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It is well known that New Jersey is the most densely populated state. It’s also a geographically diverse state. It features bedroom communities for Philadelphia and New York commuters, standalone suburbs with trendy downtowns, shore beach towns, wooded rural landscapes in the Pine Barrens and more. But being so crowded, it’s sometimes difficult to find an affordable place to call your own.

In much of the Garden State, cheap rent is hard to find. Living in the shadow of cosmopolitan skyscrapers, along a boardwalked ocean or in an upscale farm community can drive up rent prices. You will be paying for both pastoral beauty and big city convenience.

The state also offers cities between the cities with all their urban amenities and in the up-and-coming spots not too far out of the way. There you’ll find plenty of affordable apartments across the state from North Jersey to South — even in Central Jersey. To determine the top ten cheapest places to live in New Jersey, we parsed average one-bedroom rents for the 58 largest qualifying communities in the state. We then ranked them to determine the most affordable rental cities.

New Jersey state average rent prices

Overall, rent prices for an average one-bedroom apartment in New Jersey run $2,163 a month — a figure that is up a hefty 7.9 percent from a year ago. The average lease price is just about $1,500 a month less than the most expensive city in the Garden State and a little over a grand more than the cheapest (see below).

All told, the state offers a swing of $2,661 between the priciest and most affordable cities to rent in Jersey.

The cheapest cities in New Jersey for renters

Every one of the top 10 cheapest places to live in New Jersey for renters comes in under $1,600 a month for an average one-bedroom.

The most expensive rental prices in Jersey are unsurprisingly clustered around New York, but the cheapest apartments are found nearly everywhere in the state. Four of the top 10 sit in metro New York, while two are in suburban Philadelphia. The remainder of metros with low housing costs lie in outlying New York suburbs, Central Jersey and one lone shore town takes a spot in the top 10.

10. Randolph

Photo source: Gateways at Randolph / Rent.
  • Average 1-BR rent price: $1,570
  • Average rent change in the past year: 1.82 percent

Looking for a rural Garden State town away from the bustle of New York and Philly? Seek no further than Randolph.

Located in woodsy Morris County, sprawling Randolph is primarily forest and farmland. The township has many pockets of single-family home neighborhoods and airy apartment complexes. Rents in Randolph run $1,570 a month for a one-bedroom apartment on average.

Most of Randolph’s population and businesses follow the length of State Route 10 in the township’s northern section. A number of large parks fill the township, including James Andrews Memorial, Brundidge-Sussex, Freedom, Clyde Potts and Heistein parks. Shongum Lake offers hunting, fishing, hiking and boating, along with the 150-year-old Shongum Club.

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9. North Plainfield

Photo source: West End Gardens / Rent.
  • Average 1-BR rent price: $1,518
  • Average rent change in the past year: -7.20 percent

Lying to the northwest of O.G. Plainfield, North Plainfield is an expansive, affordable city between Washington Rock State and Green Brook parks. US Route 22 forms the spine of the borough, running southwest to northeast.

The urban route is home to an assortment of chain restaurants, service shops, car dealerships and roadside convenience stores. It’s also adjacent to a number of multi-building apartment complexes.

Those highway-side apartments set a convenient home for commuters to business in much of Lower North and Central Jersey. Rental units in North Plainfield average an affordable $1,518 a month for a one-bedroom.

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8. North Arlington

Photo source: Opus Apartments / Rent.
  • Average 1-BR rent price: $1,487
  • Average rent change in the past year: 2.87 percent

Sandwiched between the Passaic and Hackensack Rivers is the marshy borough of North Arlington. The community of just 15,000 residents offers affordable rents and high quality of life. For living residents that is. The borough is home to the Holy Cross Cemetery and North Arlington Jewish Cemetery. The two burial grounds cover an eighth of the land in North Arlington — this gives the town a deceased population 20 times greater than its living one.

The remainder of North Arlington is mostly standard New Jersey suburban housing. It features tracts of single-family homes and a number of apartment buildings.

The borough also has a good amount of green space. Riverside County Athletic Park sits at the community’s northwest corner and Richard W. DeKorte Park is an estuary park on the Hackensack. Along the river are hiking paths, an environmental center and a telescope observatory.

While the dead don’t need to pay rent here, the living do. Fortunately, it is affordable in North Arlington. A monthly lease stands at just $1,487 for an average one-bedroom unit.

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7. Edison

  • Average 1-BR rent price: $1,483
  • Average rent change in the past year: -6.97 percent

Just three and a half miles from the tip of Staten Island, Edison is one of the cheapest places to live in New Jersey within a stone’s throw of New York City.

Opposed to some of the affordable places on this list, Edison is a bustling city. It’s the fifth-largest in the state with nearly 100,000 residents. Its most famous historical resident was Thomas Edison, who operated his lab in the township’s Menlo Park section.

Proximity to New York as well as its adjacency to Raritan Bay and the Atlantic Ocean has made Edison a transportation hub as well. Interstate 287 and US Route 1 run directly through the township, as does the I-95 New Jersey Turnpike. The Garden State Parkway is less than a mile east of town. As well, Edison Station is a stop on New Jersey Transit’s Northeast Corridor Line with service from Penn Station to Trenton.

An average one-bedroom apartment in Edison leases for just $1,483 monthly — a figure nearly 7 percent lower than this time last year.

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6. Parsippany

  • Average 1-BR rent price: $1,463
  • Average rent change in the past year: 5.26 percent

Talk about bang for your buck. Over the course of the last 15 years, Parsippany ranked seven times on the Money Magazine Best Places to Live in the United States list. For most of those years, it held the highest ranking in New Jersey.

Even with that ringing endorsement, Parsippany, at $1,463 a month on average for a one-bedroom unit, sits as the cheapest place to live in New York City’s eastern gateway suburbs. Compare that to next-door neighbor Morris Plains, one of the priciest in the state with the same unit averaging $2,605. If you’re looking for an affordable town with low rent prices, get to Parsippany before the secret is out.

About 30 miles outside Manhattan, the commute into the city is long but reasonable while being far enough away to feel suburban and disconnected. Like a good suburb, there is abundant green space. This includes over 30 named parks. Its public schools are continuously highly rated, with a 95 percent graduation rate.

Parsippany also enjoys a very low crime rate.

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5. Trenton

  • Average 1-BR rent price: $1,369
  • Average rent change in the past year: 2.80 percent

As the saying plastered on the Lower Trenton Bridge states, “Trenton makes and the world takes.” The New Jersey capital has long been one of the most important cities in the state because of its affordability relative to the median household income. Throughout its life, Trenton has existed as a countryside residence, Revolutionary War key battle site, college town, manufacturing city and government center. It was even the United States Capital for 64 days!

Today, the city’s diverse neighborhoods collectively give rise to the fifth cheapest rents in the Garden State — $1,370 a month for an average one-bedroom. With a population of nearly 85,000, Trenton is the tenth-largest in the state, just a couple thousand fewer than its next-door neighbor, Hamilton.

Trenton offers a vibrant downtown housed along the Delaware River. This region circles the State Capitol Complex — extending down to Arm & Hammer Park, home of the Trenton Thunder. Even with its low rent prices, one of the city’s primary amenities is its convenience. As the state capital, it purposely lies on the border of the massive metro areas of New York and Philadelphia.

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4. Delran

Photo source: Hunters Glen Apartments / Rent.
  • Average 1-BR rent price: $1,363
  • Average rent change in the past year: 1.71 percent

Halfway between the Burlington-Bristol and Betsy Ross Bridges into Philadelphia is Delran. It sits at the confluence of the two waterways that gave rise to its name, the Delaware River and Rancocas Creek. The primarily residential township lies just across the Delaware from the Northeast Philly neighborhoods of Holmesburg and Torresdale and north of its Garden State neighbor, Cinnaminson.

