A red flag, in simple terms, is something that makes your credit report look ugly. For lenders, this might be something that warns them about the borrower’s ability to make payments. There are many different red flags out there, but we can categorize them into two significant types: Red flags that fall under the Red Flag Rule set up by the FTC in … [Read more...] about Spotting Red Flags on Credit Reports
Photo by Sharon McCutcheon on Unsplash More than half the working population lives life paycheck to paycheck. This type of lifestyle causes stress and can destroy your credit in a matter of months. If you're in over your head it's time to take steps to reverse the situation. The good news is that you can turn your life around. Listed below are a few effective ways to get … [Read more...] about Over Your Head: Ways to Get Out of Debt
Is a bad winter about to set upon the business community of America? This winter does not refer to severe weather or bad road conditions, but more so, the “winter of finance”, also known as a recession. Some financial experts say that a recession is something to keep an eye on as 2020 approaches. Hedge fund manager Ray Dalio stated that he believes the U.S. is heading for the … [Read more...] about How Can Entrepreneurs Prepare for a Possible Debt Crisis in 2020?
It is quite challenging and equally tough to survive on erratic income. Practically speaking, it is doubly difficult to survive on a really inconsistent income plus on top of that, when you need to divert back all that money into your startup, things could get really dicey. You need to make sure that you do not sink deeper into the debt trap, you must, therefore, develop … [Read more...] about How an Entrepreneur Can Become a Millionaire Despite Debt Scares
Money management is not that simple as it sounds. Today, prices of everything are skyrocketing. You have more payments to make and limited income. There are numerous bills, mortgage payments, car loans, credit card debts, and whatnot. That is the reason why people are switching to money management tools to manage wealth like a pro, dig out of debt, and become financially … [Read more...] about Top Budgeting Tools for Super Money Management
You don’t need to wait until you’re earning a six-figure salary to start managing your personal finances. In fact, a good personal finance management plan can help you achieve your financial objectives. Personal finance management includes managing income generation, spending, saving and investment. A sound financial plan will help you get out of debt, prepare for emergencies … [Read more...] about How to Achieve Stress-Free Personal Finance Management
Debt is scary. It's a dark cloud looming over your financial security. And the only way out from underneath the dark cloud of debt is to pay it off. For very few people, that's an easy fix—pay off the debt and move on. But for most, debt is more than just a car payment or a credit card bill. Considering that the median household debt is $93,700, choosing what debt to … [Read more...] about Which Debt to Pay off First
Debt is a key aspect of how the world works financially. But getting deep into debt can be a big danger to consumers. Oftentimes, taking on more and more debt is an endless cycle. There are a few situations, however, where it can make sense to borrow money in order to pay off debt. Why Interest Rates Are Crucial When thinking about debt, you need to understand the … [Read more...] about Does Borrowing to Pay Debt Make Sense?
If you find yourself facing the prospect of bankruptcy, chances are good you have many overwhelming questions and worries. Even if you have tried to carefully manage your personal finances, sometimes bad things happen, or life throws an unexpected curve ball. The good news is that filing for bankruptcy can be far less daunting when you know what to expect and are not led astray … [Read more...] about Setting the Record Straight: 5 Common Myths and Misconceptions About Bankruptcy
If you’ve decided to enter into an IVA then it’s likely you’ll have to adjust to certain requirements – such as living without credit. For the vast majority of those thinking about an Individual Voluntary Arrangement, credit will have played a very fundamental part of getting into debt in the first place – whether that’s through personal loans, credit cards store accounts … [Read more...] about Credit Issues During an Individual Voluntary Arrangement (IVA)