As you can see in the graph below, the average credit card debt per person in the United States can get quite high. The graph shows the 10 cities in the US with the highest average amount of credit card debt per person. The average debt in the US is into the thousands as well, and many people only pay the minimum due and remain in debt for years. Being in debt can become quite stressful but it can be easily paid up with some discipline and budgeting. Underneath the graph are a few links to articles that give some great advice on ridding yourself of excessive debt.
Debt Clean Up Advice
Categories: Debt
Credit ratings can be a difficult thing to understand and many people don’t bother taking the time to learn about how it works. Everyone knows that having bad credit can cause many problems if you want to buy a home, or a new car, or just to get a credit card in case it is needed for emergencies. Having no credit can be just as bad, but it is also much easier to fix. There are many people that never had a credit card, never bought a home, and never bought a new car or anything that involved their credit rating. In this situation the individual probably has no credit rating, which will also cause problems when trying to make a big purchase. There are many simple ways to build your credit up if this is the case, and usually just doing something small will get your credit score up. Here are 15 blog posts that discuss ways you can boost your credit score from nothing into the 500-600 range fairly quickly.
How To Build Good Credit and Clean Up Bad Credit – Here is a post with some nice tips to help you build credit if you have none and also tips on cleaning up bad credit.
How to Build Credit or Repair Credit – This is another post with even more tips to help you get that credit score up, it is much easier to build it from having no credit than it is to repair bad credit, but these tips can help out a lot.
How to Raise Your Credit Score Fast – This post offers some tips that are sure to help you raise your credit score very quickly, sometimes quicker is better, especially in cases such as trying to get a new car or buy a house.
List of Prepaid Credit Cards That Build Credit – This is a very handy post, a nice list of pre paid cards that can help you build your credit. This can make building your credit so much easier, definitely a must read blog post!
Building Your FICO Score – Even more tips to build your credit score, you may see some of the same tips on some of these posts but you will also find some new ones in the process since there are many things you can do to get that score up.
Ways To Increase and Improve Your Credit Score Without a Credit Card – If you need to build your credit score but do not want to deal with credit cards there are ways to do it, this post can give you some ideas on how to go about this.
Bad Credit Loans, Debt Help, and Advice to Improve Credit – Yet another great post that can help you deal with your bad credit and ways you can improve it, this post goes into detail about credit scores and much more.
How to Build Your Credit History with Tradelines – The key to building your credit history and getting it as high as possible is very simple: act responsibly with credit.
The Truth About Your Credit Score – The dreaded FICO score. It’s that number that’s associated with every credit report. We all know about it—most people have one—but what does the credit score really mean?
15 Ways to Establish and Improve Your Credit History and FICO Score – Do you need to improve your credit history? If you’re like the majority of Americans, the answer is yes. According to FICO, 60% of all people have a credit score less than 750. This means there is plenty of room for improvement for many people.
How to Season Your Credit – Opening and maintaining new accounts that report to the credit bureaus is key to building a solid credit rating. There are many different types of accounts that you can be approved for even if you have a poor credit rating.
How College Students Can Build Credit History – This is a good article for college students to read as it discusses ways they can build credit during their college years.
Personal Finance 101: Building Good Credit History – You should know the importance of having a good credit history by now, if not here is another post that discusses it’s important and a couple more tips to help out and will help ensure you know what to do and you do not forget! The site also has a lot of other great financial information for you to browse.
Building a Strong Credit Report Record After High School – Another nice little guide for students graduating high school and entering college or the work force.
Tips on Building Credit for a New Corporate Business With No Credit – This is a great post for new small business owners that has tips for building credit as a business.
Image Credits: mlinksva
Categories: Advice
Millions of people are struggling with bad or no credit, and many do not know how to get their credit back on track. There is a lot of great information that can be found to help you repair your credit yourself and there are also many companies that can assist you in getting your credit back on track. With the current economy more and more people are developing bad habits with credit cards and loans to help them get through tough times. With so many people going that route just to get by a large percentage of them are eventually going to find themselves deep in debt with no way out in sight. Here is a collection of 15 blogs that offer great information that can help you through the tough times. We have many great resources on our site to help you out, and within these 15 blogs you can find more excellent information. Some of these will offer some of the same info but they all have different tips and advice as well.
What is Credit? Understanding How Credit Works – This is a nice simple breakdown all about credit and how it works, from this article there are some other links that are also informative and helpful to the everyday person who wants to understand the ins and outs of the credit industry.
Understanding Credit-Card Fees, Part 1: The Basics – Millions of people have credit cards but many of them do not have a clue about how credit card fees work. This post discusses how fees work in layman’s terms, so if you want to know more about credit card fees this is a great post to read.
How to repair your credit report yourself – This post has some good info on repairing your credit on your own rather than hiring a company to do it for you. It is much easier than you think; it just takes some patience and discipline with your finances.
Rebuilding Credit Rating: DIY vs. Credit Repair programs – If you have a credit card, you should know how important it is to maintain a good credit standing. If you have an exceptional or at least good credit history, it will affect your financial status and how credit companies or other financial institutions regard you.
5 Common Credit Score Myths – This is a nice post discussing common credit score misconceptions and myths. What you thought was true may not be, so do your research and find out all about how credit works and it will help you get your credit back on track.
6 Steps to an Improved Credit History and Score – Here are 6 steps that can help you get your credit back on track and after going through all of this just to improve your credit you will most likely learn your lesson and be more careful in the future.
