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Do you feel like your credit card debt is insurmountable? The good news is that, no matter how high the mountain appears, you can climb it and pull yourself out of the metaphorical hole you may find yourself in.

Here are some ways to tackle that debt and bring it down to size:

1. Only buy what you can afford. The best way to keep debt from becoming a problem is to avoid the problem altogether from this point forward. Rather than splurging on a fancy piece of electronic hardware, just wait and save up for it.
•  By staying within budget and paying off your bills every month, you don’t need to worry about debt piling up on top of you.
•  You can still get out of debt and feel the sweet relief of being debt free by changing your mindset from “having it now” to one of enjoying it even more when you have the money.
2. Pay off the lowest balance first. Financial advisor Suze Orman often advises people in debt to take care of the higher interest debts first. In general, this is a good way to go, however, if you have a credit card with a balance of only a couple hundred dollars, it would also be beneficial to knock that one off right out of the gate.
•  You can eliminate a whole payment, save on interest charges, and put that money towards another bill.
3. Prioritize bills by interest rate. In the long run, paying off the higher interest cards first will save you the most money. It’s usually the interest that keeps knocking you back. By taking out the higher interest cards, you’ll feel a greater sense of progress when paying your bills every month.
4. Consolidate. One of the more overwhelming aspects of being in credit card debt is constantly being reminded of it with so many bills from different cards. One way to fight back is to consolidate your debt. You can do this by either taking out a loan from a bank or transferring the balance to another card.
• If you recently got a new credit card, you can transfer a portion of the balance to that. This will save you a bit of interest since most cards will put that balance under the introductory rate.
• If you take out a loan, you can pay off several of the cards and reduce the amount of mail you receive. It’s less daunting psychologically to receive one big bill as opposed to a bunch of tiny ones.
5. Convert to cash and debit only. One of the best ways to keep yourself in debt is to keep using your credit cards. They’re convenient and it’s easy to justify their occasional use by saying that it’s only a soda or a tank of gas.
•  Those tiny charges add up quick! A dollar here, a few more there, and you’ll negate the payments that you’re making in a very short amount of time.
•  Paying with cash will help you develop new spending habits. By the time you get your debts paid down, you’ll have disciplined yourself to the point where you no longer put yourself in that situation. Debt is a problem that happens to nearly everyone at some point.

Even wealthy people find themselves overextended by debt.

Even if you’re working on a shoestring budget, it’s possible to pull yourself out of debt. With discipline, focus, and hard work, you can find yourself relieved of the mounting pressures

Your credit score not only determines whether or not you can get a credit card, mortgage, or auto loan, it’s also a critical factor in determining the interest rate you have attached to those items. A low credit score can cost a lot of money over your lifetime. 

Not everyone is aware of the many factors that determine a credit score. It’s easy to make assumptions that seem logical, but are actually false. Acting on incorrect beliefs is a sure way to make a critical mistake.

Save money and make your financial life easier by avoiding these seven credit destroyers:

1. Carrying a big balance on your credit cards. While having a lot of debt is never a good idea, using more than 30% of the available credit on your credit cards hurts your credit score.
   • For example, if your credit limit is $10,000, your score drops if your balance is over $3,000. This is commonly referred to as the “utilization ratio.” Keep yours under
2.  30%. Paying late is a huge factor in your credit score. Experts estimate that 35% of your credit score is determined by your payment history. Any late payments will lower your score.
3. Closing credit cards is a credit score killer. This is related to your utilization ratio. By closing a credit card, you lower the amount of credit that’s available to you. Your credit score is also sensitive to the length of your credit history.
4. Defaulting is an obvious credit score mistake. When you fail to pay back a loan you owe to a lender, you can lose as much as 100 points from your credit score. Make every effort to pay back your loans. 
   • If you’re struggling, contact the lender and attempt to make other arrangements. They can be very flexible if failing to do so means not getting their payments.
5. Applying for too much credit. Everyone needs to have some credit, but applying for too much has a negative effect on your score
   • Each time you apply for more credit, your potential lender makes an inquiry of your credit history.
   • Each of those inquiries lowers your credit score.
   • Avoid sending in every credit card offer that shows up in your mailbox.
6. Not having a credit card at all. Many people are getting rid of their credit cards in an effort to avoid debt. Unfortunately, this does nothing to help your credit score. 
   • Experts believe that the ideal credit score includes 2-3 credit cards. Credit diversity can account for as much as 10% of your credit score. 
   • Credit cards help to keep your credit history current.
7. Co-signing for someone else can be a mistake. Putting your credit on the line by co-signing for someone else is a huge risk. Their failure to stay current with the payments can destroy your credit score.
   • You’re equally responsible for that debt, so any late payments or defaults will show up on your own credit report.
   • You can even be subject to collections and lawsuits. If a lender won’t do business with them, you might want to reconsider before co-signing.

By simply avoiding these common mistakes, you can’t help but have a great score that will guarantee you the lowest interest rates, even if your credit score is poor now. It may take time to boost your credit score, but it’s definitely possible.

Give your credit score the amount of attention it deserves. It makes life a lot easier!

When you’re newly married, you’ll probably face some new challenges and might not feel that you’re ready for these new responsibilities. A lot of young couples don’t anticipate how different managing their finances can be once they get married.

