When you enter your 20s, you try to figure out life and (hopefully) learn from your mistakes. For many, it’s the first time they’re faced with dealing with finances completely on their own.
You may be taking out student loans or trying to pay them off. You’re learning to manage credit cards and pay your bills, and you’re entering the workforce. What you do with your money in your 20s -- your saving and spending habits, and the debt you incur -- will stay with you into your 30s and beyond.
Penny-pinching and living within a budget aren't fun, but it’s a whole lot better than finding yourself swimming in debt and stressed about money. If ...
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Five Bad Financial Habits That Are Signs of Trouble
Good financial habits don't just happen. Like washboard abs, most people have to work to develop them.
Racking up monthly charges on your credit cards without paying off the balance is a common bad financial habit. Not reviewing credit card statements is another.
But other, more subtle behaviors can be tipoffs to a disorganized financial life.
Getting caught with a late fee because you lost or forgot about a bill points to a too-loose approach to finances. Avoiding financial decisions because you don't know enough is another warning bell.
Sometimes an otherwise good financial decision – such as making extra mortgage payments – ...
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Millennials Share Everything With Their Spouses – Except Their Finances
Millennials share everything on social media, but when it comes to their spouses, they are doing a poor job of discussing their finances, which is creating stress and strain in their relationships.
This is just one of the findings from Fidelity Investments' Couples & Money study, which found that, while the majority of survey respondents said they are communicating about finances, one-third don't even know how much the other half of the couple makes, while one-seventh aren't even sure if their spouse is employed.
Life is busy, and millennial newlyweds have to juggle their careers, their marriage and debt. That may be one of the ...
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My Credit Score Suddenly Dropped – Why???
Few things in personal finance are scarier -- or more bewildering -- than opening your credit report and seeing that your credit score suddenly has dropped.
Your credit score - that little number - plays a large role in your financial life. A poor credit score can damage prospects for getting the credit card you want, or the terms you need on a mortgage or auto loan. It could also influence what interest rate you potentially pay..
Many factors can cause your credit score to slip, or even to free fall. Knowing which financial actions lower your score can help you avoid such mistakes.
Top Two Reasons Your Credit Score Might ...
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Baby Boomers Far From Debt-Free In Retirement
Two or three decades ago, it was a foregone conclusion that people would be debt-free upon retirement. Student loans, mortgage debt, car payments—those were the concerns of younger individuals, barriers to entry to the golden years of life. Unfortunately, times have changed.
Per capita, debt among 65-year-olds increased by 48% between 2003 and 2015, according to the Federal Reserve Bank of New York.
Of all types of debt, student loans were the biggest culprit, with the per-capita student loan burden increasing 886% for 65-year-olds during that time frame. Second to student loans was mortgage debt, increasing 47% for those approaching ...
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If Bankruptcy Is Not An Option – Negotiate Your Interest Rates
Americans are up to their ears in high-interest credit card debt, but, if bankruptcy is not an option, there is a way to decrease your monthly burden.
But before you start your journey - here is a sample of some recent surveys:
Experian: The typical American has a credit card balance of $6,375.00, up nearly 3 percent from last year.
Federal Reserve: Total credit card debt has reached its highest point ever, surpassing $1 trillion in 2017
Bankrate: Credit card interest rates are at a record high, at an average of 17 percent.
WalletHub: With the Federal Reserve's latest quarter-point interest-rate hike, credit card users will pay ...
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Decrease in Real Estate Inventory Now Driving Home Prices
While many people still think that the last housing crisis in the United States was largely due to banks offering too many subprime mortgages, it's now clear that wasn't actually the case. Instead, recent research pins the blame on house flippers and speculators, who pumped markets up, then defaulted in large numbers when they were unable to turn a profit on their investment properties.
Now, however, a different set of circumstances entirely looks poised cause a different type of housing crisis.
Since the real estate market crash took the wind out of the construction boom of the 2000s, fewer homes are being built per U.S. household than ...
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How Other People Can Affect Your Credit Score
Here are a few of the most common ways that other people can affect your credit score, along with some ways to protect yourself.
1. When you're an authorized user on someone else's credit card
You may think that being added as an authorized user places all the responsibility on the primary cardholder, but in fact, your authorized-user status will also be reported to credit bureaus. While you aren't primarily responsible for repaying the debt, all activity associated with the account will show up on your credit report.
This is why becoming an authorized user is sometimes recommended as a way to build credit. If the primary cardholder ...
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Fed Reports That Credit Card Debt Has Hit $1 Trillion
American's credit card debt has just hit a disturbing record of $1.02 Trillion according to the Federal Reserve. You may be surprised how much we owe.
Most of us owe money on some combination of mortgages, student loans, cars, and credit cards. Medical debts and personal loans are pretty common, too.
While being in debt may be considered “normal”, you may be wondering how your debt compares to your peers'. And now, you can find out thanks to the 2017 State of Credit report from Experian. Here are a few key findings from that report, along with some tips on what you can do if your debts are higher than you'd like.
How high is the ...
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Social Security Benefits Sooner Rather Than Later – Not a Bad Idea
Though your Social Security benefits are calculated based on what you earned during your career, the age at which you first file for them can impact your ultimate payout. If you claim benefits at full retirement age (FRA), which, for today's workers, is 66, 67, or somewhere in between, you'll get the exact amount you're entitled to based on your earnings history. However, if you hold off past FRA, you'll boost your payments by 8% a year, up until age 70.
Now, on the one hand, that's a pretty good deal, because you're basically getting a risk-free 8% return on your money by waiting until age 70. On the other hand, filing for Social Security ...
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