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Debt

5 Ways For College Students To Build Credit

College is an exciting time for students like you all over the world. As you take your first major steps into the adult world, one thing that you’ll need to consider is how to start building financial independence. Building good credit now will be a great benefit to you in the years to come. Your college years are great times to start building credit, but you’ll need to be careful and responsible in order to reap the rewards.

Start By Piggybacking
It will be difficult for many students to obtain their first credit cards without a cosigner. One great way to get a head start on the credit game is to become authorized on a parent’s credit account. This is known as piggybacking, and it allows you to start building good credit by using your parent’s account. This will also allow your parents to monitor your spending and make sure that you’re not being too reckless in your habits.

February 18, 2013

Debt

How You Can Prevent Carrying Debt Into Retirement

When you’re busy with a career and are trying to provide for your family at the very same time, things can definitely start to seem like they’re getting a little bit overwhelming. There are a lot of constant financial responsibilities that we all have to deal with during our lives, and it can get pretty easy to let certain things slip through the cracks. Especially given the behavior of the economy over the course of the last few years, a lot of us have gotten used to living in debt, at least to one degree or another. Perhaps you might not be absolutely drowning in debt, but many of us owe some money to at least one or two creditors these days. It’s tough to live completely debt free, but there are definitely few of us that would think it a good idea to carry any of that debt over into retirement. Of course, when you’re trying to take care of everything else in your very busy life, it can be tough to remember that you’re supposed to consistently be putting away money for your retirement on a regular basis.

If you’re in debt, you’re probably looking for a way to make sure you are completely free and clear by the time you retire. Nobody wants to deal with debt past the point at which they’ve stopped bringing in an income, so if you’re looking to pay everything off before you finish working; you’re definitely on the right track. We’ll talk about a few strategies that will help you settle your debts before it’s time for you to retire.

For one thing, you should be budgeting yourself, and you should be doing so very vigilantly. Sit down and figure out exactly how much you have to spend each month, and where you have to be spending it. Calculate all of your expenses, and then figure out how much money you have left over each month once you’ve met each of your responsibilities. Now you’ll be able to figure out how much money you’re able to contribute to paying off your debts. If you don’t have very much left over, you might want to think about cutting some of your more frivolous or nonessential monthly expenses so that you can retire debt-free.

January 30, 2013

Debt

5 Things You Should Know About Student Loans

Although everyone deserves the opportunity to better themselves and improve their job prospects by earning a college degree, the sad truth is that few can afford the expense entailed. And while there are certainly ways to mitigate costs, scholarships and grants are both limited and difficult to obtain thanks to stiff competition from other students. The long and short of it is that many college-bound kids find themselves facing a mountain of bills for tuition, books, and living expenses, and their only real option in most cases is to take out student loans to cover these costs. Even with some family help and a part-time job, the majority of students will have to turn to financial aid or possibly private lenders in order to drum up the scratch that will fund their ongoing education. The hope is that all of this will lead to a high-paying job that allows for repayment of the loans. But before you take the money and run, there are a few things you should know about taking out student loans.

The upside of government loans. In the interest of providing for a more educated populace, the government has seen fit to offer student loans by way of federal financial aid. In fact, this comprises the vast majority of all student loans (somewhere between 90 and 95%, it is estimated). And the benefits for students include no onus to repay until school is completed, as well as lower interest rates than those offered by other lenders. It’s a great way for students to cover expenses in college without the worry of an immediate repayment schedule to contend with.

January 23, 2013

Debt

5 Sure-Fire Ways To Improve Your Credit Rating

Millions of consumers have their credit ratings (also called credit scores) damaged during times of financial crisis. Many aren’t even aware of what behaviours can hurt their credit rating. A low credit score can make it difficult, if not impossible to secure a credit card or get a loan. But a low credit score doesn’t have to remain that way, in fact, it is quite easy to raise your credit score back up again. By making a few adjustments to your financial habits and taking a few tried and tested steps, you can have your credit score as good as new in no time. If your credit score is on the high side, you can improve it even more with these 5 sure-fire methods of raining a credit score.

First Find Out What Your Credit Score Is

To improve your credit score you need to know what it is. You can purchase your credit score from one or all of the three major credit reporting agencies – Experian, Equifax, and TransUnion. Don’t get your credit score confused with your credit history. Your credit history is a report of your financial behavior over any given seven year period. It is the events in your credit history that are used to calculate your credit score.

January 17, 2013

Debt

Debt Management Guidelines That Will Help You Control Your Debt

Debt management does not have to be scary. In fact, debt does not need to be scary, but if you have bill collectors calling you or if your bills are piling up, it can feel confusing and scary. When you use the right management techniques for your debt, you can regain control and even save a little money.

Debt Reduction Strategies That Help You Save

Ideally, you should devote as much money as possible to debt reduction. If you can afford to cancel the cable or reduce how much you eat out, you need to devote this money to reducing your debts. When paying off debt, it is critical that you devote the most money to the debts with the highest interest rates. You should send every creditor the minimum payment, and you should send the leftover money to the creditor who is charging you the most interest. Once they have been paid in full, you can devote the extra money to the creditor with the second highest interest rate.

December 19, 2012

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