Managing your Money for Beginners
Resources for learning how to manage your money to fulfill your goals
What is Credit?
Credit's most basic definition is agreement between a lender and a borrower. The borrower promises to repay the lender at a later date—generally with interest. An example is a credit card.
Credit also refers to person's ability to pay back their debts. Credit scores and your credit report let lenders know whether or not you have good or bad credit.
You need to build your credit over time to show that you can handle the repsonsibility.
- Annual Credit ReportAnnualCreditReport.com is the official site to get your free annual credit reports. This right is guaranteed by Federal law.
- Boston Builds CreditBoston Builds Credit (BBC) is a citywide credit building initiative that seeks to empower Bostonians to build prime credit scores in order to increase their financial stability, build assets, and create wealth.
- Credit Cards | Consumerfinace.govLinks to helpful articles about credit cards from the Consumer Financial Protection Bureau
- Credit Cards | The Balance.comArticles with tips to help you manage your credit card responsibly.
- National Foundation for Credit CounselingThe National Foundation for Credit Counseling® (NFCC®), founded in 1951, is the nation's largest and longest-serving nonprofit financial counseling organization.
What is Debt?
Debt is what a borrower owes to a lender. A lender can be a more than just a bank or a credit card company. You can owe money to the government, a utility company, or hospital for example. There are are many different kinds of debt a person can have:
- Credit Card debt
- Student loan debt
- Mortgage
- Medical debt
- Personal loans
- Auto Loans
- Utility bills
Sometimes the lender will hire a debt collector to contact you, especially if your debt is delinquent. Being delinquent means missing or being behind on payments on an account.
Debt collectors can be a company or agency hired to recover money owed on delinquent accounts. Debt collectors are also know as collection agencies.
The Federal Trade Commission (FTC) enforces the Fair Debt Collection Practices Act (FDCPA) which prohibits debt collectors from using abusive, unfair or deceptive practices during the debt collection process.
- Are there laws that limit what debt collectors can say or do? | Consumerfinance.govProvides the basics on the Fair Debt Collection Practices Act (FDCPA), a federal law that provides limitations on what debt collectors can do when collecting certain types of debt.
- Consumer Advisory: 7 ways to keep medical debt in check | Consumerfinance.govArticle with strategies and resources to help consumers with medical debt
- Debt Collection FAQs | Federal Trade CommissionInformation on consumers legal rights with regard to debt collection.
- Debt collections | Mass.govArticle explaining your consumer rights concerning debt collection.
- Managing Student Loans | Studentaid.govLinks to the student loan process.
- What is a debt collector and why are they contacting me? | Consumerfinance.govAn brief article on a what debt collectors do and some advice on how to work with them. Also includes links to other helpful articles.
- What is debt? | Consumer.govGeneral advice on what debt is and how to get out of it.
Titles I can borrow from home!
Credit Repair by
Bad credit can get better A bad credit report can prevent you from getting a mortgage, car loan, credit card, apartment or even a job. The sensible strategies in Credit Repair help you take control of your finances, clean up your credit report and rebuild your credit. Learn how to: prioritize debts and create a budget reduce debts and cut expenses negotiate with creditors correct credit report errors and remove old information add positive information to your credit report adopt strategies to rebuild your credit, and avoid identity theft and credit repair scams. Updates to the 13th edition of Credit Repair include the latest student loan repayment programs, new credit-building strategies, changes to the credit scoring of tax liens, medical debt, and civil judgments, identity theft reporting developments, and more.
Debt 101 by
Get out of debt and use credit wisely with this easy-to-understand, comprehensive guide to making your debt work for you. The key to borrowing, managing, and paying off debt is understanding what it is, how it works and how it can affect your finances and your life. Debt 101 is the easy-to-follow guide to discovering how to pay off the debt you have plus learning how to use debt to your advantage. Debt 101 allows you to take control of your money with strategies best suited for your personal financial situation--whether you are buying a home or paying off student loans. You will learn the ins and outs of borrowing in a simple, straightforward manner, managing student loans and credit card debt, improving your credit score, understanding interest rates, good debt vs. bad debt, and so much more. Finally, you can get ahead of the incoming bills and never let your debt intimidate you again!
How to Repair Your Own Credit by
This book is about credit repair and the credit reporting process. It teaches the reader how to repair his/her own credit without the aid of credit repair agencies, and the added expense charged. It provides a detailed explanation of credit ratings and credit scores, and of the contents of credit reports including what lenders look for, what makes credit scores go up and down, and how to improve credit ratings. The book also provides lifelong tips for credit management that can be easily applied and maintained.
The Young Adult's Guide to Graduating College Debt-Free by
College can be expensive âe" the average graduating college senior is nearly $30,000 in debt when he or she walks off campus. There is also more financial aid available than ever before, with more than $238 billion distributed in 2012-13. There are a lot of options out there, and if you are not sure how to find the right financial aid for you, this book is your answer. We provide you with information on over 2,200 programs that offer scholarships, internships, or loans to more than 1.7 million students each year. For example, the Chick and Sophie Major Memorial Duck Calling Contest awards $2,000 to the high school senior with the best duck call in the country. Thereâe(tm)s also the Van Valkenburg Memorial Scholarship, where you can win $1,000 if youâe(tm)re a descendant âeoeby birth or legal adoptionâe of Lambert and Annetje Van Valkenburg. This book will also provide hundreds of innovative ways to cut college costs, including tips on how to earn college credit on an accelerated basis, how to calculate your college budget, how to make use of tuition prepayment plans, how to combine higher education and course-related employment, and how to buy supplies and textbooks for cheap. If youâe(tm)re looking to graduate debt-free, this book has you covered.
Your Score by
The most comprehensive insider's look at what every consumer needs to know about their credit score--and most importantly, how to fix it If you, like so many millions of Americans, are terrified by the daily headlines regarding Equifax and identity theft, and how all of this can directly affect your basic credit score, then this book should be considered as mandatory reading. Like it or not, a healthy credit score is essential if you want to participate in today's financial world. But very few people actually understand how their credit score is determined. Worse yet, most don't know how their score is used by all kinds of companies and banks to dictate financial terms that will strongly affect their daily lives. When consumers interact with the world of credit, they do so from a position of weakness. InYour Score, Anthony Davenport aims to change that. Finally, here is a road map for navigating the confusing world of consumer credit. Drawing on the real stories of his own firm's high-profile clients, as well as the stories of middle-class Americans, he reveals the hidden credit pitfalls that await even the most careful consumer and shares smart strategies to avoid them. An accessible but detailed manual,Your Score finally lets readers take control of their credit score, understand how to play the game, and gain an insider's knowledge of how to better navigate the most important financial decisions of their lives.
