Borrowing

By Eric Olsen, Executive Director, HELPS Nonprofit Law Firm I just got off the phone with a senior couple who have a timeshare they can’t afford and don’t use any longer. They had called a company who advertised that they help people get out of timeshares. (I hear such advertisements on the radio and television
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Is a home purchase on your to-do list over the next two years? You’ll have plenty of competition finding your new home, according to the latest PenFed Credit Union National Mortgage Survey. The survey found that 37% of American adults are planning to purchase a home within the next two years. Over half (52%) of
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Credit Scores Trending Upward Congratulations, America! Your average FICO credit score reached 704, continuing the upward trend of the last eight years. According to a recent FICO blog, the 704 average score is the best average ever recorded on the 300-850 standard FICO scoring scale. America’s average score sank to 686 in October 2009 thanks
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By Roshni Chowdhry, head of customer experience at SafetyNet Of the 17 million Americans currently enrolled in college, 74 percent qualify as what we used to call “nontraditional” students: One in five is 30 years or older. About half don’t rely on their parents for money. One quarter are caring for a
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Further Rewards for Good Credit You’ve worked hard to keep your credit score high. Why shouldn’t you be rewarded for your effort? Banks agree and are looking for innovative ways to urge you to keep your credit score as high as possible. Financial institutions have always used negative reinforcement for poor credit scores – higher
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Clerks at most department stores or retailers often ask if you’d like to apply for a store credit card, pleasantly pitching special deals and perks that the credit card provides. Why not accept? How can you go wrong opening another account? When you’re tempted to accept a store card offer, think of two things –
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Miss a credit card payment, and you’ll suffer the consequences. Your credit score will drop significantly, since on-time payments are the number one factor in determining your credit score. You’ll pay late fees and possibly incur a penalty APR. Interest charges will pile up on your unpaid balance. So why do so many Americans miss
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According to the Federal Reserve’s G.19 Consumer Credit report, America’s outstanding revolving debt – mostly credit card debt – was closing in on $1.04 trillion as of June 2018. How will we pay all that money back? An increasing number of Americans may not be able to do so. ValuePenguin analyst Joe Resendiz calls credit
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According to Federal Reserve data, student loan debt has surpassed $1.5 trillion and comprises 11% of America’s collective household debt balance – second only to mortgage debt. More than 44 million Americans have student loan debt, with an average balance of around $33,000. Given those statistics, you might expect student loans to be the biggest
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By Stephanie Braun, Director of Auto Product Management at Esurance Companies have collected data on their customers for decades. It allows them to offer more tailored services and products, and provide more relevant messaging. The reason data collection has gotten so much press lately is because it’s reached unprecedented levels. Already, we create 2.5 quintillion
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Can you believe someone was able to borrow money online to buy basketball trading cards? Not just any card, but a Michael Jordan rookie card that could be worth six figures! While millions of people have borrowed money online to buy a house or condo, we found a social worker from New Mexico who used
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By Haden Kirkpatrick, Esurance Head of Marketing Strategy and Innovation Despite the majority of cars being parked 90 percent of the time, cars are the second biggest expense in the average American’s budget. Aside from the actual purchase of the vehicle, owners also must pay for maintenance, insurance, repairs, gas, and cleaning costs. And don’t
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According to Federal Reserve Data, student loan debt reached $1.52 trillion in March of 2018. Women hold approximately $900 billion of that total. Why do women hold more in student loan balances? A recently updated report from the American Association of University Women (AAUW) suggests that several reasons combine to shift the student loan burden
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Have you checked your credit report lately? If not, what’s keeping you from doing so? A recent survey by WalletHub found several reasons, ranging from complexity to fear. Your credit report is a history of all your loans and credit transactions as reported to the credit bureaus. The information in your credit report is used
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Cleaning Up Credit Reports In April, we reported on the upcoming rise in credit scores thanks to the National Consumer Assistance Plan (NCAP). The NCAP was created by the three major credit bureaus (Experian, Equifax, and TransUnion) as part of a settlement with state attorneys general. The NCAP objectives and other actions by the bureaus
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Credit card issuers generally offer a grace period that allows you time to pay your bill without incurring interest charges on your purchases. The grace period usually lasts two or three weeks from the end of the billing cycle, and will be incorporated into the due date on your bill. Pay your bill in full
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A construction lien, otherwise known as a mechanic’s lien, is a claim that is made against a property by a contractor, subcontractor, or other professional party involved in a construction project. These liens exist to protect construction professionals from non-payment for materials or services rendered. If you are withholding payment to a contractor for a
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Waiting to Buy According to a new study by the Urban Institute, millennials are waiting longer than previous generations to enter the housing market. Approximately 8% fewer millennials of ages 25-34 own homes as compared to baby boomers and generation Xers at the same point in their lives. Why are millennials late to homeownership? The
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Are you having trouble saving money while simultaneously dealing with excessive credit card debt? Mobile savings apps such as Digit and Qapital can help you establish an automatic saving routine – but Digit has introduced a new Digit Pay feature to assist with paying down credit card debt while you save. According to
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