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January 4, 2024
By
The Admiral Staff
A parent struggling with $18,000 in student loan debt co-signed for their 19-year-old college dropout daughter, who refuses to make minimum payments despite having a job. The financial advice columnist suggests requiring automatic transfers to the parent’s bank account as a condition of living at home, aiming to pay off the balance while the daughter resides with them. Other options include leveraging assets like a car, reminding the daughter of legal responsibility (if co-signed), exploring
January 3, 2024
By
The Admiral Staff
Paying off debt can sometimes cause a temporary drop in your credit score, despite seeming like a positive action. This can happen for several reasons: reducing your overall credit limit, lowering your average credit age, changing your credit mix (like eliminating installment loans), or other factors like late payments or increased balances on other accounts. While frustrating, these dips are usually short-term, typically recovering within a few months, and shouldn’t deter you from paying off debt. Lenders consider multiple factors, including your
December 14, 2023
By
The Admiral Staff
This article reviews Barclays Bank, highlighting its strengths as an online savings platform. Barclays offers high-yield savings accounts and certificates of deposit (CDs) with no fees or minimums, and competitive interest rates. While it provides premium rewards credit cards and personal loans (by invitation only), it *doesn’t* offer checking accounts, business banking, or mortgages/auto loans. Barclays has limited physical branches in the U.S. but provides customer service via phone and a mobile app. Overall,
December 13, 2023
By
The Admiral Staff
If you’re struggling to build credit due to past issues or lack of history, it’s possible to improve your standing. First, review your credit reports for errors and dispute any inaccuracies. Then, consider these strategies: open a secured credit card (using a small deposit as your credit limit), obtain a credit builder loan (where payments build credit before you receive the funds), utilize a rent reporting service, find a co-signer with good credit, or become an authorized user on someone else’
December 10, 2023
By
The Admiral Staff
A man is concerned about his wife’s plan to seize her friend’s business as collateral for a loan, potentially damaging their friendship. The agreement, notarized but potentially predatory, involves the friend’s business and possible employment for the friend if the debt isn’t repaid. An attorney suggests the agreement might be enforceable, though the notary’s role is limited to verifying identities, and predatory lending laws vary by state. The writer expresses distrust of his wife, noting a history of withholding information
