How did your toddler rack up thousands of dollars in charges on an unfamiliar credit card?It’s not Junior’s fault if identity thieves have stolen your child’s identity and used it for fraudulent purchases.
According to Javelin Strategy and Research, over one million children were identity theft victims in 2017, racking up over $540 million in
Borrowing
America’s total outstanding balance on revolving credit, primarily credit card debt, is over $1.03 trillion. How much of that $1.03 trillion balance is yours? According to recent data from ValuePenguin, you’re more likely to have a greater share of that balance if you’re in one of two groups – the poorest or the wealthiest Americans.
By Roshni Chowdhry, head of customer experience at SafetyNet
Of the 17 million Americans currently enrolled in college, 74 percent qualify as what we used to call “nontraditional” students:
One in five is 30 years or older.
About half don’t rely on their parents for money.
One quarter are caring for a
Further Rewards for Good Credit You’ve worked hard to keep your credit score high. Why shouldn’t you be rewarded for your effort?
Banks agree and are looking for innovative ways to urge you to keep your credit score as high as possible. Financial institutions have always used negative reinforcement for poor credit scores – higher
Your credit score affects many aspects of your financial life. It affects your ability to qualify for loans and credit cards, and the interest rates that you’ll pay if you do qualify. It may affect your credit card limits, rental fees or deposits, utility services, and cell phone/cable bills.
Can your credit score also affect
With the school season starting again, education is job number one for students and parents alike. A proper education includes an education in personal finance, and one of the best ways to start is to learn how to protect yourself against scams.
You can and should learn fast, too, because scams can become more common
If you have a low credit score and want to buy a home, your odds of getting a loan have improved. A study by the Fair Isaac Corporation (FICO) shows that credit scores for new mortgage originations have been dropping, suggesting that lenders are slowly relaxing the tight credit policies imposed after the housing crisis.
According to the Federal Reserve’s G.19 Consumer Credit report, America’s outstanding revolving debt – mostly credit card debt – was closing in on $1.04 trillion as of June 2018. How will we pay all that money back? An increasing number of Americans may not be able to do so.
ValuePenguin analyst Joe Resendiz calls credit
According to Federal Reserve data, student loan debt has surpassed $1.5 trillion and comprises 11% of America’s collective household debt balance – second only to mortgage debt. More than 44 million Americans have student loan debt, with an average balance of around $33,000.
Given those statistics, you might expect student loans to be the biggest
By Stephanie Braun, Director of Auto Product Management at Esurance
Companies have collected data on their customers for decades. It allows them to offer more tailored services and products, and provide more relevant messaging. The reason data collection has gotten so much press lately is because it’s reached unprecedented levels. Already, we create 2.5 quintillion
Can you believe someone was able to borrow money online to buy basketball trading cards? Not just any card, but a Michael Jordan rookie card that could be worth six figures! While millions of people have borrowed money online to buy a house or condo, we found a social worker from New Mexico who used
Are you looking for a mortgage that features a low down payment but can’t find a suitable conventional loan because of various restrictions?The Federal Housing Administration (FHA) offers loan products with down payments of just 3.5% for borrowers with FICO credit scores as low as 580 – an attractive combination for potential homebuyers with lesser
A Stressful Experience
What’s the most stressful event you’ve had in your life? Applying for college? Going on a job interview? Hosting Thanksgiving dinner for your entire family?
According to a recent survey by Homes.com, buying a home tops all of those events as “the most stressful event in modern life.” One-third
There’s a lot of financial advice out there, from the Wall Street Journal to podcasts to your brother-in-law’s stock tips to “A penny saved is a penny earned.” The infographic above, developed in collaboration with the Common Cents Lab at Duke University, shows six simple steps to get your finances on sound footing.
