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You love your kids more than anything else in the whole world, isn't it? It won't be pleasant for you to find your kids going through a financial crisis. Thus, start teaching your kids about money management from the early age. Your advice to the kids and teens regarding money management will help them become responsible individuals and they'll avoid major financial mistakes later in their lives.

Here are 4 steps which you may take in order to help your kids develop better money management habits:

With the introduction of the Credit Card Accountability Responsibility and Disclosure (CARD) Act, many experts have opined that it would affect the eligibility of the borrowers to qualify for a mortgage.

The British Petroleum (BP) oil spill has severely affected the economy of the Gulf of Mexico region. The nine-week-old oil disaster has badly affected the coasts of Louisiana, Mississippi, Alabama and Florida. It has been estimated that around 12,000 jobs could be lost in the Louisiana region alone. Apart from this, due to a ban in oil drilling, a large number of people living in Alaska and Virginia will also lose jobs.

Getting a mortgage, credit card or an auto loan with a mediocre credit history has become a thing of past. If you want to get best rates on your credit cards, home loan or car loans, then you should have excellent credit score. The FICO scores help the lenders/banks to judge your creditworthiness. So, you should always take steps to enhance your credit score and avoid doing things which may destroy it.

Let's take a look at 5 things to avoid and save your credit from taking a hit:

All of us have learned it in a hard way that budgeting is a must if we want to survive during the times of crisis. However, while planning for a budget, many of us tend to make certain mistakes which may cost us dearly. Let's take a look at some of the budgeting blunders and how we can avoid them:

The Basic Allowance for Housing (BAH) is a military benefit that comes in handy when applying for an FHA or VA home loan. It is based on pay grade, geographic duty location and dependency status. It helps the lender to judge a veteran's ability to pay down the mortgage. The main aim of BAH is to provide identical and equitable housing compensation based on housing costs in local civilian housing markets. This allowance is payable when government quarters are not provided to the servicemen.

Features of Basic Allowance for Housing (BAH):

Due to the decline of property values during and after the rescission, a large number of homeowners are going for short sale in order to get rid of their mortgages. In a short sale, the lender sells off the property at a price which is lower than the outstanding mortgage balance of the borrower. Thus, there results a deficiency amount from the sale of the property. This deficient amount needs to paid off by the ex-homeowner.

After months of debate in Washington, the Health Care Reform Bill was finally passed in the House of Representatives and around the country and has been signed by President Obama into law. The Health Care Reform will cost the government around $940 billion over ten years. It will help the government to reduce the deficit by $143 billion over the first ten years. With the coming of this bill, the health care coverage will expand to 32 million Americans who are presently not insured.

Hello Everyone,

I'm glad to announce that MortgageFit Community has come up with a Ranking Chart where mortgage companies and lenders will be ranked based on their company profile, services, and other details.

It has been found that many a times, the debt collection agencies go beyond their rights and harass the borrowers. It is our responsibility to know our rights as borrowers under the FDCPA. Here are a list of things that a debt collector may or may not do while contacting you:

Time to contact - A debt collector can contact you between 8AM to 9PM. However, if you work in the night shifts, then the debt collector can contact you at different hours.