It can do a lot more than call people and answer trivia questions. tommaso79 / Shutterstock.com
Apple’s voice assistant Siri responds to a bevy of commands that can be both silly and practical. It can look up “bevy” for you, for instance — and it’s quick with a quip if you ask something playful. Many of Siri’s basic functions are well-known, particularly the ones that provide a hands-free way to do normal things on your phone like call people or play music. It can do a lot more, though…
You take on a certain risk when you sign up for a HELOC.
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When you have a need to borrow money, there are different options you can explore. You could take out a personal loan, and if your credit score is solid, you might snag a competitive interest rate on one. But if you have equity in a home you own, you may want to borrow against it instead, as doing so could mean having an easier time qualifying and paying less interest.
As of the third quarter of 2022, U.S. homeowners had gained a collective $2.2 trillion in home equity compared to a year prior, according to data from CoreLogic. So these days, tapping your home equity may be a pretty feasible option.
Discover: These personal loans are best for debt consolidation
More: Prequalify for a personal loan without impacting your credit score
Now if you’re going to borrow against your home, you have choices. You could take out a home equity loan, or you could opt for a home equity line of credit, or HELOC. The latter option may be more flexible in terms of getting access to money. But here’s why a HELOC could backfire on you.
When you take out a home equity loan, you borrow a lump sum of money that you pay back in fixed installments over time. With a HELOC, you get access to a line of credit you can draw from over a specified period of time.
In some cases, though, you might get 10 years or more to tap your HELOC. And that’s a nice degree of flexibility to have.
A HELOC could also be a good bet when you’re borrowing for something like home renovations and your costs are tough to nail down. You might have a project you’re estimating will cost between $20,000 and $30,000. That’s a giant range. With a HELOC, you’d have the option to qualify for a $30,000 line of credit. And then, if you only end up needing $22,000 of that, you’d simply leave the remaining $8,000 untapped.
But while borrowing via a HELOC may seem appealing due to that flexibility, you should also know that HELOCs commonly come with variable interest rates. Home equity loans, on the other hand, come with fixed interest rates.
This means that the cost of your HELOC payments could rise over time if your interest rate increases. And with that, you run the risk of not being able to afford your HELOC payments, falling behind, and risking severe consequences, from credit score damage to potentially even losing your home.
It’s easy to see the appeal of HELOCs. But if you’re looking to borrow against the equity you have in your home, then a home equity loan may be your better option.
This especially holds true these days. The Federal Reserve has been consistently raising interest rates since last year. The Fed doesn’t set HELOC rates, but when its federal funds rate (the rate banks charge each other on a short-term basis) increases, consumer borrowing rates tend to follow suit.
So right now is an especially precarious time to be looking at a HELOC. And if you’re the sort of person who doesn’t like financial surprises, then taking out a home equity loan may be a far better choice.
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Find out what steps could help you improve your credit score.
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Knowing your credit score is essential because it can impact your financial future. The good news is it’s possible to improve your credit and increase your credit score if you make the right moves. Recently, I was surprised to learn that my credit score is 835 — which is the highest it’s ever been. Here’s how I got my score to this number.
Your payment history makes up 35% of your FICO® Score. You can improve your credit score by staying on top of your bills and making on-time payments regularly. When you miss a payment or make late payments, it negatively impacts your credit score. You may also have to pay late payment fees, which wastes money.
Luckily, I’ve always been on top of paying my bills, so I have an exceptional payment history. Thanks, anxiety! If you’re forgetful and have missed payments, you may consider setting up alerts on your phone or using a calendar to track when bills are due. Another option is to use budgeting apps to monitor your spending and easily track due dates.
Another factor that impacts your credit score is how much debt you have. For revolving debt, like credit cards, your credit utilization ratio is examined. This is the ratio between the amount of credit available to you and how much you use. This factor makes up 30% of your FICO® Score.
