Over the years I have put together a laundry list of do’s and don’ts for achieving financial freedom; I have compiled these into an 8-part series called “A Credit and Debt Guide for Parents.” Based on these tips and tricks I have managed to pay off my college loans entirely, manage my finances in a way that allows me to not miss payments and tackle my credit card debt, and raise my credit score from around a 678 in college to a whopping 829 as of Feb 26, 2017.
KEEPING IT SIMPLE
Introduction to a Credit and Debt Guide for Parents
Whether you are paying off debts, starting your first savings account, or well on your way to financial stability, you can never have too much knowledge on credit and debt. Here are the links to my 8-part series “A Credit and Debt Guide for Parents”:
Part 1: Introduction to Owning Your Credit and Debt
Part 2: How Credit Cards Work?
Part 3: Building Your Credit (COMING SOON!)
Part 4: 0% APR Credit Card Promotions to the Rescue (COMING SOON!)
Part 5: How Do I Get Out of Debt? (COMING SOON!)
Part 6: Managing Your Money and Bills (COMING SOON!)
Part 7: Understanding Your Credit Score (COMING SOON!)
Part 8: How to Make Credit Cards Work for You (COMING SOON!)
Nerd wallet put together some interesting analyses, based on data from the Federal Reserve Bank of New York and the U.S. Census Bureau, and determined that in 2016 the average American household is carrying a whopping $16,061 in CC debt and $49,042 in student loans. When you are looking through your personal accounts, those numbers can be quite alarming and might seem like an impossible hill to climb with all of the other bills and expenses on your plate.
When it comes to credit card debt remember that you are not alone!
Credit card debt can be a downhill spiral of climbing interest rates, late fees, and penalties. Standing at the base looking up at any sized mountain of debt can intimidate even the sturdiest financial guru, but the one thing I can promise you is taking the first step toward climbing it makes the mountain one foot smaller.
We hope that this series can serve as a comprehensive guide to understanding your credit and debt, and help you as a parent maintain your footing and rise to the challenge of providing stability for your family and loved ones (and maybe have some fun along the way).