While access to credit enables us to carry these kinds of debts, they hurt our ability to gain more access to credit - so the big-screen television you buy today could well be the one thing that prevents you from getting a mortgage on the perfect house next year.
In some states the average debt per person is higher than others. But where does Illinois fall on that list. We'll give you a hint: it's not number one. That "honor" falls to Alaska, and it's not even close between Alaska and the number two state, Colorado.
A new year feels like a new beginning, and the tradition of making resolutions solidifies that notion. Adopt these three resolutions to control your financial stress, and make 2014 the year of swollen saving accounts!
Financially speaking we all have made mistakes. Even me! I made some whoppers. I'm still human, and from time to time react with emotion instead of logic regarding my favorite green paper. I'm going to share four of those whopper mistakes I made early on.
Not to be a buzzkill, but allow me to assume my Shiva God of Death persona for just a moment and remind you of the risks inherent in the decision to open your home (indeed, your life) to a complete stranger.
For a few months I hadn't been able to pay the minimum balance on the card I had, and I was still at a steady pace of charging around $1,000 a month. When I saw the amount of debt I had on my card, I freaked.
Keep the real reason in mind. What's the real reason you want to work on your credit? No, it's not so you can get a good credit score. That's a good reason and an important one but it's not the REAL reason.
Building credit remains the primary path toward strengthening one's personal economy, but keeping credit card debt low is equally important. These two practices can seem in conflict, but together they can help you build a good credit score.
While billing issues and interest rates are obviously a sticking point when it comes to dealing with your credit card lender, most of the top five complaints from consumers revolve around issues that seem a little less expected.
Of course it's important to do what you can to bump up your credit score. But many people use the wrong tools towards that objective even though they have the right motivation. And when they do, they actually worsen their credit rating rather than improve it.