Delran’s affordable rents, just $1,363 for an average one-bedroom, belie its residential convenience. Situated along US 130, the township is easily accessible to North Philly, Cherry Hill, Trenton and Lower Bucks County. As well, the New Jersey Transit River Line light rail from Camden to Trenton runs right along the Delran shore, with stations in Cinnaminson and Riverside.

A number of eateries, shops and service centers line Burlington Pike. And Delran touches the Delaware River at Dredge Harbor — a riverside spot that offers a number of boat launches and a yacht club, as well as access to Amico Island Park.

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3. Absecon

Photo source: The Landings Apartments / Rent.
  • Average 1-BR rent price: $1,348
  • Average rent change in the past year: -1.88 percent

First to clarify — Absecon is a town on the western shore of Absecon Bay (often confused with Absecon Island). Absecon — the city — is a residential community on the mainland bisected by the Absecon Creek and where through White Horse Pike slices.

At just $1,350 a month for an average one-bedroom apartment, Absecon is by far the cheapest shore town for renters. It lies just 15 minutes from the Boardwalk and the ocean. That’s close enough to enjoy an afternoon on the beach but separate enough to avoid the tourists and the summer renters.

Much of the city is marshy wetlands along the Bay. But the remainder contains tracts of residential housing and a smattering of diners and bars along the throughways to Atlantic City.

Public transportation into Philadelphia is a breeze as well. New Jersey Transit’s Atlantic City Line’s Absecon Station serves riders right into West Philly’s 30th Street Station.

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2. Oaklyn

Photo source: Borough of Oaklyn / Facebook
  • Average 1-BR rent price: $1,285
  • Average rent change in the past year: -17.26 percent

If you have ever read author Mitch Albom, you are already familiar with the borough of Oaklyn. It’s a place he described as, a “small, middle-class neighborhood which most people never left.”

For those that stayed, they are residents of the cheapest place to live in South Jersey — a one-bedroom rents for just an average of $1,285 a month. That figure represents a decrease of 17.26 percent since last year, the second steepest drop of any city in the state.

Carved out of beloved Haddon Township in the 19th century, Oaklyn sits just two miles from the Delaware River and only 15 minutes from Center City Philadelphia over the Walt Whitman Bridge.

With a population of only 4,000, Oaklyn offers much of the charm of its South Jersey neighbors like Collingswood and Audubon. A number of unique restaurants, pubs and shops are along White Horse Pike, forming its western border. And for beer lovers, Tonewood Brewing and Philly Homebrew Outlet are in the center of town.

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1. South River

Photo source: Kensington Place / Rent.
  • Average 1-BR rent price: $1,099
  • Average rent change in the past year: 0.00 percent

Tucked into an enclave east of the Brunswicks and west of Sayreville is the small borough of South River, the most affordable place to live in New Jersey. With one-bedrooms leasing under $1,100 a month, the Central Jersey community on its eponymous river is the cheapest place to live in all of New Jersey for renters.

The town of 16,000, formerly part of East Brunswick, is an inviting residential location with a deep immigrant history. The town grew post-war with an influx of Polish, Russian, Portuguese and Belarusian immigrants. Today, residents with Asian, Mexican and Brazilian backgrounds continue the trend.

The quiet hamlet enjoys the benefits of a bedroom community while maintaining its small-town feel and affordable rents, making it a dream home for many. Conveniently located along State Route 18, South River is just a few miles from the New Jersey Turnpike. This affords easy access to anywhere else in the state.

A modest downtown along Main Street offers bakeries, Mexican restaurants and barbecue joints. The town offers a number of parks and green spaces including three along the South River riverside, as well as Dailey’s Pond Recreation Area — plenty of places to enjoy some fresh air alongside your low cost of living.

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The top 25 places to live in New Jersey, by affordability

As you expand the list of the cheapest places to live in New Jersey for renters to the top 25, geographic diversity increases. Among these are nine greater New York City towns and four in metro Philly. There are 15 in total in North Jersey and five each in Central and South Jersey.

A number of extremely livable cities populate the top 25. These include the Central Jersey towns of Princeton Junction, Lawrenceville and Plainsboro, suburban Mount Holly and Rahway and Newark, the state’s largest city.

The most expensive places to live in New Jersey

Alas, many rental rates in New Jersey are most certainly not cheap. To find the state’s highest rents, look close by New York City.

Of the ten most expensive Jersey cities to rent an average one-bedroom apartment, nine are in greater New York. Six of those sit just across the river from Manhattan. One lone town in the top ten is a long distance from New York. Princeton, with its Ivy League university and trendy suburban main street, comes in at the sixth-most pricey.

Methodology

Rent prices are based on a rolling weighted average from Apartment Guide and Rent.’s multifamily rental property inventory as of May 2023. Our team uses a weighted average formula that more accurately represents price availability for each unit type and reduces the influence of seasonality on rent prices in specific markets.

We excluded cities with insufficient inventory from this report.

The rent information included in this article is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.

Source: rent.com

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Need to free up some room in your room or get rid of appliances that you have replaced? Here are the 9 best places to sell used appliances to make extra money. Instead of throwing out your used appliances when you upgrade to new machines, you can sell them for extra money. These appliances usually…

Need to free up some room in your room or get rid of appliances that you have replaced? Here are the 9 best places to sell used appliances to make extra money.

Instead of throwing out your used appliances when you upgrade to new machines, you can sell them for extra money. These appliances usually have plenty of life left in them still and people will pay to take these from you, saving you the time and hassle to take these appliances to the dump.

In this guide, I’ll go over the best places to sell used appliances, ranging from Facebook Marketplace to local scrap metal companies. Whether it’s a refrigerator, dishwasher, or washer and dryer, you can sell your appliances for cash.

Best Places To Sell Used Appliances

Here’s a list of the best places to sell used appliances for cash.

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This free workshop will teach you how to get into the flipping business. It will teach you how to resell furniture, electronics, appliances, and anything else you can find.

1. Facebook Marketplace 

Facebook Marketplace is a great place to sell used appliances online. It has lots of potential buyers (everyone uses Facebook these days!) and makes it easy to list your items.

To get started selling an appliance on Facebook Marketplace, log on to Facebook and navigate to Facebook Marketplace. Click “Create a Listing” and select a category like appliances or household goods. Make sure to add high-quality photos of the appliances from different angles and highlight any dings, dents, or imperfections. You’ll also want to include details such as make, model, age, condition, dimensions, and any unique features the appliance has.

I went on Facebook Marketplace and I saw a lot of appliances for sale, such as microwaves, stoves, dishwashers, refrigerators, ovens, washers, dryers, and more.

2. Local Facebook groups

Local Facebook Groups are a great place to sell used appliances. I’m in a few local Facebook buy-and-sell groups and they’re one of the quickest ways to sell things around my house.

These groups are an easy and quick way to sell used items because you’re targeting a local audience which means you can find a buyer in your town. There’s no shipping hassle, which means faster transactions. You’re also saving money on fees since local Facebook groups do not charge fees to buy and sell items.

To find a local buy/sell Facebook group, go to the Facebook search bar and enter keywords like “[your city] buy and sell”. 

I recently saw someone list all of the used appliances in their kitchen (they were doing a remodel), and they had a LOT of people wanting to buy their items.

3. eBay 

eBay is a great platform to sell used appliances online simply because so many people use this site. This means your items have the reach to people who are looking for what you’re selling. With eBay, you can reach people all over the country and even internationally. 

You also have the option of selling used appliances through auctions, allowing people to bid on your appliance until the auction ends. Or you can choose to sell the used appliance for a fixed price.

eBay has seller protections and policies in place, and can also help resolve disputes with buyers. This helps if you run into any issues with non-payment or fraudulent buyers. 

