Why Do You Need to Know Your Credit Score?

Credit Score

Why exactly does everyone always say you need to know your credit score?  What is it about it that makes it so important?First things first, you need to understand what it is.  Your credit score is the statistical method that lenders use to determine how likely you are to pay back money borrowed, states Investopedia.com.Credit, by its nature, is money that you borrow with a set time frame to pay it back. People with a higher, or better, credit rating get better rates on money that is lent out because there is less risk involved in loaning to them.For example, a high credit score will allow you to pay back at a smaller interest rate because you're more likely to pay the money back in the first place.This is an important … [Read more...]

How to Pay Off Debt Fast in 10 Easy Ways

Credit Squeeze by renjith krishnan

The below article was composed by contributor Elaine McPartland.  If you are interested in writing for My Money Design, please feel free to contact me. Debt, in general, can be extremely difficult to get a handle on. Between the misleading terms and harassing creditors, you may feel lost in a sea of uncertainty. Fortunately, there are ten easy ways for how to pay off debt fast that you can tackle and attain financial liberation once and for all.  … [Read more...]

Stats About What Factors Determine Your Credit Score

Download Online Shopping With Credit Card by Sura Nualpradid

The article below was composed by a guest contributor.  If you are interested in writing for My Money Design, please feel free to contact me.If you've ever been curious about what factors determine your credit score, then you're not alone.  Lots of people have different opinions and misconceptions about how that mysterious number they assign to you gets calculated. … [Read more...]

Eight Ways the Financial Industry Can Provide Loans for School and Save Public Universities

College Savings by cooldesign

The following post was provided by guest contributor Angelina.  Angelina has written articles about personal finance for a number of different websites. Recently she has been writing about the issue of personal debt and the fact that for those seeking debt consolidation, bad credit may not be as big an issue as you think.  If you are interested in being a guest contributor for My Money Design, please feel free to contact me.It should come as no surprise that tuition fees have once again risen.  Your typical university can charge up to $13,500 a year now for just tuition and fees, and that doesn't even count room and board! … [Read more...]

How Does Bankruptcy Work? What You Should Know Before and After Filing

Bankruptcy

Although it may end some of your financial troubles, filing for bankruptcy is not just something that you do once and the work is over. In fact, unless you want to file repeatedly throughout your life, the real work begins after your debts are discharged. Asking how does bankruptcy work is a question that few people ever really take the time to understand, but they should so they can save their finances.  If you don't have debts like student loans or overdue taxes, you may get your debt balance reset to zero, but if you remain in an impossible financial situation then the relief is only temporary.  … [Read more...]

How to Clear Credit Card Debt By Clawing Your Way Out

How to Clear Credit Card Debt By Clawing Your Way Out

This post was written by Kevin Donovan from financialupdate.org.uk. He often writes about how the decisions made by politicians and bankers affect our daily lives and the ability to cope with the economic stress of an ever more debt ridden world.Every day we see large companies take large substantial hits.  This one to wonder: If they can’t survive this bleak economic climate, how can we? … [Read more...]

Ten Ways Stock Investments Can Be Used With Your Credit Card Debt Reduction Strategies

Magnifying Glass Focus On Graph by jannoon028

The below article is composed by Elaine McPartland who is associated with "Consolidated Credit" as their community writer.  You can add her at her google+ profile. When talking about stock investments, the first thing that comes to mind is wealth. It is true that most people who put their money into business stocks do so to multiply it, live a comfortable life, excel at getting rich in the process. However, there is one other area where having stock investments can help you. It is surprising, but stock investments can actually be used as one of your debt reduction strategies to help you pay your credit card bills. By making sensible choices, you could outpace your debt interest rates and achieve the relief you’re after. … [Read more...]