Category

Credit

4 Sacrifices I Made to Pay Off Student Loan Debt Faster

Check out the latest guest post by Jacob regarding 4 sacrifices he made to pay off his student loan debt faster.  Check out his bio at the end of the post. 

Student loan debt always sounds like a good idea when you first learn about it as you enter into college, but I can tell you that it is not as dreamy as it sounds. In fact, once you graduate from college, you will receive a bill for the amount you borrowed PLUS interest.

Yep, interest.

Therefore, in many cases, if you do not pay off the student loan quickly, you will end up paying double the amount in student loans than what you borrowed.

Unfortunately, when you have student loan debt, it affects your life and you may feel completely defeated as you try to pay down your debt. Not only will you have a monthly obligation, you will notice that the loan balance does not seem to fall when you make payments on it, or at least that much.

Below, I will talk about 4 sacrifices I made to pay off student loan debt faster.

4 Sacrifices I Made To Pay Off Student Loan Debt Faster

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Everything You Need to Know About Your Credit Score

Today’s guest post is brought to you by Steven Millstein, a financial advisor, who is going to take the mystery out of your credit score for you!  Check out his bio at the end of the post

A credit score is a number that represents your credit worthiness. Your credit score is used by lenders when deciding whether or not you will be approved for credit. Some lenders will utilize both your numerical credit score and the actual information on your credit report.  Other lenders will focus on one or the other.   Ultimately, we all need to know what is considered a good credit score.

Everything You Need To Know About Your Credit Score

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5 Ways you are Killing your Credit Score

I know you are thinking, Tia, not another post on credit!  Yes, there have been quite a few posts on credit lately.  However, your credit score is so important.  It can affect if you are able to buy a house or car as well as the interest rate or total amount that you will pay for that house or car.  Literally, with a poor credit score your car payment could be over $500 and with an excellent credit score, that same car payment would only be $350 (or less).  In this post, I want to make sure that you’re not killing your credit score.

Before we dive into the 5 ways that you are killing your credit score, let’s look at the different categories that make up your credit score and their weightings.

  • Payment History: 35%
  • Credit Utilization: 30%
  • Length of Credit History: 15%
  • New Credit: 10%
  • Credit Mix: 10%

Now that we have reviewed the categories that make up your credit score and their weightings, let’s look at the 5 ways you are killing your credit score.

5 Ways you are Killing your credit score

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4 Reasons You Should Increase Your Credit Score

Check out this latest guest post by Dan Miller regarding 4 reasons you should increase your credit score. See his bio at the end of the post.

A good credit score makes one’s life much easier.  It paves the way towards financial independence and aids in money-saving endeavors.  On the other hand, a shabby history of credit use reflects in less than stellar rating and inhibits your credit management.  It goes without saying that there are plenty of reasons to get on the right path to a clean credit rating.  There is a variety of prudent steps to take and best practices to adhere to.  Basically, to hold the reins over your finances and life, you have to stay on top of credit management and make on-time payments.

Check out these 4 reasons that you should want to increase your credit score.

4 Reasons you should increase your credit score

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6 Surefire Ways to Increase Your Credit Score (Video)

Exciting news for Financially Fit & Fab!  You can find us on Youtube!  You can now expect a mix of blog articles and videos posted to the site.

6 Surefire Ways to Increase Your Credit Score

Check out the very first youtube video below: 6 Surefire Ways to Increase Your Credit Score.

Make sure to follow us on Youtube here.

Is there a topic that you think would be great for video?  If so, let me know in the comments or via email at [email protected]

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The Woman Who Paid Off 220,000 of Debt in 3 Years Speaks Out

Earlier this year a post from Business Insider titled “How Ebony Horton paid off 220,000 of student loans in 3 years” gained a ton of attention on social media. Although the goal of the post was to be motivational and encouraging, it generated a ton of backlash. Many readers and those in the personal finance world felt like the post and the task completed were unrealistic for the average millennials.

I sat down with the woman featured in that highly discussed article, Ebony Horton. I wanted to get her insight about how she paid off 220,000 of debt and let her tell more of her story in light of the backlash.

 

The Woman Who Paid Off $220,000 of Student Loan Debt in 3 Years Speaks Out

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9 Facts You Should Know About Your Credit Score

Today we have an awesome guest post about credit from LaToya Irby.  Make sure you check out her bio at the end of the post. 

Your credit score isn’t something you use every day, but when you do need to use it, you need it to be in good shape.  Building and maintaining a good credit score is much easier when you understand how it works and what does and doesn’t affect it.  There is a lot of misinformation floating around the internet about what a credit score really is, what counts as good credit, and how people can improve their credit scores.  Here are 9 things every responsible adult should know about their credit score.

9 Facts You Should Know About Your Credit Score

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Rising Interest Rates: The Good, The Bad & The Ugly

During December the U.S. Federal Reserve announced an increase in interest rates.  The Fed raise the benchmark federal funds rate from the most recent range, between .25% and .5%, to a new higher range .5% and .75%.

The Federal Reserve’s decision about interest rates will have a direct effect on you.  An increase in interest rates affects the prices of goods at the store and how quickly the prices go up (i.e. inflation).  In addition, they have a direct effect on the money in your savings account, the interest rates you pay on credit cards and loans, and how much car or home you can afford.

Rising Interest Rates: The good, The bad, & The ugly

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8 Strategies to Pay Off Debt Fast

After featuring my friend MJs debt payoff story, a lot of other people have made declarations of becoming debt free.  His story was motivating and inspiring.  If you haven’t read the post yet, as a teacher he paid off over $39,000 of consumer debt in less than in 21 months.

According to an article by Nerd Wallet, the average U.S. household with debt carries $15,675 in credit card debt.  In fact, credit card debt costs consumers an average of $2,630 in interest per year, assuming an average APR of 18%.

Paying off a large amount of debt can seem overwhelming but it doesn’t have to be.

The thing is anyone can become debt free.  It takes dedication and will power but you can do it too. In order to help others on the path to becoming debt free, check out these 8 strategies to pay off debt fast.

8 strategies to pay off debt fast

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Balance Transfer: The Best Way to Pay Off High-Interest Debt

So many of my friends are on the quest to becoming Financially Fit & Fab. I am so proud of everyone.  Last month, I featured MJ’s story of paying off 39k in debt in 21 months.  Since then I have been told that others want to be featured in the future after they become debt-free.  From the snowball method to paying off the debt with the highest interest rate first, people readers don’t know where to start.

One of the questions that I have been asked recently is what is the best way to pay off high-interest debt?

 

The Best Way to Pay Off High-Interest Debt

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