4. OfferUp 

OfferUp is an app that allows you to buy and sell items locally. This app functions the same as other online platforms, but is specially designed for mobile use. The app is super user-friendly making it easy to browse listings, message others, and arrange transactions. 

The app has millions of users in the United States, so you have a good chance of finding someone to buy your used appliance. Listing an item on OfferUp is fast and easy to do on your phone. The app also has safety features like user ratings, ID checks, and safe meeting spots.

There are no listing fees on OfferUp, however, there is a 12.9% fee for the item’s final price when you accept a buyer’s offer. OfferUp has seller protections in place including secure payment options and fraud prevention measures.

5. Craigslist 

Craigslist is a simple website where you can find jobs, housing, items for sale, and more. Selling a used appliance on Craigslist is a good idea because you can list items in your local area. This makes it easy to find buyers near you.

For items like large appliances, Craigslist is a popular place buyers look to get these items since people prefer to buy locally to avoid shipping costs. Craigslist has zero fees for selling used appliances, which means no listing fees or commissions. 

Listing an item on Craigslist is fast and easy. You can add photos, descriptions, and set a price in just a few minutes. People on Craigslist are always looking for things like refrigerators, washing machines, stoves, and other large appliances. So, you’re likely to find someone who wants to buy what you’re selling.

6. Local used appliance store 

You can also sell your appliance to local appliance stores. These stores usually have an easy selling process, allowing you to quickly sell your appliance without having to list it on an online marketplace and wait for a buyer to pick it up. Used appliance stores also pay immediately for these items, which means you can get cash on the spot.

Used appliance stores know a lot about appliances and can check the condition of yours. They will give you a fair price for it. You also avoid the risks of selling to individual buyers, like scams or not getting paid.

To find a local used appliance store near you, search on Google “used appliance stores near me” and you’ll likely find at least one store that sells used appliances near you. 

7. Pawn shop

Pawn shops are a great place to sell used appliances for cash. They are convenient, give you money right away, and have no listing or selling fees. You get cash on the spot, so you have quick access to your money. Selling at a pawn shop means you don’t have to worry about fees taking away from your profit.

Finding a pawn shop near you is easy, and you probably have a few nearby. To find one, just search “pawn shops near me” online. A list of pawn shops will show up based on how big or small your city is.

8. Garage sale

Selling used appliances at garage sales or yard sales is a great option because it allows for direct sales to local buyers in your community. Garage sales attract shoppers looking for bargains which can mean a quick sale for your used appliance. There’s also the great benefit of being able to declutter and sell all kinds of items around your house you no longer use.

The best time to have a garage sale is usually the weekends, when the weather is good (spring, summer, and fall), and when there are local events going on in your town. For example, my city has tons of garage sales on weekends where there is also a festival going on. This is because the festival brings in over 100,000 people, which means more people to check out your garage sale that otherwise wouldn’t be in the area. 

Recommended reading: 22 Ways To Make Quick Money in One Day

9. Local scrap metal company

Selling used appliances to a local scrap metal recycler is a good idea if your appliance is no longer in working condition. Scrap metal companies may accept appliances in their entirety, but others will want you to separate the metal components. Make sure to contact the scrap metal company to see how they accept used appliances.

You can find local scrap metal companies by searching “scrap metal company near me” on Google. Once you find a scrap metal company you like, contact them and share which appliances you have and their condition. Once you take the appliance to the scrap metal facility, the appliance will be weighed to determine the amount of metal it contains. You’ll be offered a price based on the current market value of the metal and payment is usually either cash, check, or via electronic transfer depending on the company. 

Frequently Asked Questions

Below are answers to common questions about how to sell used appliances.

What kind of used appliances can I sell?

You can sell all kinds of used appliances around your home, including:

  • Refrigerators
  • Washing machine and dryers
  • Stoves and ovens
  • Dishwashers
  • Air conditioners and heaters
  • Water heaters
  • Fans and air purifiers 
  • Vacuums 
  • Microwaves
  • Coffee makers
  • Deep freezers
  • Blenders
  • Toasters

The condition of the used appliances, age, brand, and other features will factor into the resale price. The appliance should be in working condition and reasonably cared for.

How can I make money with old appliances? 

There are many ways you can make money with old appliances, including:

  • Selling them on sites like eBay, Craigslist, Facebook Marketplace, etc.
  • Trade-in programs where certain appliance manufacturers will exchange your old appliance for credit towards a new appliance
  • Appliance resale shops where the business specializes in buying and selling used appliances
  • Selling the old appliance for scrap metal
  • Disassembling and selling individual components like the motor, control panels, and knobs of the appliance online 

How can I sell my washing machine? 

To sell your washing machine, make sure you clean and prepare it before posting pictures or handing it over. Gather any important manuals and take high-quality photos of the machine from different angles. You’ll also want to make sure to take pictures of any imperfections or damage, so buyers can see everything clearly.

Next, decide which selling platform you want to list your appliance. The most popular platforms include Craigslist, Facebook Marketplace, and eBay, and you’ll have to write a descriptive listing that highlights the key features of the appliance and share what kind of condition it is in. You should also share whether the buyer has to pick up the appliance or if you’re willing to deliver it for a fee. 

How can I make money with my old fridge?

You can make money with your old fridge by selling it online (such as on Facebook or Craigslist), placing ads in your local newspapers, or by selling it for scrap metal if it’s no longer in working condition. If your fridge has workable parts, you can sell the individual components online. Common parts that you can sell from your fridge include shelves, drawers, door handles, and compressors. Before selling your old fridge, make sure to thoroughly clean it for the buyer (no one wants to willingly buy an old, dirty, stinky fridge).

Where can I sell used appliances online?

There are many places where you can sell your used appliances online such as Craigslist, Facebook Marketplace, eBay, OfferUp, Letgo, Nextdoor, and appliance-specific websites such as Appliance Exchange and Used Appliances For Sale.

What is the best app to sell used appliances?

The best app to sell used appliances includes Facebook Marketplace and OfferUp. These apps allow you to list items for sale to users in your local area making it convenient to reach a large audience of buyers. These apps are easy to use and allow messaging between buyers and sellers.

What can I do with a used appliance if no one will buy it?

If no one will buy your used appliance, you may want to donate the appliance to a charitable organization (like the Salvation Army), thrift store, or community center that accepts donations of used appliances. You can also recycle the appliance by seeing if your city has an appliance recycling program (many do!). If you decide to throw away the used appliance, make sure to dispose of it properly. Your city likely has specific regulations for throwing away large appliances, so it’s important to follow guidelines to make sure you’re throwing them away properly. 

Best Places To Sell Used Appliances – Summary

I hope you enjoyed this article on the best places to sell used appliances to make extra money.

As you can see there are many places to sell your used appliances ranging from Facebook Marketplace to a used appliance dealer. So whether your appliance is in working condition, needs a repair, or is no longer running, you may be able to find a way to sell the item for cash.

Many people let the appliance company take away the old appliance when they purchase a new one, even if it still works because it’s easy. I understand, appliances are big and heavy. But you could make some extra cash by selling it instead!

So, whether you have a laundry set, a stove, a fridge, or something else, you may want to list it or sell it online to see if you can make any extra money.

Have you ever had to sell used appliances in your home? How much money did you make?

Recommended reading:

Source: makingsenseofcents.com

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The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law’s editorial disclosure for more information.

A billing cycle is the amount of time between the closing dates of consecutive billing statements. Typically, billing cycles are one month long, although they can range from 20 to 45 days.

If you have a credit card, understanding your billing cycle and how it works is necessary to maintain good credit. Not knowing your billing cycle can lead to missed payments, late fees and hefty interest charges.  In fact, Americans paid $164 billion in credit card fees and interest in a single year. 

