I just received a notice from a local department store that they are INCREASING my interest rate from 24% to 31%! I’m a bit befuddled since the Fed recently lowered the funds rate by 0.50 and I pay off my account monthly. My credit is excellent. I decided to call the 1-800 number on the notice and was told this is an increase “across the board” and they do not have a lower rate to offer me. I enjoy receiving my benefits from using the card and even though I rarely pay interest as the bill is typically paid off every month, I can’t support this rate. I asked if there was anything I could do and she informed me that I have no options…except to no longer use this card. [Read more…]
PSA: Check Your Credit Card Interest Rates
October 18, 2024 by Leave a Comment
Are You a Co-Signer on a Student Loan?
June 26, 2023 by Leave a Comment
When Congress resolved the latest debt ceiling with the passing of The Financial Responsibility Act of 2023, both parties agreed to stop the forbearance on student loans payments. Federally backed student loan payments have been paused for the past three years due to the pandemic. Payments on student loans are set to resume following this September and many are not going to be prepared for this. [Read more…]
5 Steps to Creating Financial Security
April 26, 2023 by Leave a Comment
As a mortgage professional, I get to review detailed financials when someone is looking to buy or refinance a home via their loan application. Sometimes people are using every cent they can or are maxing out their monthly cash flow in order to have a home. I often have people who come to me because they need help restructuring their high-interest credit card debts. And I also help people who are well established. Personally, I would like to see more people on a path to financial security.
Here are a few suggestions for your consideration… not necessarily in this exact order and your plan may vary depending on your financial situation or goals. [Read more…]
The FIRST thing you need to do BEFORE applying for a mortgage or get preapproved for ANY credit
October 12, 2022 by Leave a Comment
WARNING: Rant ahead!
When you meet with a mortgage professional and allow them to pull your credit so that you can be prequalified for a mortgage to buy or refinance a home, your information is provided to countless other lenders. Before you become furious with your mortgage lender, please know that it’s not their fault! [Read more…]
Another reason to pay off your credit card debts
July 11, 2022 by Leave a Comment
Yesterday I read an interesting article in the Seattle Times about how (and why) to pay off your credit card debt as soon as possible. The article warns of a slowing economy and future rate hikes by the Fed, which will translate to higher interest rates on credit card debt. In addition to the higher rates, the slower economy may cause some people to have reduced income which will be more challenging with the high interest rate debt.
The article encourages readers to have an emergency savings fund and to focus on paying off credit card debt. [Read more…]
What to do if your bank closes your line of credit
July 9, 2021 by Leave a Comment
CNBC reports that Wells Fargo is closing personal lines of credit and no longer offering the product to consumers. In a letter sent to their clients, they state that the closure may impact their credit scores. In my opinion, this really stinks! [Read more…]
‘Tis the Season to not sabotage your credit
December 9, 2019 by Leave a Comment
Several weeks before the holiday season sets in, we begin to see those commercials I absolute dread. You know, the luxury cars with giant red bows on them…the recipient gushes, “you shouldn’t have!”… and they’re right, the gift giver probably should not have – especially if they’re considering buying or refinancing a home. [Read more…]
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