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Five Tips for Paying off Debt and Building Savings

/ BY / Managing Debt

When you’re struggling under a big load of credit card debt it seems impossible that you could actually build your savings as well. Here’s the way that you can do both at the same time. Stow your cards away. Cut them up if you can’t resist using them, or put them in a big block of ice in your freezer, to be melted only in a real emergency. Get a part time job to make some extra money, and consider selling electronics, clothing or anything else that you don’t use or need to increase your cash flow. Calculate how much extra money you can afford each month to reach your financial goals. Then earmark one portion for your credit card debt and the other portion for your savings...

Costly Habits to Avoid

/ BY / Managing Debt

Credit cards can be helpful tools for building credit, earning rewards, or helping you out of a financial emergency. But if you're not careful, it's easy to fall into habits that can cost you a lot of money. Here are some of the worst—and most expensive—credit card habits you should avoid:Have you ever noticed that no matter how long you’ve been paying your credit card bill, the balance never seems to budge? That’s because your payment is being divided between interest and the principal, or the balance on the card. When you regularly carry a balance, especially at a high interest rate, the majority of your payment goes towards interest. The rest is put towards the principal, so you spend years chipping away at the balance...

The Average Household Debt Broken Down [Infographic]

/ BY / Managing Debt

American household debt is at an all-time high, while employment and home ownership are at an all-time low. In the infographic below, we explore the causes for the rise in household debt, from the balances on our credit cards, our home mortgages, and our student loans, and take a statistical look at the rise of American debt in the last ten years.

Men vs. Women: Who's Better With Credit? [Infographic]

/ BY / Managing Debt

Arguments over the dining room table abound, but in our infographic below, we’ve finally mapped out which gender is better with credit. From overall credit card debt, to the size of the mortgage, and even to late payments, we compare it all, and the results may surprise you.

What are the Worst States for Credit Card Debt?

/ BY / Managing Debt

People across the country struggle every day with their debt. It’s easy to forget when you get that new card in the mail that it isn’t a license to spend. That said, people find their way into debt for a variety of reasons, and the state-by-state average varies widely.

 

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