Benefits and Drawbacks to Home Equity Loans: Is it Right for You?
A home equity loan is a type of loan that allows homeowners to borrow against the equity they have built up in their homes. The loan is secured by the home, which means that if the borrower is unable to repay the loan, the lender may foreclose on the property. While there are benefits to taking out a […]
Average Credit Score by State: How Does Yours Stack Up?
t’s been over two years since the coronavirus pandemic upended life as we knew it and put millions of Americans into a state of financial turmoil. With the recent interest rate hikes, spiking consumer prices, and continued record inflation, how are Americans’ finances faring today? Credit reporting agency Experian, one of the three biggest credit […]
5 Ways to Increase Your Credit Score After Finishing A Debt Relief Program
Debt relief programs are excellent approaches to easing your debt burden, but they’re associated with an unpleasant side effect — your credit score dipping down. A bad credit score can hold you back from realizing your financial goals. The good news is that a bad credit score doesn’t last forever. If you’ve suffered a significant […]
How Often Is Your Credit Score and Credit Report Updated?
Lenders use your credit score to determine your creditworthiness. It is essentially a grade that tells them how likely you are to pay them back in full and on time. This grade will influence whether you can get approved for mortgages, auto loans, credit cards, rental apartments, and even may affect your employment. Needless to […]
What is Debt to Income Ratio: Formula & How It’s Used
Debt to income ratio is a financial term used to describe the percentage of an individual’s monthly income that goes towards paying debts. This figure provides creditors with an indication of an individual’s ability to make debt repayments, and is therefore an important factor in credit decisions. A high debt to income ratio may result […]
What is Black Market Value of Stolen Credit Card Info?
What’s the black market value of stolen credit card information? Major security breaches have become too common of a story, with retailers and websites hacked with alarming frequency. It has become so common that it can often take a fairly egregious breach – think SONY in 2014, or Target in 2013 – for something to […]
How Inflation Has Affected Credit Card Use by Region
More and more Americans are racking up credit card debt as the recent inflation pushes up the cost of living nationwide. According to a recent poll by CreditCards.com, 60 percent of credit card holders have been carrying balances on their cards for at least 12 months. Experian used regional inflation data from the U.S. Bureau of […]
Guide to the Federal Direct Student Loan Program
The Federal Direct Student Loan Program provides low-interest loans to eligible students to help pay for the cost of post-secondary education. The program is administered by the US Department of Education and includes the three types of loans: To be eligible for a Federal Direct Student Loan, a student must: The amount a student can borrow depends […]