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A second round of stimulus checks is hitting bank accounts and mailboxes across the country. The $600 payment might seem pretty paltry considering that we’ve been struggling through the coronavirus pandemic for nearly a year. But it’s something. And if your credit took a hit over the past year, that stimulus check could help you improve your credit score.
Here’s how to use your stimulus money to build good credit.
Pay your bills ― but sign up for one of these apps first.
The best thing you can do for your credit is pay all your bills in full and on time. That’s because payment history makes up 35% of your credit score. Missing even one payment can knock your score down by quite a bit, while keeping current on payments will boost your score over time.
How to pay off $50,000 in credit card debt
By Aly Yale
Dealing with serious credit card debt? You have options. (iStock)
Having high amounts of credit card debt can be daunting. And paying it all off? That’s even more difficult.
Fortunately, there are a number of strategies that can help you tackle the problem, including some that may even save you on interest in the long run. First, you re going to want to take a hard look at your financial situation, make yourself a monthly budget, and calculate your total debt.
Once you ve done all of these things, then you can start looking into financial tools and products to help ensure you make your credit card payments on time and start chipping away at that outstanding credit card balance. There are some easy ways to pay down debt even if you owe $50,000 or more.
How to pay off $50,000 in credit card debt
By Aly Yale
Dealing with serious credit card debt? You have options. (iStock)
Having high amounts of credit card debt can be daunting. And paying it all off? That’s even more difficult.
Fortunately, there are a number of strategies that can help you tackle the problem, including some that may even save you on interest in the long run. First, you re going to want to take a hard look at your financial situation, make yourself a monthly budget, and calculate your total debt.
Once you ve done all of these things, then you can start looking into financial tools and products to help ensure you make your credit card payments on time and start chipping away at that outstanding credit card balance. There are some easy ways to pay down debt even if you owe $50,000 or more.