When it comes to managing your finances, there are options beyond traditional banks—credit unions. Credit unions are financial institutions that offer similar services but operate differently than banks.
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A credit card can be a valuable financial tool. When used responsibly, credit cards can help you build strong credit and earn rewards, like cash back, travel benefits, and more. And the more you use the card, the more chance you have to earn those perks. But—like any financial tool—a credit card only truly has benefits if you are smart about how you use it and only spend what you can afford. That is why it may make sense to use a credit card for daily expenses—items you already have allotted in your budget that you can pay off promptly. Consider the pros and cons of using your credit card for daily expenses before you tap or swipe.
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Buying a home is one of the most significant financial transactions you will make in your lifetime. While preparing to purchase a house is exciting, it’s understandable to feel a bit overwhelmed (especially as a first-time buyer).
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Equity in your home is a unique financial advantage that can offer an affordable way to fund a wide range of other life milestones, including home renovations, emergency expenses, debt consolidation, weddings, higher education, and more. Home equity loans—like a home equity loan (HELOAN) or home equity line of credit (HELOC)—leverage the value in your home to provide you with flexible funds for other needs.
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Credit cards have many benefits: They can be a great way to help you build your credit, they are convenient, and with some cards you are able to earn rewards or cash back. But credit cards can cause financial trouble if you are not mindful of spending and interest.
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Beginning to build good credit early is important, but it is even more important to build it responsibly. As early as 18, you may start to receive credit card offers. Understanding all the details before you decide to open one will help you manage it responsibly and benefit your overall financial health. Keep these six considerations in mind when deciding to apply for your first credit card.
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