Ways to Rapidly Thoroughly clean Your Credit Track Record – Here is another post that discusses ways to thoroughly clean your credit score and get yourself financially stable once again, this is something you have to do if you have poor credit and want to buy a car, house, or any other expensive items you need a loan for.
How Credit Works – Here is a nice and simple breakdown of how credit works, this is excellent because they lay it all out in easy to understand terms.
Americans Earn a `D’ on Understanding How Credit Scores Work – A survey that was done goes to show that most Americans do not understand how credit scores work, hopefully this list of blog posts will help some people get a better understanding of the process.
Understanding How Credit Card Travel Rewards Work – There are many people that take advantage of credit card travel points as well as other types of cards where you get something in return for using the card. This post explains how travel points earned through certain cards work. This site is loaded with all kinds of other good info on credit as well.
Understanding How Credit Reporting Works – Credit is much more complicated than keeping a tally at the local grocery. As a credit-active consumer, you need to know how credit reporting works and what your credit report contains.
Money Management & Credit Cards Explained – Another post discussing money management and credit cards and how they work. Thus is another site with a lot of good information on money management and savings.
Basic Money & Credit Management Concepts Simply Explained – Here are a whole bunch of excellent tips regarding credit and money management. These are some great tips to follow and they will definitely keep your credit in good standing as well as keep you on track with money management.
What is APR? – This is a term you see all the time when it comes to credit cards and loans of all types, but there are many people that have no clue what APR even stands for. Here is an explanation of what it is for anyone who may not know.
How Credit Scores Are Calculated – Credit scores are based on the information in your credit report, and each bureau has its own formula for calculating your score. In addition, each lender may have its own proprietary formula for calculating a score.
Image Credits: Images_of_Money
Categories: Credit Cards
Twitter is loaded with all kinds of good information and resources, and if you are into something specific there are probably many great Twitter feeds that you should be following. When it comes to finance, debt, and credit there are many different things you need to keep up to date with because things change so frequently. The Twitter accounts below are always providing great info related to finance and can be a great asset to you so you can keep up with everything. Many of these accounts also offer up some great advice that can help you fix your financial and credit problems, and there are a lot of people that need some ideas on ways that they can do that.
Personal Finance – This is the Twitter feed of the Financial Times and they are always offering up good resources, blog posts, and advice related to finance.
Frugal Dad – This is the Twitter account from Frugaldad.com and they tweet about different ways to save money and post some great links to help you save money.
The Weakonomist – Another great one to follow, here you will find discussions on the economy, financial related humor, tips and much more.
Daily Finance – Another excellent financial related Twitter feed that helps people deal with tough economic times and also helps them prepare for a secure financial future.
Financial Highway – This is the Twitter account of the blog by the same name, they are all about personal finance and Tweet frequently about all things finance related.
Free From Broke – Another Twitter feed from a blog with the same name, here you can learn about saving, credit cards, credit scores, debt, investing, and all things personal finance.
Man vs. Debt – A Twitter account and blog about a young family who is working on paying off debt, here you can find even more great tips for becoming debt free.
Get Out of Debt Guy – Helping people get out of debt for free. My approach — Life trumps debt. Happiness trumps sorrow. Kindness trumps evil. Good wins. Practice Safe Debt.
Paid Twice – Here you will find lots of great tweets that can help you save money and work yourself out of debt.
LearnVest – A leading website for women and personal finance. Live Richly with our tips, stories, discussions.
Finance News – Up to date news on banks, insurance, property and financial services.
Money Saving Guide – Tips, tricks, and advice to help you save money so you can pay off your debt.
Almost Frugal – Another great account that you should be following for more advice on budgeting, savings, and personal finance.
Budgets Are Sexy – This one is a self explanatory one, a feed loaded with advice on budgeting and finance.
Enemy of Debt – Here is another one that can help you get out of debt and has many tips to help you stay out of debt for the long haul.
Suburban Dollar – This Twitter account provides a layman’s view on personal finance from the position of someone who doesn’t know it all.
Money Saving Expert – Money Saving expert is dedicated to cutting your costs, finding deals, beating the system & fighting your corner.
MSN Smart Spending – Money savings ideas and other tips from MSN Money and other respected financial bloggers.
Debt Relief – Here you will find links to blog posts and some great tips about getting out of debt and budgeting your money correctly.
Sure Debt Relief – Tweets with a lot of excellent links to informative articles about getting out of debt, staying out of debt, and budgeting.
Financial Resources – A Twitter list filled with lots of links to many top notch financial resources.
WiseBread – This is a Twitter account that is very popular, just like the site it represents. They have loads of great info when it comes to all things finance related.
Its Only Money – Here is another great Twitter account that come from a resourceful blog like many of the others listed. Lots of great personal finance information can be found here.
Savings Tips – Here you will find lots of tips on saving money so you can have a better future for you and your family.
Centsible Life – A feed run by a mom and a respected blogger, she tweets about many different things but is focused on personal finance and living frugally.
Image Credits: swimparallel
Categories: Advice
One of the most important distinctions to understand in personal finances is the difference between secured debt and unsecured debt. Whether or not your debt is secured can make a big difference in how you proceed in a number of different financial situations.
Secured Debt
Secured debt is debt that uses some asset as security. You pledge an asset in return for getting the loan. If you default on the loan, the lender has the option of repossessing the asset in order to help recoup the money lent to you. A mortgage is a good example of secured debt. If you don’t make your monthly payment, then your home could be foreclosed on. A car loan is another example, since the lender can repossess your car if you stop making payments. Sometimes, you may have to offer collateral — such as a valuable piece of jewelry — to get certain loans.
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Categories: Debt
