‘Tis the season for holiday shopping, baking, and spending time with friends and family! As you’re preparing to go gift shopping for your friends and loved ones, a budget probably isn’t the first thing on your mind. While the holiday tradition of gift shopping is wonderful, it can also leave a painful amount of debt on your credit cards – leaving you stressed and unable to catch up on payments. It’s important to remain realistic about your financial expectations and set limits for yourself to prevent over-spending. Read on →

Unfortunately, bankruptcy has earned a less than popular reputation, and people are afraid to file for bankruptcy with the impression that they’ll lose everything if they do. Bankruptcy doesn’t just happen as a result of maxing out credit cards – sometimes circumstances in life, such as medical bills, put people in an overwhelming amount of debt. Instead of a loss, however, bankruptcy should be seen as an opportunity to start fresh! Read on →

Has a medical crisis affected your family? Health issues can arise out of nowhere, and although many people have health insurance, medical bills can become quickly unmanageable. According to the Consumer Financial Protection Bureau, medical bills and medical debt is a problem for 1 out of 5 U.S. citizens. If you or someone you know is swimming in medical debt, try getting some relief with these tips: Speak with us first. Read on →

Unfortunately for many people, the word “bankruptcy” evokes negative emotions. When a person has an overwhelming amount of debt and is unable to make necessary payments, they don’t want to consider bankruptcy as an option due to its bad reputation. People need to educate themselves, however, on the positive aspects of bankruptcy, and how it can help them receive the fresh start they need. Bankruptcy has the power to eliminate debts and lower payments, and it doesn’t have to mean you lose any of your belongings in the process. Read on →

Few people really enjoy creating—and perhaps sticking to—a budget, yet it is one exercise that everyone can benefit from completing. Furthermore, there are few things that feel as good and empowering as sticking to your financial plan. At Richard Banks and Associates, we want to see you get free from the burden of debt and stressful collection calls. And as uninteresting as it may seem, one of the best ways we can guide you to freedom is to encourage you to create a budget every time you receive an income payment. Read on →

When you feel like your debt is drowning you, it’s painful to put your hard-earned money towards repeatedly high monthly bills. One of the biggest challenges during this time is learning how to save money to contribute to your debts, and even if you’re saving a few cents on each bill, everything adds up over time. By cutting costs and learning to be energy-efficient, you could potentially save hundreds or even thousands of dollars annually. Read on →

Is your credit card completely paid off? According to the Federal Reserve and other studies conducted in 2015, the average American household now owes $7,281 in credit card debt. That represents credit cards alone – and doesn’t include student loan debt, car debt, or mortgage debt. Credit card balances are continually on the rise, so what are you doing about it? Here are some important things that you should keep in mind in regards to credit card debt and your emergency savings account: Read on →

Saving money can sometimes seem like a daunting task, especially when you feel like you don’t have the ability to save much. Regardless of how much money you’re making, it is possible to gradually add to a savings account! Whether it is five dollars a week or five hundred, saving money is a must. Think saving is impossible? Here are a few small ways you can add to a savings account to build a safety net for you and your family: Read on →

We briefly discussed in a previous post a few of the good credit habits that you should establish, but it’s also important to point out the bad habits! There are several things that you could be doing that are seriously damaging your overall credit score. If you are a recent college graduate, you may not have a lot of credit built up, so it’s important to start establishing good credit habits now! Read on →

Is your credit card completely paid off? According to the Federal Reserve and other studies conducted in 2015, the average American household now owes $7,281 in credit card debt. That represents credit cards alone – and doesn’t include student loan debt, car debt, or mortgage debt. Credit card balances are continually on the rise, so what are you doing about it? Here are some important things that you should keep in mind in regards to credit card debt and your emergency savings account: Read on →