Smart Spending Tips explains why credit in 2025 matters more than ever, how emerging financial trends impact your score, and what you can do to stay ahead in a changing credit landscape. The evolving role of credit in 2025 Credit in 2025 is more than just a number—it’s an important factor in financial security, borrowing power, and even job opportunities. As lenders adopt AI-driven underwriting models and credit scoring methods evolve, understanding what impacts your credit score is more crucial than ever. Whether you’re managing debt, seeking new credit, or preparing for major financial decisions, keeping up with the latest…

Smart Spending Tips explains the new tax rules for 2024 and how they may impact your tax bill, deductions, and tax credits. Tax laws evolve every year, and 2024 is no exception. Understanding the latest updates can help you maximize your refund, reduce your tax bill, and plan smarter for the future. The 2024 tax year filing is due April 15, 2025, the IRS deadline for most taxpayers. Standard deduction increases The IRS has raised the standard deduction for the 2024 tax year to adjust for inflation. The new amounts are: Single filers: $13,850 (up from $13,850 in 2023) Married…

Smart Spending Tips examines the latest trends in rising consumer debt, from surging credit card balances to increasing delinquencies—and what it could mean for borrowers. Government reports on consumer borrowing are starting to feel like the boy who cried wolf. Every quarter brings another warning—household debt is rising, borrowing is surging—yet the economy keeps moving, and people keep spending. It’s easy to dismiss record-breaking debt as just business as usual. But in the fable, the boy was ignored one too many times … and in the end, the wolf was real. Another quarter, another new record for rising consumer debt…

Smart Spending Tips explores how financial milestones at 30 have evolved across generations, from income and homeownership to credit access and debt management. Turning 30 has long been seen as a significant life and financial milestone. For some, it marked homeownership, stable careers, and growing savings. For others, it meant struggling with debt, rising costs, and shifting economic realities. Each generation has faced unique financial conditions at 30, shaped by job markets, inflation, home prices, and access to credit. Boomers built wealth early, Gen X embraced credit, millennials faced financial setbacks, and Gen Z navigates a high-cost economy. Income at…

Smart Spending Tips examines how consumer spending habits are shifting dangerously, with more Americans relying on debt instead of financial stability. Rising incomes have outpaced inflation for more than two years, creating a prime opportunity for households to reduce debt and build savings. Yet, many consumers have chosen to increase their spending instead of taking advantage of this financial cushion. This growing reliance on borrowed money signals a troubling trend that could have serious financial consequences for consumers if it continues. Spending growth outpaced inflation and income growth in Q4 At the end of January 2025, the Bureau of Economic…

Smart Spending Tips shares 10 practical steps to help you get back on the credit wagon and work towards improving your credit score. Life can throw curveballs, and sometimes, your credit score may take a hit. Whether it is missed payments, high credit card balances, or unexpected financial stress, it is never too late to get back on the credit wagon. Rebuilding your credit takes time, but with patience and discipline, you can start making progress. It is never too soon or too late to get back on the credit wagon. 1. Review your credit report for mistakes Your credit…

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…