You Definitely DON’T Need a Credit Score

This guy thinks he needs a credit score

Do you have a credit score?  Probably so.  Do you have any idea what your credit score is?  Maybe you do, maybe you don’t.  Do you really believe that it’s totally necessary to have a credit score?  Most people do, and I think they are wrong. First, let’s take a quick look at exactly what your credit score is and why you have one.  Your credit score, also known as the FICO score, was created by the Fair Isaac Company (Thus “FICO”) to estimate a person’s credit worthiness.  Your FICO score is really just a number that tells people how […] Read more »

When Should You Give Up?

Photo from Flickr by Brian Carlson, Houston, Texas

I’ve been thinking a lot lately about difficult situations. When is enough enough? How do you know when you should just focus your energy elsewhere? Sometimes life can really make you feel like you are beating your head against a brick wall. A lot of the articles on Enemy of Debt talk about persevering. However, there may be times when it is a smarter financial move to just give up. Here are some financial examples of when you might want to say, “Enough!” Making payments on something that isn’t worth it This could be a house, car, or something else. […] Read more »

The Absolute Best Way to Use Your Credit Cards Responsibly

best use for credit cards

Personal finance bloggers, writers, and TV personalities love to talk about credit cards.  I hear and read them give advice about using cards in ways that will maximize your credit score, they tell you how to find the “Best” cards for you, and they give you info on how to get the most lucrative credit card perks like airline miles and cash back. Most of these gurus generally give good solid advice (for those that use credit cards), and most people need good advice when it comes to using credit cards in a responsible manner, because when it comes to […] Read more »

Your Credit Score — It’s Not a Measure of Financial Responsibility

Credit Scores are for Borrowers

If I received a quarter for every time someone told me I “needed” a credit score I would be super rich right now. There are many myths surrounding the credit score and believe it or not, it’s the financial world itself that continues to spread these myths. Ask any educated finance graduate if you need a credit score and you’ll most likely hear a “default” answer of ABSOLUTELY. Ask them why you need a score and not only are you likely to get an evil eye roll, the next words out of their mouth will probably be…ARE YOU KIDDING ME? […] Read more »

Surprise, Your Credit Report Stinks

car dealership

Credit reports are a funny thing that even the most seasoned of financial experts have trouble understanding. With all of the “myths” and “misconceptions” about credit scores swirling around it can be difficult to decipher myth from the real truth. Recently my friend went to a car dealership in search of a new vehicle to replace their old vehicle. Unfortunately, they didn’t have the money saved up to purchase the vehicle (I advised paying cash makes the most financial senseJ), and were going to have to finance the vehicle. When applying for any loan or line of credit you are […] Read more »

Credit Card Emergency Funds – An Alarming Trend in Society

credit card emergency

The following is a guest post by Jacob from My Personal Finance Journey, a personal finance blog offering actionable personal finance advice with the goal of achieving long-term success. In particular, Jacob focuses on long term investing and asset allocation strategy analysis, deciding how to prioritize new funds as they come in to various spending requirement areas, and how to develop a lifestyle of frugality. Several months ago through the magic of LinkedIn, Brad and I were able to find out that we actually lived in the same city in Virginia. This was quite an awesome find, being as that the personal […] Read more »

It Adds Up – Financial Adages Help Us Learn from Others

Even small coins "add up" to something larger.

I have a friend who likes to say, "It adds up." He says this when he's referring to saving a little money here and there. Well, of course it adds up, and when we're saving money, it seems to take forever to amount to anything appreciable. But, that's not the case when it comes to spending money, especially when we're buying things with a credit card. Read more »

Do You Worship the “Not So Mighty” Credit Score?

my credit score

When you were younger, do you remember hearing countless people advise you to “build your credit”? Those same voices were buzzing around in my head until I got a clue in 2007! “You’ve got to build your credit” they’d say, and the reason is usually based on the myth that says in order to be financially responsible you must build your score. I despise this myth most of all because from what I see, it has ruined more lives than it has helped. Think about it. 18 year old after 18 year old has inserted themselves into the murky waters […] Read more »

If You’re in Debt, STOP Fueling the Fire…and Win Some Money Too!

Wicked Evil Fish Shred

I know it seems extreme to cut up your credit cards for the greater good, but what you have been doing so far has got you where you are. Try something different. In any case, you can always go back to your old ways and rack up some more credit card debt -- though I wouldn't recommend it. You have nothing to lose except for your debt, high stress, living paycheck to paycheck, money fights, extreme frustration, bondage, depression, and poor finanial habits to name a few -- and that's right off the top of my head. There are plenty more! Read more »

It’s True, I Get Paid to Write for American Express


American Express? Yep, You Read That Correctly I was recently contacted by someone who wanted to know if I would be interested in getting paid to write articles geared towards helping young people become more financially responsible. I responded with interest and wanted to know more. When I found out that the new site called CURRENCY, was being developed by American Express and Federated Media, I chuckled at the irony, but the timing couldn’t have been better. Currency Launched on Tuesday. Here are two of my published articles: Looking for a Job? Get Creative Going Back to School? Don’t Ruin […] Read more »

A Contrarian View of Credit Reports and Credit Scores


Photo Credit: Adam_T4 Credit reports and credit scores are useful tools for those interested in estimating the credit worthiness of others. Many of us have worked hard to establish credit and keep our scores in the upper range so we’re viewed favorably. This indicates to others that we’re a good credit risk. It’s an important accomplishment because we know that having an undesirable credit rating can: adversely affect our ability to get a loan; result in being declined an offer of employment in certain job sectors; prevent us from qualifying as a tenant; and, interfere with being issued a security […] Read more »

Enemy of Debt the Super Hero?


PURE AWESOMENESS! Yesterday, Enemy of Debt was introduced to the comic strip world for the first time! Back in February, I sent the creator of the Personal Finance comics an email, suggesting an Enemy of Debt character. Every comic has a villain and since he writes for a credit card site, I thought Enemy of Debt would play the part nicely. He liked the idea, and even took it one step further by asking me to write up a storyline. Having never written anything like that before I was a bit nervous, but I jumped right on it. I submitted […] Read more »

Your Financial Mindset Determines Your Ability To Handle Credit Cards

credit cards

Have you ever taken a position on credit cards one way or the other? I have, and to only say I was passionate about my position, would be an understatement. Just ask J. Money! I must start out by saying that some of you are going to feel as if I have lost my mind, and the rest of you are just going to be shocked completely about what I am about to say. Not because it doesn’t make sense, but because it is coming from ME. 😀 I am no longer the sworn enemy of credit cards. Yes, you […] Read more »