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The Difference between Secured and Unsecured Debt and Which You Should Pay First


There are two general categories of debt: unsecured debt and secured debt. The difference is very important. Knowing the difference will help you recognize each type of debt and develop a smart debt repayment strategy when you have both secured and unsecured debts. Here is a closer look. Debt is secured when the creditor takes a “security interest” in collateral. That sounds confusing, but the concept is very simple. For some types of debt, creditors want to be sure that they can get their money back without too much trouble if you do not pay them. 

Do you need good credit to start a business?


A lot of time, effort, and energy go into starting a business. Typically, you have to map out a business plan, prepare a variety of business and legal documents, and maybe even hire other people. This can take a lot of planning and careful consideration. In addition to these steps, you also want to set up your business for financial success. An important question you may be asking yourself at the outset of this new venture is “Do I need good credit to start a business?” The technical answer is “no.” You can start a business without good credit. 

Five Financial Thoughts for Labor Day in the Wild Year of 2020


So far, 2020 has been quite a wild year—and most would agree that is an understatement! With so many unprecedented events, at times this year has felt like complete chaos. Yet, here we are. Labor Day—the unofficial end of summer—is upon us. This is as good of a time as any to take a quick inventory of where you stand financially. Assess the impacts 2020 has had on your finances thus far and set your goals for the future. Here are some questions to help you think about how to move forward from here.

NFCC Financial Facts Chat with Apprisen

Tips for renters and resources available at nonprofit credit counseling agencies to help those struggling financially from COVID-19.

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NFCC in the News 📰

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Lessons learned from someone who paid off nearly $100,000 in student loan debt

student loans lessons

If you’re someone who has student loans, you certainly aren’t alone. Some 42 million Americans (one in six adults) carry a federal student loan. Collectively, these borrowers hold over $1.6 trillion in student debt. Yet it’s no secret that a college degree puts you on track to earn more over the course of your career. According to various sources, that amount can range on average from 45.4% to more than 60% higher earnings compared to someone with a high school diploma.

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Newsletter - 09/01/2020

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