Symple Lending

  Your credit card's minimum payment is the smallest amount you can pay without being considered late-paying. When your income is a little too short for all your bills on occasion, having this minimum to fall back on can seem like a lifesaver. However, there are risks lurking inside this apparent benefit; you need to know what paying the minimum really means if you're going to avoid the pitfalls. Why You Might Need the Minimum Sometimes There may be circumstances that make it necessary for you to pay just the minimum on your credit balance. Suppose you suddenly lost your job or had a major medical expense that took a big bite out of your savings. It's understandable you might need to temporarily fall back on the minimum payment. If money is extra-tight as your credit card due date approaches, the minimum can allow you to make an acceptable payment on time. This saves your account from being hit by late fees and keeps your account active. While your credit score can be harme...

  Americans are struggling to stay afloat as inflation-generated waves widen the gap between their take-home pay and the costs of goods. Many argue that these aren’t regular waves, as they bear an eerie resemblance to tsunamis. Inflation hit a 40-year high in June 2022, injecting anxiety into the lives of most American families. Navigating the raging waters is not only causing headaches for people, but it’s also forcing them to make drastic changes in how they live. With each upward tick of inflation, the standard of living takes another tumble. Since wages aren’t keeping pace with the skyrocketing costs of food, gas, and utility services, average consumers have hit the brakes on discretionary spending. According to data crunches, U.S. households are spending an extra $350 to $500 each month to purchase the same goods and services compared to one year ago.   Tightening Belts to Combat Inflation When asked about their level of satisfaction with their families’ financial c...

  Whether you’re 25 or 55, at the start of your career or toward the end, it’s never too early or too late to start planning for your retirement. Financial security in retirement isn’t a given, yet fewer than half of Americans have calculated how much they will need for their golden years — and even fewer have taken steps to plan for them. While retirement planning can be overwhelming, it’s necessary if you hope to enjoy a financially secure, happy and fulfilling future. We spoke with a credit specialist at Symple Lending and they had some simple steps to start planning your path to retirement today. Plan Out the Logistics of Retirement In today’s day and age, retirement looks different for everyone. Whereas once upon a time, most people retired between the ages of 55 and 60, today’s retirement age varies drastically and depends on everything from the age one started his or her career to location to average annual earnings. For instance, though the average retirement age across al...

As you may well know, carrying a balance on your credit cards from month to month is a huge no-no. Yet, despite this knowledge, you may live with outstanding obligations across one or several accounts. If this is the case, you are not alone. Americans are in debt. According to recent reports, outstanding credit card balances soared past $1.1 trillion at the start of Summer 2022 — a year-by-year increase of more than 19% compared to pre-pandemic levels. This poses a major problem on both a universal scale and a personal level. While you shouldn’t worry yourself about the effects on the economy as a whole (at least, not yet), you should consider the consequences rolling credit card debt can have on your personal life. According to the professionals at Symple Lending , you should also investigate ways to pay down that debt as quickly as possible. Interest Rates Are Rising As Americans push themselves further into debt, credit card rates are rising. In the past seven months, the federal va...