Borrowing

Miss a credit card payment, and you’ll suffer the consequences. Your credit score will drop significantly, since on-time payments are the number one factor in determining your credit score. You’ll pay late fees and possibly incur a penalty APR. Interest charges will pile up on your unpaid balance. So why do so many Americans miss
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According to the Federal Reserve’s G.19 Consumer Credit report, America’s outstanding revolving debt – mostly credit card debt – was closing in on $1.04 trillion as of June 2018. How will we pay all that money back? An increasing number of Americans may not be able to do so. ValuePenguin analyst Joe Resendiz calls credit
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According to Federal Reserve data, student loan debt has surpassed $1.5 trillion and comprises 11% of America’s collective household debt balance – second only to mortgage debt. More than 44 million Americans have student loan debt, with an average balance of around $33,000. Given those statistics, you might expect student loans to be the biggest
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By Stephanie Braun, Director of Auto Product Management at Esurance Companies have collected data on their customers for decades. It allows them to offer more tailored services and products, and provide more relevant messaging. The reason data collection has gotten so much press lately is because it’s reached unprecedented levels. Already, we create 2.5 quintillion
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Can you believe someone was able to borrow money online to buy basketball trading cards? Not just any card, but a Michael Jordan rookie card that could be worth six figures! While millions of people have borrowed money online to buy a house or condo, we found a social worker from New Mexico who used
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Are you looking for a mortgage that features a low down payment but can’t find a suitable conventional loan because of various restrictions?The Federal Housing Administration (FHA) offers loan products with down payments of just 3.5% for borrowers with FICO credit scores as low as 580 – an attractive combination for potential homebuyers with lesser
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A Stressful Experience What’s the most stressful event you’ve had in your life? Applying for college? Going on a job interview? Hosting Thanksgiving dinner for your entire family? According to a recent survey by Homes.com, buying a home tops all of those events as “the most stressful event in modern life.” One-third
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By Haden Kirkpatrick, Esurance Head of Marketing Strategy and Innovation Despite the majority of cars being parked 90 percent of the time, cars are the second biggest expense in the average American’s budget. Aside from the actual purchase of the vehicle, owners also must pay for maintenance, insurance, repairs, gas, and cleaning costs. And don’t
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“I raised my credit score over 800 – and you can, too!” So says Tiffany Aliche, a financial speaker and author better known as The Budgetnista. Tiffany was working as a schoolteacher, and had excellent credit, until she lost her job in the Great Recession. “I had a choice between paying my mortgage
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“Consumers for sale! Get your consumer information here! Plump ripe consumers, ready for the taking! Only $1,170 for a full consumer package! À la carte information for as little as a few dollars! Get them while they’re fresh.” Granted, there aren’t peddlers roaming around your local business district selling your stolen information – but the
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Small Changes, Big Impact Sometimes a seemingly small difference can have a large effect, like the straw that broke the proverbial camel’s back. According to a recent study by the credit bureau Experian, that same principle applies to millennials and their borrowing behaviors. With a small change in financial habits, more millennials could significantly shift
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According to Federal Reserve Data, student loan debt reached $1.52 trillion in March of 2018. Women hold approximately $900 billion of that total. Why do women hold more in student loan balances? A recently updated report from the American Association of University Women (AAUW) suggests that several reasons combine to shift the student loan burden
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Have you checked your credit report lately? If not, what’s keeping you from doing so? A recent survey by WalletHub found several reasons, ranging from complexity to fear. Your credit report is a history of all your loans and credit transactions as reported to the credit bureaus. The information in your credit report is used
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Cleaning Up Credit Reports In April, we reported on the upcoming rise in credit scores thanks to the National Consumer Assistance Plan (NCAP). The NCAP was created by the three major credit bureaus (Experian, Equifax, and TransUnion) as part of a settlement with state attorneys general. The NCAP objectives and other actions by the bureaus
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Credit card issuers generally offer a grace period that allows you time to pay your bill without incurring interest charges on your purchases. The grace period usually lasts two or three weeks from the end of the billing cycle, and will be incorporated into the due date on your bill. Pay your bill in full
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A construction lien, otherwise known as a mechanic’s lien, is a claim that is made against a property by a contractor, subcontractor, or other professional party involved in a construction project. These liens exist to protect construction professionals from non-payment for materials or services rendered. If you are withholding payment to a contractor for a
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Waiting to Buy According to a new study by the Urban Institute, millennials are waiting longer than previous generations to enter the housing market. Approximately 8% fewer millennials of ages 25-34 own homes as compared to baby boomers and generation Xers at the same point in their lives. Why are millennials late to homeownership? The
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Are you having trouble saving money while simultaneously dealing with excessive credit card debt? Mobile savings apps such as Digit and Qapital can help you establish an automatic saving routine – but Digit has introduced a new Digit Pay feature to assist with paying down credit card debt while you save. According to
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So, you are in the market for a new vehicle, huh? You’ve got some important decisions to make. New or used? Coupe or sedan? Import or domestic? Fire engine red or metallic silver? But perhaps your most important decision, at least from a financial standpoint, is how you will pay for the vehicle. You have
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Applying for credit for the first time is a bit like applying for your first job. People are hesitant to hire you because you don’t have any job experience, and you can’t get any job experience because nobody will hire you. In the case of credit applications, creditors are leery of extending credit if they
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