A savings account offers several financial advantages, but a high interest rate usually isn’t one of them. Savings accounts with a half percent interest rate are considered good deals, but the average savings account interest rate is a lot closer to less than a tenth of a percent.
Without a doubt, becoming a parent is an exciting event in your life, whether it's your first child or your fourth. It’s a phase where you are happy and nervous at the same time about how the future will unfold. You might have been preparing for this event for a long time (or not!), but when you actually experience it things sometimes seem uncontrollable and stressful.
Credit scores have a vast impact on people's financial lives. Your credit score determines what type of car or house you can afford and how much your payments will be. It can affect your ability to lease an apartment or to be hired for certain jobs.
Despite the ominous name, Black Friday is the best day of the year for retailers throughout the United States. This is the day shoppers clamber over each other to take advantage of some incredible sales. Not coincidentally, it’s also the day people spend a lot more than they were planning.
In this Good Money Moves podcast episode we cover the basics of debt consolidation loans as well as the rule of thumb to determine if debt consolidation is a good solution to your financial struggles.
Many people carry revolving debt with their credit cards. Reducing debt can help one’s chances to be considered eligible for loans. The drawbacks associated with credit card debt require taking this issue seriously and adopting effective measures to pay off debt. Here are a few strategies to significantly reduce and even totally pay off credit card debt.
If you're a first-time home buyer needing a loan, you might want to look at an FHA home loan. This is a loan insured by the Federal Housing Authority (FHA), and they're quite popular among home buyers due to their less rigid borrowing requirements.
The FHA loan program was a response to the rash of foreclosures and defaults that took place in the 1930’s. It provides adequate insurance to mortgage lenders. Also, this program helped ignite the housing market by providing loans that were accessible and affordable for people who did not have stellar credit, or cash for a large down payment. Today, it is the largest insurer of residential mortgages in the world.
If you're saving for a house, you might benefit from an FHA home loan. Once you know more about the basics of FHA home loans, you should have a better idea of whether or not it is right for you.