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Plan to pay off existing credit balances. If you can’t pay in full, pay more on the high interest credit cards and loans first, while paying the minimum on those that are costing you less. As the highest ones get paid in full, start paying more on the next highest, and so on. Debt does not have to work against you. Real estate can be good debt for example. Many loans involving commercial property and houses are tax deductible, plus these pieces of real estate generally have appreciative value. College debt is also generally considered to be “good” debt. Student loans are known for their low rate of interest, and generally, students do not need to start the repayment process until after graduation.
Some debt is actually good for your credit score. Debt that can be considered beneficial or good most often involve real estate purchases and investments. Real estate is an investment that historically will appreciate in the long term, and in the short term, the interest is deductible. Another king of good debt is college loans. The typical student loan has a very low interest rate and is not required to be repaid until a student has graduated. These generally offer low interest rates and postponed repayment periods that do not occur until graduation has passed. It is highly recommended that you rebalance your portfolio on a yearly basis. Re-balancing will help your investments remain aligned with risk tolerance as well as goals. Rebalancing also reminds a person to sell high and buy low. If you are looking to improve your personal finance, one of the first things you should do is set aside a time each week to organize, update and maintain your financial documents. Getting organized will make all of your financial activities easier to manage. Store your documents in one place, and arrange them so that it will be easy to locate the files you need when you need them. When you are trying to save some money abroad, eat at local restaurants. Any restaurants in a tourist area, as well as the hotel, will be vastly overpriced so eat at the same place as the locals. You can find tastier food for less. Follow your credit rating. There are several ways to check your credit that are free. Do this once every six months. When you do, look for signs of fraud and identity theft. When you are leaving a rental property and your landlord says they have to withhold part of your deposit, you should make sure to find out exactly why that is. Many landlords will try to say things are more expensive than what they are so they can keep a part of your money. Look into all of the services which your bank offers online, like alerts. Banks frequently notify their customers of significant account changes with online alerts. You should especially utilize security related alerts that notify you of events that could create a risk of overdraft, or be related to fraudulent activity. For example, you can set up alerts for when your balance reaches a certain minimum, or when a large withdrawal is made. Don’t be fooled by claims that a company will repair your credit history. Many companies will make blanket statements about their ability to repair your history. Everyone’s credit situation is different, so to say they have the one trick to remedy all credit issues is obviously a lie. As such, 100% guaranteed results are straight-up fraud. Etoro