MoneyWisdom Blog

The Difference Between Bankruptcy and Insolvency

Posted by Diana Burrell on May 23, 2018 1:43:39 PM

I was with a friend recently who was telling me about a family member whose finances were circling the drain.

“She’s got no savings, her credit cards are maxxed, she’s getting calls from creditors all day long …she’s bankrupt.”

“I’m sorry to hear that,” I said with some sympathy. “At least now that she’s filed, the calls should stop.”

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Topics: Debt

5 Ways To Overcome Debt Stress

Posted by Hanscom Federal Credit Union on May 7, 2018 2:55:00 PM

If overwhelming debt is causing you stress, you are not alone. Millions of Americans are suffering from anxiety and depression because they have difficulty paying their financial obligations.

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Topics: Money Management, Debt

4 Ways to Manage Medical Debt

Posted by Hanscom Federal Credit Union on Apr 11, 2018 7:12:00 AM

Unfortunately, when you get sick or injured, getting better is often not the only concern. Even if you have health insurance, hefty medical bills can hang over your head like an ominous rain cloud. Many people feel that they have no choice but to ignore the bills or eventually file for bankruptcy. However, these are not the only options. There are many ways you can make paying your medical bills more manageable.

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Topics: Money Management, Debt, Financial Wellness

The 2 factors that make up 65% of your FICO score

Posted by Diana Burrell on Apr 9, 2018 1:17:28 PM

 

Last week in a lending training session here at Hanscom FCU, we reviewed the five elements that make up a FICO score, a number between 350 and 850 that indicates to a lender how creditworthy a consumer is and how likely they are to pay off their debts. The higher the number, the more attractive the consumer is from a lending standpoint. I also learned that each element comprising the FICO score is weighted:

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Topics: Debt, Credit Score

3 Steps to Reduce Credit Card Debt Fast

Posted by Hanscom Federal Credit Union on Jan 1, 2018 7:00:00 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

Should You Co-Sign?

Posted by Hanscom Federal Credit Union on Dec 26, 2017 7:00:00 AM

It is a question that few want to hear: “Will you co-sign for me?” Typically coming from relatives or friends with no or low credit scores, it can be a difficult request to respond to. Most people do not want to ignore a family member or friend in need, but co-signing comes with risks that make many justifiably nervous to sign on the dotted line. So, should you do it? There are many factors

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Topics: Money Management, Debt, Financial Wellness

Your Study Guide to Paying Off Student Loans

Posted by Hanscom Federal Credit Union on Dec 23, 2017 2:34:18 PM

It is not unusual for college tuition to cost $30,000 or more a year. Some students are able to pay for it with savings or get grants or scholarships. However, many have to turn to student loans to finance at least some or all of their costs. Taking out student loans can pay off in the long run because having a college degree usually makes it easier to get well-paying jobs. However, if you

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Topics: Money Management, Debt, College

Can’t Make Your Car Loan Payments? You’ve Got Options

Posted by Hanscom Federal Credit Union on Dec 21, 2017 11:27:53 AM

Having a car provides many conveniences. You do not have to worry about lugging groceries on the bus or waiting 45 minutes for the train. However, for those experiencing financial problems, having to pay a car loan can make owning a car seem more like a burden than a convenience. If you are behind with payments, or worried you will be soon, assessing your financial situation and actively pursuing your options can help you make the best of a difficult situation.

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Topics: Debt, Cars, budget

Get Financially Savvy with Our Free Credit Card Guide

Posted by MoneyWisdom Newsletter on Oct 27, 2017 8:27:11 AM

Choosing the right credit card is crucial to building your credit. Don’t leave this important decision to chance. Learn the ins and outs of all those offers to find the card that best fits your unique needs.

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Topics: Money Management, Debt, Credit Card

5 Steps to Successful Balance Transfer

Posted by MoneyWisdom Newsletter on Oct 25, 2017 10:03:10 AM

So, you’ve done your homework and determined a balance transfer is right for you. You still need a plan to choose the best way to consolidate your debt.

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Topics: Money Management, Debt, Credit Card

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