Recession, in simple terms, is a significant, widespread contraction in economic activity over a period of time. In my adulthood, I’ve experienced three recessions: the “dot-com bust”, the Great Recession, and the COVID-19 pandemic-induced recession. Of these, the Great Recession, which spanned from December 2007…
The Truth about Debt Relief Company: Helpful or Harmful?
With nearly two decades managing collection strategy for a leading credit card company, I’ve witnessed many economic booms and busts. Riding along these economic waves emerged an industry targeting financially distressed customers with a utopian promise: becoming debt-free. Debt relief companies first put down their…
Mastering Our Financial Destiny: The Impact of Credit Scores
In school, we get graded all the time. Let’s say if we habitually turn in our homework for Social Science late, we know we are unlikely to get an A+ on the subject. Guess what? Grades matter too even after we put our school years…
Credit Card Company’s True Love: APR
Long gone are the days people paid with cash. Nowadays, we shop online. We buy groceries, get movie tickets, pick up takeout, and pamper ourselves with a serious dose of retail therapy by tapping our phones or smart watches at checkout. Such conveniences are all…
In Credit Card Debt… Now What?
Credit card debt is a big problem in the U.S. How big is it, exactly? According to the results released by the Federal Reserve Bank of New York, our total credit card debt hit $1.129 trillion at the end of 2023. Yes, that’s right: in…