While many retired clergy choose to enjoy their well-deserved season of rest, some seek ways to continue nurturing their spiritual calling.
In today’s world, just about everyone uses credit to obtain the things that they want or need, but do not have the cash on hand to pay for immediately. We use credit in many forms, such as a mortgage loan to buy a house, a student loan to pay for education for ourselves or our children, an automobile loan to purchase a vehicle, or credit cards to purchase big ticket items like new appliances.
When used wisely credit can be a helpful financial tool, allowing you to spread the cost of a large purchase over time. Many consumers will also use credit cards when faced with unexpected expenses, including home or auto repairs and medical emergencies. Credit cards offer convenience when traveling, such as renting a car, reserving a hotel room and making purchases all without carrying a lot of cash.
There is also a downside to using credit. It can be expensive. You need to be aware of interest rates, finance charges, annual fees, and penalties. These items can all considerably increase the cost of any purchase made using credit. There is also the ever-present temptation to overspend, since it so easy to just swipe your card and not worry about the amount that is being charged. Overspending on credit cards leads thousands of consumers into financial difficulty each year.
It is possible to use credit wisely if you take control of your finances by creating a realistic spending and savings plan so that you are aware of how much credit you can afford. This is where a budget can be very helpful. It allows you to outline your monthly expenses looking at how much you have available to spend and save, as well as how much debt you can afford to take on and repay. It is important to borrow only what you can afford to pay back. The general rule of thumb is to spend no more than one-third of your income on debt including mortgages, credit cards and consumer loans (auto loans, student loans, and lines of credit).
To be continued in our next blog post.Back to Financial Resource Center
Thank you for joining the MMBB mailing list. You will begin to receive information soon.
Translations of any materials into languages other than English are intended solely as a convenience to the non-English-reading public. We have attempted to provide an accurate translation of the original material in English, but due to the nuances in translating to a foreign language, slight differences may exist.
Las traducciones de cualquier material a idiomas que no sean el inglés son para la conveniencia de aquellos que no leen inglés. Hemos intentado proporcionar una traducción precisa del material original en inglés, pero debido a las diferencias de la traducción a un idioma extranjero, pueden existir ligeras diferencias.
MMBB Financial Services is pleased to unveil our new website experience.
Watch a guided tutorial of our enhanced site to introduce you to important new features designed to help you live your life with financial confidence.
You will be linking to another website not owned or operated by MMBB. MMBB is not responsible for the availability or content of this website and does not represent either the linked website or you, should you enter into a transaction. The inclusion of any hyperlink does not imply any endorsement, investigation, verification or monitoring by MMBB of any information in any hyperlinked site. We encourage you to review their privacy and security policies which may differ from MMBB.
If you “Proceed”, the link will open in a new window.