A Financial Literacy Blog for All
The Debt Snowball repayment method will always cost you the same or more interest than the Debt Avalanche method if you have more than one debt and they have different interest rates. The debt repayment calculator in this post will tell you how much extra …
Not all debt is bad! The specific definitions of good debt vs bad debt will vary from person to person. For people who plan to retire very early and live on a limited income or for people who know that they have a hard time …
The best way to pay off your short-term and revolving debt depends on your priorities and what motivates you. Two of the common approaches for determining the order in which to re-pay your loans discussed in financial literacy circles are the Debt Snowball and Debt …
Credit cards are a terrific convenience but also can be very costly. Effective use of a credit card can make life easier and improve your credit score. On the other hand, credit cards are an example of bad debt. It is easy to buy more …
From Susie Q: I’m not as familiar with student debt as I am with the other topics on which I write, so was pleased to accept this guest post from Kate Underwood. With Kate’s permission and approval, I’ve interspersed some comments and numerical examples in …
Loans are the financial instruments people use to borrow money. Whether they are getting a mortgage to buy a house, borrowing money to buy a car (as opposed to leasing or paying cash as discussed in this post), or other large purchase, not paying off …
Credit scores are one of the most important financial numbers. Credit scores not only affect the interest rate you pay when you borrow, but also your ability to borrow and other important financial transactions. It has been a long time since I’ve borrowed money, so I …
This week, I’ll conclude the case study about Mary and her savings. Her last question focused on whether to pay off her student loans. The considerations include: The interest rate on her loans. How many more payments she has. What she can earn if she …
Interest is a basic financial concept. It applies anytime you borrow money or someone borrows money from you. You pay interest on any loan, including any credit card balances you don’t pay off in full each month, student loans, car loans, mortgages and the like. …