Prioritizing retirement savings against paying down student loans is a very common money management question for young workers today. This wasn’t the case in prior generations where college graduates start their first job with less student loans and were offered pension as part of their benefits package. Photo by Grisei via Flickr When I started … Read moreRetirement Savings versus Student Loans
Not long ago, I participated in a lively conversation in the GRS forums entitled: Debt Snowball vs. Emergency Fund. The premise is very simple. Should the person start an emergency fund while he’s still in debt? In this case, we are talking specifically about credit card debt averaging 15% in interest. Photo by redjar via … Read moreStart an Emergency Fund or Pay Off Debt?
As of yesterday, one of my loans at Lending Club became “31-120 days late” — this means the borrower is not making his monthly payment and I could end up losing that money. Since I have 20 active loans, this represents a 5% loss if the loan should default. Curious, I dug a little deeper, … Read moreWhy Borrowers with Bad Credit Pay a Higher Interest Rates
This article is not meant to convince you to try credit card arbitrage. Rather, it’s meant to explain what credit card arbitrage is and start a discussion about it. Ultimately, I would like to hear your thought on credit card arbitrage as a money making strategy. Photo by Classyshot via Flickr First, we start off … Read moreMaking Money With Credit Card Arbitrage
I knew that applying for too many credit cards could adversely effect on my credit score. However, the concept wasn’t picture perfect until I read Rocket Finance’s story where he said, “we traded our credit score of 748 at it’s highest point in exchange for favor from credit card companies.” How Did I Sell My … Read moreAre You Selling Your Credit Score?
For someone who doesn’t carry a lot of debt, I didn’t give Debt-to-Income Ratio a serious thought until I start lending money on peer-to-peer lending networks — i.e., Prosper and Lending Club. The truth is, DTI is important; especially in the business of borrowing and lending money. Definition of Debt-To-Income Ratios (DTI) Debt-to-income ratio, or … Read moreWhat is Debt-To-Income Ratio (DTI Ratio)?
I came across Check Your Credit Score For Free post on All Financial Matters Blog today, which shared a tool that will estimate your credit score for free. The tool was good, but I found a better one called myFICO FICO Score Estimator (it’s faster and there’s no advertisement). The calculator asks you 10 questions … Read moremyFICO Score and Free Credit Score Estimator