No one wants to have a collection account appearing on their credit reports as we all know it is a big hit to our credit score. And, credit bureaus can report a collection for up to 7.5 years.
An emergency fund can help you cover unexpected expenses such as car repairs, medical bills, household expenses, and more. Having extra money in your savings account can help you avoid borrowing or taking out loans that have high interest rates or fees.
APR stands for annual percentage rate and it denotes your annual interest rate instead of a monthly charge. Your APR includes your interest rate and perhaps some additional charges such as document processing, guarantee, loan processing and application charges.