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To fully embrace Black History Month, it may be beneficial to take a step back to understand how racial disparities in the United States have wreaked havoc on black and brown families and their financial lives. According to research published in 2016, the gap between black and white families was tenfold. The average net worth
It can get old hearing about the importance of fiscal responsibility and maintaining healthy credit scores, even if you have a love of personal finance. But for this round of financial literacy, take a deep breath and relax. We will cover what FICO credit scores are and how to use this information to increase your
Running a small business can be a real challenge. You need to juggle multiple roles and responsibilities at a time. While it’s always ideal to get some help, it is not uncommon for business owners to double as their own secretaries and accountants in an effort to reduce expenses. However, taking on all these menial
Recent news of a multi-billion-dollar deal between financial technology companies sparked renewed conversation about consumer payment options in both e-commerce and traditional retail settings. Square announced a purchase deal to acquire Afterpay, a buy now pay later technology firm, for $29 billion in September 2021, with Square noting the shared desire to offer more payment
It can be devastating to have your loan application denied, but it’s not uncommon. While it may be difficult to accept and adjust in the moment, getting turned down for a loan is a situation where you’re able to make lemonade from lemons – if you know what to do next. Why were you denied
When you’re trying to save money it’s important to know that you have many options to choose from. Most of us know about the traditional savings accounts offered by our local bank or credit union, but are there others? There are just a few types of savings accounts, and the one that is right for
With the seemingly endless array of credit card options available, it can be difficult to decide which credit card is the best for you. Banks, credit unions, networks, retailers, national credit card companies, and others, all issue credit cards with a variety of benefits and perks. From airline miles and cash-back rewards to concierge services,
Several factors affect your credit report and score. Some negative-seeming items are inevitable; for example, applying for any line of credit gives reason for finance companies to look closer at the report. But why? Everyone has to start somewhere, and most people pay an occasional bill late, so what’s the point of deeming these items
FICO, the most commonly used credit score by lenders and creditors, has been around since 1989. Since that time, the credit scoring company has developed and implemented several iterations of the FICO credit score, many of which are still used in evaluating credit applications today. As consumer behaviors change and lending requirements shift, so do
Previously we’ve discussed the nature of the peer-to-peer lending scene and how to best approach the service to receive a personal loan. Now we want to look at the flip side. What if you want to be a lender instead of a borrower? The service is peer-to-peer after all, meaning you have the option to