My first experience building credit was with a credit card that I opened while I was attending college. Thankfully, I avoided the classic college mistake of maxing out the card in the first month of ownership, then living with debt for the next 10 years. My goal was to apply for the credit card, make a several hundred dollar purchase, then pay off the loan over a couple months to ...
Why Military Members Should Open Roth IRAs
Military members have one of the best pension plans in the US. After 20 years of service, military members can "retire" with a 50% pension. The percentage can go higher if members are willing to serve more time. But you'll notice I put quotes around the word "retire." For most military members, 50% of their pay will not actually be enough to maintain their standard of living throughout retirement. It ...
VA Loan Eligibility and Financing
This is the third in a series of posts about VA loans. Military homebuyers across the country continue to flock to VA loans. These flexible, low-cost loans have helped almost 20 million veterans become homeowners since World War II. The government guarantees about a quarter of a borrower’s mortgage, giving approved lenders a greater degree of security. In turn, that security often leads to excellent loan terms for qualified veterans. On the ...
Should You Use a HELOC to Consolidate Credit Card Debt?
Credit card debt can be a budget killer, especially with many credit card companies raising interest rates.It's not uncommon for credit cards to come with interest rates around 15% or higher. It can take 10 years to pay off your credit card debt if you only pay the minimum on each card. Even if you pay extra on your cards it can take years. The best way to get rid of ...