Category Archives: Personal Finance

Experienced DC bankruptcy attorney Kevin Judd provides advice on how to improve your personal finances, pay down debt and find financial freedom.

Why Store Credit Cards Might Be a Bad Idea

A store credit card can seem like a great option for shoppers who frequent certain stores. What is the harm in getting additional credit, when you will make the money back through the awesome discounts the store salespeople are offering, right? The reality is, most people will lose more money than they will gain by signing up for a store credit card. How Do Store Credit Cards Cause Debt? Easily obtainable: Store credit cards are often issued to people with financial troubles who may not even qualify for a regular credit card. Retail associates may not be trained in explaining the true extend of the financial burden that the card entails. This causes serious debt problems for those who are already financially vulnerable. Many retailers may not even check a borrower’s credit history. Excessively high interest: The majority of store credit cards charge an interest rate on purchases that is…
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How to Get out of Debt and Start Saving for Retirement

Saving for retirement is something that every financially secure person will suggest, but is very hard to do for people with debt or limited extra income. Not everyone has the means to immediately begin saving for retirement, but there are steps you can take to make positive changes and work towards being able to save money sooner rather than later. The earlier a retirement fund is created, the more value it will have in the future. An estimate done by CNN money says that if you place $3000 each year into a retirement fund for 10 years, starting at age 25, the investment will be worth more than $338,000 assuming a 7% annual return. Before you can start saving however, you need to neutralize bad debt-inducing habits. Examples of Bad Debt-Inducing Practices Taking on risky loans: Certain loan providers offer loans with excessively high interest rates or embedded fees, and…
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How to Reclaim Money from Loan Scammers

Several different types of loan scams exist that affect loans of all kinds. Whether you are taking out student loans, auto loans, mortgage loans, or taking on debt of any kind, be on the lookout for fraudulent loans. Some scams will steal your identity and money, while other illegal loans that are more difficult to detect use predatory loan tactics to cheat you out of money. 5 Things to Watch out for When Taking out a Loan Ignoring credit history: A lender that says, “we don’t care about your credit score,” or doesn’t disclose they will pull up your credit report before allowing you to borrow, is probably a loan scammer. Lender is not registered with the state: According to the Federal Trade Commission, lenders must register to do business in the state they are in. Checking the lender’s website should allow you to locate information connecting the lender to…
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