By Haden Kirkpatrick, Esurance Head of Marketing Strategy and Innovation
Despite the majority of cars being parked 90 percent of the time, cars are the second biggest expense in the average American’s budget. Aside from the actual purchase of the vehicle, owners also must pay for maintenance, insurance, repairs, gas, and cleaning costs. And don’t
America’s cumulative student loan debt has topped $1.5 trillion, surpassing credit card debt as the second greatest debt burden behind mortgages. How will we pay it off? A study by the Brookings Institution suggests that approximately 40% of Americans won’t be able to pay off their loans and will end up in default by 2023.
Is your credit card balance increasing or decreasing? Data from the credit bureau Experian suggests that it’s more likely to be rising. Credit card balances increased by an average of almost 6.6% year over year in the second quarter of 2018, adding $48 billion to America’s collective credit card debt.
Debt rose in every state,
Identity theft accounted for $16.8 billion in losses in 2017 spread across 16.7 million victims, according to Javelin Strategy and Research. Were you one of the unfortunate 16.7 million?
Victim or not, it’s wise to consider freezing your credit to make it difficult for identity thieves to use your personal data –
We often hear about skyrocketing student loan and credit card debt, but a different type of debt is growing at a faster rate than either of those. According to data from the credit bureau Experian, debt from personal loans rose by 11.4% in the second quarter of 2018 compared to the same quarter in 2017
E-mail scams can take many forms, but did you realize that an e-mail scam could scuttle your home purchase? The Federal Trade Commission (FTC) has warned homebuyers of a housing-related e-mail fraud that could drain your housing funds.
Thieves initiate the swindle by hacking into the e-mail accounts of homebuyers, real estate agents, and brokers,
“I raised my credit score over 800 – and you can, too!” So says Tiffany Aliche, a financial speaker and author better known as The Budgetnista.
Tiffany was working as a schoolteacher, and had excellent credit, until she lost her job in the Great Recession. “I had a choice between paying my mortgage
What’s a sure way to harm your credit score? Being late with payments or missing them completely. On-time payment history is one of the biggest factors in calculating your credit score – and, according to a new survey from CreditCards.com, women are more likely to miss a credit card payment and suffer the credit score
“Consumers for sale! Get your consumer information here! Plump ripe consumers, ready for the taking! Only $1,170 for a full consumer package! À la carte information for as little as a few dollars! Get them while they’re fresh.”
Granted, there aren’t peddlers roaming around your local business district selling your stolen information – but the
Small Changes, Big Impact Sometimes a seemingly small difference can have a large effect, like the straw that broke the proverbial camel’s back. According to a recent study by the credit bureau Experian, that same principle applies to millennials and their borrowing behaviors. With a small change in financial habits, more millennials could significantly shift
Bankruptcy is a painful process at any point in life, but it’s especially excruciating when you are at or near retirement age. There’s no time to recover and build retirement income.
Unfortunately, seniors are declaring bankruptcy at an increasing rate. A recent study from the Consumer Bankruptcy Project found that the rate of Americans at
According to Federal Reserve Data, student loan debt reached $1.52 trillion in March of 2018. Women hold approximately $900 billion of that total.
Why do women hold more in student loan balances? A recently updated report from the American Association of University Women (AAUW) suggests that several reasons combine to shift the student loan burden
Reverse mortgages can be a useful tool for seniors attempting to convert the equity in their home into cash for living expenses or other retirement purposes. The loan is usually paid out over time instead of as a lump sum.
There are no repayments as long as the senior taking out the loan
Cleaning Up Credit Reports In April, we reported on the upcoming rise in credit scores thanks to the National Consumer Assistance Plan (NCAP). The NCAP was created by the three major credit bureaus (Experian, Equifax, and TransUnion) as part of a settlement with state attorneys general. The NCAP objectives and other actions by the bureaus
By Andrea Woroch
Have you spent too much on vacations, dining out, or entertainment this summer? Follow these seven simple steps to get your finances back on track and pay down your debt faster.
If you’re scared to look at your credit card bill and bank statements, there’s a good chance you went overboard over
Credit card issuers generally offer a grace period that allows you time to pay your bill without incurring interest charges on your purchases. The grace period usually lasts two or three weeks from the end of the billing cycle, and will be incorporated into the due date on your bill. Pay your bill in full
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