Credit Debt Management Archive
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Debt and Credit: Know Your Limits
Managing credit comes with plenty of potential hazards. Stick to the rules of the road, and you should be OK. But, if you don't learn how to manage it wisely, you could end up in a pit of debt. "Like driving, obtaining credit is a privilege, not a right," says J.J. Montanaro, CERTIFIED FINANCIAL PLANNER™ practitioner with USAA. "Too many people get deep into debt because they don't really understand how credit works. And once they get in, it'... more
What Your Kids Need to Know About Credit
Parents, when your children turned 16, did you just toss them the keys to the family car and hope everything would work out for the best? Probably not, right? Instead, I'll bet there were hours of driver's education and countless miles of quality time co-piloting your prospective drivers before they went solo -- all in the interest of safety. As parents, we're generally pretty good at developing this skill in our children. Unfortunately tho... more
Busting Budgets Vs. Buying Smart
Just because you can buy it, doesn't mean you should. That basic financial rule of thumb is especially true when you're shopping for a home or a car, says J.J. Montanaro, a CERTIFIED FINANCIAL PLANNER™ practitioner with USAA. "Never rely on lenders or dealers to tell you how much you can afford," says Montanaro. "Even if the payments seem manageable, putting too much of your income into a house or car could mean you're neglecting other, more ... more
Financial Spring Cleaning: 3 Ways to Get On Track
With the season of spring and the PCS/moving season upon us, it's time to think about "spring cleaning" and how to organize your life better. Once you're more organized, you'll be so grateful you took the time to do it because it will make your life easier. And that's especially true when it comes to your financial life because, after all, your finances are what make everything else possible. If you don't have full control of your finances, t... more
Consumer Debt: Cause for Concern and Change
Despite reports to the contrary, US consumers haven’t actually paid down any credit card debt since the Great Recession began. We’ve actually added more than $82 billion to our tab since 2008, bringing the grand total that we owe creditors to an astounding $833.8 billion, or $6,980 per household. Even more worrisome, Card Hub data indicates that if current credit card debt levels rise as little as 15-20%, there could be widespread consumer def... more
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Military Pay Can Seem Wacky
One of the hardest things to understand about military pay is that while it is paid twice a month (usually), it is calculated on a monthly basis. Back in the dinosaur ages, military pay was paid one time per month. At the end of the month, the finance folks would calculate everything due for the [...]
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