Read on to learn more about billing cycles, including the typical length and how it affects your credit score.  

What is a billing cycle? 

A billing cycle is the time frame between the end of one statement billing date and the start of the next one. Most billing cycles operate on a monthly basis, although this can vary by lender. During one billing cycle, all transactions, interest charges and fees you incur are reflected in your monthly statement. 

How does a credit card billing cycle work

A credit card billing cycle works by tracking all purchases and payments, fees and interest charges over a certain amount of time. At the end of each billing cycle, you will receive a monthly statement from your credit card company that totals the amount you owe. 

Typically, your credit card payment is due around three weeks after the end of the billing cycle. This time between the end of the billing cycle and the due date is referred to as the grace period. By the due date, you need to pay your credit card bill, making at least the minimum amount to avoid additional interest charges and late fees. 

Billing cycle example 

For example, let’s say that your credit card billing cycle starts on May 1st and ends on May 31st. All of your transactions within those dates are included in your May statement, which is generated on May 31st. The payment due date for this billing cycle is June 25th, so you must pay at least the minimum amount due to avoid late fees. 

How long is a billing cycle?

Typically, a billing cycle is one month long, although it can range from 20 to 45 days. To determine how long your credit card’s billing cycle is, refer to your credit card agreement or check your credit card statement. It’s usually located on the first page near where you’ll find your balance. 

Keep in mind that billing cycles can differ in length by up to four days to accommodate holidays and months that have more or less number of days than others. However, your due date will be the same each billing cycle, such as the 15th of each month. 

Can I change my credit card billing cycle?

You may be able to change your account’s billing cycle, although this depends on your credit card issuer’s policies. Often, credit card issuers will allow credit holders to choose from a variety of dates. 

To request a different billing cycle end date, contact your credit card’s customer service representative. Keep in mind that most credit card issuers have parameters surrounding how often you can change your billing cycle, and changes may take a couple of billing cycles to take effect. 

How your billing cycle impacts your credit score 

Your billing cycle impacts your credit score because how you use your credit card during that period is reported to the three credit bureaus at the end of each billing cycle. If you make late payments or miss them altogether, your payment history, which typically makes up 35 percent of your credit score, will be greatly affected. 

To set yourself up for success, make payments on time each month. You might also consider paying your credit card bill in full each month to help you avoid interest charges. 

Another thing to keep in mind is your credit utilization. Your credit utilization ratio, or the amount of credit you’re using compared to your credit limit, is reported to the credit bureaus at the end of each billing cycle. To maintain good credit, it’s recommended that you keep your credit utilization under 30 percent. One way to do this is to pay off the full balance instead of just making the minimum payment. 

Lastly, you can also use your understanding of billing cycles to plan for large purchases and ensure you can make timely payments. For example, let’s say you’re planning to go on a vacation. If you book your trip at the start of the billing cycle, you’ll have more time to pay it off than if you were to make that purchase toward the end of your billing cycle. 

Monitor your credit with Lexington Law FirmUnderstanding your billing cycle is important to ensure you pay your bills on time. In addition to tracking your billing cycle, regularly monitoring your credit score can help you further understand how your financial choices impact your credit in addition to alerting you of any potential errors or discrepancies. Lexington Law Firm can help – get started today with your free credit assessment. 

Source: lexingtonlaw.com

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Thinking about retirement can feel overwhelming. There are so many factors to consider to ensure a comfortable and fulfilling life after work.

You need to consider these thought-provoking ideas to help think about traditional retirement differently. These insights will help you make informed decisions for your future, so you can enjoy your life while you are healthy.

Why Should I Save Money For Retirement?

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Discover why saving for retirement is crucial: financial independence, time freedom, and enjoying life on your terms are all within reach. This is something you shouldn’t put off.

Will I Work Forever?

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Explore the possibility of retiring sooner than expected by planning now: financial security and more time for hobbies await. This is something to consider especially if you want to be in good health to do the things you want to do.

How Much Should I Save for Retirement?

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Learn how to determine the right amount to save for retirement. This may be difficult to know the exact amount you need to retire. But, don’t let that hold you back from starting to save money in retirement accounts.

To learn more: The Real Reason You Don’t Save for Retirement

1. Financial Independence is Enticing

Image Credit: Karolina Grabowska from Pexels.

Achieving financial independence in retirement means less stress and more freedom to enjoy life. This means you don’t need to work to live.

To learn more: What is Financial Freedom? 12 Steps to Achieve It

2. You Want Time Freedom

Image Credit: Jacob Lund.

Retirement offers the chance to break free from schedules and spend time as you please. Enough of the busy.

To learn more: Discover Time Freedom & Design a Happy Life You Enjoy

3. You Want More Time for Your Hobbies

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Retirement allows you to indulge in hobbies and passions you never had time for before. Also, remember retirement at 65 is the old way of thinking. More people are looking to FIRE at younger ages now.

Learn More: How to Achieve Financial Independence Retire Early (FIRE)?

4. You are Concerned for Your Health

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Planning for retirement includes ensuring you have the resources to maintain good health and well-being. This could mean getting a full body scan at younger ages to eliminate health concerns before they become bigger issues.

5. Health Care is Not As Expensive as You Might Think

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Contrary to common belief, healthcare costs before the traditional retirement age can be managed with proper planning. This is with the Affordable Health Care Act.

6. You Want to Travel Now

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Don’t wait until retirement to travel like you want! You can start to travel at any time with a flexible schedule. Open the opportunities to explore the world without worrying about work commitments.

Learn More: 5 Tips to Save Money for Travel with a Vacation Fund

7. You Can Make Money in Retirement

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The idea of retiring is terrifying for you because you enjoy working or want a consistent paycheck. Discover ways to supplement your income during retirement to enhance financial security.

To learn more: 7 Best Ways to Make Extra Money In Retirement

8. You Want a Low Stress Life

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By choosing to retire at whatever age, it offers relaxation and peace of mind, free from the stress of work obligations. This is one of the perks of reaching financial independence before the traditional retirement age.

To learn more: 50+ Best Low Stress Jobs After Retirement

9. You are Afraid You Won’t Save Enough for Retirement

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This is a common concern as most individuals have not put enough away for retirement. Address concerns about retirement savings by taking proactive steps now to secure your financial future.

To learn more: What Happens If you Don’t Save for Retirement

10. You Want More Out of Life Now

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The hope is to enjoy life to the fullest right now. Why wait until you reach retirement age? Personally, I want to experience more in my life well before retirement age.

Learn how to Retire On Your Terms

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Retiring on your terms means securing financial independence, so you can choose when and how you retire. By planning and saving wisely now, you can ensure a fulfilling retirement (at whatever age you want) that allows you to live life to the fullest, free from financial worries and with the flexibility to do what you love most.

To learn more: How to FI and Know Your FI Number Calculator

Know someone else that needs this, too? Then, please share!!

Did the post resonate with you?

More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!

Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.

Source: moneybliss.org

Apache is functioning normally

More than 338,000 Americans moved for retirement in 2023, according to a January study from HireAHelper, a moving-services marketplace. And a quarter of them changed states, the study found.

Relocating in retirement isn’t simple. There are things to ponder, like whether you need new health insurance, how your new state taxes your income, whether a city has good health care and whether the culture is a match.

Kyle Newell, a certified financial planner (CFP) in Winter Garden, Florida, has a client who moved from Tampa, Florida, to Martha’s Vineyard in Massachusetts, where she lived for six months before deciding she wanted to move to Minnesota to be closer to family.

Thankfully, she made money on all the buying and selling, says Newell, who encourages clients to spend time where they plan to move to make sure it’s the best spot for them. It could be that you love the feeling of a certain place, he says, but it’s because you associate it with being on vacation, and living there is different.

Here are some things to think about before you start bubble wrapping your breakables.