It’s important to understand how merging your finances will impact the way you spend and manage money. There are common mistakes most couples make, and you can avoid some difficulties by being aware of these errors. 

These are the five most common money mistakes young couples make:

1. Not communicating about money. It’s crucial to talk about money and agree on how you wish to spend and save money as a couple. You’ll find yourselves fighting over money issues if you avoid this for too long or if one spouse isn’t upfront about money.
2. Failing to build your savings. You might feel that you’re not earning enough to save money, but most couples can find at least a little to save by cutting back on the more flexible expenses. Cover your bases and prepare for a brighter future by saving for these events: 
   • Starting a family. Going through a pregnancy and raising a baby is expensive!
   • When you’re ready to settle down, you’ll need a down payment to buy a home.
   • Children’s education. College is expensive and it is never too early to start 1saving.
   • Health expenses. Open a health savings account if you don’t have a comprehensive health insurance policy.
   • Retirement. Being young means you can take more risks when you invest and saving up early will help you retire more comfortably. It also gives your savings time to grow from the interest you’ll earn over many years.
3. Failing to effectively manage debts and credit cards. Some couples encounter challenges because one person wasn’t upfront about how deeply they’re in debt or because they use their credit card too often. Even though both spouses still have separate credit scores, both should be responsible for managing debt and credit: 
   • Set some goals and strategies to raise both your credit scores.
   • Decide what your credit cards should be used for and how much you can charge on them.
   • Make paying off your loans or outstanding credit card balances a priority.
4. Buying a house before you’re ready. You’ll see benefits in waiting until you’re financially stabile before purchasing a house. There are still some costly mistakes to avoid once you are ready to buy a home:
   • Buying a house that is too expensive to fix or maintain.
   • Applying for a mortgage you can’t afford.
   • Not making a down payment that is large enough to lower your mortgage.
   • Failing to take advantage of the help available to first-time buyers.
   • Buying a house before taking the time to raise your credit score.
5. Not looking for ways to strengthen your financial standing. You can set some financial goals and do your best to save money, but most young couples eventually need to find a way to earn a higher income to meet their goals.
   • You could, for instance, make some plans for your career, move to a city where you can get better jobs, or decide to go back to school.

If you think you’re making any of these mistakes, it’s a great time to schedule a money discussion. Make plans to bypass these mistakes and get started on the right track for a bright financial future together.

It’s possible to raise your credit score with some simple changes. Credit scores affect insurance rates, loan interest rates, and other important financial products. A higher score can lead to a brighter financial future.

Consider using these ideas to raise your credit score:

1. Piggyback on good credit histories. You can use a family member’s or friend’s good credit history to help you.
   • If you add yourself to an account in good standing, your credit score will go up.
   • Most credit cards allow users to add family members and distant relatives to their accounts.
   • You’ll be an authorized user on the account and able to make purchases and pay the bills.
2. Keep old accounts open. It’s important to keep older accounts like credit cards open because they influence credit scores. Credit scores can decrease if you close accounts.
   • Account age also matters. Scores are affected positively by older accounts because they show a history of maintaining credit.
   • Plus, these old accounts add to the amount of credit you have access to, thus lowering the percentage of available credit you’re using, which raises your score.
3. Set up auto-payments. Automatic payments are a convenient way to pay bills every month. They’re also an easy way to avoid a late payment and a fee. Auto-payments can help improve your credit score by preventing these issues
4. Pay credit card bills more than once a month. Credit scores rely on a debt utilization ratio. This ratio compares how much debt you have to the size of your credit limit.
   • One way to improve credit scores is to lower the debt utilization ratio.
   • Paying your credit card bills more than once a month can help you improve the score by decreasing the ratio. Extra payments lower your debt while increasing how much credit is available during the month.
5. Ask for good-will deletions. It’s possible to ask credit reporting agencies and lenders for good-will deletions. 
   • Late fees, late payments, or unpaid bills can affect credit scores. A good-will deletion is a request to remove these items based on a prior good history. This method works best if you’re a long-term customer with few issues.
6. Avoid pre-approved offers. The pre-approved offers that come in the mail usually require a credit check, and multiple credit checks affect your credit score by lowering it.
   • It’s also beneficial to avoid creating too many accounts. It’s easier to manage a smaller number, so you’re less likely to make mistakes.
7. Avoid new utility accounts. Utilities like gas, electricity, and phone services require credit checks that lower scores. It’s better to transfer utilities to a new address instead of opening new ones.
8. Remember library fines. Did you return all of your library books? Unpaid fines can decrease your credit score, and libraries can send unpaid bills to collection agencies
9. Avoid online quote comparisons. Online quotes for insurance or loans count as inquiries on your credit score. These credit checks affect the score each time you ask for a quote.
   • Getting quotes from multiple websites can lead to many credit checks. It’s best to narrow down the options before getting a quote, so your score isn’t affected.
10. Establish long-term credit. Instead of switching to a new company that promises lower rates for a few months, consider staying with the previous one.
    • Credit scores go up based on positive, long-term relationships with lenders.
    • It may be tempting to take the lower credit card offer from another company to move balances, but your score may suffer.

It’s possible to raise credit scores with several strategies. Careful planning is an important part of getting a higher score.