One unfortunate side effect of not paying off debt – or not being able to pay off debt – is that your hard earned wages can be garnished. This means that a percentage (up to 25%) of your paycheck can be taken out to help repay that debt. While wage garnishment is a reality for some people, it is often a last resort for creditors – but one they feel they must take.
Just five years ago, new mortgages were hard to come by. With record defaults pushing banks to the brink of collapse, lenders were only giving new loans to the very best borrowers with the very best credit scores. Now the tides have turned and banks are lending money more freely again. If you got stung with bad credit due to a past mistake, you may still be able to buy a home today. Read on to learn more about how to buy a house with bad credit.
We commonly hear about why it’s important to monitor your credit report and score. This can be understandable once you’re established in a career and growing your wealth but it’s just as important, if not more so, when you’re young as something negative on your credit report can impact you in a number of ways. Added to that, there have been a number of security breaches recently. Remember Target? It’s things like that which should cause you to be mindful of your credit report as early as you can. Outside of security scares, hopefully, the following reasons should encourage you to watch over your credit report regularly. [Read more…] about 3 Reasons Why You Want to Watch Your Credit Report Starting at a Young Age
I remember making my last debt payment like it was yesterday. It felt like the shackles I had been wearing around my ankles for five years finally fell off. A funny thing happened though as I was done with the journey – I started getting more credit card offers. Crazy I know, but that’s the nature of the system. That said, I know many deal with not knowing when or if they should even get a credit card after paying off debt. If you’re in that situation, hopefully my experience helps. [Read more…] about Should You Get A Credit Card After Paying off Debt?
A Narrow Bridge Finance reader recently wrote me with a question that made it clear he is in a very tough spot. His Dad opened up a credit card under his name. As it is his Dad, and not a stranger, this is not your typical identity theft situation. Here is what was going on, and how to deal with identity theft by your mother, father, or another family member.
Getting a new credit card in the mail can be exciting, particularly if you only have a few at home. Opening the envelope and pulling out the new piece of plastic with your name on it and the buying power that comes with it is exciting, but make sure to be responsible when you get a new card.