Resource Center - Debt

Choose from the resource categories below to discover and learn more about personal finance across the topics of budgeting, debt, income, insurance, investing, and retirement.

Approved for a Credit Card With a Low Credit Limit

Finding out you’re approved for a credit card is great news. But finding out you’re approved for a credit card with a low credit limit can be disappointing. You may have been hoping for a credit card with a limit in the thousands only to be approved for a few hundred dollars. While it may not seem worth it, it can be worthwhile to keep the credit card even with the low credit limit.... Read More >>>

What to Expect From a Credit Check

When you apply for certain types of products or services, you may learn that you have to go through a “credit check” before your application can be approved. If you’ve never gone through this process before, you may not fully understand what goes into a credit check or how it affects your outcome.... Read More >>>

The Impact of Minimum Payments on Your Credit Score

Protecting your credit score is one of the best things you can do for your financial life. A good credit score not only makes it easier to get credit-based applications approved, but also saves you money on interest and security deposits. You may already know that payment history is one of the most important factors of your credit score, counting 35% of your FICO score. But does the payment amount matter? And more specifically, do minimum payments hurt your credit score?... Read More >>>

8 Ways to Turn Down a Store Credit Card

These days, you can hardly shop without being pitched a store credit card. Unfortunately, stores haven’t caught on to how unpleasant these sales pitches are. A recent survey from Credit.com revealed that 31% of Americans feel bullied into opening a store credit card, particularly during the holiday shopping season.... Read More >>>

What Happens When the Person You Cosigned for Doesn't Pay

A family member or friend may ask you to cosign a loan for them – to get a house, buy a car, get a credit card, or even to rent an apartment. And because you care and your credit rating is good enough to qualify, you agree. In the ideal situation, the person you cosigned for makes all the payments on time, abides by the agreement, and the deal goes off without a single problem. However, too often, the opposite happens and the person defaults on the payments.... Read More >>>

When Do Debt Collections Fall Off Your Credit Report?

When an account goes to collections, it will typically also be listed on your credit report and used to calculate your credit score. Unfortunately, debt collections bring down your credit score and can hurt you even after you pay off the balance. The good news is that some newer versions of credit scoring calculations don’t consider debt collections under $100 and don’t ding you as much for medical debt collections. Even so, these blemishes can follow you around for years, hurting your ability t... Read More >>>

How to Check Your Credit Card Balance

Knowing your credit card balance is important, particularly if you’re about to make a large purchase. Or, you may want to see how much damage was done after your last shopping trip or confirm that your most recent payment was posted to your account. Thankfully, you don’t have to wait until your next credit card statement arrives to find out your current credit card balance. You can easily check your balance via phone, internet, or smartphone app. Check Your Credit Card Balance Over the Phone... Read More >>>

Four Credit Card Dates to Know

When it comes to your credit cards, dates are important. While your payment due date is arguably the most important of all credit card dates, there are a few other dates to know, too.... Read More >>>

Moving? Make Sure to Update Your Credit Card Billing Address

Moving requires a lot of steps, even if you're only moving a few miles. One of the most important steps is to update your credit card issuers and lenders with your new address so that your billing statements follow you to your new address. You want to make sure you receive your billing statements in enough time to send your credit card payment. You also don’t want your credit card statements – which may include your credit card number or other sensitive personal information – to arrive at your o... Read More >>>

6 Ways Debt Collectors Can Find Out Where You Work

If you think you’re safe from debt collector calls at work, think again. You’d be surprised at the amount of information a debt collector can find out about you just by making some phone calls and a few internet searches. Debt collectors can find out where you work and may even call your job looking for you, especially if they’re not able to get in touch with you any other way. You may be surprised to learn some of their tactics. Your original creditor. When you first applied for the credit card... Read More >>>