Magical Credit Blog

Car Repair Loans: The Basics The need for car repairs tends to come when you least expect it. Read More

An Overview of Unexpected Expenses No matter how diligently we plan our finances and expenses each month, there are always going to be some expenses that we did not or cannot foresee. Read More

A credit report is a summary of all your credit activity. Your creditors (i.e., people to whom you owe money, such as banks or other lenders) report your outstanding credit balances and repayment histories to credit reporting agencies, such as Equifax or TransUnion; these credit agencies then use this information to build your credit report and assign you a credit score ranging from 300 to 900.

As people around the world welcome 2022, resolutions are made for the new year, touching on weight, diet, careers, and etc. – as well as the decision to set stronger financial goals than the year before.

What is a payday loan? A payday loan is a short-term, high-interest loan designed to cover a borrower’s immediate cash requirements if they do not have healthy credit, funds on hand, or access to other sources of cash such as a personal line of credit. Read More

Introduction As consumers, there are a multitude of reasons for why we need to borrow money from time to time. Read More

A credit card is a useful tool for paying for an expense upfront and giving you some time (usually 30 days) to repay it to the bank with no interest charged. However, once a borrower goes beyond the time period allotted, the amount they owe starts accumulating interest – often at steep rates of up to 23%. This is called credit card debt. Left unchecked, credit card debt can lead to several adverse financial consequences.

Luckily, there are several ways to manage credit card debt effectively and responsibly that we will discuss through this article. We will also cover some steps that borrowers can take to ensure that they do not fall into credit card debt in the first place.