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How Compound Interest and Simple Interest Rates Work

This simple, easy comparison of compound versus simple interest rates includes two tips for maximizing the benefits of compound interest. Financial expert and author Adam Goodman also describes two surprising facts about compound interest…

Before the tips, a quip:

“Many of the biggest and most far-reaching investments we make in our lives are investments that have little or nothing to do with money.” – Daniel Quinn.

That said, most of us do invest our money in something – whether it’s our home mortgage, 401K or RRSPs, or mutual funds. For solid financial advice, click on The Total Money Makeover: A Proven Plan for Financial Fitness by Dave Ramsey. And, read on for Adam Goodman’s description of compound and simple interest, and how interest rates affect investment decisions.Read More »How Compound Interest and Simple Interest Rates Work

Keep Your Credit Rating Good – Avoid These Common Credit Card Mistakes

You want to keep your credit rating good so you can get home mortgage loans and better interest rates! Here’s how to avoid two common mistakes that destroy your credit rating, from Chris Scully, financial expert and president of CarePlus Financial.

Before the tips, Scully describes how long it takes to rebuild your credit:

“According to the Fair Credit Reporting Act, the credit bureaus may retain derogatory information on your credit report for up to seven years,” says Scully. “Bankruptcies can stay on your credit report for up to 10 years and things like unpaid tax liens and unsatisfied judgments can stay on indefinitely until they are paid.”

But, this doesn’t mean that you’ll have “bad credit” for 7-10 years!  The amount of impact reduces as time passes; Scully has seen people with acceptable credit scores 2-3 years after starting to rebuild their finances. Every situation is different. Read Credit Repair Kit For Dummies for more information on rebuilding your credit after debt, and read to learn how to avoid two common mistakes that destroy your credit rating…Read More »Keep Your Credit Rating Good – Avoid These Common Credit Card Mistakes