Blog

One benefit of being a homeowner is that you can accumulate equity when the value of your home increases due to market forces. It is a resource that you can tap into for various financial needs. The peak pandemic home sales drove the home equity levels currently accessible to borrowers. In 2024, the average amount of tappable equity held by homeowners is $199,000 per borrower, according to mortgage technology and analytics firm Black Knight. However, while it is tempting to use this built-up value, it is crucial to be strategic to ensure that…continue reading →

Success is not just a result of working hard, talent, or luck—it is often the product of careful planning and consistent effort. Preparing and keeping lists is the best way to stay focused, motivated, and organized. They are powerful tools that can transform overwhelming tasks into manageable steps, helping you achieve your goals efficiently. In this post, we will dive into six essential lists you need to boost your chances of success. These lists will help you plan and prioritize, keep you on track toward realizing your full potential, and pave the way…continue reading →

Single parents face unique financial challenges, often juggling multiple roles while managing household expenses on a single income. According to the U.S. Census Bureau, about 11 million families in the United States are headed by single parents, with 80% being single mothers. The average cost of raising a child from birth to age 17 is $233,610, excluding college expenses (according to the U.S. Department of Agriculture). With these statistics in mind, it is clear that single parents must adopt financial strategies to ensure the stability and future security of their family. Here are…continue reading →

Shopping is now easier than ever, thanks to today's digital technology. You can quickly sign into your preferred online retailer, choose a few things, and proceed to the payment page. Your package will be at your doorstep in a day or so. It's not surprising that the e-commerce industry is booming, given the growing number of consumers making transactions online. In 2022, the number of online shoppers in the United States was 268 million. And a downturn does not appear to be coming anytime soon. By 2025, there will be 285 million online…continue reading →

In the current economic climate, it is imperative that you comprehend your financial situation, and one crucial indicator that lenders look at is your debt-to-income (DTI) ratio. This number indicates the percentage of your monthly income allocated to debt repayment. It is vital to obtaining loans and managing your financial destiny. However, understanding debt-to-income ratios can be challenging as they typically surface when you need financing. So, you are not alone if you have questioned how this ratio is determined and why it matters. This blog tries to explain the DTI ratio, providing…continue reading →

Many parents feel the financial burden of back-to-school shopping as the new school year draws near. The National Retail Federation estimates that in 2024, families with children enrolled in elementary, middle, and high school would spend an average of $890 on back-to-school supplies, a considerable rise over prior years. Expenses can mount and burden your budget, from supplies and clothing to tech devices and extracurricular gear. Here are some practical tips to help you get through this yearly tradition without going over budget or disappointing your kids. 1. Make a Comprehensive List and…continue reading →

In a bygone era of American mythology, families would take out a 30-year mortgage, labor for thirty years at one establishment to pay it off, and then sail into retirement debt-free. The fact of the world today is that older Americans are becoming more indebted, and the fantasy of retiring debt-free is receding. According to a 2023 study by the Employee Benefit Research Institute (EBRI), nearly 60% of retirees still manage some form of debt. The Federal Reserve reports that the average debt for households headed by someone 65 or older is around…continue reading →

Buy Now, Pay Later (BNPL) services have transformed the shopping landscape, allowing consumers to make purchases and pay for them over time. According to a Credit Karma survey from 2021, BNPL is now so popular among American consumers that 42% have used it at least once. While these figures can be tempting, you should weigh the pros and cons to determine if BNPL is a wise financial decision. Let us explore the benefits and drawbacks of BNPL and whether it is a smart option for you. What is Buy Now, Pay Later (BNPL)?…continue reading →

"Debit or credit?" People and machines at the grocery store, petrol pump, and other places ask you that question practically every day. According to the 2022 Federal Reserve Payments, Americans paid with cards for 157 billion transactions, totaling more than $9.4 trillion in 2021. Both debit and credit cards offer distinct benefits and potential pitfalls, making it crucial to know when to use each one to maximize your financial health and avoid unnecessary debt. Introduction to Debit and Credit Cards Although they offer flexibility and ease in handling money, debit and credit cards…continue reading →

Although more than 90% of households have health insurance, medical debt is a significant and ongoing issue in the US. According to the Consumer Financial Protection Bureau, one in five Americans have trouble covering their medical expenses. So, if you have unpaid medical debt, you are not the only one. One strategy to lessen stress and pay down your debt is consolidating your medical debt. Here's a comprehensive guide on how to consolidate medical debt effectively. Understanding Medical Debt Consolidation Consolidating several medical bills into a single debt with a single monthly payment…continue reading →