Pacific Debt Blog

The 5 Main Credit Score Factors You Need To Know

The 5 Main Credit Score Factors You Need To Know

Your credit score and credit report can open doors or slam them shut when you are looking for loans, mortgages, apartments, or even jobs. It is a way to measure whether or not you are a security and financial risk and will repay the money in a timely fashion. We’ve talked a lot about checking your credit score, improving your credit score, and disputing incorrect information. In this blog, let’s take a look at what affects your credit score.  What Affects Your Credit Score? FICO and VantageScore are the two credit scoring companies that determine your score and report it […]

How to Cancel a Credit Card the Correct Way

How to Cancel a Credit Card the Correct Way

If you are finished with a credit card, you just cut it up and throw it away, right? Not exactly. First, you need to determine if you really want to cancel the card. There can be a negative effect on your credit score if you are not careful. Let’s take a look at the pros and cons of canceling a credit card and then the correct way to go about it so your credit score is not affected. Why Cancel a Credit Card? There are three main reason s that closing a credit card might be the best choice for […]

The True Cost of Minimum Credit Card Payments

The True Cost of Minimum Credit Card Payments

The True Cost of Minimum Credit Card Payments If you carry a credit card balance, you know that the statement lists a minimum payment. There is also a number that represents how long it will take you to pay off the card (providing you never use it again) just making minimum payments. Exactly what are the minimum payments and how much will using that option cost you? What is the Minimum Payment? The minimum payment is usually a percentage of your credit card balance plus any penalties you’ve earned. Each card calculates the minimum payment amount differently, but the percentage […]

Cut These 8 Things From Your Budget for a Significant Savings

Cut These 8 Things From Your Budget for Significant Savings

If you want to cut some items out of your budget, what should be the first things to go? Check out this list of items to cut from your budget in order to get your spending under control and have cash left over to pay bills and even save a bit for the occasional splurge or emergency. Less Eating Out Who doesn’t like to go to a restaurant or grab a bite to eat. It saves time. What it won’t save is money (or your calories). The average American in 2019 spent $200 a month on restaurant dining, $175 on […]

Cash or Credit - Which One Should You Be Using

Cash or Credit – Which One Should You Be Using?

Digital payments are easier and more convenient to use than ever before. Like other popular consumer items such as Kleenex or Coke, the noun has either become a verb – “Venmo Me” or a catchall term for items in the same category. However, cash is still the most popular means of paying for purchases and bills across all ages and demographics. People under 18 or who are unbanked carry cash as do Boomers and older generations. Even Millennials who embrace technology still use cash over other forms of payments. This trend is expected to change over time, but for now, […]

Which States Offer Extra Unemployment Money

Which States Offer Extra Unemployment Money?

In response to the Covid-19 pandemic, many unemployed workers received $600 a week in unemployment through the Coronavirus Aid, Relief and Economic Security (CARES) Act. This act, however, expired on July 31, 2020, and Senate Leader Mitch McConnel has refused to consider the House HEROS Act that would have extended unemployment payments. Lost Wages Assistance (LWA) Program In early August, the Federal Emergency Management Administration (FEMA) was given permission to spend $44 billion from the Disaster Relief Fund to help unemployed workers. Workers may receive $300 a week from August 1, 2020, for as long as funds last or December […]

Holiday Credit Card Hacks That Will Save You Money

Holiday Credit Card Hacks That Will Save You Money

The holiday season – Christmas, Hanukkah, Kwanzaa and a myriad of other celebrations are just around the corner. Gift giving is a large part of these holidays and it is very easy to go into debt making certain that everybody on your list has the perfect present. Marketing teams have made huge efforts to equate love with money and gifts. In these uncertain times, spending money at a rapid pace and building up debt to “prove” you love someone might be a bad idea and can lead to more financial heartache and stress. Careful use of credit cards can help […]

How To Do A Credit Card Balance Transfer

How To Do A Credit Card Balance Transfer

If you’ve got one of those 0% APR balance transfer offers show up in your mailbox, you may be wondering how it works. It’s really simple. Just fill out the check with your balance amount and send it in. The credit card company will do the rest. The hard part is deciding if you should do a balance transfer and if your credit score and utilization score are good enough. If you are one of the millions of Americans with credit card debt it may seem like a great idea to pay down your debt at a fast rate and […]

10 Reasons to Use Your Credit Card More Often

10 Reasons to Use Your Credit Card More Often

Credit cards can sometimes be seen as dangerous. They are extremely convenient and very easy to use but can lead to a lifetime of debt if you’re not careful. In reality, credit cards can be very beneficial and can help you build a solid credit rating. Let’s look at 10 reasons why you should use a credit card. Build Your CreditUsing and paying off your credit card (or at least paying it on time) will help show that you are a responsible user. Keeping your revolving balance low or zero will improve your credit utilization ratio. All this will reflect […]

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