Smart Spending Tips discusses the relationship between debt consolidation and credit scores. Consolidating debt can simplify payments, but it’s important to understand its impact on your credit score. Recent news has shown that Americans’ debt struggles are growing. Debt balances are rising, and more and more households are falling behind. Much of the problem comes from credit card debt. This debt carries exceptionally high interest rates, which is both bad news and good news. The expense of those high rates adds to the difficulty of keeping up with this debt. However, consolidating those debts also represents an opportunity to save…

Smart Spending Tips explains how certain jobs come with credit building challenges and the steps you can take to help overcome them. 1. Freelancers and gig workers Being your own boss sounds great, but inconsistent income, fluctuating earnings, and a lack of traditional pay stubs can make lenders wary. According to the Consumer Financial Protection Bureau, understanding how credit works is crucial for freelancers to build a strong financial foundation. What to do: Keep meticulous financial records, pay yourself a stable salary, and use a business credit card to separate expenses. Building a good relationship with a trusted accountant can…

Smart Spending Tips discusses the proposed CFBP rule on medical debt and whether it can ever come to fruition. The Consumer Financial Protection Bureau (CFPB) has approved a rule banning reporting agencies from including medical debt on credit reports. As a result, that debt would no longer directly affect people’s credit scores. A natural reflex might be to applaud the CFPB’s decision. Nobody likes medical debt, and penalizing people for debt forced on them by unforeseen circumstances, such as a medical emergency, may seem unfair. However, a closer look suggests that the CFPB’s action may not be the right cure…

Smart Spending Tips with some tips on how to smash your credit goals in 2025. Setting credit-related goals may not seem like an exciting New Year’s resolution, but it can have a lasting impact on your life. Whether you’re looking to boost your credit score, manage debt more effectively, or simply better understand your financial habits, the new year presents the perfect opportunity to start fresh. No matter where you start, you can make meaningful changes to your credit and financial situation. By focusing on clear, actionable steps, you can achieve lasting improvements. Step 1: Know your starting point Before…

Smart Spending Tips uses the 12 Days of Christmas to inspire better credit health in 2025. The holidays are a time of joy, generosity, and, unfortunately, often a spike in credit card bills. But with a little planning and smart credit habits, you can enjoy the season without the dreaded January credit hangover. Here are some tips to help make the 12 Days of Christmas the start to a financially sound 2025. On the first day of Christmas, my credit gift to me isA credit check online for free Start by checking your credit report for free. Use services like…

Smart Spending Tips’s Christmas countdown of 24 tips to help you stay in control of your credit. It’s easy to lose track of spending between gift shopping, travel, and festive activities, but the holiday season can be the perfect time to give your finances extra attention. As the New Year approaches, promise yourself that you will stay in control of your credit during this busy time of year. Our 24 tips can help you prepare for a New Year’s resolution to improve your credit and improve your personal finances in 2024. Check your credit report before the holidays. Before diving…

Smart Spending Tips discusses consumer credit trends for 2025 and steps consumers can take to stay on top of their finances in the coming year. In 2025, several trends in consumer credit are expected to impact how Americans borrow and manage debt. From rising interest rates to the growth of alternative financing, understanding these trends can help consumers navigate the evolving financial landscape. High-interest rates persist The Federal Reserve’s policies to combat inflation suggest that interest rates will likely remain elevated into 2025, even as rate cuts are expected. High interest rates affect variable-rate loans, such as credit cards and…

Smart Spending Tips explores how rising debt levels and stricter lending standards intensify the consequences of late payments for consumers. It’s never a good thing to be late on a debt payment. These days, though, the consequences of late payments are becoming increasingly severe for individual borrowers and all consumers. Late payments on consumer credit are rising. At a time when interest rates are elevated and consumer debt is at an all-time high, those late payments add to the direct cost of that debt. Increasingly, indirect costs are also coming into play. The best defense in this situation is for consumers…

Smart Spending Tips discusses credit in 2024–trends, tools, products, and outlook. Credit remained a cornerstone of financial activity in the United States throughout 2024, but significant shifts occurred due to economic trends, technological advancements, and evolving consumer behaviors. 1. The economy and trends in credit in 2024 The U.S. economy in 2024 experienced a mix of recovery and recalibration. Inflation looks to have stabilized after a turbulent period, but interest rates stayed higher than pre-pandemic levels. These conditions affected and continue to influence how Americans use credit. Higher interest rates. Borrowing costs for credit cards, mortgages, and personal loans remain…

In the wake of the recent general election, Smart Spending Tips discusses whether elections influence credit and financial health. Many Americans wonder how political changes might affect their financial well-being, particularly credit health. Elections do not directly change your credit score, but the policies that follow can significantly impact the broader economy. From changes in interest rates to adjustments in financial regulations, here’s how elections and subsequent policy implementation can indirectly shape the economic environment that affects your credit and finances. Economic policy shifts that influence credit Elections often lead to policy changes that can reshape the economy, influencing everything…