Americans’ total debt hit a new high of $13 trillion last year, and about 80% of Americans are in debt. Many of the 80% of Americans with debt are working to pay it off, but in the meantime, carrying debt can have a significant impact on their credit scores. A good credit score saves you tons of money, so any improvements you make while paying down your debt could make a big difference. When you’re creating a plan to pay down debt, you should consider what debt to pay down first to increase your credit score.
With the holiday spending season drawing near, many thrifty readers are already spotting sales and clipping coupons. Saving money for the future is probably the last thing on your mind. We’re here this week to put saving back on your radar. Here’s a few budgeting tips on where cutting your budget can save you the most.
If you already have a budget (and you’re sticking to it!) but are still struggling to save money, you may have budgeted more than you really need in a few categories. Think we’re going to tell you to cut out your coffee or avocado toast habits? Not quite.
To increase or not to increase your credit limit, that is the question. A higher credit limit means you’d be able to spend more on your credit card – what could be wrong with that? Before figuring out when and how to increase credit limit for your card, you should ask yourself first why you want to increase your credit limit. Your creditor will try to answer the same question.
3 reasons to ask for a higher limit (and 3 reasons to make you hit pause)
There are lots of reasons you might want a higher credit limit, but only a few really good, financially responsible reasons to ask. We’ll run you through good reasons to request a higher limit and the reasons you should press pause. Check them out, and take stock of where you’re at.
Welcome to the final week of the Debitize Summer Shape Up. Our goal at Debitize is to empower our users (and everyone) to take control of their financial health.
So for a quick recap, here are our top 3 takeaways for keeping the Summer Shape Up going all year long:
- Pay attention to the numbers (bank statements, budget, FICO score, interest rates, restaurant bills). By checking these numbers regularly, you will stay on top of where you are at financially, be able to see discrepancies, and have a powerful relationship with your accomplishments. Staying close to the numbers will show you how your financial health changes over time.
- Pay down your debt – you’d be amazed at how much power comes from getting your debt under control and it doesn’t have to be hard. Set challenges for yourself, do them with a friend. Give up eating out for a month, have a garage sale, pick up extra shifts.
- Keep educating yourself – when you know better, you do better, and there are so many amazing resources in the world. Start with this list of awesome books recommended by Warren Buffet, Bill Gates, and a couple of other guys who are amazing with money.
It may have seemed impossible at times, but you’ve finally done it – you’re debt free! There’s a lot of advice out there about how to get to this point. You’ve budgeted, you’ve actually stuck to your budget, and you’ve cut back on things you thought you couldn’t go without. Now that you’ve achieved your goal and are finally debt free, what’s next?
Helping you grow and improve your financial game – that’s our focus at Debitize. That’s why we’re super excited to announce two big steps forward today:
- The release of Debitize 2.0, our new and improved iOS app – on Product Hunt today!
- Our acquisition of Debx
Debitize iOS App: Version 2.0
As many of you have already experienced, Debitize 2.0 gives you more info and control, right on your phone. The new dashboard shows how much cash you have available (after covering your credit card purchases, of course!). Now, it also shows which of your credit card transactions have already been “Debitized”.
You have access to your key settings, and can easily manage Credit Optimizer, Debitize’s weekly bill payment service, right on the app! Taking control of your credit cards has never been easier.
Debitize on Product Hunt!
We’re also launching our app on Product Hunt today! Please check us out on Product Hunt and join the conversation. Debitize is hoping to reach the top 5 products on Product Hunt today, so take a look and share your Debitize experience to help us reach our goal!
Next up – our acquisition of Debx. We’re thrilled to welcome Debx users to our platform! We’ll be working with our new adviser, Debx CEO Ben Psillas, to keep improving Debitize’s service.
At Debitize, we plan to use the momentum to keep helping you crush your credit card goals, improve your credit scores, and cash in on more rewards! Want to help us get there? First, keep doing what you’re doing – using Debitize, and referring your friends and family.
Next, check us out on Product Hunt! If we can hit our goal of reaching the top 5 products today, Debitize will be included in the site’s daily email. This gives more people the chance to join you all in the Debitize community!
We’re excited about this opportunity to keep growing the Debitize community – hope to see you all over on Product Hunt today!
Over 60% of Americans aren’t sure what a credit score is. Only about 30% of Americans check their credit score more than once a year, and most people aren’t sure how a credit score is calculated or what they should do to improve it. With all of the conflicting advice and information out there about credit scores, it can be hard to know for sure – does credit score matter?
Now that you’ve mastered how to approach spending and some key basics and terms, it’s time to make your first credit card payment. There are tons of “right” ways to pay your bills, but there are also a few ways of paying your card that you’ll want to be sure to avoid. We’re here to make sure you avoid those pitfalls and keep stepping up your financial game.
Week 7 is all about increasing your income.
- Sell, Sell, Sell
Your extra stuff – Ebay, Craigslist, Pawn Shops, Facebook – there are lots of ways to get cash for the things you don’t want or use. Feeling extra creative? Sell your wares on sites like etsy.com. Have too many clothes, check out poshmark.com.
- Drive for Uber or Lyft
Work when you want, whenever you want. Some weeks you can make an extra $500 just by signing up.
- Have a spare room?
AirBnB is your best friend.
- Get a part-time job
You can kiss your social life goodbye, but it’s certainly a more guaranteed additional stream of income. Websites like Fivver and Upwork allow you to offer skills on a freelance basis.
- Puppy walking
Pretty much anyone can walk dogs – good for you, good for them, puppies and cash? It’s the perfect side hustle, now get busy making that flyer so you can make some extra $$!
When you get your first credit card, it feels a little bit like free money. You get to go shopping (even if it’s just for groceries!) without seeing the money fly out your checking account. While this feels fun in the moment, unfortunately you do still have to pay for this stuff later. Especially with your first credit card, you’ll have a smaller credit limit, so it probably won’t take too many grocery trips or gas tank fill-ups to bring you close to your credit limit. Following these tips for your first credit card will help you stay financially responsible without being too nervous to actually use your new card.