What is Debt-to-Income Ratio?
You can calculate your debt-to-income ratio by comparing the amount of money you owe and how much you make. It’s also known as the DTI ratio. Debt includes all mortgages, credit cards, student loans, car loans, and any other loan that you may have taken out to purchase items for your home or pay for… Read More »
What is Debt Consolidation?
There are situations one gets into and realizes they have been paying off more than one loan at a time. In the long run, the interest on these loans can be very massive. Debt-consolidation is the best way to go to help such a person. This means that one puts all their loans together and… Read More »
How Does Debt Collection Work and How Can You Make It Stop?
When getting financial assistance from financial institutions, it is mandatory to fill out forms on how and when to pay back. Debt-collection comes in when there has been a failure to pay back. At this point, a creditor cannot negotiate with a debtor on new settlement offers. The best way to get out of debt-collection… Read More »
What You Should Not Do With Your Stimulus Checks?
The Economic Impact Payments (EIPs), or stimulus checks, offer a unique opportunity for consumers to reach their financial goals. With four-figure payments being delivered directly to taxpayers, it’s time for Americans to beef up their emergency funds, pay off high-interest debt or invest in the future. However, the widespread distribution of the checks has also… Read More »
Why You Should Consider Refinancing Your Car Loan?
There are several good reasons to justify refinancing a car. It is important to evaluate the pros and cons of obtaining a new loan before moving forward. It will take some research to decide if this is the right move. Staying on top of financial trends and personal credit scores is crucial for making informed… Read More »
How Do Credit Card Balance Transfers Work?
For consumers with multiple credit cards or loans, a balance transfer can make financial management less stressful. Balance transfers can be completed with a simple phone call and help consumers combine debt, take advantage of low interest rates or pay off personal loans quickly. Below are some of the most frequently asked questions about transferring… Read More »
What is a Mortgage Pre-approval & What Are the Benefits?
When shopping for a mortgage, you need to have any and all information that will expedite the process. Knowing what limits you are working with can also help you during the negotiation process; this is where mortgage pre-approval comes in, along with a strong credit score. Mortgage pre-approval is a certified letter from a lender… Read More »
Restoring Credit for a Mortgage
Having bad credit is one of the leading causes of being turned down for a mortgage. Lenders must do their due diligence to ensure that a borrower is creditworthy, and bad credit is a serious red flag. While credit mismanagement can be a reason, very often, bad credit stems from circumstances beyond someone’s control, such… Read More »
How Long Before a Creditor Can Garnish Wages?
Sometimes life throws us a financial curveball, and we can find ourselves in an unfavorable financial situation. As one struggles month after month trying to scrounge together as much money as possible, they may find that they always end up with too much month left at the end of their paycheck. As the months go… Read More »
How Do You Get a Credit Card with Bad Credit?
If you have a credit score below 580, you have bad credit, and you will have limited options when choosing credit cards. This is because only a few financial institutions will be willing to take the risk of extending a credit limit they may not recover. Low credit scores mean the chances of approval for… Read More »