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Bankruptcy is a drastic action but a viable solution for certain types of financial peril. However, misconceptions about bankruptcy abound. Filing for personal bankruptcy does not always mean that someone cannot resist the temptation of credit cards. Many people will file for bankruptcy for other reasons. Here’s a look at five myths surrounding consumer bankruptcy. People Who File for Bankruptcy Are …

For many homeowners, the concept of a “prepayment penalty” is odd. Why should you be penalized for paying a loan early? Well, that’s the thing about mortgage loans: Many of them surprisingly come with prepayment penalties, which limit your flexibility and can take a bite out of your wallet – just for trying to do the right thing for your …

8 Strategies That Will Quickly Get You a Better Credit Score Your credit score is one of the most important measures of your financial health. It tells lenders at a glance how responsibly you use credit. The better your score, the easier you will find it to be approved for new loans or new lines of credit. A higher credit score can …

A credit score is a snapshot of your credit accounts, balances and payment history at a specific moment in time. When a creditor requests your credit report and an accompanying score, the credit bureau sends a copy of your report, and a score is generated based on that report. Any change in the underlying report, or even the passage of …

Whether you need a loan to purchase a home or car, or you’re in the market for a new credit card, you’ll want to take the time to see if you prequalify. Prequalification provides consumers a way to find out what their chances are of being approved for a new loan or credit product before filling out an application form. …

Using a loan to finance an expense—whether it’s for an automobile purchase or home improvement project—can be a smart decision. However, if you’re not familiar with certain loan terminologies, you might be at a disadvantage when it comes to evaluating a loan or comparing loans from multiple lenders. Below are common loan terms that’ll help you expand your loan vocabulary so …

Debt doesn’t only cause undue financial stress. It can also make everyday living less enjoyable when a significant portion of each paycheck goes toward debt repayment. Paying off debt faster can undoubtedly save you money, but it will also allow you to focus on your broader financial goals sooner. Below, you’ll find seven ways to quickly pay off what you …

If you’re considering a personal loan for the first time, it’s important to be ready with the information, application materials and plan for tackling your first application. Some information you may know off the top of your head, like your income. But there are others you’ll want to look into before applying for your loan, such as your credit score. …

It’s always a good idea to save up money before making a large purchase. But in reality, that’s not always possible. That’s especially true for expenses like a college education, a car or a home, or even unexpected emergencies, like medical bills. When you can’t save money in advance, you can take out a loan. However, you’ll need to understand …

A late payment can drop your credit score by as much as 180 points and may stay on your credit reports for up to seven years. However, lenders typically report late payments to the credit bureaus once you’re 30 days past due, meaning your credit score won’t be damaged if you pay within those 30 days. However, you could still …

Business loan requirements and applications are not standardized. However, lenders tend to look at certain metrics when deciding if your business is performing well enough to receive a business loan. Business loans tend to have a low approval rate. Big banks only approved 14.2 percent of small business loan requests in February 2023, according to Biz2Credit. But you may help your odds by knowing what you will …

In the eyes of lenders, your creditworthiness is measured by your credit score. Lenders use this three-digit score to determine how likely you are to repay your debts, and therefore, how risky a borrower you are. Those with higher credit scores reap the rewards, like a low or zero-percent interest rate, higher credit limits and lower monthly payments. But what …

Mortgage forbearance allows homeowners facing financial hardship to put their payments on pause for a set period of time. Here’s what you should know about mortgage forbearance, in case you need to weather a future financial crisis. What Is Mortgage Forbearance? Mortgage forbearance is when a lender allows a borrower to temporarily stop making payments. When you’re approved for a …

The term “annual percentage rate” is commonly used for lending products such as mortgages, credit cards and personal loans. The APR for a personal loan is the combined total of the interest rate plus the origination fee, calculated on a yearly basis and expressed as a percentage. If there are no fees, the APR equals the interest rate. How does …

Loan modifications are most common for secured loans, such as mortgages, but you may also be able to modify other types of loans. That could include personal loans or student loans. A loan modification can relieve some of the financial pressure you feel by lowering your monthly payments and stopping collection activity. But loan modifications are not foolproof. They could …