Financial Education Blogs - Page 1

Filing for bankruptcy is a big financial decision. It is typically people who are overwhelmed by their unsecured debt and can’t possibly repay it who file for bankruptcy in their financial distress, as bankruptcy filing can offer a lifeline to people drowning in debt. Unfortunately, not all debtors qualify for bankruptcy protection.

Before you gather the paperwork or consult with an attorney or law firm, take a look at your financial situation and credit card debt because your financial situation could disqualify you from this debt-relief option.

Think of the bankruptcy process like applying for a new job: your financial history, recent actions, and current situation determine whether you are eligible to file for bankruptcy. Just as a job application requires honesty and proper documentation, bankruptcy demands transparency and sticking to specific rules to help you make a fresh financial start.

Here is a breakdown of what can disqualify you from a bankruptcy petition.

The 2020 global pandemic locked up economies and limited the use of cash. As the circumstances forced more people to use plastic, fraudsters found more opportunities to steal identities and commit credit card fraud.

Regardless of your lifestyle, as you go from childhood to adulthood and then grow older, you encounter several milestones that define your life. You may get married, start a family, buy a home, buy a car, start a business, etc. These major life events have one thing in common: they all cost money.

Credit card fraud is one of the most frequent types of identity theft in the US. Prior to 2020’s unprecedented rise in fraud related to application for government benefits (likely as the result of COVID-19-related fraud), credit card fraud topped the list of identity theft types by a wide margin for multiple years in a row.

Close to half a million people fall victim to credit card fraud in the US every year. Learn what credit card fraud is and how you can guard against it.

You stick your credit card into an ATM to grab some cash on your way home from a trip. Unbeknownst to you, someone has installed a barely noticeable electronic device over the card slot of the machine, called a “skimmer.” A few days later, you begin to notice fraudulent charges on your accounts. Someone has stolen your identity by committing credit card fraud.

Inflation hikes the cost of living, making it more difficult to make ends meet with the money on hand. Learn how to manage your debt despite inflation.

Maxing out your credit cards can affect your credit score, hike your payments, and land you in a debt trap. Find out how you can pay down a maxed-out card.

Financial literacy is one of the best gifts you can give to your kids. Being financially literate can help your children plan and implement a financial course that leads to financial security and freedom to pursue their other goals and dreams.

Student loan debt exceeds $1.6 trillion in 2021. A look at the statistics will help motivate you to find the best credit card debt reduction strategy.