How Does Debt Consolidation Work? (Pros and Cons)
Debt Payoff

How Does Debt Consolidation Work? (Pros and Cons)

If you have debt, you’re not alone. As of May 2020, American consumer debt was $14.3 trillion. That figure includes mortgages, auto loans, card cards, and other outstanding payments.   One solution is debt consolidation using personal loans. Consolidating debt with a personal loan can simplify your payment schedule and — in some cases — reduce…

How to Save Money on Utilities
How to Save Money

How to Save Money on Utilities

According to the federal government’s Energy Star program, U.S. households spend more than $2,000 a year on utilities. Hundreds of dollars of your hard-earned paycheck go towards electricity, heating and cooling, water, and gas each month, and you may not realize how many of those costs you can avoid.  Various factors affect your home’s energy…

How to Save Money on Rent
How to Save Money

How to Save Money on Rent

Renting a home or apartment is a considerable expense. Most renters spend about 30% of their income on rent, almost double what the average American homeowner pays for a mortgage.  Whether you are looking for your first apartment or trying to cut down your current rental costs, read ahead to learn how to save money…

Why You Should Pay off Your Debt Aggressively
Debt Payoff

Why You Should Pay off Your Debt Aggressively

Too much debt is the number one enemy of achieving your financial goals. Now, debt isn’t always bad — it helps people become homeowners, obtain a college degree, and start businesses. Many of us start out with a “just for emergencies” credit card that can be a lifesaver in true emergencies, provided we don’t let…

How Using a Credit Card Works
Credit Cards

How Using a Credit Card Works

Credit cards are a great way to make purchases easily, borrow money conveniently, and sometimes even earn money when you use them. But how does using a credit card work, and why are credit cards used? Here’s everything you need to know about how to use credit cards for dummies. No, we don’t actually think…

Learning to Use a Credit Card Responsibly
Credit Cards

Learning to Use a Credit Card Responsibly

To quote Uncle Ben from Spider-Man, “With great power comes great responsibility.” While comic book writer Stan Lee intended the proverb to apply to the film’s eponymous hero, his words also apply to the power of credit cards. Using one correctly can provide you with unparalleled security, convenience, and creditworthiness. However—and there’s always a however,…

Obtaining a Home Loan and How Mortgages Work
Mortgage

Obtaining a Home Loan and How Mortgages Work

Most people understand that a mortgage is a type of secured loan that a borrower takes out to pay for a home or another type of real estate property, which serves as the collateral. However, a mortgage can be a complicated debt instrument. The 2008 foreclosure crisis is evidence that borrowers often accept the terms…

What Are the Different Types of Home Mortgages?
Mortgage

What Are the Different Types of Home Mortgages?

What’s the difference between a fixed-rate mortgage and an adjustable-rate mortgage, or ARM? Which is better? Which one should I get? Here, we will compare fixed-rate and adjustable-rate mortgages (ARMs) and discuss the meanings of other mortgage types: FHA, VA, and jumbo mortgages. We’ll also compare the two most common ways homeowners access home equity…