A new hurdle awaits many younger consumers who already find it challenging to build a credit history and become good borrowing risks. It’s called FICO Score 10 Suite, an update to the credit scoring algorithms created by Fair Isaac Corp. that are widely used by credit card issuers and other lenders. It is scheduled to
The most valuable of my mother’s assets was her home — a modest, 1,225 square-foot bungalow on Chicago’s south side with three bedrooms, a single bath, a large backyard, and a one-car garage. My mother bought the house in 1986 for $55,000, the equivalent of $123,000 today. She paid off the mortgage in 2011, which
Typical financial advice begins with the adage, “Pay yourself first.” It refers to the wisdom of saving a minimum of 10% of your income before taking care of any other obligations. You may have also heard that you should build and keep an emergency fund of at least six months of cash reserves in case
According to a survey from the National Association for Business Economics of more than 200 economists, 72% of respondents expect a recession to hit the US by the end of 2021. The last major recession — which lasted from December 2007 to June 2009 — brought with it an increase in layoffs and a huge dive in
Being a stay-at-home parent isn’t easy. Even if you’re great with money, you may still need to do some extra planning and work before your family is truly ready to live on one income. There’s a lot to consider financially in this situation, from the costs of losing one salary to the costs of childcare.
Ah, Groundhog Day. The day each year we find out if spring will arrive early…or if there will be six more weeks of winter. But, instead of celebrating our favorite rodent this year, we decided to pay homage to Groundhog Day the movie, starring Evanston’s own Bill Murray. For those unfamiliar with the 1993 comedy,