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NFCC Blog

Debt Consolidation vs. Debt Settlement vs. Debt Management Program

What is Debt Consolidation? Debt consolidation typically involves getting a lower interest loan to pay off multiple high interest secured or unsecured debts, such as credit cards or payday loans. The consolidation loan is generally secured against the borrower’s assets such as a home or a car.  Because credit card debts have such high interest rates, even an unsecured consolidation loan can significantly reduce the borrower’s monthly payment. For some this …Read More

Tax Reform: How It May Impact Your Business

Typically, the first few months of the year are the perfect time to gather financial statements and receipts to prepare for tax season, and to prepare for the year ahead. However, with the passage of the Tax Cuts and Jobs Act (TCJA) in late December, many business owners—big and small—may find themselves caught off guard. The changes, which impact all U.S. taxpayers, are numerous and even the tax professionals are …Read More

Ask an Expert: Will closing a credit card improve my score?

Dear reader, While closing a credit card may seem like a good way to improve your score, it could actually have the opposite effect. When you look at the factors that influence your credit score, the most important ones are the payment history (which accounts for 35% of your score) and the credit utilization ratio (30%), followed by the length of your credit history (15%), and your credit mix and …Read More

Equally Important: Personal and Business Finances

Success as a small business owner comes from treating your business like the bigger business you want it to become. That means making it clear to potential customers, vendors, bankers and especially the IRS that you are a businessperson who has turned your dream of owning a company into reality. This difference in how you are perceived not only helps you negotiate better deals—it also makes a big difference at …Read More

Start Handling Your Student Loan Repayment in 4 Steps

Student loan repayment can be overwhelming. It may be tempting to “think about it later” or stop paying on your loans when the budget gets tight. As much as you might be tempted to pretend that the problem doesn’t exist, ignoring your student loan payments or letting them go into default status can have serious consequences.  Potential consequences of defaulting on your student loans may include: Wage, tax and/or social …Read More

Ask an Expert: Should I try to move a negative mark on my credit report to my business credit report?

Q: Should I try to move a negative mark on my credit report to my business credit report? Dear reader, Small business experts always recommend separating business from personal finances so you don’t have to rely on personal credit to finance your business. Also, keeping them separate can help you prevent business liabilities affecting your personal life. Still, this can be tricky to do for small business owners. As you’ve experienced, …Read More

Holiday Debt Traps

Although we may wish otherwise, the fact is many things in life are rarely as good as they seem to be at first glance. In many cases, when you investigate the fine print, “free” is hardly ever really free, “deals” are usually anything but, and “guarantees” tend to have an awful lot of prerequisites or exclusions. As the holiday shopping season gets into full swing and our pocketbooks are flying …Read More

Ask An Expert: What is a credit report and how do I read it?

Dear reader, we all know that credit reports are important. But not many people know what reports look like or how to read the information on them. Understanding a credit report is easier than it seems if you know what to expect when you review your report. Your credit reports are generated by the credit bureaus or consumer reporting agencies, each containing detailed data about your credit behavior. This data …Read More

The Ultimate Guide to A Budget Vacation

Budget Travel Hacks to Stretch your Vacation Dollar Staycation is an Option That might not sound exciting but it’s often the cheapest option because there are no travel or flight costs and no accommodation costs. But don’t just sit at home. The trick is to do activities that you wouldn’t normally do. For example, most people haven’t been to their own town’s tourist attractions since they were on grade school …Read More

Ask An Expert: What are the credit bureaus?

The credit bureaus are agencies that collect, keep, and maintain consumer’s financial information. They also share and distribute this information in the form of credit reports. There are several credit bureaus or consumer reporting agencies in the U.S., but the most well-known are Equifax, Experian, and TransUnion. These agencies collect and receive information from credit card companies, lenders, collection agencies, and other businesses who have pre-arranged business relations with them. …Read More