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What’s the difference between an Interest Rate and The APR?

When you shop for a loan, you will typically see two rates, the interest rate and the annual percentage rate (APR). If you don’t clearly understand the difference between the two, you won’t understand the difference between what you are paying in interest and the true cost of the...

Is my Debt Average when Compared to Others?

Although many households resolved to reduce their use of debt following the financial crisis, consumer debt has increased. Much of it can be attributed to rising costs and a significant portion is coming from mounting student loan debt, which, at $1.4 trillion, has recently...

What is a Debt to Income Ratio and Why is it Important?

When you reach a point when it seems that most of your money is going towards paying down your debt, you probably have an upside down debt-to-income ratio (DTI). Your DTI compares the total amount of your monthly debt payments to your income. The higher your DTI, the more of your...

Should You Borrow From Your 401(K)?

Are you considering taking out a loan against your 401(k)? Your company’s retirement administrator has already given you the green light and reviewed the terms with you. But you’re still hesitant about how it could impact you in the future. On one hand, taking out the loan...

Payday Loans: When they’re worth the hassle and How to avoid getting ripped off

You’ve heard the negative chatter about payday loans. It’s as easy as 1-2-3 to get approved. But once you have the cash in hand, brace yourself for the exorbitant interest rate and the influx of fees. But is there ever a time when it makes sense to take out a payday loan, despite...

6 Easy Ways to Build your Credit Score without a Credit Card

Business is slow, so your manager decided to cut your hours. To help cover bills until business picked back up, you applied for a personal loan. Unfortunately, you couldn’t get approved because you have minimal credit history. So, you looked into credit cards and decided they...

How Much Do I Really Lose through Depreciation and Why Should I Care?

If you want a quick way to lose $2,500, go buy a new car and drive it off the dealer’s lot. Boom! The very second the car hits the road, it loses anywhere from 10% to 15% of its value, depending on the type, make and model and other factors beyond your control. But it doesn’t end...

How Long Does it Take a Check to Clear?

It usually takes about two business days for a deposited check to clear, but it takes a little longer – about five business days – for the bank to receive the funds. How long it takes a check to clear depends on the amount of the check, your relationship with the bank and the...
Posted On 20 Jul 2017