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Borrowing and Credit

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First Southern National Bank has partnered with Banzai to bring you clear, in-depth lessons to help you dive into the financial topics you care most about.

What is your net worth?

2024-03-12T17:37:27+00:00March 5th, 2024|

A lot of people think that net worth is a fancy way of saying how much money someone has, but this isn’t necessarily true. Net worth isn’t just the amount of money that you have or make; it’s actually all of your current assets (cash, real estate, etc.) minus your liabilities (debt, mortgages, expenses, etc.).

Credit Card Basics

2024-03-12T17:18:39+00:00March 5th, 2024|

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?

Best Practices for Using a Credit Card

2024-01-12T16:43:51+00:00January 12th, 2024|

By properly managing a credit card, you can earn rewards and build your credit score, all while making your regular purchases. Get the Right Card The 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

Using Credit

2024-03-12T17:17:06+00:00January 9th, 2024|

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.

Guide to Resuming Student Loan Payments

2024-01-09T21:09:06+00:00January 9th, 2024|

After more than three years of paused repayments, millions of borrowers resumed payments on student loans in October 2023. What Happened Student loan payments were originally paused in March 2020 by then-President Donald Trump as part of Covid-19 relief, and extended multiple times by President Joe Biden. In August 2022, President Biden announced a

Check it Out

2024-01-09T20:57:17+00:00January 9th, 2024|

Picture this: you’re standing at the grocery store register on a busy day. The lady behind you is grumbling about how you’re taking too long. You feel like everyone is staring at you. All because you’re stuck fumbling in your wallet for exact change. You keep thinking “there’s got to be a better way to

What is HELOC?

2024-01-09T20:51:01+00:00January 9th, 2024|

A home equity line of credit (HELOC) is a line of credit that allows you to tap into your home’s equity. How it Works Like 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

Fixed vs. Variable College Costs

2024-03-12T16:55:39+00:00January 9th, 2024|

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

8 Lessons to Teach Kids about Credit for Grades K-12

2024-03-12T17:15:41+00:00January 9th, 2024|

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

What a Car Loan Costs

2024-01-12T18:15:53+00:00May 12th, 2021|

When shopping for a car, it's usually best to start by shopping for a car loan. What a Car Loan Costs 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,

Personal Bankruptcy

2024-01-09T17:40:58+00:00April 16th, 2021|

Bankruptcy is a tool that can help you find financial stability—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

Interest

2024-01-09T18:18:27+00:00August 7th, 2020|

Interest plays a role in almost all aspects of personal finance, including savings, investing, credit, and loans. Simply put, interest is the money earned or paid when someone makes or receives a loan. You can be paid interest for keeping money in a bank account, purchasing a bond, or making other investments. You

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