Did you know that one in every five Americans has an error on their credit report, according to the Federal Trade Commission? If you're one of the unlucky ones with an error, you could be denied credit when you apply, pay more for loans, or face other problems with employer background checks, utility companies, or cell phone service providers who check your credit.
You don't want omissions or inaccuracies on your credit report to cost you financial opportunities or to make your loans more expensive. To avoid this, you need to keep tabs on your credit. If you spot a problem, such as inaccurate information on your TransUnion credit report, ...
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Four Dangers of Debt Consolidation
Debt consolidation can be a great way to lower your monthly payments, reduce your interest cost, and simplify the process of paying back what you owe. But, consolidation isn't always the right choice -- and it isn't necessarily a risk-free process.
To make sure debt consolidation doesn't make your situation worse, it's important to understand the dangers so you can make an informed choice about whether consolidating your outstanding debt makes sense for you. Here are four major risks associated with the process that you'll want to mitigate if you plan to take this approach.
1. Going deeper into debt
One of the biggest risks of ...
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Student Loan Crises Must Be Addressed Before It Gets Much Worse
While Wall Street and U.S. President Donald Trump tout news of a booming stock market and low unemployment, college students may be quick to roll their eyes. The improved economy has yet to mean higher wages for graduates already struggling to pay down massive debt, let alone ease the minds of students staring down the barrel of six-digit loan obligations yet to come.
Federal student loans are the only consumer debt segment with continuous cumulative growth since the Great Recession. As the cost of tuition and borrowing continue to rise, the result is a widening default crisis that even Fed Chairman Jerome Powell labeled as a cause for ...
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Do You Think You Are In the Middle Class? – Think Again
The definition of "middle class" can vary wildly depending on who you ask. For some, middle-class is defined by certain attributes: If you're hardworking, thrifty and humble, for example, you're middle-class. For others, it means earning a substantial salary but not so much that you'd be considered rich.
Northwestern Mutual's 2018 Planning & Progress Study found that 68 percent of Americans consider themselves middle-class, down 2 percent from last year. However, because of the fuzziness of the definition, far more Americans consider themselves middle-class than technically qualify based on income. Please note however that this is a ...
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Parents Are Wising Up About Student Loan Debt
Parents are wising up when it comes to taking on debt to pay for their children's college education. According to a survey by T Rowe Price, parents are less willing to take on more than $75,000 in Student loan debt towards their children's education this year.
At the same time, more parents are willing to take on college debt that is less than $25,000 - a much more manageable figure. Those changing attitudes come alongside other good news for parents: They are losing less sleep over college costs.
The survey found that only 14 percent of parents are willing to take out more than $75,000 in debt to pay for their children's college this ...
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Start Off Right – 12 Financial Tips That Can Last A Lifetime
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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