Tag Archive for: smart with debt

Repairing Your Credit 

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Repairing your credit might sound overwhelming, but it’s easier than you think. Credit scores aren’t set in stone, they’re like a report card you can improve over time. Whether you’re trying to buy your first rental property or just want better loan options, taking steps to repair your credit today can open doors tomorrow.

Example: Sarah had a score of 580 and kept getting stuck with high loan rates. After paying down a few small debts and disputing an error on her report, her score jumped to 640 in just a few months. That small change saved her thousands on her next loan.

The first step? Check your credit report. Look for mistakes, missed payments, or old debts you can pay off or negotiate. Even small wins, like reducing a credit card balance, can make a big difference.

Credit repair isn’t magic, but with focus and consistency, you can make real progress. Start small, stay steady, and watch how it changes your financial future. 

Contact Us Today! 

Do you need more information on repairing your credit? Contact us today to learn some tips that can help you level up quickly and easily! 

Free Tools For You! 

We also have free tools available! Accelerate Debt Payments Calculator to see which debt option is best for you! 

Learn more!

Visit our YouTube channel to learn more about using debt instead of letting debt use you! 

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Is a HELOC right for me?

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So many people ask “is a HELOC right for me?” A HELOC, or Home Equity Line of Credit, is like having a credit card tied to the value of your home. It lets you borrow money when you need it, based on the equity you’ve built up in your property. The best part? You only pay interest on what you actually use.

Think of it this way: Let’s say your home is worth $300,000, and you still owe $200,000 on your mortgage. That means you have $100,000 in equity. With a HELOC, a lender might let you borrow up to 85% of your home’s value, minus what you owe. In this example, that could be $55,000 ready for your projects or emergencies.

People love HELOCs because they’re flexible. You can use them to remodel your kitchen, cover unexpected expenses, or even invest in another property. Plus, during the “draw period,” you can borrow, pay it back, and borrow again—kind of like a revolving door of cash.

The key is to use it wisely. Borrow for things that improve your financial future or add value to your home, not just for quick fixes or vacations. In the end, a HELOC can be a powerful tool to unlock the value sitting in your home.

Contact Us Today! 

Is a home equity line of credit right for you? Contact us today to find out more, as well as other ways to use debt to your advantage.

Free Tools For You! 

We also have free tools available! HELOC payment calculator to see which option is best for you! 

Learn more!

Visit our YouTube channel to learn more about using debt instead of letting debt use you! 

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Should you pay points?

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When you are shopping for a mortgage you may hear about points. Points are a percentage that is added to a loan amount. For example, 1 point or 1% of a $300,000 loan would equal $3,000. Points are a way for you to pay upfront in order to get a lower rate. Many people ask whether or not you should pay paints and if it is worth it in the long run, however, it is dependent on your financial situation. Buyers beware! Even lenders who say that there are no points often increase the interest rate so that they can still make money on the loan. 

What is the right move for you?

The decision to pay points depends on your plans. If you’re only staying in your home for a couple of years, it may not be worth it to pay points. On the other hand, if you’re planning on staying longer, you could save thousands by paying points and reducing the interest rate.

Contact Us Today! 

Do you want to find out more about mortgage rates with and without points? Contact us today to learn some tips that can help you to achieve your goal quickly and easily!  

Free Tools For You! 

We also have free tools available! Accelerate Debt Payments Calculator to see which debt option is best for you! 

Learn more!

Visit our YouTube channel to learn more about using debt instead of letting debt use you! 

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The Average American Debt in 2024

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Today we are going to discuss an article that highlights the average American debt in 2024. In 2024, the average American carries $104,215 in debt, which includes mortgages, auto loans, credit cards, student loans, and more. Mortgage debt is the largest piece, averaging $244,498, followed by student loans at $38,787 and auto loans at $23,792.

Debt varies by age and tends to peak for people in their middle years. For example, Gen X holds the most debt at $157,556, while younger Gen Z consumers have much lower debt, averaging $29,820.

Credit scores play a huge role in how much debt a person carries. Those with excellent credit (800-850) average $158,839 in debt, while consumers with poor credit (300-579) hold much less, around $43,584.

Where you live also impacts your debt. States like California and Washington see higher averages, with residents owing more than $140,000, while states like Mississippi have averages closer to $65,000.

If you’re working to pay off debt, two common strategies are the debt snowball and debt avalanche methods. Both can help you tackle what you owe. Some also choose debt consolidation or refinancing to lower their interest rates and simplify payments.

Debt relief options, such as credit counseling or debt settlement, are available if your situation becomes overwhelming. But it’s important to take action before debt becomes a bigger burden.

Click here to read the entire article.

Do you have questions about average American debt in 2024? Contact us today!

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Learn to use debt

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Today we are going to help you to learn to use debt instead of having debt use you.

What is debt?

What exactly is debt? Debt is when you borrow money from someone and promise to pay it back later. There are many types of debt including credit cards, mortgages, student loans, and car loans just to name a few.

Good or bad?

While many people consider debt to be “bad” that is not always the case! Instead there is a difference between “good debt” and “bad debt”. “Good debt” will help you grow your wealth or income, however “bad debt” can hurt your finances. Which type of debt do you have? Are you setting yourself up for success? By learning how to manage your finances and finding the best debt options, you can turn debt into your friend instead of your enemy! 

Contact Us Today! 

Contact us today to find out more about how to turn your debt into your friend instead of your enemy! 

Free Tools For You! 

We also have free tools available! Accelerate Debt Payments Calculator to see which option is best for you! 

Learn to Use Debt Today!

Visit our YouTube channel to learn more about using debt instead of letting debt use you! 

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