How Paying Your Credit Card Minimum Puts You in a Debt Spiral

Image: Ludde Lorentz on UnsplashIf you have a credit card, you should, theoretically, know how missing a payment or paying off less than your total balance each month can lead to a debt spiral. The interest rate on credit cards is very high compared to other financial products, and it compounds when you don’t pay…

The Difference Between Hard and Soft Credit Inquiries

Image: rawpixel on UnsplashIf you’ve received credit offer after offer in which you’re “pre-approved” for a certain product, you may wonder how the lender made their decision. The insurance/credit card/mortgage company likely made a “soft” credit inquiry into your report without your permission, allowing them a glimpse of your credit.Soft credit inquiryIn addition to those…

Follow This One-Size-Fits-All Financial Advice

One of the underlying principles of Lifehacker is that not every hack works for every person. This is especially true of money advice, because everyone’s individual situation and goals will vary dramatically from everyone else’s. You might overspend when using a credit card, for example, so advice on the best rewards card doesn’t work for…

Should You Get the Apple and Goldman Sachs Credit Card?

Photo: Drew Angerer/Getty ImagesApple and Goldman Sachs will launch a joint credit card this spring, the Wall Street Journal reports. The card is expected to be paired with new Apple Wallet features that will allow cardholders to “set spending goals, track their rewards and manage their balances.”The Journal reports that the card, which will use…