Financial Education (2) Blogs - Page 2

When you have credit card debt as well as other financial commitments related to your home, car, and insurance, paying off your student debt may seem like a last priority or even a hardship. However, unpaid student debt can have serious negative consequences on your financial future and impact your credit score and overall credibility.

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Getting married was an easy decision, but now you and your new spouse need to decide how to manage finances as a couple. Consider the following tips when making the financial decisions for your new life together. 

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Student loan debt represents one of the major causes of indebtedness in the US. Most recent graduates walk away from college with the heavy burden of debt on their shoulders.

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The 2021 child tax credit modifies the rules of the 2020 child tax credit as part of the American Rescue Plan. Its goal is to reduce child poverty, giving American families a welcome post-COVID-19 financial boost.

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Being able to effectively manage your economic life may have surprisingly beneficial effects on your physical well-being, overall health, and quality of life. 
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Debt doesn’t just go away when you die, but that doesn’t mean your loved ones are always responsible for it. Instead, your estate will need to cover the debt using available assets, while the Fair Debt Collection Practices Act ensures that family members are not unfairly targeted for payment. Here is an overview of what happens to credit card debt and different types of property or personal mortgages when you die.

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Some types of debt can rob you of your freedom, future, and financial options. However, under some circumstances, some types of debt may actually end up helping you in the long run.  It pays to know the difference...
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Vacations should be about relaxation and the stress-free enjoyment of the moment. But how can you relax and live in the moment if you charge your trip to a credit card and have to worry about how you’re going to pay for it as soon as you get back?

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The consumer credit market responded to the various pandemic-triggered crises of 2020 in ways that you may find surprising. Instead of imploding, it saw dropping credit utilization ratios and balances, improved payment histories, and skyrocketing credit scores. All these developments happened against the backdrop of slowing lending and dropping originations during the second quarter of the year.

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Understanding how creditors evaluate your creditworthiness is one step in the right direction toward achieving your financial freedom. After all, knowledge is power, and knowledge of how financial matters work can help you make your way out of debt into financial stability.

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