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credit: TheAlieness GiselaGiardino²³

It’s a pretty ironic outcome of a Bankrate survey that people with debts make the best savers. The results showed that 84% of Americans who had debts like car loans, credit cards or student loans (the survey excluded mortgages) are regularly saving a proportion of their income. The people who didn’t have a non-mortgage debt had a regular savings rate of only 63%.

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credit: amishsteve
So you’ve blown the budget, spent more than you could really afford, or life’s changing circumstances mean that you’ve accumulated more debt than you want to deal with. Sometimes it might feel like a pit that you can’t get out of, but here are three basic steps to get you back on your way to financial success: (more…)

credit: SqueakyMarmotIf you’re heavily in debt and looking for a way out, it’s quite appealing to hear someone saying they can help you get your debt reduced or canceled. Unfortunately, there are a number of illegal debt reduction and cancellation scams being operated these days, and you can end up owing more money and having a worse credit rating.

Basically, the rule of thumb is that if it is too good to be true, then it just can’t be true. Debt scammers generally use a few particular tricks, including: (more…)

Do you even know your credit score? It’s a very important number. If your score is just two points below the most desirable scores of 700 or better, it can cost you thousands of dollars in interest on a home mortgage.

Your credit score is the number one tool that lenders use to determine the interest rates you’ll pay for credit cards, car loans and home mortgages. Consumers with scores below 600 are typically charged high interest rates, and if your credit score is really bad, you may be not be able to borrow at all.

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credit: Phillip

It’s a bit scary, sometimes: you’re just cruising through life, perhaps spending more than you’re earning, or at least now and again getting a car loan or putting some emergency costs on your credit card, and suddenly - you’re in debt.

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