Three Big Money Mistakes People Make

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  • No one wants to be in financial trouble but it happens so easily. All it takes is one or two bad decisions and suddenly you’re writing checks that bounce, the bank is foreclosing on your house, and your life is falling apart. Here are the three biggest money mistakes to avoid and what to do if they happen to you.

     

     

    Student Loans

    More than good grades, student loans are the gateway to higher education for most Americans. Here’s the catch: the debt you rack up for school can’t be discharged it in a bankruptcy, so no matter how broke you get, you still have to pay for it. Also, it isn’t clear from the start how high your monthly payments will be on this loan. Or if college will mean a high paying job. Sorry, new grads.

    Credit Score Ignorance

    People who rack up a lot of credit card debt probably aren’t aware that they have a miserable looking credit score that is getting uglier with each missed payment. This kind of ignorance can really make them suffer when they try to pay for a car or house.

    Spending Instead of Saving

    When people have extra money they usually want to do something fun with it. They spend it. When a crisis rolls around like a major home repair or a health emergency, they don’t have any money in the bank to fall back on. Don’t let it happen to you.

    What to do if you’re in financial trouble

    If you do get caught by an emergency and need to get a hold of some cash fast to pay the bills, LoanSolo can help you. It’s the easiest way to get the liquidity back into your bank account. All it takes is a few steps:

    • Filling out a simple application online
    • Waiting just a few minutes for approval
    • Watching the funds roll into your bank account the next business day

    Even if you have a bad credit score LoanSolo can help. It’s safe too, with 256-bit SSL encryption technology. It may make the difference between being able to pay for an emergency and making another money mistake.

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    Sophie Wolfson

    Sophie Wolfson is the main contributor to the informative FinanceNow podcast As well as Director at ReFinanceMe, a privately held company that provides smart loan advisory services for its vast number of clients. Sophie has helped thousands of people design and manage their loan programs more effectively through her enormous experience in the field of personal finance, insurance, loans and mortgages. Her articles on TheMoneyExpert will give you important insights on how to manage your debt more effectively, potentially saving you thousands of dollars.

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