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What Is a Credit Freeze, and Should I Do It?

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However, knowing what a credit freeze is and taking advantage of it can help protect you and your finances. When you freeze your credit, it keeps sensitive data in your credit files from being accessed without your permission. If you don’t want to freeze your credit completely, consider setting up fraud alerts instead.

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Lessons From Past Recessions

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For anyone who lived through the fear and uncertainty of the 2008 financial crisis, hearing ‘recession’ from news anchors and pundits can bring up anxiety and fear. The most recent recession was in 2020 and only lasted a couple of months, whereas the 2008 recession lasted about 18 months. Beef up your emergency fund.

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7 Apps to Teach Kids About Money

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The days of working hard to earn a buck aren’t exactly gone, but the personal finance landscape is certainly more complicated now than it was a few decades ago. Budgeting and building credit are only the beginning—you also have student loans, mortgage rates and maybe even cryptocurrency and non-fungible tokens (NFTs).

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How to Protect Yourself from Online Scams

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The FBI’s 2020 Internet Crime Report states that there were 300,000 more internet crimes (phishing, non-payment/non-delivery scams or extortion) complaints in 2020 than in 2019. Keep your devices up to date. Check your credit report quarterly. Review your report frequently for any odd transactions or fraudulent postings.

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How to Prepare for a Recession

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Talk of a recession might have some people remembering the fear and hardships of the Great Recession in 2008, or even the disruption of the COVID-19 recession in 2020 , which lasted only two months. One of the best things you can do to prepare for any financial downturn is to pay off your credit card or other high-interest debt.

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Rent vs. Buy: What’s the Right Decision for You?

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For example, 84% of respondents in a 2020 survey from personal finance site NerdWallet said buying a home is a priority. They didn’t have the income or credit to buy and struggled with student loan and credit card debt, so it was harder to save for a down payment.”. Buying a home isn’t a one-way bet,” he says.

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5 Best Tax Practices for the Worried Virtual Assistant

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But I made the decision alone, without reaching out to anyone smarter about business finances than I was, because I was ashamed that I didn’t know the answers and couldn’t understand the information I was finding on my own. What led up to the decision was that I needed better cash flow. But then, it all caught up with me.