1. Income taxes are just the starting point

Clients often ask David Berman, a CFP near Baltimore, about moving somewhere cheaper in retirement.

“It usually starts off very benignly: ‘Oh, you know, Florida doesn’t have an income tax and Maryland’s is eight and a half,’” Berman says. But when they do the math, taking into account things like property taxes, cost of living and even estate taxes, the difference often isn’t as large as clients expect.

Berman recommends talking to a professional before making a state jump, especially if you’re making other transactions before or after, such as the sale of a business. “Some states are more aggressive than others about chasing after their residents who are establishing residency elsewhere,” he says.

This also applies to people buying a second home and trying to declare residency there. If you live in a state like New York or New Jersey and try to establish residency at a second home in Florida, expect an audit, Berman says. “They are definitely looking for people who are fudging it,” he says.

Shopping for Medicare plans? We have you covered.

Medicare Advantage is an alternative to traditional Medicare offered by private health insurers. It covers the same benefits as Medicare Part A and Part B.

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2. You could get a Medicare do-over

If you have Medicare Advantage and you move out of your plan’s service area, you get a chance to reset your Medicare coverage. You can choose another Medicare Advantage plan or return to Original Medicare and — here’s the kicker — get another shot to sign up for Medigap. You typically have to sign up during Medigap open enrollment, which only lasts six months after you’re 65 and have Medicare Part B. (And Medigap can be tougher to buy later if you have health issues.)

“We call this the nuclear option because this is one of the few ways to get out of a Medicare Advantage plan later in life if a Medicare Advantage plan is no longer working for you,” says Melinda Caughill, co-founder and CEO of 65 Incorporated, which offers Medicare guidance. “You will have a guaranteed issue right to get a Medigap policy.” This means companies must offer you a plan at the same pricing as everyone else, regardless of health issues.

If you have Original Medicare with a Medigap plan, in most cases, that Medigap policy will follow you and take on the policy pricing of your new area. If you have a Medicare Part D prescription drug plan, you will need to choose a new plan if you’ve left the service area. And don’t forget to notify all the companies involved in your health care and/or dental coverage, as well as the Social Security Administration, about your move.

3. Renting first might be smarter

Unless you are super familiar with a location — in all seasons — be cautious about buying a home right away. “We try like crazy to talk our clients into renting for a year,” Berman says.

If you buy a house and have to sell it a year and a half later because you made the wrong choice on a city or neighborhood, the transaction costs will be substantial, Berman says. You’ll also owe capital gains taxes on any profit on the home sale if you’ve lived there for less than two years.

Thomas Cook, a CFP in Knoxville, Tennessee, has retired clients who recently moved to the state but are thinking of leaving. “They ultimately decided that Tennessee was not the right fit for them,” he says. But since they bought their home and prices have climbed since their purchase, they face paying capital gains taxes if they sell too soon.

4. The health care system needs a look

Access to health care should be a variable on your list. Crystal McKeon, a CFP in Houston, has a retired client who moved abroad and was diagnosed with cancer six months later. The country in question is equipped to handle it, but “it could’ve been very bad,” she says.

It’s important to think about not just your primary care doctor but also the general medical facilities available to you. “Otherwise, you could end up traveling pretty far to get good health care,” McKeon says.

5. Culture is important

Retirement happiness is also about the intangibles. Retirees who consider themselves happy spend significant time on interactive and social activities, according to a March report from life insurance company MassMutual. What’s the culture like? Will you be around people you enjoy?

Berman recalls a client who moved from Maryland to Arizona about five years ago — and is moving back due to the weather and the social climate. “One of the things to consider is the political dynamic, because it’s so contentious in today’s world,” he says. “What makes life enjoyable? The people around you, and the environment, and feeling good and safe. It’s definitely an issue.”

Cook recommends that people use social media to help with this. “It could be helpful to join a Facebook group ahead of time to get a feel for the culture,” he says.

Source: nerdwallet.com

Apache is functioning normally

Think of 24-hour roadside assistance coverage for your truck or car like having another tool in your emergency kit. Roadside assistance can provide the services you need to get you back behind the wheel ASAP. Services include changing flat tires, fuel delivery, jump-starts, and lockout assistance. The cost for roadside assistance when added on to an auto insurance policy is around $10 to $20 a year.

Before you sign up for roadside assistance, it can be useful to know some basics. In this guide, we’ll look at what you can expect when you enroll in a roadside assistance program.

What Is 24-Hour Roadside Assistance?

Roadside assistance plans cover a range of problems that commonly affect motorists. Whether you’re stuck on a busy highway or a lonely roadside, in a mall parking lot or your own driveway, you can ask for help with a dead battery, flat tire, being locked out, and more. These programs not only cover cars and trucks but also motorcycles, RVs, and boat trailers.

Since problems can happen at any time, roadside assistance programs make their services available around the clock. There is no deductible for service calls. Depending on your plan, any costs you incur in an emergency may even be reimbursed.

Recommended: Ways to Save on Car Maintenance

What Are Some Benefits of 24-Hour Roadside Assistance?

Roadside assistance is designed to cover all drivers, but it can be especially useful for parents of young children, first-time drivers, and people with physical limitations. Probably the top benefit of having 24-hour roadside assistance coverage is that there’s a number to call any time you’re in need. You can keep that number programmed in your phone or put it in your wallet or glove compartment — or your provider may offer an app.

You can call for advice or hands-on assistance, and someone will help you get what you need. Some plans may even post bond if you’re charged with a traffic violation, or reimburse you if you need to stay in a hotel overnight because your car broke down. Some plans include other benefits, such as travel discounts and rewards points.

Recommended: How to Get Car Insurance

What Does 24-Hour Roadside Assistance Cover?

Assistance programs vary significantly depending on the service provider, the coverage level, and what you’re willing to pay. So when you’re comparing roadside assistance for cars and trucks, it’s important to understand the details of what each plan covers. Roadside assistance is not intended for use after an accident. In that case, 911 will arrange for help to arrive.

Most companies that offer roadside assistance programs set limits on what they will and won’t pay for. A provider may offer to deliver fuel to your vehicle for free, for example, but you can expect to be charged for the gas you receive. Similarly, roadside assistance may offer free lockout assistance, but there may be a charge if you need to have a new key made. If your car needs a tow, there may be a limit on how many miles you can go for free. There may also be a limit on how many service calls you can make in a year.

Plans have different rules on whether a particular driver or vehicle qualifies for a service call. With some plans, you must be driving your own car when you call for assistance. Other plans will cover you even if you’re the passenger or driver in someone else’s car.

Programs generally include some type of coverage for:

Vehicle Towing

If your vehicle can’t be safely repaired or restarted onsite, roadside assistance can tow it to a nearby repair shop.

Battery Jump-Start or Replacement

Roadside assistance can give your dead battery a jump and, if that doesn’t work, install a new battery onsite or give you a tow.

Changing a Flat Tire

If you have a usable spare tire, your service provider likely can change a flat or blown-out tire onsite. If not, they can tow you somewhere for help.

Lockout Assistance

If you’ve locked your keys in your car, roadside assistance can get a locksmith to help. Even if you’ve lost your keys, the service may be able to get you back in your vehicle and back on the road.

Winching Service

Stuck in snow, mud, sand, or water? Your service provider may bring in a winch to extricate your car or truck.

Fuel Delivery

If you run out of gas, your provider can deliver fuel to your location. And if the battery in your electric car needs a charge, you can ask for a tow to the nearest charging station.

Quick Fix First-Aid

If you have a minor mechanical problem that can be fixed quickly, it may be possible to do so onsite. If not, the service can tow your car to a nearby repair shop.

What Are Some Ways Drivers Can Get 24-Hour Roadside Protection?

