Financial News Features

There is more than one reason to keep your credit cards open and active. Find out from a selection of experts how a closed card might impact your overall credit and how and when to avoid having it closed.

Finance professionals give their expert opinions in response to Elizabeth Warren's 50/30/20 Spending Rule from her 2005 book "All Your Worth: The Ultimate Lifetime Money Plan." Almost fifteen years later, financial experts delve into whether this rule still applies or how to follow its mission for those carrying debt.

Lenders, like credit card companies and banks, use credit scores to assess possible risks associated with lending out money to consumers. The goal is to reduce losses due to bad debt by evaluating your score, which can be determined by several factors, like paying your bills on time. Keeping your credit utilization low is another smart strategy toward increasing your score.

Financial goals can sometimes be at odds with one another, especially when faced with the dilemma of whether to prioritize debt repayment or savings. The reasoning to opt for one over the other, or even maintain a balance between the two is determined by the financial situation. Learn more from the experts on why each is crucial for your financial security so you can make the best decision for your case.

Resolving Debt is not a one-size-fits-all approach. There are different types of debt such as student loans, taxes, mortgage, and credit cards. Fortunately, there are debt forgiveness options available - these may not work for everyone's situation, but it's always best to understand your choices.

There's no right or wrong answer as to when a parent should cut off their children financially - compiled are a few questions to ask that may provide a resolution. Instead of asking when to "cut the cord" try to determine how. How should funds be given out to kids and do they understand the value of money?