Credit & Borrowing | Financial Wellness Programs | Financial Coaching | Virginia Beach

What is a payday loan—and why should you avoid one?

Written by Karlie Moses on March 31, 2025. Posted in Credit & Borrowing.

Learn Login to MyFinFit FinFit Learn | Credit & Borrowing What is a payday loan—and why should you avoid one? When unexpected expenses arise, it can be tempting to turn to payday loans for quick cash. But while payday loans may seem like an easy solution, they often lead to a cycle of high-interest debt that’s difficult to escape. Understanding how payday loans work, and the risks involved, can help you make better financial decisions and...

3 Ways your living arrangements can impact your credit score

Written by Karlie Moses on March 31, 2025. Posted in Credit & Borrowing.

Learn Login to MyFinFit FinFit Learn | Credit & Borrowing 3 Ways your living arrangements can impact your credit score Your credit score is affected by more than just your spending habits and bill payments, it can also be influenced by your living arrangements. Whether you live alone, with a partner, or with roommates, it’s important to understand how your housing situation can impact your financial health. Here’s what you need to know. ...

6 simple mistakes that might be keeping you in debt (and how to fix them)

Written by Karlie Moses on January 27, 2025. Posted in Credit & Borrowing.

Learn Login to MyFinFit FinFit Learn | Credit & Borrowing 6 simple mistakes that might be keeping you in debt (and how to fix them) 1. Ignoring your credit report Your credit score plays a major role in determining the interest rates you pay on loans and credit cards. A lower score can mean higher rates, making it harder to pay off debt. Many people don’t realize how much of an impact their credit report has—or that errors or missed payments can drag...

5 Common credit and debt mistakes (and how to avoid them)

Written by Karlie Moses on December 30, 2024. Posted in Credit & Borrowing.

Learn Login to MyFinFit FinFit Learn | Credit & Borrowing 5 Common credit and debt mistakes (and how to avoid them) Having easy access to credit can be a lifesaver, but managing it wisely is key to staying financially healthy. Borrowing money isn’t inherently bad—credit cards can help with cash flow, and mortgages make homeownership possible for most people. However, mismanaging credit can lead to long-term financial issues. Here are five common...

APRs: jargon myth busting

Written by Karlie Moses on December 2, 2024. Posted in Credit & Borrowing.

Learn Login to MyFinFit FinFit Learn | Credit & Borrowing APRs: jargon myth busting When you think about banks and borrowing money, many of us automatically picture a maze of financial jargon. Not understanding these terms when you need to borrow can really cost you. So, what does it all mean? What is APR? APR, or Annual Percentage Rate, represents the yearly cost of your loan as a percentage, including interest and standard fees. For example,...

Your Ultimate Guide to Great Credit

Written by Karlie Moses on October 17, 2024. Posted in Credit & Borrowing.

Learn Login to MyFinFit FinFit Learn | Credit & Borrowing Your Ultimate Guide to Great Credit When it comes to your financial life, few things are more important than your credit. A good credit history can help you save money when borrowing what you need for things like buying your first home, purchasing a car, or taking care of unexpected expenses. On the other hand, poor credit can make it diffcult to borrow money in the first place, and...

Buy Now, Pay Later – Friend or foe?

Written by Karlie Moses on September 12, 2024. Posted in Credit & Borrowing.

Learn Login to MyFinFit FinFit Learn | Credit & Borrowing Buy Now, Pay Later – Friend or foe? Whether you buy things in a physical shop or online, chances are you’ve been offered the ability to spread the payment of the purchase by way of smaller payments over several weeks or months. This is known as Buy Now, Pay Later, or BNPL for short. Making it easier to spend? With BNPL a third-party financing company is effectively loaning you money to...

Credit cards: the pros and cons

Written by Karlie Moses on September 12, 2024. Posted in Credit & Borrowing.

Learn Login to MyFinFit FinFit Learn | Credit & Borrowing Credit cards: the pros and cons If you’re considering taking out a credit card, but you’re not sure if it’s the right option, this blog may be able to help you understand what benefits they can provide – but also what downsides there are to be aware of. How can I use a credit card to my benefit? Some of the advantages of a credit card are: Spreading purchases out: If you need to...

How to deal with your debt when it gets out of hand

Written by Karlie Moses on September 6, 2024. Posted in Credit & Borrowing.

Learn Login to MyFinFit FinFit Learn | Credit & Borrowing How to deal with your debt when it gets out of hand It’s easy to accumulate debt. Credit cards, store cars, car loans and overdrafts. Before you know it, your non-mortgage debt can creep up to a scary amount. It’s easy to feel silly, overwhelmed or embarrassed about debt. But the simple fact is as humans we aren’t wired to be naturally good with money. Our brain has developed at a much...

What’s an interest rate – and what do you need to consider?

Written by Karlie Moses on September 6, 2024. Posted in Credit & Borrowing.

Learn Login to MyFinFit FinFit Learn | Credit & Borrowing What’s an interest rate – and what do you need to consider? Interest rates are everywhere when it comes to borrowing money – it’s hard to escape those % signs. But when it comes down to the detail, how many of us can really say we understand what an interest is and what it means? If you’re not sure, read on… What is an interest rate? Interest is the cost of borrowing...