The term credit can mean many things. For most people, it is the ability to borrow today and pay later. The idea of “credit-worthiness” defines our personal finances, and reaches out to all parts of our financial lives. Credit can be an accounting term. You can talk about credit cards, your credit history, your credit score, or the three credits you got in college for taking Bowling. This page is the credit nerve center of ThinkGlink.com. From this page you can learn more about what credit means and how having good, bad, or mediocre credit affects your personal finances.
Selling Investment Property To Pay Off Credit Card Debt
Is it a good idea to sell investment property to pay off credit card debt? For this homeowner, selling her investment property might not be the best way to pay off her credit cards. A home equity loan on the investment property might be a better solution.
Completing Debt Management Program And Credit Score
When you get behind in your bills you may decide to participate in a debt management program from a non profit credit counseling agency. What happens to your credit score when you complete the debt management program? If you've successfully followed the debt management program your credit history may look better and your credit score may increase.
Good Advice about Money and Life
Looking for some good advice about money? Try focusing on leading a simple life and staying debt free. Keeping life simple and avoiding debt allows you to spend less mental energy and financial resources on material possessions. In the end, you'll have more than you need, which is a great way to live.
Student Loan Debt Over Mortgage Debt
Should a student who wants to buy a house pay for graduate school with savings or take out a student loan? While interest rates for mortgages are extremely low, interest rates on student loans are even lower. Not only that, but you can defer repayment on your student loans until six months after graduation, and some of the interest is deductible on your federal income taxes.
Dispute Credit Report Errors
Have you checked your credit report recently? If you haven't, you might want to sooner rather than later. A new report says nearly 80 percent of all credit reports contain mistakes.
Borrowing From 401(K) To Buy A House
A prospective home buyer is saving to buy a house, but has a large amount of credit card debt. Money in a savings account might be better off paying down high-interest credit card debt. When the credit card debt is paid down, this home buyer can focus on saving for a down payment.
Lenders Review All Of Your Debt
A homeowner wants to refinance but is having trouble finding a lender that approves of their substantial medical bills. The homeowner might try to get a home equity loan from a local bank and pay off the original loan instead of refinancing the mortgage.
Credit Card Debt: Are You Responsible For A Deceased Parent’s?
You are not responsible for a deceased parent's credit card debt unless you are listed as an owner of the card. You are not responsible for the credit card debt if you are just an authorized user. The person's estate becomes responsible for credit card debt in the event of death.
Paying Off Car Loan After Bankruptcy
How is it best to pay off an auto loan after bankruptcy? This car owner wants to use his mother's credit card offer to pay off his pre-bankruptcy, high-interest auto loan. Before using the offer to pay off the auto loan, he should take a look at his finances and understand what led him to bankruptcy in the first place.
Credit Card Company Wants Authorized User To Repay Debt
A credit card company wants an authorized user of a credit card to pay back the balance on a deceased person's credit card. Authorized users are generally not responsible for credit card debt. When a primary credit card holder passes away, the estate must repay the credit card debt. Learn what an authorized user can do in a situation where a credit card company tries to collect the credit card debt.