The credit reporting agency keeps that information up-to-date, and when you apply for a new credit card or loan, the lender will review your credit information to see if you make payments like you’re supposed to and use credit wisely. The information in your credit report is also used to create your credit score. Continue reading
Living within your means is the foundation of financial health. But, that’s easier said than done. If you find yourself in the red at the end of too many months, you’re not alone. “Sticking to a budget” is the No. 1 financial challenge for Americans, according to a recent GOBankingRates survey.
Here are some suggestions that might help guide you on the road to your financial health. Continue reading
There are really two kinds of debt. Bad debt is money you owe and have little chance to repay. Credit card debt can stay with you for a long time, particularly with high interest rates. You can end up paying off that mall shopping spree long after the clothes you bought have made their way to the local charity shop. Good debt, on the other hand, represents a risk you’ve taken, and may yield a financial reward. Opening a business involves taking on a loan, but in exchange, you have the chance to build a constant source of cash for your life. You need a loan to buy a house, but you can always sell the house, often making a tidy profit. Continue reading