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Improve your personal finances with advice from our experts! Here you'll learn about our top personal finance money picks, building credit, paying off debt, banking, brokerage accounts, and more.
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When you're in debt, it can feel like you're fighting an uphill battle. Getting out of this situation requires that you understand how to pay off debt in the most efficient way possible.
Bankruptcy is a legal process that lets people or entities who can't pay their debts obtain some type of relief by having those debts reorganized or eliminated. There are both benefits and drawbacks to taking this step, so it's important to know the implications of the process.
When you're new to it, your credit score may seem like a daunting subject. Fortunately, it's easier to understand than you'd think.
Increasing your credit score isn't too difficult, even if you've run into problems in the past. You just need a basic understanding of how credit scores work, the discipline to follow through with a few good financial habits, and a little bit of time.
If your credit score has dropped after a financial problem, you'll need to take steps to rebuild your credit. It's not always an easy process, but with enough time and effort, you can ensure your score bounces back.
Understanding the ins and outs of credit cards, from their benefits and drawbacks to important terminology, will help you use credit to your advantage while avoiding expensive debt.
If you're new to the world of credit cards, you probably have some questions about how they work.
A line of credit is a loan that allows you to borrow up to a predetermined amount of money. Depending on your personal situation, this could be a great financing option for you.
Your credit utilization ratio, is the ratio between how much revolving credit you're currently using and how much you have available to you. This ratio is an important measure of your financial responsibility
A checking account is designed to allow you to make common everyday banking transactions. From small purchases to recurring bills, checking accounts offer ways to easily send, receive, and spend money.
A savings account is a type of bank account designed to help you earn interest on your money without risking it on the stock market. This type of account can be a great place to store money you don't plan to use immediately but want to keep accessible in case of emergencies.
A money market account is a type of savings account offered by most banks and credit unions. Because MMAs offer interest rates that are as high as many high-yield savings account APYs, they can help you grow your money more quickly than you could in a traditional savings account.
A cash management account is a flexible alternative to traditional banking. These accounts can simplify your money management, allowing you to do all your banking through one account.
A CD is a special type of bank account that enables you to earn a high APY on your savings -- as long as you can leave the money untouched. If you don't expect to need your money in the next few months or years, a CD can be a smart investment choice.
ChexSystems is a reporting agency that collects information about checking and savings accounts you’ve held in your name. A ChexSystems report serves the same function as a credit report, letting banks know whether you've been responsible with your checking and savings accounts in the past.
Debt consolidation involves taking out a new loan to pay off high-interest debt, such as credit cards and consumer loans. Although there's more than one way to consolidate debt, ultimately, each one involves transferring the debt.
A personal loan is money you borrow from a traditional bank or financial institution that offers a way to pay for pretty much anything, from home improvement projects to unforeseen emergencies.
>>> Read more: What is a personal loan?
A brokerage account is a type of investment account that allows an investor, to make orders to buy and sell assets in the stock market. For many people, a brokerage account is a useful tool that helps to build a comfortable financial future.
Brokerage accounts are the middlemen between investors who want to participate in the financial markets and the investment professionals who have direct access to those markets.
Opening a brokerage account can seem like a daunting task, but it doesn't have to be. In just a few simple steps, you'll be on your way to funding your account and starting your investing journey.
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