Consumers often utilize either unsecured credit or secured credit to get the money they need to make large purchases or pay off debts. Like jelly and jam, these two credit types sound similar. But their underlying differences could flavor your financial future in ways you hadn't considered. Before applying for either type of credit, it’s important to gain a basic understanding of each one. What is...

You already know that potential creditors, like mortgage lenders and credit card issuers, review credit history reports and credit scores as part of the loan approval process. They want third-party confirmation that you repay debt obligations consistently. But why would an employer, landlord, service provider, or other company who is not extending credit want to look at your personal financial...

Pay now or pay later. If only the decision on how to cover certain costs was that simple. While saving six months to purchase a big-screen television might be a no-brainer, saving for larger expenses is a different story. It's often easier to pay for big-ticket items, like hotel and airfare to attend your cousin's destination wedding, with a credit card or loan. But that debt could interfere with...

Waiting until the perfect time to start building your savings nest egg could be costly. If you'd like to retire one day, or at least work less than you do now, a nonexistent or irregular savings habit will eventually bite you in the wallet. On the other hand, starting your wealth-building journey early could mean you only need to set aside a small, consistent amount each month - and let compound...

Unless you plan on paying cash for a home, car, or other significant expense, you'll need good credit to secure favorable financing. Your credit health will influence interest rates, repayment terms, and even loan approval. While many people focus on building good credit, few recognize the need to actively protect it. Here are three behaviors that could harm the credit you've worked so hard to...

Using a tax refund to splurge on a mini-vacation, luxury item, or other special purchase provides a temporary thrill. But the excitement of treating yourself is typically short-lived. While there's nothing wrong with enjoying "found" money, using some of it to help improve your credit can provide longer-lasting benefits. Here's how to use your tax refund to improve your credit. Get caught up on...

Credit surprises have the potential to creep up on you if you aren’t careful. Your history of on-time bill payment and low account balances were good practices, but a few missteps could have consequences that go well into next year. Here are five ways you might be setting yourself up for a credit nightmare without realizing it. Sharing your New Line of Credit Sharing your good credit with someone...

When it comes to choosing a payment method for everyday transactions, many people still prefer cash. Whether the goal is to reign in credit card use or stick to a budget, cash payments could help reduce overspending and put you back in charge of your finances. However, carrying around paper bills and coins instead of plastic could cost you in other ways. Here are five reasons to choose a debit...

It's hard to watch friends, or even strangers, living a lifestyle that appears more relaxing or exciting than your own. Whether you label the resulting emotions FOMO (Fear of Missing Out) or a yearning to Keep Up with the Joneses, the sentiment could push you to live beyond your means and interfere with your ability to build a firm financial future. But there are ways to relieve the squeeze on...

It doesn't matter whether you recently completed your last semester of high school or plan on graduating from college in a few weeks, gaining financial independence from your parents isn't always easy. But if you expect to live like an adult, there are actions you can take today to make your transition to adulthood less stressful for everyone. Here are five ways young adults can become financially...