If you’re hoping to improve your credit and increase your credit score, monitor how much credit you’re using and maintain a lower credit utilization ratio. Experts recommend keeping your credit utilization below 30% for the best results. I’ve been careful to monitor my credit usage; at the time of writing, I’m using 3% of my available revolving credit.
The length of your credit history is another crucial factor to pay attention to if you want to improve your credit. This makes up 15% of your credit score. It pays to start building your credit early, and it’s also beneficial to keep credit accounts open for a while rather than closing them after a short period of time. A lengthy credit history helps show creditors you have a history of successfully managing credit.
I am privileged to have learned some basic financial knowledge early in life. I opened my first credit card soon after I became an adult and learned the importance of only charging what I could afford to avoid costly interest charges. My average credit age is 10 years, and my oldest credit account is 17 years old; these figures have helped me grow my credit score.
Having a mix of credit is also beneficial because it shows you can manage different types of credit. Your credit mix makes up 10% of your credit score. That doesn’t mean you should rush to take out loans you don’t need. You can improve your credit mix by using multiple credit cards. Right now, my credit mix is rated as exceptional. I have several credit cards, a mortgage, and a personal installment loan.
When you apply for a new line of credit, a credit inquiry appears on your credit report. New credit, or how many new accounts you have, and the number of credit inquiries on your credit account are considered, and these factors make up 10% of your FICO® Score.
It’s best not to apply for credit frequently. You can improve your credit score by keeping your credit inquiries to a minimum and only applying for new credit when necessary. My most recently added credit account is a little under two years of age. My other accounts are older, which has helped me improve my score.
If you’re unhappy with your current credit score, that’s okay. But don’t give up on your credit. You can make positive changes that help you to increase your credit score over time. Check out these personal finance resources for additional ways to improve your finances.
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Because it’s always better to learn from someone else’s mistakes.
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It’s never easy to be in credit card debt. When you owe more on your credit cards than you can afford to pay off, it can make you feel financially vulnerable. That often leads to a whole host of negative emotions, such as stress, frustration, and even shame.
Finance personality Suze Orman knows what that’s like. As she tells it, she used to have five-figures of credit card debt. To help people in that situation, she recently shared credit card debt mistakes to avoid on her blog. If you have credit card balances to deal with, Orman’s advice on what to avoid could help.
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You may be feeling bad about being in debt, but don’t kick yourself while you’re down. Lots of people don’t learn much about how credit cards work growing up. Credit cards also make it easy to spend money, even money you don’t have. There’s a reason the average credit card debt was over $5,000 last year.
It’s important to take your debt seriously. Make it a priority, learn about how to pay off credit card debt, and come up with a repayment plan that works for you. But try not to be too hard on yourself. This is a fixable issue, and if you work at it, you’ll pay off what you owe.
BNPL refers to buy now, pay later, and these apps let you pay off purchases in installments. They’re practically everywhere, as many major retailers have partnered with a BNPL app, and they’re popular with consumers. According to BNPL statistics, 50% of Americans had used these services as of 2022.
When you make a purchase with BNPL, you’re taking on more debt. That’s the last thing to do while you’re already dealing with credit card debt.
One of the hard parts about paying off credit card debt is the fact you can keep using your cards. Some people end up spinning their wheels because of this. The money you spend cuts into any progress you make with your payments.
Orman has some good advice here. She recommends only using your credit card for one or two recurring charges per month and setting up automatic payments. That way, you’re still using your credit card and building credit. For everything else, use a debit card. You’ll only be able to make a purchase if you have enough money for it in your checking account.
Although credit cards are the payment method with the most benefits, they aren’t always the best option. When you have credit card debt, you’re better off using a debit card for the majority of your spending. You’ll avoid adding to your debt and incurring more interest charges, and you’ll pay off your debt more quickly.
Every time you get your credit card statement, it will have a minimum payment amount and a statement balance. As tempting as it might be to only pay the minimum, this is a huge mistake.
The minimum payment amount is a very small portion of what you owe — often about 2%. If you make minimum payments, it will take you years to pay off your card. Over that time, you could incur hundreds to thousands of dollars in credit card interest.
