Credit card companies want you to have a credit card—up to 3 billion invitations are issued in the United States each year, encouraging people to sign up. If used responsibly, a credit card can help improve your credit score, protect purchases, and allow you to spread the cost of goods over several monthly payments. …
Missing a single credit card payment might not seem like the end of the world, but the reality is that creditors will take action on any late or missed payments. So while you may think it’s not a big deal to skip an occasional payment, your card issuers take it very seriously. Late payments …
The US economy has suffered since the outbreak of the global pandemic, with millions of Americans out of work and facing the daunting prospect of debt for the first time. If you’re facing debt, there are some online tools that can help you analyze and manage your financial situation—and even help you reduce debt. …
Dealing with a loved one’s finances after their death can be an upsetting experience. One of the questions we are most often asked is “who pays my credit card debt after death?” Sadly, 73% of American consumers are likely to die in debt* that often consists of a combination of an outstanding mortgage, credit …
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The importance of understanding your credit report and credit score Are you aware of your credit score? Credit is a vital part of your financial health and affects your ability to purchase a home, rent an apartment, or obtain a credit card. Think of your credit score as a financial tool: if you have …
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The Pros and Cons of Filing for Bankruptcy Filing for bankruptcy is a debt solution for those who have no means to repay their creditors or whose total debts are more than the value of their assets. Chapter 7 bankruptcy is the most common type of personal bankruptcy available in the United States. Under …
How can a debt counselor help me reduce my credit card debt? Are you facing credit card debt and don’t know where or who to turn to get help with regaining control of your finances? Debt can be daunting, so if you’re unsure of the options that are available to help you manage your …
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COVID-19–related credit card debt: Your questions answered As a result of the COVID-19 pandemic, almost 1.2 million Americans have lost their income, and many are relying on credit cards to cover their mortgage, rent, and other essential living costs. Credit cards can be a useful resource when facing a short-term financial challenge, but if …
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Which debts should you prioritize for payment? Understanding which debts are a priority for repayment is important, as it has an impact on how quickly you will become debt-free. Prioritizing your debts can also help you to feel more in control of your financial situation. Sticking to a structured repayment strategy can save you …
Dealing with debt or feeling stuck in a cycle of debt can be a daunting prospect. It’s natural to feel confused or unsure where to start in order to reduce spending and take back control of your finances. Your main focus when dealing with debt should always be to repay outstanding amounts as fast …
