Month: November 2013

Divorce and Finances: Where to Begin

Few people plan for divorce, but as statistics have shown, nearly half of all marriages will end. Although ending a relationship can be overwhelming, it’s important to take stock of your current situation and plan for the days ahead. Divorce can be expensive, and protecting your bank account and credit score is imperative. As you begin to sort out your finances, don’t:

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6 Ways to Avoid Cyber Monday Scams

If you aren’t a fan of the Black Friday crowds, you’re probably excited to score some shopping deals on Cyber Monday. You’re not alone: online shoppers are projected to spend $82 billion this year during November and December—a 15 percent increase over last year’s holiday revenue. While it’s true that Cyber Monday provides an opportunity to save, it’s also the biggest day of the year for online scammers. Avoid getting caught in their web by following the tips below. They will help you keep your finances and credit score safe.

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10 Ways to Save Your Credit Score on Black Friday

The biggest shopping day of the year is just around the corner. If you plan to partake in Black Friday savings, it’s important to consider your credit score along the way. Overspending can lead to inflated debt, loss of savings and even credit score damage. Use the tips below to avoid these issues and keep your credit score in fighting form.

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Credit Repair Conservatism: How to Live Simply (and Safely)

Liberal and conservative: These terms are full of subjectivity. When you think of liberal spending, you probably picture shopping sprees and expensive cars. Oppositely, conservative spending is likely to conjure images of hand-me-downs and blue plate specials. Let’s take a moment to shake off these visual connotations. There are plenty of ways to spend conservatively without sacrificing your standard of living. Consider adding these easy and functional adjustments to your budget. They will help you protect your cash without dampening your lifestyle.

Ready to revamp your budget? Accomplish your goal by:

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Patience and Credit Repair: What Can We Learn?

Is patience really a virtue? When it comes to credit scoring, the empirical answer is yes. A study published by the Association for Psychological Science found that impatient people are more likely to have lower credit scores. Researchers recruited 437 volunteers with similar financial backgrounds to participate in the study. Each volunteer was taken through their annual tax preparation and given a choice between an immediate, small return, or a larger return in the future. Participants who were unwilling to wait for the larger reward had the lowest credit scores.

Behavioral science has taught us the value of waiting for gratification and the correlation between impatience and loss. If you’ve ever heard of Walter Mischel’s marshmallow experiment, you understand why waiting is difficult, but ultimately worthwhile (view an example here).

So, what can we learn from these studies when it comes to personal finance and credit repair? Impatience has the power to damage your finances in many ways, including:

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