Instead, pay as much as you can, every month. Once you’ve paid off your cards, aim to always pay the statement balance or current balance going forward. You’ll avoid interest charges and never end up in credit card debt again.
Orman recommends that every time you’re about to spend money, first ask yourself if the purchase is a need or a want. Needs are essential, such as rent and groceries. Wants are things you can live without, such as going to the movies or grabbing drinks with friends.
This doesn’t mean to never buy anything unless it’s a need. However, you should have a limit to how much you spend on wants per month. While you’re paying off credit card debt, it’s also a good idea to keep this to a minimum. By limiting unnecessary expenses, you’ll have more money to put toward your debt.
Having credit card debt is stressful, but it doesn’t have to be a lifelong issue. You can pay it off if you’re careful about how much you spend and put all your extra cash toward your balances.
If you have credit card debt, transferring it to this top balance transfer card secures you a 0% intro APR for up to 21 months! Plus, you’ll pay no annual fee. Those are just a few reasons why our experts rate this card as a top pick to help get control of your debt. Read our full review for free and apply in just 2 minutes.
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Many highways, major roads and bridges are in need of repair. These are the states where roads have the most damage. Mark Agnor / Shutterstock.com
Editor’s Note: This story originally appeared on Construction Coverage. Roadways are a vital component of infrastructure in the United States. However, many highways, major roads, and bridges are in need of repair. Hazardous road conditions can negatively impact the economy, contribute to traffic congestion, and impact the safety of Americans. The passing of the Infrastructure Investment and Jobs…
Here’s how to get yourself on track.
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Many of us made New Year’s resolutions going into 2023. And many of us are no doubt already falling behind.
Of course, it’s pretty easy to see why some financial resolutions may be hard to uphold. Inflation has continued to surge this year, and the cost of many essential expenses, like food, remains elevated. And it’s hard to keep up with goals like building savings or paying off credit cards when you’re forced to spend more money just to function.
If you’re frustrated with the fact that you’re behind on your New Year’s resolutions, don’t give up. Instead, take this great advice from financial guru Suze Orman.
Orman is all about empowering people to better themselves financially. And to that end, in a recent blog post, she talked about the importance of focusing on one financial goal at a time.
“Don’t spread yourself thin here,” she said. “I understand you may have multiple financial goals you’d love to tackle. But I think when you try to do so much all at once, it can often lead to goal burnout.”
Orman is spot-on. When you start to get down on yourself, you can lose motivation to keep pushing. So rather than get into a defeatist mindset, tell yourself you’re going to work on tackling a single goal, whether it’s saving up to buy a home or paying off the personal loan you’re eager to get rid of.
Maybe you have several financial goals you’re hoping to tackle in 2023. If you’re not sure how to prioritize them, Orman has some advice there, too. She says, “Take a minute to think about the one financial achievement that would make you feel great.”
So, let’s say it’s really important to you to have a solid emergency fund. If building up enough savings to cover six months of essential expenses would make you feel good about yourself and also help you sleep better at night, then you may want to make that the goal you prioritize. And once you’ve achieved it, you can move on to other goals.
Any time you’re overwhelmed by a long list of tasks, you run the risk of setting yourself up for failure. Tackling goals one at a time is often a better approach, whether you’re talking about New Year’s resolutions, assignments at work, or projects that need to get done around the house.
Remember, achieving financial goals isn’t easy. So give yourself credit for trying to better your financial picture — even if you still have a ways to go until you’re where you want to be.
It’s a good idea to focus on a single goal rather than attempt to tackle multiple goals at once. But also, make certain each goal you set is realistic.
If you have $600 in your savings account, building a $25,000 emergency fund in a single year may not be doable, even if you’re willing to work some side gigs to boost your income. But hitting $10,000 in savings may be more reasonable given your earnings and starting point.
So as you go about the process of prioritizing your goals, make sure they’re actually attainable. And if not, make some adjustments so you don’t set yourself up for nothing but frustration.
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