What is Compounding interest?
Compound interest can be a wonderful thing if you are owed money but can demoralize anyone who owes money. This article is concerned with explaining this financial term so that you have a better idea of how compound interest works and use it to your advantage in daily life. Simple vs Compounded Interest When you […]
How Debt Affects Your Creditworthiness
What is Creditworthiness? Creditworthiness refers to someone’s ability to repay money that is borrowed. Many lenders use this term as a risk assessment for borrowers. Creditworthiness standards are determined based on a person’s credit score, debt to income ratio, payment history, credit utilization, length of credit history, types of credit, and any recent inquiries. Think […]
How APR Affects Credit Card Repayment – A Full Guide
Decoding What Is APR Credit Card: Your Credit Card Cost Companion Credit cards are handy, especially when you need to make a purchase and don’t have the cash on hand. But they come with a catch, which is interest. That’s where APR comes in. What Does APR Mean on a Credit Card You may ask, […]
Why It’s So Difficult to Get Out of Credit Card Debt
Daily Compounding Interest and Credit Card Debt: How to Reverse the Cycle Credit cards offer an appealing mix of convenience, added purchasing power and tantalizing reward programs. But there can be a dark side to credit card use, as many credit card users end up struggling with debt. The first step to escaping credit card […]
Hard Inquiry vs. Soft Inquiry: What’s the Difference
Your credit score helps determine where you live and what type of car you drive, so it’s wise to remain informed about the various things that can hurt it. For instance, the difference between a soft inquiry vs. a hard inquiry has the potential to knock your credit score down a peg, which can increase […]
