Smart Spending Tips discusses the economic slowdown and how tightening credit and rising debt may lead to a challenging economic period ahead. The economy has had a nice run since the pandemic. After the initial shock, fourteen of the last sixteen calendar quarters have seen GDP growth. Employment has grown for 44 consecutive months. It would have been wise for consumers to use these favorable conditions to pay down debt and bolster savings. Instead, they have been spending like the party would never end. That leaves many ill-prepared for what may come next. Most areas of the U.S. are no…

Smart Spending Tips lists 20 points of credit fiction and gives you the facts about credit and credit management. 1. FICTION: Checking your own credit score frequently lowers it. FACT: Checking your credit score is considered a “soft inquiry” and does not impact your score. When you check your own credit score, it is classified as a “soft pull,” which does not affect your credit. Soft inquiries include checking your score through free services or when a potential employer reviews your credit. In contrast, a “hard inquiry,” such as applying for a credit card or loan, can temporarily lower your…

Smart Spending Tips’s quick ABC of credit to get you started on your credit journey. Understanding credit can feel overwhelming, but breaking it down into its fundamental components can make it more manageable. This article will explore the ABCs of credit, including key concepts, types of credit, and essential tips for managing your credit effectively. A – Assess your credit Credit score Your credit score is a three-digit number used by lenders to evaluate your creditworthiness. Typically, it ranges from 300 to 850, with higher scores indicating better creditworthiness. Familiarize yourself with the scoring system and check your score regularly…

Smart Spending Tips discusses how to approach credit building and financial health in the gig economy. The gig economy is a labor market characterized by short-term, flexible jobs, often facilitated by digital platforms such as Upwork, Uber and Airbnb. Jobs in the gig economy involve independent workers who take on projects or tasks on a temporary basis rather than working full-time for a single employer. The rise of the gig economy has transformed how people work, offering flexibility and opportunities for millions of individuals. Freelancers, artists, and entrepreneurs increasingly turn their passions into income streams. Understanding how to navigate credit…