Getting Started with P2P Lending

March 20, 2013 By Leave a Comment
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In the current economic climate, person-to-person (P2P) lending has become rather popular. It provides alternatives for both borrowers and investors who are looking for ways to meet their financial goals.   What is P2P Lending?   These services provide a way for ordinary people to loan money to other regular folks. In most cases, it’s done through an intermediary. Two of the main P2P lending web sites are Lending Club and Prosper.   These sites facilitate the loans, which are funded in small increments of $25. Because each note is only $25, nearly anyone can afford to be a lender. And, because the amounts are small, borrowers can take advantage of thousands of potential lenders and raise money they might not otherwise qualify for.   P2P lending … [Read more...]

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A Diet for Your Debt

February 4, 2013 By 2 Comments
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Are you still feeling the impact of the holidays? That extra helping of turkey or that second or third cookie might have inspired you to make a resolution about losing weight.   But that's not the only place where we could use a little trimming. Our credit might also feel bloated and overweight after a Christmas season of extra spending. And when we get that credit card statement in the mail, it feels the same as adjusting your belt buckle – not good! So if you've been making a weight-related New Year's resolution, perhaps it's time to put your credit on a much-needed diet as well.   If your credit card statements are bulging, one of the first things you should do is make a plan to pay them off as quickly as possible. After all, failing to pay off your Christmas … [Read more...]

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Good Credit Habits: The Gift that Keeps Giving

December 13, 2012 By Leave a Comment
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It's everyone's favorite season! The holidays are filled with cheer, goodwill and generosity — and so much candy! You've probably spent plenty of time thinking about what to get your children, spouse, family and friends …but have you considered what to get yourself?   I'm not talking about splurging on a big-screen TV, or cute new designer shoes. It can be tempting to treat yourself to something exciting since you're already out shopping for everyone else. However, there’s one gift you can give yourself now that you’ll enjoy for years to come: the gift of developing good credit habits that will lead to a strong FICO score.   Here are just a few reasons why you should give yourself the gift of good credit habits:   -Life often throws us unexpected … [Read more...]

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8 Tips for Smart Holiday Spending

December 10, 2012 By 2 Comments
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As the economy continues to sluggishly recover, each year around Black Friday retailers fret that shoppers will forgo holiday gift shopping, or drastically cut back on spending. However, a recent myFICO survey  indicated that while folks plan to flex their credit cards this holiday season, most are planning a modest budget — 65% of respondents said they’d expect to charge less than $500 on their credit cards this year. That’s good news for retailers and for shoppers’ credit health. But it’s one thing to plan not to overspend, and another thing to successfully execute said plan. How many of us plan not to overindulge on treats at holiday parties, but inadvertently wind up with a belly ache, a scattering of red & green crumbs around our shirt, wondering how we managed to pack … [Read more...]

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Will the Fiscal Cliff Impact your FICO Score?

December 6, 2012 By 1 Comment
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Right now, everyone is talking about the “fiscal cliff” - the potential crisis that will occur if our elected lawmakers are unable to extend tax cuts and avert millions of dollars in spending cuts that will take effect in the New Year.   As the deadline approaches, you may be wondering what impact, if any, would the fiscal cliff have on your FICO Score?   The good news is that there is no direct effect on the score associated with the main factors driving the potential fiscal cliff.  Your income and the amount of taxes you pay are not considered in the calculation of your FICO Score.   However, the failure to extend the tax cuts and/or avert spending cuts could have a negative indirect effect on credit scores.  Most experts agree that just about every … [Read more...]

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Trim Your Budget and Pay Down Credit Debt

November 15, 2012 By Leave a Comment
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Recent reports confirm that credit card debt among Americans remains on the rise. Not only are more of us dipping into debt, but we're also falling further behind than ever, with the average debtor owing nearly $15,000.   Concerns are real and there's a growing sense of urgency to tackle the problem, with the best solutions revolving around getting organized, making a personal budget, and paying down those bloated balances.   The only problem is: Where does the extra money come from month after month?   By taking a thorough approach, committing to change, and staying true, it's possible for the majority of us to trim our budgets and erase debt. If you're struggling to get started, you may not realize that there are a number of solutions that may work for … [Read more...]

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Financial Lessons for Kids at Any Age

September 4, 2012 By Leave a Comment
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It’s never too early to start teaching your kids about good personal finance.   A few key, simple lessons about money at even a very early age will create a strong foundation of good financial habits that will benefit them for years to come.   Here are some quick tips for easy finance lessons at any age:       PRESCHOOL   Food isn’t free. Take your children with you while you grocery shop and tell them what different items cost. Explain that you can only buy what you can afford.   Start a piggy bank. Give your child his or her own personal piggy bank and make rules about when it can be emptied.       GRADE SCHOOL   Money must be earned.  Start an allowance in exchange for … [Read more...]

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Personal Finance for Artists

August 21, 2012 By Leave a Comment
Personal Finance for Artists

When I was in high school, I dreamed of a career on the stage. I threw myself into intensive dance and singing lessons every night after school, and spent hours in studios rehearsing musicals. I envisioned myself on a Broadway stage, rehearsed my Tony acceptance speech in the mirror, and practiced my signature for the day fans would ask for my autograph.   Senior year, college decisions forced me to think about the logistics of my future, and suddenly my idealized vision of starring on Broadway clashed with real, pressing decisions about money, college, and my career. Understanding the harsh reality of “making it” as an actor, while also feeling the immense weight of a lifelong dream on my shoulders, I was torn. I began considering other possible careers and grappled with … [Read more...]

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5 Things Mom Was Right About

May 11, 2012 By Leave a Comment
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Mom’s always right. She probably told you this a million times throughout your formative years, perhaps falling on deaf or defiant ears. However, at a certain point in life, we realize that mom really was right.   Many of us recall our favorite Mom-isms, ranging from “if you keep making that face it’ll stick that way” to “this hurts me more than it hurts you.” However, some of those classic sayings can also be applied to good personal finance management. In honor of Mother’s Day and the Moms we love, here are the top 5 Mom-isms that translate to important financial lessons.     “You never know until you try.” Translation: Don’t be in the dark about your FICO score.   A lot of folks are just plain scared to check their FICO … [Read more...]

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