There are few different ways you can get roadside assistance coverage for yourself and your family members. For individuals who set aside time for personal insurance planning, consider adding roadside assistance to your list.

Auto Club Membership

Probably the best-known way to get 24-hour roadside assistance is through an auto club like AAA (pronounced “triple A”). The company will issue you a membership card with numbers to call for service. You may also be able to download an app or send a text to get service.

Plans range from $60 to $150 or more per year. Your price will depend on how many family members are covered, your location, and the services you’ve selected.

Credit Card Company Benefits

You may be able to access roadside assistance through one of your credit cards. Again, the cost for your overall coverage or a specific service will vary depending on the plan. For example, one credit card provides the service for free to its members but charges $69.95 for a standard service call, including 5 miles of towing.

Vehicle Manufacturer

Some car and truck manufacturers also offer roadside assistance as a perk for new car buyers. Your vehicle may come with protection that lasts for a few years or the length of your limited warranty, or it may be available for only a few months as a free trial for a service you can later purchase. Your sales agreement should provide the details on what your plan covers, or you can ask the dealership.

Car Insurance Company

Many car insurance companies make some type of roadside assistance coverage available to their customers. Some plans provide only the basics, while others may offer two or three different levels of coverage. Costs range from $10 to $60 or more a year.

When you’re considering cost, keep in mind that you may be able to lower your car insurance cost by bundling it with other types of insurance coverage.

Which Insurance Companies Offer 24-Hour Roadside Assistance?

Insurance companies that provide 24-hour roadside assistance typically offer the service as an add-on to an auto policy. However, in some instances you may be able to access a roadside protection membership without being a policyholder.

If you aren’t sure if you already have roadside protection, contact your agent or log in to your account on your insurer’s website to get information about your coverage. You may also view benefits via online insurance comparison sites. The information also may appear on your insurance card.

Here are a few companies that offer roadside assistance:

Allstate

Allstate offers its 24-hour roadside assistance programs to both policyholders and members of their household. Costs and limitations will vary based on the plan you choose.

Geico

Geico’s roadside assistance program is available to policyholders as an add-on, and it covers most of the basics other plans offer. The cost is determined by the number of vehicles you want to cover.

Liberty Mutual

To access Liberty Mutual’s 24-hour assistance program, which offers basic roadside services, you must purchase optional towing and labor coverage as an add-on to your policy.

Nationwide

Nationwide offers 24-hour roadside assistance as an optional add-on for policyholders. The plan covers the same basic services offered by other insurers, but optional features and program details vary by state.

Progressive

Emergency roadside assistance is available as an optional add-on for Progressive auto insurance policyholders. Progressive’s program covers service basics such as towing, jump-starts, lockout assistance, etc.

State Farm

State Farm’s roadside assistance program is an add-on for policyholders. If you have this coverage and need assistance, State Farm will be billed directly for any basic services you receive, so you won’t have to worry about waiting to be reimbursed.

(The above coverages are accurate as of the writing of this article but may differ in the future.)

What Is the Average Cost of 24-Hour Roadside Assistance for Cars?

When added to your car insurance policy, roadside assistance coverage costs an average of $20 per year. The price of a roadside assistance plan can vary based on how many vehicles you want to cover, where you live, whether your coverage is through your auto insurance or some other source, and the level of coverage you choose.

Some plans charge less for coverage and more for services, and vice-versa. It’s a good idea to compare several different plans and choose the one that works best for your individual needs and budget — particularly if you’re looking to lower your car insurance.

What Is the Average Cost of 24-Hour Roadside Assistance for Trucks?

The cost of roadside assistance for a pickup truck is similar to the cost for a car. If you have an RV or another large vehicle, however, you’ll need to check out a plan tailored for the problems you might encounter.

How Much Does 24-Hour Roadside Assistance Cost Without Insurance?

The national average cost of a tow without roadside assistance coverage is $109, or between $2.50 and $7 per mile.

What Makes 24-Hour Roadside Assistance Different from Other Coverage?

Standard car insurance is designed to protect car owners against financial losses when they’re in an accident, or if their car is damaged, stolen, or vandalized. But a standard auto policy doesn’t typically include roadside assistance for something like a flat tire or running out of gas. That’s a different kind of coverage, and it usually costs extra to add it to a car insurance policy.

Another difference: In most states, you are required to carry minimum required car insurance. You aren’t required to carry roadside assistance coverage. It’s your choice.

How Do You Choose a 24-Hour Roadside Assistance Program?

There are a few points you should consider when you’re shopping for a roadside assistance program:

Do You Already Have Protection?

If you aren’t sure, check your car warranty, credit cards, and your car insurance policy. Even if you are covered, it can be a good idea to compare your coverage to what’s available to make sure you have everything you need.

What Are the Coverage Limits?

Read the fine print for details and coverage limits before you sign up for a plan. Be sure you’re getting the services you expect and want most.

What Will It Cost?

Plans are generally low cost, ranging from $20 to $150 or more per year. Compare the costs of different plans and determine which works best with your budget.

Does the Provider Get Good Reviews?

Don’t forget to check the provider’s reputation. Reliability is important when you’re stuck on the side of the road waiting for a tow or jump-start. An important part of researching different plans includes reading customer reviews.

The Takeaway

A 24-hour roadside assistance plan provides drivers with whatever help they need to get back on the road as soon as possible. Drivers typically get roadside assistance through their auto insurance, but you can also find it via credit card benefits, car manufacturers, and auto clubs like AAA. Prices vary from around $10 to $20/year as an auto insurance add-on, to $60 to $150 or more/year through an auto club. Considering that the cost of a single tow without coverage can be over $100, many people say the cost of roadside assistance is well worth it.

If you’d like to check out roadside assistance options, you can start by going online to compare your current auto insurance plan and benefits with other major companies.

When you’re ready to shop for auto insurance, SoFi can help. Our online auto insurance comparison tool lets you see quotes from a network of top insurance providers within minutes, saving you time and hassle.

SoFi brings you real rates, with no bait and switch.

FAQ

Does using roadside assistance increase your premium?

If you make only one or two claims a year, utilizing roadside assistance is unlikely to affect your insurance premium. But if you make more than four or five roadside assistance claims in a year, your insurance company may want an explanation.

What does roadside assistance cover?

Every plan is different, but most include basic coverage for lockout assistance, changing a flat tire, jump-starting a battery, fuel delivery, using a winch to extract a stuck vehicle, minor engine fixes, and towing.

Photo credit: iStock/nopponpat

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Experian is a registered service mark of Experian Personal Insurance Agency, Inc.
Social Finance, LLC (“SoFi”) is compensated by Experian for each customer who purchases a policy through Experian from the site.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Source: sofi.com

Apache is functioning normally

Known as Big Sky Country, Montana boasts breathtaking landscapes, including the Rocky Mountains, Yellowstone National Park, and vast prairies that stretch as far as the eye can see. The state is also rich in history, with a strong Native American heritage and a vibrant frontier past. Whether you’re browsing homes for sale in Billings, considering renting in Missoula, or exploring houses for rent in Bozeman, here’s what you need to know before moving to Montana.

Montana at a glance

Montana, known for its stunning landscapes and outdoor lifestyle, is home to several big cities. The largest cities include Billings, the state’s largest metropolitan area with a strong economy and diverse services; Missoula, known for its cultural scene and proximity to outdoor adventures; and Bozeman, which has a thriving tech industry and is a gateway to Yellowstone National Park. Major employers in the state include healthcare organizations like Billings Clinic, educational institutions such as Montana State University, and companies like D.A. Davidson & Co. and the Bozeman-based tech firm, Foundant Technologies.

