Posts Categorized: Credit and Debt

We frequently see married credit counseling clients who come to us by themselves and do not want their spouses to find out about their debts.

Either one partner has secretly been using credit cards without his/her spouse’s knowledge and has gotten in too deep, or one person in the relationship is responsible for managing all of the family’s finances and, having failed to keep debt under control, doesn’t want anyone to find out.

Over the past few years there’s been a trend online of financial experts recommending credit cards for college students. Is this really a good idea? This strain of advice usually includes some of the following arguments: Why should college students have credit cards: Having credit helps establish a good credit history. Using credit early is…

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In short, your credit utilization is the percentage of total credit used in comparison with the total credit available. Calculate your utilization by dividing your balance by your limit. For a simple example, let’s say you have one credit card, and it has a 10,000 dollar limit. If you owe $2,500 on that account, your…

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Do you want to close a credit card account but are unsure how it will affect your credit score? There are many reasons why we may want to close a credit card, such as avoiding annual fees, too many fees, high interest rates, or unsatisfactory customer service. Whatever the reason, please review the following to determine what is best for you:

The Fair Isaac Corporation FICO™ states “They would never recommend closing a credit card for the sole purpose of raising the score.”

Many student loan borrowers feel helpless in the face of tens of thousands of dollars of student loan debt. There is popular support among them for student loan forgiveness, but there are misconceptions about these programs that need to be cleared up. A recent report from LendEDU found that nearly half of all college students…

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Our credit counseling and Debt Management Plans help with all kinds of revolving debts, including store credit cards and traditional bank-issued credit cards. Store cards can present some unique challenges for consumers. Stores will tempt you to sign up for a credit card by offering a long interest-free period or a big discount when applying…

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This article offers six warning signs your spending is becoming a problem. If these signs apply to you, this article may help you spot financial spending danger zones and improve your spending habits. One of the most difficult obstacles our financial education counselors face when dealing with our clients is that they aren’t always honest with…

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Credit scores are a huge part of every consumer’s financial life. Whether you can get a place to live, a job, a loan, insurance, or utility services can be affected by your credit report. Your score can affect how much you’ll pay for those products and services as well. With credit and credit scoring being…

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Credit card interest is costing you more than you think. There are two factors that impact how much you are really paying, and both of them add up quickly. Interest Rates The first factor is the most obvious: the interest rate. Naturally, a low rate will cost you less—our numbers indicate a $10,000 balance with…

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