Your cell phone is a great convenience, but it also provides a dangerous privacy threat that can have a devastating impact on your finances. By setting up a phony cell-phone account in your name, criminals are able to access your bank account, sign up for credit cards and run up huge bills you will be responsible for, or sell the phone number to other criminals. Unfort... CONTINUE READING
When you are feeling financially strapped, it may be tempting to use your credit card to pay your rent or mortgage. Credit cards allow you to postpone coming up with the money for payments, and you can get rewards like cash back or miles for using them. Unfortunately, there are also costs and consequences for credit card use that can get you deeper into financial trouble. People who don’t pay what they owe in a timely fashion or only pay the minimum balance on credit cards wind up in situat... CONTINUE READING
Despite anything you may have heard, bankruptcy does not ruin your credit forever, and it is still possible to get a loan after a bankruptcy discharge. In reality, bankruptcy -- a legal way to have many debts forgiven -- is a new beginning, and it can give you a fresh financial start. There are things you can do after a bankruptcy discharge to begin rebuilding your credit. Bankruptcy will stay on your record for up to 10 years after... CONTINUE READING
Debt keeps rising in the United States, especially in certain age brackets. Recent data from the Federal Reserve’s Survey of Consumer Finances shows that while total household debt dipped during the Great Recession, it has been going up ever since. According to the New York Fed, our country’s debt... CONTINUE READING
Rising debt. Growing tax bills. College tuition. Loans. If you sometimes feel like you're drowning in financial stress, you're definitely not alone. Money is a common source of stress, says a 2017 report from the American Psychological Association. Sixty-two percent of Americans say they worry about their finances, making monetary anxiety the second most common source of stress a... CONTINUE READING
Credit card debt can be bad for your health as well as your pocketbook, but if you aren’t paying off what you owe each month, you have plenty of company. According to the American Bankers Association, 43 percent of card holders carry a balance each month, and the Federal Reserve reports that outstanding card debt has hit its highest point ever, surpassing $1 trillion in 2017.... CONTINUE READING
If you are struggling with mounting debt, you are not alone. Too many Americans are faced with debt that they cannot meet, and much of this is due to problems posed by our society. Nationwide, data reported by the Urban Institute in a new national map of indebtedness, shows that 33 percent of Americans hold debt that is currently in collection, with a median amount of $1,450. Being in debt ca... CONTINUE READING
Personal finance apps are convenient and provide benefits such as saving money and managing your investments from your mobile devices, but they also put you at increased risk for having your financial information hacked. Services such as Mint, Paypal, Venmo, and Digit, as well as apps from your bank and investment company, allow you to make financial transactions over your mobile phone and computer. Theses services claim to provide the highest degree of security. However, with hackers getting... CONTINUE READING
Student debt is a major burden for individuals, but it also can have a negative effect on economic growth. The debt to pay for education was nearly $1.38 trillion at the end of 2017, with 11 percent of borrowers being 90 days or more delinquent, according to the New York Federal Reserve. All this debt damages the economy, so Jerome Powell, the... CONTINUE READING
If you are considering filing for bankruptcy, you are already having trouble paying your debts, so the last thing you need is attorney fees that are unaffordable. However, trying to avoid fees by filing bankruptcy on your own may cost you. Between filing and court fees and the possibility of making mistakes that will void your bankruptcy altogether, you may save nothing. You could wind up actually paying more or even have your bankruptcy end without having your debts discharged. To avoid... CONTINUE READING
