Credit & Debt
There's no better symbol of our debt-addicted culture than the credit card. Businesses love them because studies show people spend 30% more when paying with plastic. The average U.S. household now sports 16 credit or charge cards, and carries $8,000 in balances, paying an average of roughly $1,000 per year just in credit card interest alone. If it seems like there must be a better way, there is.
The Credit Card Accountability, Responsibility, and Disclosure Act of 2009 prohibits issuance of a credit card to anyone under age 21 — unless the young person has an adult co-signer or an "independent means" of repayment. We explain what this means for young adults heading to campus this fall.
Because of the emphasis placed on credit scores by lenders, landlords, and employers, knowing your score — or at least one version of it — is a smart move. We explain the options for finding out how you rate.
Think you can't get into financial trouble if you use a debit card rather than a credit card? Think again. Debit cards carry plenty of risks too.
A "smartphone" can be a terrific tool for tracking your spending and keep your finances up-to-date. We review several apps that can make it happen.
Planning your wedding doesn't have to be an exercise in frayed nerves and busted budgets. With flexible strategies, savvy shopping, and creative approaches, planning a wedding can be a positive and educational experience — for both bride and groom.
Unable to make ends meet? You may not want to hear this, but the culprit may be sitting in your driveway.
"We'd like to start prepaying our mortgage, but we can't do that and invest for retirement. Which should have the priority?" Good question. Let's run the numbers.
In the wake of a new credit-card law, card issuers have been raising rates and altering payment terms. We explain what to watch out for, and detail why you may want to make a few new rules of your own.
Faith-based personal-financial bloggers are a great — and growing — resource for readers seeking solid advice from a Christian perspective.
For financially struggling homeowners, "Home Sweet Home" isn't so sweet anymore. Although many are willing to just "walk away," there are better approaches.
The government's new Income-Based Repayment program gives low-income borrowers extra time to pay off their loans.
When a husband and wife pray together about their finances, each learns what's important to the other — and together they invite the God of the universe to be personally involved with their earning and spending.
The goal of debt-settlement companies is to persuade creditors to accept a discounted lump-sum payment in fulfillment of a debt, helping debtors get out of debt sooner. It's a tempting idea, but debt settlement is fraught with perils.
Credit-reporting errors are common, and so is identity theft. You can fight back against both. Here's how.
How do you actually implement a spending plan and stick to it? We offer an overview of several common methods used to stay on budget.
Making financial progress requires setting limits in each of your spending categories. Here's how.
Tracking your income and expenses is the first step toward becoming a faithful steward of what the Lord entrusts to you.
If you'd rather not make financial progress in 2009, we have some excellent excuses you can use.
The current pullback in available credit makes a painfully clear point: there is no reliable substitute for personal savings.
Most of us know that debt is a dangerous tool. Scripture is full of warnings regarding its use. But there are some times when its use is even more perilous than usual. Here are five times when debt can lead us into serious danger.
In these times of tight credit, you might be eyeing your 401(k) retirement account as a source of quick cash. But before you "borrow from yourself," be sure you understand the downside.
Generations of readers have discovered the secrets of building wealth from the wise teacher Arkad, Babylon's richest man — as imagined by George S. Clason in his classic 1926 book.
Take a cue from Frosty the Snowman — snowballs can be a very good thing. Apply this principle to your debt and you too can be a jolly, happy soul.
An SMI reader relates how he went from being debt-laden at age 26 to being debt-free at 30, and what he learned along the way.
How does your credit situation look through a banker's eyes? A simple calculation can tell you.
How much debt, if any, should you have? The Bible doesn't give a one-size-fits-all answer regarding debt. But it does offer some reasonable principles and boundaries within which we can operate.
"Buy now with no payments and no interest until 2009!" If you haven't seen the ads yet, you surely will start to soon. While these "free money" deals may sound enticing, they are fraught with peril for the unwary shopper.
Have a mortgage? There's a sure-fire way to cut its cost over the long term. But first, you may need to change your way of thinking.
As you might expect, your credit score plays a key role in getting loans and what interest rate you pay. But it carries implications far beyond just borrowing money. It can also impact things like your insurance premiums — even whether or not you get a particular job. So it pays to know exactly what your credit score is, what impacts it, and how to improve yours.
John F. Kennedy once said the word 'crisis' in Chinese is composed of two characters: one representing danger and the other opportunity. The credit crisis of the past several months has certainly presented plenty of danger. But it may also be offering some homeowners an opportunity.
Studies consistently show that consumers spend more when paying with a credit card than they do when spending cash. But if you've decided to use a credit card anyway, you may as well maximize the benefits.
The "envelope system" has long been considered one of the best ways to manage a budget in real time. But there are drawbacks, not the least of which is that most people these days use credit cards and other electronic transactions in addition to cash. Enter Mvelopes, the envelope budgeting system for the digital age.
You can now track your spending, check your balances, and monitor your cash flow via the Internet — using a no-frills site that doesn't cost a thing.
Want to earn a decent interest rate while helping someone out with a small loan? That's the attractive proposition offered by new peer-to-peer lending services. While the concept is intriguing, it is also quite a large step up in risk from traditional savings vehicles. Here's an introduction.
Here are 10 simple ideas that can help you make this Christmas a no-debt Christmas.
Can you really have an all-cash Christmas? Sure. Financial tipster Mary Hunt has ideas on how to make it happen.