Life in Montana is characterized by its wide-open spaces, a slower pace, and a close-knit community feel. The state’s cultural scene is rich with local arts, including numerous galleries, theaters, and music festivals that celebrate its western heritage. Residents enjoy a high quality of life with ample opportunities for outdoor activities such as hiking, fishing, and skiing. The weather varies significantly, with cold, snowy winters and warm, sunny summers, making it essential to be prepared for seasonal changes. Additionally, cities like Evergreen and Helena offer more affordable places to live while still providing access to Montana’s natural beauty and community amenities.

1. The people here are friendly

Montanans are known for their welcoming and laid-back attitude, often reflecting the state’s rural and outdoor lifestyle. This friendliness is evident in the local customs, such as the “two-wave salute,” where drivers passing each other on country roads wave as a sign of acknowledgment. Community events and gatherings, such as county fairs and local festivals, further exemplify the state’s tight-knit social fabric. Embracing these friendly interactions in the best places to live in Montana, such as Bozeman, Missoula, and Billings, can help newcomers quickly feel at home and integrate into the local culture.

2. You’ll need to keep your distance from wild animals

Montana’s vast wilderness is home to a variety of wildlife, including bears, moose, and mountain lions. It’s crucial for residents and visitors to maintain a safe distance from these animals to avoid dangerous encounters and to respect their natural habitat. Proper food storage, bear-proof containers, and staying alert during outdoor activities are essential for safety. Understanding and following local wildlife safety guidelines can prevent accidents and contribute to the conservation of Montana’s diverse ecosystems.

Insider scoop: When hiking in bear country, always carry bear spray and know how to use it; it’s a crucial tool for deterring aggressive bears and can be a lifesaver in an emergency.

3. The cost of living varies throughout the state

Montana offers a range of living costs, with median home sale prices and rental rates varying significantly between urban and rural areas. The median home sale price in Montana is $537,000, with higher prices in popular cities like Bozeman, where the median home sale price is $669,000. In contrast, more affordable housing options are available in smaller towns such as Great Falls, where the median home price is $345,000. Rental rates also differ widely; for example, a two-bedroom apartment in Bozeman might cost around $2,575 per month, while in a smaller town like Billings, average rents may be closer to $1,692 per month. Overall, Montana’s cost of living is generally higher in its urban centers but more affordable in rural areas, offering options for various budget levels.

If you’re planning on moving to Montana, you’ll want to consider the pros and cons of living in the Big Sky Country.

4. There’s plenty of things to do outdoors

Montana’s diverse landscapes offer a wide range of outdoor activities, from hiking and mountain biking to fishing and skiing. Iconic spots like Glacier National Park and the Bitterroot Mountains provide opportunities for exploring dramatic scenery and engaging in adventure sports. Seasonal activities, such as whitewater rafting in the summer and skiing at Big Sky Resort in the winter, cater to outdoor enthusiasts year-round. Embracing these outdoor opportunities can enhance your experience of living in Montana and connect you with its natural beauty.

Travel tip: Make sure to invest in high-quality outdoor gear suited for the varying weather conditions and rugged terrains, and always check local conditions before heading out for your adventures.

5. A lot of the state is rural

Much of Montana is characterized by its vast, rural expanses, with small towns and wide-open spaces defining the landscape. This rural character means that many services and amenities are concentrated in larger cities like Billings and Missoula, while smaller towns may have limited options. The wide distances between communities can impact travel times and access to resources. Adapting to rural living involves embracing a slower pace and preparing for the challenges of living in less densely populated areas.

6. Montana has long frigid winters

Winters in Montana can be particularly harsh, with temperatures often dropping well below freezing and significant snowfall common throughout the state. Areas like Bozeman and Missoula experience extended periods of cold weather, which can impact daily life and transportation. Investing in four-wheel-drive vehicles and winterizing your home are essential steps to handle the challenging conditions. 

Insider scoop: Keep an emergency kit in your car, including essentials like blankets, food, water, and a shovel, to ensure you’re prepared for unexpected weather-related situations or roadside emergencies.

7. The craft beer scene is thriving here

Montana’s craft beer scene is lively, with numerous local breweries offering a diverse range of innovative and high-quality beers. Cities like Missoula, Bozeman, and Billings have a variety of taprooms and brewpubs that highlight local ingredients and brewing techniques. Events such as the Montana Brewers Festival celebrate the state’s growing craft beer industry and offer opportunities to sample a wide selection of brews. Engaging with the local craft beer community can be a delightful way to explore Montana’s culinary culture.

Insider scoop: Visit smaller, off-the-beaten-path breweries to discover unique, limited-edition brews that may not be widely available but offer a taste of local flavor and creativity.

8. Montana has great higher education opportunities

Montana is home to several respected higher education institutions, including Montana State University in Bozeman and the University of Montana in Missoula. These universities offer a range of academic programs and research opportunities, contributing to a vibrant student community. The state also supports smaller colleges and specialized schools, providing diverse educational paths. 

9. Ranching is a big deal here

Ranching is a cornerstone of Montana’s economy and culture, with the state’s expansive grasslands providing ideal conditions for cattle and sheep farming. Many Montanans have deep roots in ranching, and it plays a significant role in local traditions and community events. The annual Montana Stockgrowers Convention and local rodeos celebrate this heritage and showcase the importance of ranching in Montana’s history. Those interested in agriculture or rural life will find ranching culture deeply embedded in the state’s identity.

10. Public transportation is very limited throughout the state

Public transportation in Montana is notably limited, especially in rural areas and smaller towns. While cities like Billings, Missoula, and Bozeman offer a few public transit options, such as buses and regional shuttles, these services are often limited in frequency and coverage. For instance, in cities like Great Falls or Helena, public transit may consist of only a few bus routes with infrequent service. In more remote areas, such as rural ranching communities or mountainous regions, public transportation options are minimal or non-existent, necessitating personal vehicles for commuting and accessing essential services. 

Travel tip: Newcomers to Montana should be prepared to rely heavily on their own transportation and plan for long travel distances, especially if living outside major urban centers.

Methodology

Population data sourced from the United States Census Bureau, while median home sale prices, average monthly rent, and data on affordable and largest cities are sourced from Redfin.

Source: rent.com

Apache is functioning normally

The information provided on this website does not, and is not intended to, act as legal, financial or credit advice.See Lexington Law’s editorial disclosure for more information.

Taking out a personal loan can help you get a lower interest rate and consolidate your credit debt. But a personal loan may also come with new fees and payment terms, so make sure to consider your collective monthly payment before moving forward.

Credit card debt can be difficult to keep track of. From juggling due dates to dealing with high interest rates, managing credit card debt can be time consuming. 

To simplify your finances, you might consider taking out a personal loan to pay off credit card debt. After using the money from the loan to pay off your credit cards, you can then make payments toward the loan. 

Unsure if this is the right option for you? In this article, we’ll weigh the benefits and drawbacks of using a personal loan to pay off credit card debt. We’ll also discuss alternative debt consolidation options to consider. 

Benefits of taking out a personal loan to pay off credit card debt

In the U.S., credit card debt is on the rise, with the average balance at $5,910 per person (at the time of writing this article). If you’re struggling to make a dent in your balances, you might consider debt consolidation as a step forward. Below are the benefits of taking out a personal loan to pay off credit card debt: 

1. Less interest 

Generally, personal loans have lower interest rates than credit cards. According to the Federal Reserve, the average credit card interest rate is 22.16 percent, while the average 24-month personal loan interest rate is 11.48 percent (based on data from May 2023). Therefore, opting for a personal loan could potentially cut your interest rate in half. With less interest, you can put more money toward the principal balance and pay your debt off faster. 

2. Fewer payments 

If you use a variety of credit cards, then you have to pay multiple balances each month. A personal loan, on the other hand, involves only one monthly payment. Consolidating your payments into one can make paying debt easier to manage and reduce the possibility of missing a payment. 

