When looking for a new car, you have three main options: buy used, buy new, or lease. There are pros and cons to each method. Your choice will be based on various financial considerations, driving habits, and personal preference. Used Buying a used car is appealing to many people. Used cars are less expensive up-front,
Refinancing can be beneficial if everything lines up in your favor. What can you get out of it? The list is long and exciting for someone stuck with loan payments that they aren’t happy with. Lower Interest Rate One of the most powerful outcomes of refinancing a loan is a lower interest rate. Whether your
A home equity line of credit (HELOC) is a line of credit that allows you to tap into your home’s equity.How it WorksLike a credit card, a HELOC is a revolving line of credit that allows you to borrow up to a certain limit, pay it off, and then borrow it again. That limit is determined
There isn’t just one reason that people fall into debt. It’s a complex issue and solutions aren’t one-size-fits-all. Discover how to start managing your debt with these tips and tools.Types of DebtWhile being in debt is never ideal, some types of debt are better than others because of the effect the debt can have on you
When shopping for a car, it's usually best to start by shopping for a car loan. When you’re shopping for a car loan, remember that what it costs you to borrow depends on three things: The finance charge, expressed as an annual percentage rate (APR) The term, or length of time the loan lasts The
Your credit score has a big impact on your ability to borrow money and how much that money will cost you.What’s a Credit Score?A credit score is a measurement of creditworthiness and credit history. Lenders and other financial institutions use this number to estimate the likelihood that someone will pay back what they borrow. A credit
Borrowing money makes it possible to afford things that you couldn’t otherwise, but make sure you understand what you’re signing up for to avoid falling into overwhelming debt. Paying it Back Let’s be clear right from the beginning: when you pay for something with credit, you’re still on the hook for that money. Often, you’ll
Interest plays a role in almost all aspects of personal finance, including savings, credit, and loans. Interest is a percent of the total that’s added to what you owe or what you own. You earn interest by keeping money in a bank account, purchasing a bond, or making other investments. You pay interest when you
The cost of a degree is so much more than a single bill—you need to factor in where you’ll be living, how you’ll get from point A to point B, and how you’ll satisfy your hunger for food and fun. Each collegiate expense can be put into the category of either fixed or variable. Fixed
Credit cards aren't for everyone, but if you decide to get one, make sure you choose a credit card that works best for you. Shopping with a credit card is a snap, but shopping for the card that’s right for you is another matter. Ask yourself these questions: Why do you need a credit card?
Bankruptcy is a tool that can help you find financial stability—but only as a last resort. Understanding Bankruptcy Congress created the Bankruptcy Code, a breakdown of ways a debtor can plan to get out of debt when their creditors are trying to collect. The option to file for personal bankruptcy is there to help a
Credit doesn’t have to be a difficult concept for kids to grasp. In fact, a lot of the protocol backing credit usage is fairly relatable to kids of all ages. But that’s just it, not all ages are capable of understanding the same credit concepts. Breaking up the concepts throughout the life of an aging
