Technology has inspired a great many beneficial inventions and creations. Whether credit scoring is one of them is a debate for another day, but credit scoring is here and it isn’t going away any time soon. That being said, one of the little known 5 key criteria that leads many people to have lower credit scores than Read More >
5 Strategies to Lower Your Credit Card Utilization Rate and Improve Your Credit Score
How Credit Card Utilization Rate Drives Your Credit Score
There was a time when paying your monthly debt payments by their respective due dates (on time) was enough to constitute good credit because your payment history was a great indicator of your willingness to repay your debts and to pay them on time. Your payment history used to account for nearly 100% of your overall Read More >
“Why” You Want to Get Out of Debt May Influence “How”
For the most part, Americans live in a fast food, shake and bake, society, which is to say that we have come to expect and demand instant gratification for anything we want in life. That’s typically how people accumulate credit card debt; instant gratification coupled with not having an emergency reserve. Instant Read More >
A Simple Formula For Getting Out of Debt
Credit card debt represents the single biggest threat to the financial health of countless millions of Americans. According to the Federal Reserve, after peaking at $1.021 Trillion in April 2008, the global financial crisis motivated Americans to trim their credit card debt to $832.4 Billion by April 2011. Since then, Read More >
Is Interest Rate the Most Important Factor When Paying Off Debt?
I deal with this issue frequently as I help my clients get out of debt and the short answer is NO! That is not to say that interest rate is not an important consideration. It just means that there may be other considerations that may have a greater impact on the speed and efficiency with which you get out of Read More >
The 6 Biggest Mistakes People Make When Paying Off Debt
There are three primary types of debt available today: 1) Revolving, 2) Installment, and 3) Mortgage. Revolving debt is the most costly type of debt and is typically made up of credit cards, which allow you to use someone else’s money, pay down the balance, and use that money again. Installment debt is typically a Read More >