As the year begins to wind down, don’t forget to review your credit report for free. Not only is it free to view once every twelve months, but checking for any mistakes ensures that the credit scores your lenders see are accurate. It takes less than 20 minutes to request all three reports.
While the financial world eagerly awaits the the Federal Reserve Board’s decisions about interest rates, a new working paper was published at the Fed by economists Jane Dokko, Geng Li, and Jessica Hayes. These economists studied at how one of the most important indicators of your financial health, your credit score, can predict how successful you will be in your relationships.
About two years ago, I did what many financial gurus would tell you is the worst financial decision you can make: I bought a new car. Now, we could sit here and argue back and forth all day about why I chose this route over getting a used or certified pre-owned car, but I think the decision was right for me at the time. (I’m sure this will be the topic of future posts as well!).
NPR recently reported some statistics which showed that Americans are taking on riskier and more expensive loans to finance fancier and more expensive cars. Taking out a car loan, even when you can buy your car outright with cash, isn’t necessarily a bad financial decision. Here’s why I chose to finance my car and put my money elsewhere, instead of on a big down payment.