Wondering how to get your first credit card? Understanding how the process works and how to qualify for one will help ensure you’re fully prepared to take the plunge. Credit Card Basics A credit card is a powerful tool in your financial arsenal if used carefully and correctly. With a credit card, you can borrow
When people use credit, they purchase goods and services now and agree to pay for them later, often with interest. Building a good history of using credit responsibly is an important part of personal financial management.The Cost of CreditThere are many reasons people use credit. Often, it’s used to purchase things they can’t or don’t want
Finding the right credit card isn’t as easy as filling out the first application you get in the mail—or at least it shouldn’t be. To use credit to your maximum advantage, it’s best to shop around before picking the right card for your needs. Questions to Ask Yourself First, determine why you want or need
By properly managing a credit card, you can earn rewards and build your credit score, all while making your regular purchases.Get the Right CardThe first step to best using a credit card is to get the right one. That means doing your research. You should consider your spending habits and priorities when it comes to rewards.
It’s scary to find yourself in a situation where you can’t afford your monthly debt payments. Whether that’s due to a sudden life change, like a job loss or illness, or if you’ve simply found yourself unable to keep up, there are steps you can take. Time for Action Though it may feel tempting to
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
