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.

When You Can't Pay Back Money Borrowed From a Friend

Borrowing money from a friend or family member is risky business. Once you borrowed money from a loved one, you change the dynamics and shift the power in the relationship. People have different attitudes about money and while one person may be forgiving when you can’t repay them another may hound you until you pay up. If you’ve borrowed money and you can’t pay it back, the important thing is to preserve your relationship until you’re able to repay your debt. Don’t avoid the person. One of the w... Read More >>>

Using Envelope Budgeting to Get Out of Debt

It’s no secret that budgeting is the foundation to getting out of debt. One of the hardest parts about traditional budgeting is staying on budget, which requires you to track of how much you’ve been spending in each category. It can get time-consuming. For some people, the envelope budgeting system makes it easier to stay on track without all the cumbersome record keeping.... Read More >>>

How You Can Be Denied for a Credit Card Even With Excellent Credit

Having good credit, even excellent credit, is no guarantee that you’ll get approved for a credit card. You may have already had the unfortunate experience of being denied for a credit card despite having an excellent credit score. And you were probably surprised by the decision. One of the perks of having excellent credit is supposed to be that your applications get approved. Unfortunately, credit scores aren’t the only thing credit card issuers use to decide whether you qualify for a credit car... Read More >>>

Credit Card Account Statement Closing Date

On your credit card, the account statement closing date is last day of the billing cycle. Finance charges are calculated and added to your balance. All transactions you made between the previous account statement closing date and the current statement closing date will be included the billing statement that’s generated on the account statement closing date.... Read More >>>

15 Reasons To Repair Bad Credit

You might think bad credit only keeps you from getting a credit card or loan, but it goes further than that. Bad credit can leave you homeless, carless, and jobless. That's because more and more businesses are using your credit to make decisions about you. Still not convinced it's time to get your credit act together? Here are 15 reasons you should repair your credit. 1.  Save money on interest.... Read More >>>

How to Make Your Credit Card Payment At the Last Minute

When it’s 4 o’clock in the evening and you just realize your credit card payment is due, you’ll have to scramble to make it soon if you want to avoid a late payment. Late fees can be up to $25 for the first offense and up to $35 if you’ve been late in the previous month. And if you’re severely past due, say you missed last month’s payment, too, there may be damage to your credit score, too. Waiting so late limits your payment options, but you may be able to slide your payment in before the due d... Read More >>>

5 Best Credit Card Payoff Calculators

If you want to know how long it will take you to pay off your credit card debt, or how much you need to pay to get rid of your debt faster, a credit card payoff calculator is what you need. Internet search results show thousands of pages of calculators. Here's a list of the best to be found. CNN Money's Debt Reduction Planner... Read More >>>

10 Bad Credit Card Habits to Get Rid Of

Bad habits are easy to fall into. A one-time exception becomes part of your routine and before you know it, you’re stuck in a rut that’s hard to break out of. Bad credit habits can wreak havoc on your credit score, lead you into debt, and cause a number of financial problems. Consider your credit habits and if you’re doing any of these, replace it with a  better habit right away. 1.  Not reading your credit card statements.... Read More >>>

Should You Make Your Credit Card Payment Early?

Sending your credit payment on time each month is a minimum requirement. If you’re just one day late (sometimes even a few hours or even minutes late), you’ll have to deal with the consequences of a late payment. Paying your credit card bill early may seem like the perfect way to get in good with your credit card issuers and build a better credit score. While paying early can be helpful, it’s not necessary in terms of timely payments and staying in good standing with your creditors.... Read More >>>

What is an Instant Approval Credit Card?

An instant approval credit card is one that gives you an almost-instant credit decision. With the speed of the internet, instant approval credit cards let you know whether you’ve been approved in under a minute. These days, the majority of credit cards with online applications are instant approval.... Read More >>>