December 2023

A “good” Purchase APR can vary based on individual financial circumstances and market conditions, but generally, a lower APR is considered more favorable. Here’s why: The Purchase APR is based on several factors: Understanding how the Purchase APR is determined helps you assess the cost of borrowing and make informed decisions about managing credit card […]

Calculating the profit from a home sale involves several factors. Here’s a comprehensive guide to help you understand the process: Sale Price: Original Purchase Price: Outstanding Mortgage: Closing Costs and Fees: Repairs and Renovations: Capital Gains Tax: Net Profit Calculation: Proceeds from Sale: Buying a New Home: Tips: Understanding the nuances and potential expenses involved

The Inherited IRA 10-Year Rule refers to a provision that governs how beneficiaries must withdraw funds from an inherited Individual Retirement Account (IRA) after the original account holder’s passing. This rule was introduced as part of the SECURE Act (Setting Every Community Up for Retirement Enhancement) that came into effect on January 1, 2020. Prior

Here’s a comprehensive guide to standard and itemized deductions: Standard Deduction: Itemized Deductions: Choosing Between Standard and Itemized Deductions: How to Decide: Key Points: The decision between standard and itemized deductions depends on your individual financial situation. Calculating both options and choosing the one that minimizes your tax liability is crucial. Keeping records and staying

Repairing your credit involves improving your creditworthiness by addressing negative items on your credit reports. This process is vital because a good credit score opens doors to better interest rates on loans, higher credit limits, and more favorable terms for financial products. Steps to Repair Your Credit: Importance of Credit Repair: Why Repair Your Credit?

There isn’t a one-size-fits-all answer to how many bank accounts you should have, as it depends on your financial situation, goals, and personal preferences. However, here are some guidelines to consider: As for limits, there’s no fixed rule on the maximum number of bank accounts you can have. However, having an excessive number can become

Peer-to-peer (P2P) lending is a way of borrowing and lending money without involving a traditional financial institution like a bank. Here’s a breakdown of how it typically works: Borrower’s Side: Investor’s Side: Loan Execution: Platform Operations: P2P lending benefits borrowers with potentially lower rates and quicker access to funds while providing investors an opportunity for

Credit card cash advances and payday loans are two different ways to get quick access to cash, but they have distinct features and considerations. Deciding which is better depends on your specific situation and financial needs. Credit Card Cash Advance: Payday Loan: Which is Better: Choosing between the two depends on various factors: In general,

Predatory lending refers to unethical, deceptive, or unfair lending practices designed to exploit borrowers. It typically targets individuals who might not qualify for conventional loans due to poor credit, low income, or lack of financial knowledge. Here’s how it often works: Governments and regulatory bodies have introduced laws and regulations to curb predatory lending practices.

“Soft saving” refers to a more casual or informal approach to saving money. Unlike specific savings goals (like saving for a vacation, a down payment on a house, or retirement), soft saving involves setting money aside without a clear purpose or strict targets in mind. It’s more about building a general savings cushion without earmarking