Situations arise in everyone’s lives in which, at times, the monthly budget cannot cover unexpected expenses. Before racking up your credit card bill, consider taking out a personal loan to help you cover the expenses. Taking out a personal loan may be a better option than using your credit card due to lower interest rates and you will usually receive a lump sum of cash with fixed payment terms and a set interest rate. When taking out a personal loan, don’t request more money than you need and won’t be able to afford to repay. You will need to pay loan origination…

It seems as though most people are in some kind of debt.  Often times, it can be hard to get out of this debt but it is possible. Some signs of debt problems are more vious than others but generally include: choosing to pay only bills that you have the money to pay, maxing out credit cards and knowing it is damaging your credit score and using credit cards when you know you need to stop.  When attempting to get out of debt, making minimum payments is counterproductive as it will take you longer to pay off your debt. Borrowing…

Last month, the Federal Reserve raised the prime interest rate.  This is the first time it has done so in nearly a decade, which means many of you have not experienced a rate hike in your adult lives. Even if you have, given the time between, you may want a reminder about what such an increase means. What To Expect First, if your payment amount goes up on any of your loans because of this interest rate hike, it is not because we chose to raise your bill.  Adjustable rate loans are usually tied to the prime rate, so when…

If being debt-free is one of your New Year’s resolutions, you’re probably itching to figure out how to get rid of your debt ASAP. There isn’t a magic bullet, unless you hit the lottery or come into money some other way, but there are things you can do to speed things up. Figure Out Your New Minimum Payment(s) If you only pay the minimum the bank recommends, it’s going to take you a long time, probably many years, to pay off your debt. The minimum payment is mostly interest, so you’re not doing a lot to the overall balance. But instead…

With stories of data breaches and identity theft continuing to pop up, it’s important to look at another popular scam: college financial aid fraud. Students are at risk of having their personal information taken by criminals, or simply falling for a service they don’t need to shell out the big bucks for. FAFSA Facts FAFSA stands for Free Application for Federal Student Aid. There are zero costs to apply – it only takes your time. There are also plenty of free resources to help you fill it out. Applications can (and should) be filled out at fafsa.gov. What To Watch Out…