My first experience building credit was with a credit card that I opened while I was attending college. Thankfully, I avoided the classic college mistake of maxing out the card in the first month of ownership, then living with debt for the next 10 years. My goal was to apply for the credit card, make [...]
Credit card debt can be a budget killer, especially with many credit card companies raising interest rates.It’s not uncommon for credit cards to come with interest rates around 15% or higher. It can take 10 years to pay off your credit card debt if you only pay the minimum on each card. Even if you [...]
Your credit report is one of the fundamental financial documents that represent your overall financial health. Your credit report is used whenever you apply for a loan, credit card, mortgage, and sometimes even a job or security clearance. Having a clean credit report, and a high credit score can save you thousands of dollars in [...]
Welcome to this week’s Carnival of Debt Reduction! For those not aware, a blog carnival is a gathering of top notch articles under one topic. The goal is to bring readers relevant and timely content so they don’t have to go searching through the web to find it. The Carnival of Debt Reduction is a [...]
I received a reader question last week about how credit cards and available credit will affect her ability to get a favorable rate on a car loan.
Now let’s look at her question:
I am writing because I was curious what effect my credit cards will have on getting a car loan with a good interest rate. [...]
I recently received a reader question regarding debt consolidation services:
Hi Ryan,
Do you have any recommendations or advice for someone looking to consolidate their debt? I’ve got too much debt right now and I’m struggling to meet my monthly payments.
Thanks,
Shawn
Hello Shawn,
Thank you for your question. Several months ago I answered a similar question on Cash Money [...]
Credit scores are often discussed by the media and on advertisements on the radio and television. Even though most of those companies are trying to get you to buy something, they are moving in the right direction. Your credit score is very important. It is a valuable financial asset that you carry with your wherever [...]
In 2003, President Bush signed into law the Servicemembers Civil Relief Act (SCRA). The SCRA further clarified and solidified the Soldiers and Sailors Civil Relief Act (SSCRA) which benefits active duty military members and was signed into law in 1940.
There are many benefits that servicemembers can receive as under this law.
6% cap on interest rates [...]
The military has recognized that many of its troops get into financial trouble by frequenting Payday loan companies. The problem has become large enough for the Pentagon to attempt to limit interest charges on loans to military members.
There are several reasons why military members use payday loans. Lack of financial education is one reason many [...]
The DoD has pushed for a limit on the interest rate that payday loan companies can charge military members, claiming that the high interest rates payday loan companies charge hinder military readiness levels and destroy the morale of troops and their families.
Last October, Congress passed the “Military Annual Percentage Rate” law, which will effectively limits [...]
