Struggling with a budget? Let the bank limit your spending

Millennials seem to be obsessed with—or at least more mindful of—their spending habits as they face crushing student loan debt, fight the notion that their frivolous spending will keep them from becoming homeowners and worry about their financial future.

A recent study by Bank of America found that 54 percent of millennials are budgeting, which is roughly the same rate as baby boomers and Gen Xers. In addition, 73 percent of respondents say they stick to their budget most months.

If you’re not setting a budget or you’re struggling to stay on track, you might consider finding a bank, credit union or fintech company that lets you set limits on how much you can spend.

Read more…Struggling with a budget? Let the bank limit your spending

HUD Kicks Off National Homeownership Month 2018

FOR RELEASE
Thursday
May 31, 2018

WASHINGTON – June begins National Homeownership Month, a time of year when the U.S. Department of Housing and Urban Development (HUD) and others mark the importance of owning a home and the impact it has on the lives of American families, local neighborhoods and to the nation’s economic health. This year’s theme is National Homeownership Month 2018: Find Your Place.

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Interested in Purchasing a Home?

Given the large upfront costs associated with purchasing a home, most young people begin renting an apartment which is the first step in independency. As they build careers, save money, and start families, many choose to buy a home and take that next step to building wealth. Homeownership establishes a stable environment for families; especially children and creates community involvement that reduces crime, blithe, and depreciation.  Debt Management Credit Counseling (“DMCC”) offers homebuyer education workshops and one on one counseling for future home buyers.

Read more…Interested in Purchasing a Home?

Hard Credit Check Versus Soft Credit Check: What’s the Difference?

Every time someone checks your credit report, the inquiry is logged.

That’s important because too many inquiries over an extended period of time can spell trouble for your credit score.

There are different ways and different reasons your credit report might be checked. Some, like hard credit checks—also known as hard inquiries or hard pulls—might have an adverse impact on your credit score. Others, so-called soft checks, are harmless. Too many hard credit checks in a short period of time could knock a few points or more off your credit score. But no matter how many soft credit checks are run against your credit history, they will have no effect.

Read more…Hard Credit Check Versus Soft Credit Check: What’s the Difference?

5 Secrets to Creating a Budget

Everyone knows, budgeting sounds like a bore. But it’s a very necessary step to totally owning your financial situation, and if you have no idea where your money is going every month, you might find yourself over drafting, overspending, and therefore, over-stressing. And who wants to live life like that? If you’re a budgeting beginner, here is where to start in five easy steps.

Read more…5 Secrets to Creating a Budget

10 questions to ask before getting a secured credit card

It’s tough to get by without a credit card.

You need one to make a hotel or plane reservation, or to rent a car, even if you plan to pay cash. Responsible use of a credit card builds a good credit rating, too, marking the owner as mortgage-worthy.

But people who have never had credit or need to repair a poor credit history may not qualify for a regular credit card. For them, a secured credit card may be the only way to establish, or re-establish, credit.

Read more…10 questions to ask before getting a secured credit card

Beware of ATM, Debit and Credit Card ‘Skimming’ Schemes

How to help protect yourself from high-tech thieves who steal account information

You may have heard in the news that automated teller machines (ATMs) are being targeted by criminals who secretly attach high-tech devices to the machines in order to record consumers’ keystrokes and steal or, as it is sometimes called, “skim” personal identification numbers (PINs) along with credit or debit card account numbers. In addition, criminals are known to add similar devices to credit or debit card readers at checkout registers, especially at gas stations, convenience stores or other merchants where customers may be in a hurry and not notice or take the time to report something suspicious.

Read more…Beware of ATM, Debit and Credit Card ‘Skimming’ Schemes