The average American carries almost $80,000 in debt and has a credit score of 751 – a number that falls into the “C” range on VantageScore’s A to F grading scale. While these figures alone paint a general impression of the state of personal debt and credit in the United States today, there are considerable differences among Americans of different statuses and backgrounds. For example, even though income isn’t calculated into your credit score, wealthier Americans generally have a greater capacity to pay off their debt and achieve a high rating. […]
Many people wonder what happens to their or their loved ones’ debt after they pass away and worry that those left behind will be stuck paying for their debt. Close relatives to the family member that died are generally not liable for most debt. Each state has its own laws regarding debt after death, so if you have specific questions, it is best to speak with an estate lawyer. […]
Establishing a good credit score is sometimes depicted as something mysterious or undefinable. The reality is, there are objective factors that influence your credit score and you have the ability to alter them. Anyone who’s ever received free insurance quotes knows that your credit standing affects your ability to take out loans, refinance your home, or just open a bank account. Here’s the skinny on how to maintain a good credit score: […]
For many of us, the holiday season tends to strip us down to our bare financial bones. We overspent on gifts, food, traveling, and that excellent New Year’s party, and now we are wondering how we are ever going to get on the right financial foot in the New Year.
While looking for cheap apartments and clipping coupons are definitely a few easy ways to increase the amount of money left over every month, many people rely on their tax return to once again give them a savings account or an emergency fund for the New Year. While this may not be the best practice, it is a fact of life for many struggling with low incomes or one income. So to help you get the most out of your tax return, make sure to not miss out on the following deductions: […]
The following is a post by Sasha Kahn, with information provided by Genworth Financial.
When buying a house, lenders prefer perspective buyers who can spend the required 20% on a down payment. But let’s face it, for many of us, that’s just not an option.
You may be one of the 99% who can’t afford a hefty down payment, but there are still ways to move forward with your dream of buying a home. Aside from the various types of home mortgages available, there is also something called mortgage insurance. Private mortgage insurance (PMI) is a loan to protect the lender in the event that the buyer defaults. It’s the only way to buy a home while putting down a minimal cash down payment.
Buying your first home is stressful and there are things to pay attention to. Here are a few of the classic pitfalls that first time homebuyers should avoid falling into.
Avoid Going It Alone
A first time homebuyer will often need help getting through the mortgage process. A mortgage broker can be a real asset when it comes to walking you through the loan process. Mortgage brokers can help deal with questions like “how much can I borrow” and “what interest rate can I expect”? The sellers of a home have someone working on their behalf and so does the lender. You need someone that is willing to work on your behalf too. Mortgage brokers will go the extra mile to help you negotiate the best loan for you and will keep you from getting ripped off at the same time. It is worth hiring a professional when dealing with a loan that could easily last about 30 years. […]
When we find ourselves mired in debt, we try to do all that we can to stave off those bankruptcy lawyers and rectify the situation. We take on a second job, look to consolidate, and cut all unnecessary expenses. It goes without saying that the new car, new smartphone, and Caribbean vacation are probably not the best purchases for someone trying to emerge from debt.
Few people, however, think to cut those expenses that ultimately matter most: the core expenses. These involve rent, utilities, food, and transportation costs. While all of these expenses are necessary, they also, usually, have some fat that can be cut. Here are some ideas: […]
The U.S. dollar has been one of the most buoyant currencies over the decades and is the one that the world tracks to monitor the state of the economy. However, in recent times, the greenback has taken a bit of a battering, leaving it far weaker and more volatile than has been seen for a while. But what is the impact of a weakened dollar on consumers who are not trading on stock markets? […]
House insurance premiums seem to be rising by the month, though a prudent financial approach may be all you need to secure cheap home contents insurance and general buildings cover. Here are a handful of great tips you can follow for the best deal.
The first thing to do is consider getting combined buildings and contents insurance. Many insurers are known to offer you a discount as high as 20 or 30 per cent for taking out both buildings and contents insurance with them at once. This not only saves you money but will also help cut down on red tape such as paperwork and admin costs, particularly if you have to claim on both at once. However, make sure the savings are bigger than any you might get for getting these forms of cover separately elsewhere. […]
The catch-22 about bad credit is that making it better requires loyal payments towards loans and credit that are almost impossible to get when your credit is poor. You might be well on your way to better financial days and have learned from your borrowing mistakes, but putting those lessons to practice is difficult when nobody wants to lend to you. You’re options are very limited. In worse situations, this could be alarming. You could be bobbing bait for loan sharks and predatory credit card companies. But if you’re financially secure and have become a responsible borrower, then consider these things to be a frigate of protection on the high seas of high interest loans and credit that can help you re-establish a strong financial record. […]
The following is a guest post by writers at ForexTraders.com.
Retail Trading Versus Institutional Trading
Just over 10 years ago, the retail forex market did not even exist. Today, however, the retail fx market stands as the largest financial marketplace in the world. The Bank of International Settlements estimates that average daily turnover in the forex market is about $4 trillion per day. Of that $4 trillion, about $250 billion is estimated to be retail forex transactions. […]