Tag Archives: CreditCardDebt

Setting Financial Goals for the New Year

The New Year is upon us, Washington D.C.! As everyone decides on what their New Year’s resolution is going to be, consider taking a long look at your finances. Some of the major financial goals people focus on at the beginning of a new year are personal finances, saving and investing. If you are seeking financial independence, you should follow these tips to ring in the new year the right way. It starts with assessing where you are currently. Before you can commit to any new goals, you need to figure out what your baseline is. Look at your savings, debts and investments. While this may seem like a stressful thing to do at the beginning of a new year, it is important to do so that you can set realistic financial goals for 2018. Budgeting is key! Now that you have an idea of where you currently stand, you…
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Is Credit Card Debt Bankrupting Millennials?

Are millennials being crushed under a mountain of credit card debt? Is bankruptcy lurking on the horizon for many millennials? Today’s millennials have more debt than ever, between credit cards, expensive student loans, car payments and (sometimes) mortgages. Over two-thirds of millennials are paying back at least one source of long-term debt. Over one-third have more than one source of long-term debt. And given that the average millennial salary is less than $35,000, this age group faces a huge struggle paying off these debts. Millennials forego cars, moving out of their parents’ houses and getting married because it just isn’t financially feasible to do those things. Among all types of debt plaguing millennials, the largest by far is student debt. And because student debt is such a problem, many millennials fall into a debt spiral. Because they must pay expensive student debts, they have a harder time paying off other…
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How to Rebuild Credit and Get Loans after Bankruptcy

Credit is somewhat of an ironic thing. The best way to get it is if you already have it. If you don’t have it, it can be difficult to obtain. Bad credit begets bad credit, which makes it harder to get loans, and the ones you do get can have expensive payments, leading to you falling behind on payments, leading to – you guessed it – worse credit. It is a black hole that can suck you in if you are not attentive to it, and like black holes, it can be impossible to pull yourself out once you’re in too deep. Bankruptcy can make a bad credit problem worse – for a long while. So, how does one dig themselves out of a credit pit after exiting bankruptcy? Start small. Credit cards are an excellent way to rebuild credit long-term, as long as you know how to be responsible…
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