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!
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
Many seniors avoid seeking help for their money problems, citing reasons such as not wanting to bother people, not knowing who to trust, and feeling ashamed. Yet trying to deal with debt issues alone is often not the best approach. While money problems may be uncomfortable to talk about, there are resources where you can find valuable assistance.
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
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.
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.
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.
Holiday spending is often a spending plan-buster. The expenses can be numerous: presents, wrapping paper, cards, decorations, food, and travel, to name a few. Yet in these tough times, few people have thousands of dollars to spend. If you do not have the funds to buy everything you want, there is no need to despair. A little bit of creativity and energy can get you through the holidays without draining your wallet.
Don't buy what you can't afford. Simple, right? Well, sort of. While restricting spending to the finite boundary of a paycheck is the foundation of sound money management, actually doing it can be extremely difficult. The reasons are manifold, but primary among them is the popular idea that living in debt is not only unavoidable, it is acceptable. However, this is a very dangerous way to view your finances.
1. Know Your Starting Point
Obtain a copy of your credit report from all three credit bureaus so that you have a clear understanding of what it says about you and your credit history. Hanscom FCU members can request a free credit report, and one of our credit professionals will explain how to read the report.