MoneyWisdom Blog

5 Smart Moves to Make With a Raise

Posted by Sandra Quadros Bowles on Aug 21, 2019 8:27:00 AM

Your boss calls you into the office with great news: You've earned a raise, or perhaps you're getting a bonus for all the hard work you've done this year. Now you can buy those shoes you’ve been eyeing, or replace your old iPhone with the latest iteration.

While the urge to celebrate and reward yourself is understandable, hold onto your wallet and think before spending. Putting your long-term goals ahead of short-term needs can make your money work harder for you in the long run, reduce crippling debt, or boost savings for a rainy day or a sunny retirement.

Here are five things you can do with that raise that'll help you reach your financial goals:

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Topics: Debt, Savings, mortgage, Credit Card, Work, Financial Wellness

What to Do When You Lose Your Wallet

Posted by Sandra Quadros Bowles on Aug 2, 2019 6:02:00 AM

My day fell apart in front of the iced coffee machine at my neighborhood convenience store. I had pulled out an extra-large cup, filled it with ice cubes, and then mixed the iced coffee and milk in my traditional equal portions. I could practically taste the cold brew, and the long, refreshing gulp that would ward off the already rising morning temperatures. But first I needed money to pay for my treat. And that’s when I realized: I had no money because I had no wallet.

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Topics: Credit Card, security

Here's How to File a Claim for the Equifax Data Breach Settlement

Posted by Diana Burrell on Jul 26, 2019 1:09:09 PM

Earlier this week Equifax settled with the Federal Trade Commission (FTC), the Consumer Financial Protection Bureau, and 50 U.S. states and territories, agreeing to pay out up to $425 million to consumers whose personal information was exposed during their data breach. Approximately 147 million people were affected by this breach, so if you were one of them, here's what to do:

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Topics: Credit Card, scams, security

5 Big Mistakes Even Smart People Make With Credit Cards

Posted by Hanscom Federal Credit Union on Mar 30, 2019 1:39:24 PM

Despite the popularity of credit card accounts, it’s easy to for holders to make mistakes that can cost them money. These are the top blunders to avoid:

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Topics: Money Management, Debt, Credit Card

Reduce Credit Card Debt FAST in 3 Easy Steps

Posted by Hanscom Federal Credit Union on Jan 29, 2019 10:09:00 AM

A $2,000 balance on your credit card – how did that happen? (Oh yes, dinner at Chez Fifi, new tires, school clothes for the kids…) Thankfully the minimum payment is only $38. You can afford that!

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Topics: Money Management, Debt, Credit Card

9 Benefits of Having a Good Credit Score

Posted by Hanscom Federal Credit Union on Jan 22, 2019 8:03:00 AM

My husband and I got into some financial trouble several years ago due to a job loss. We watched our credit card bills grow and our credit scores tank. It was a depressing time in our lives.

So we put away all the credit cards and changed to a cash-only lifestyle. Though it took a few years, my credit score is very close to 800 now. I went from being unable to qualify for credit to purchase a badly-needed new refrigerator, to opening up a mailbox full of credit card offers. I sleep much better now than I did then. Life is definitely much better with a good credit score.

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Topics: Credit Score, Credit Card

What You Need to Know Before You Pay Your Credit Card Early

Posted by Diana Burrell on Jan 15, 2019 9:14:35 AM

You thought you were being responsible by making the minimum payment on your credit card a month early, so you're surprised — and peeved, let's be frank — when a late fee appears on the following month's statement.

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Topics: Online Banking, Credit Card, budget

What to Do When You're in a Credit Crisis

Posted by MoneyWisdom Newsletter on Jan 11, 2019 6:33:00 AM

Do you get a cold, clammy feeling when you think of your credit card bills? You’re not alone. According to Experian, the average American carries a credit card balance of $6,354. Heightened anxiety is only one sign that you may have bitten off a bigger bite of plastic than you can chew.

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Topics: Credit Card

Credit Know-how: The Difference Between a Soft and a Hard Inquiry

Posted by Diana Burrell on Jan 2, 2019 2:30:00 PM

If you've been working to boost your credit score or researching auto loans, you've probably come across the phrases "hard inquiry" and "soft inquiry" in relation to your credit report. What makes one inquiry "hard" and the other "soft," and why is knowing the difference important for your financial health?

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Topics: Credit Score, Credit Card

The 4 Sections of Your Credit Report

Posted by Hanscom Federal Credit Union on Dec 26, 2018 4:42:00 AM

750.670. 620. 575. You may not think about them every day, but the three digits that make up your credit score along with your credit report influence your life in many ways. They affect the cost of credit you receive, your ability to rent or buy a home, the insurance rates you pay, and even the jobs you can get. By understanding the reporting and scoring process, you're better equipped to build a stellar credit profile.

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Topics: Credit Score, Credit Card

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