3. Better credit score 

Although applying for a personal loan will trigger a hard inquiry that may temporarily cause your credit score to drop a few points, it can help improve your credit score in many ways. 

First, taking out a personal loan can improve your credit mix, or your variety of credit types. If you’ve historically only opened credit card accounts, then a personal loan can add a different type of credit account to your credit mix and, therefore, improve your credit score. 

Next, using a personal loan to pay off credit cards lowers your credit utilization ratio—the amount of credit you’re using divided by your total credit limit. 

To lower your credit utilization even more, remember to leave your credit accounts open even after paying them off. Leaving old accounts open also keeps your length of credit history long, which is another factor that affects your credit score. 

Drawbacks of taking out a personal loan to pay off credit card debt

While using a personal loan to pay off credit card debt has many benefits, there are also some drawbacks to consider. 

1. Fees

Many lenders charge an origination fee to process your loan, generally between 0.5 and one percent of the loan amount. Other fees include application fees, late payment fees, returned check fees and prepayment penalties. Depending on how much lower your loan interest rate than your credit cards, these fees can cut out a portion of your savings. 

2. Lowest interest rate isn’t guaranteed

While personal loans typically have lower interest rates than credit cards, you may not qualify for a favorable APR if you have a bad credit score. Those with very poor credit may not qualify for a personal loan at all. 

3. Potential to get deeper into debt 

Taking out a personal loan can perpetuate the debt cycle. Therefore, you shouldn’t rack up new credit card debt while you’re paying off your personal loan. If you continue to use credit cards, you could find yourself in even more debt than you started with. 

How to get a loan to pay off credit card debt 

If, after weighing the pros and cons, you’ve decided that getting a loan to pay off your debt is the right option for you, follow these steps: 

Step 1: Review your credit report: Get a copy of your credit report and check for errors. Dispute any inaccuracies you find with the credit bureau. 

Step 2: Research lenders and compare loans: Look into banks, credit unions and online lenders. Apply for prequalification and record the loan terms you’re likely to get approved for. 

Step 3: Choose a lender and complete your application. Once you’ve found the best offer, apply for the loan. You may need to submit additional documentation to complete the application process, such as copies of your ID, bank statements and pay stubs. 

Step 4: Receive the funds and pay off your credit card debt: Once you’re approved, the lender will send you the funds that you can use to pay off your credit card debt. Some debt consolidation lenders may even pay your creditors directly, removing the hassle from your end. 

Step 5: Make payments toward your loan. Pay down your personal loan each month. Create reminders or set up auto pay to avoid missing payments. 

Alternative ways to consolidate credit card debt

If you’ve decided that taking out a personal loan isn’t the right option for your financial situation, consider other ways to pay off your credit card debt: 

  • Balance transfer credit card: Transfer your credit card balances to a new credit card that offers a 0 percent APR introductory period. Aim to pay off your balances before your interest rate increases. 
  • Home equity loan: If you’re a homeowner, you can use the equity in your house as collateral to borrow funds. Keep in mind that defaulting on a home equity loan could lead to foreclosure. 
  • 401(k) loan: Borrow money from your retirement plan. Generally, you can borrow up to 50 percent of your savings up to $50,000. 
  • Debt management plan: Enlist the help of a credit counseling agency to create a plan for paying off your credit card debt. 

Paying off credit card debt FAQ

Below, we’ve answered some frequently asked questions regarding credit card debt payoff. 

Is it smart to take out a loan to pay off credit card debt?

Yes, it’s smart to take out a loan to pay off credit card debt if you qualify for a lower interest rate. 

What are other ways to pay off credit card debt fast?

Other ways to pay off credit card debt fast include creating a budget and paying more than the minimum amount due. Consider using the debt snowball or avalanche method to prioritize which debts to pay off first. 

How do you avoid credit card debt in the future? 

To avoid racking up credit card debt in the future, pay your balance off in full monthly. Make sure you’re only using your credit card to make payments that you can afford to pay back. Create an emergency fund so you don’t have to resort to credit in the case of an unexpected expense.

While personal loans are a great way to consolidate credit card debt, you’ll need a good credit score to qualify for lower interest rates. Get your free credit assessment today to view your credit score and credit report summary, as well as receive a credit repair recommendation. 

Source: lexingtonlaw.com

Apache is functioning normally

The hiring process includes several steps, such as submitting an application, attending an interview, and undergoing a background screening. In some cases, a prospective employer may even require a credit check. Find out why employers check your credit and discover how to prepare for this important step in the hiring process.

Why Do Employers Check Your Credit?

When you apply for a job, the prospective employer uses your résumé, cover letter, and other information sources to determine if you’re a good fit. It’s also common for employers to conduct interviews and administer preemployment tests. If an employer extends you an offer, they may also check your credit as part of a comprehensive background check.

Employers perform credit checks for three reasons: to manage risk, comply with government requirements, and reduce liability.

1. Manage Risk

Employee fraud is a major problem, costing organizations over $3.6 billion per year. The risk of fraud increases any time an employee has access to petty cash, company checks, and other assets. To better manage their risk, some organizations conduct credit checks before onboarding new employees.

Checking an employee’s credit doesn’t eliminate the risk of fraud, but it does give employers valuable information. For example, if an employee has several delinquent accounts, they may be tempted to use a company credit card to pay their bills. Even if you’d never do such a thing, a prospective employer may decline to hire you if a credit check shows you’re having financial problems.

2. Comply With Government Requirements

Many government jobs require security clearances, which help state and federal agencies determine who should have access to sensitive information. If you plan to apply for one of these jobs, be prepared to undergo a credit check as part of the hiring process.

In these situations, prospective employers conduct credit checks to comply with government requirements. For example, the FBI must follow clearance procedures set forth by executive order when hiring employees with Secret and Top Secret clearances.

3. Reduce Liability

In many cases, employers are liable for the actions of their employees. For example, if an employee mismanages funds, a company’s shareholders could sue the firm for any losses arising from the incident. Comprehensive background checks, which often include credit checks, may limit an employer’s liability if employees commit illegal or unethical acts.

Components of an Employer Credit Check

When a prospective employer checks your credit, they don’t see your official credit score. However, they do gain access to the following types of data:

  • Open accounts
  • Closed accounts
  • Payment history
  • Bankruptcies
  • Foreclosures
  • Charge-offs
  • Collection accounts

Your prospective employer could also see other information regarding things like your criminal history, education status, and address history.

Laws Governing Employer Credit Checks

When conducting credit checks, employers must comply with the requirements set forth in the Fair Credit Reporting Act (FCRA). The law governs what employers can do before and after they check your credit. Here’s what an employer must do before obtaining a copy of your credit report:

  • Get your permission in writing
  • Notify you that they may use your credit information to make employment-related decisions
  • Inform the credit reporting agency that they’ve complied with the FCRA requirements

If the employer takes adverse action based on the results of a credit check, they must also do the following:

  • Give you a copy of a document titled “A Summary of Your Rights Under the Fair Credit Reporting Act”
  • Provide a copy of your credit report
  • Let you know that you have the right to dispute any of the information found in your credit report
  • Provide the name and contact information for the consumer reporting company that provided your credit report
  • Produce a statement letting you know that the consumer reporting company didn’t make the decision to take adverse action against you

Your state may have additional requirements related to credit checks. For example, California only allows employers to conduct credit checks for a limited number of positions. A California employer may also conduct a credit check before hiring someone who’ll have regular access to at least $10,000 in cash.

How to Prepare for an Employment-Related Credit Check

Now that you know why employers check your credit, you need to prepare for future job opportunities. Follow these steps to strengthen your financial position and make yourself more appealing to prospective employers.

Check Your Own Credit

Many consumers have at least one error on their credit reports. Some errors are minor, but others hurt your credit scores and may make it more difficult to find a job. For example, if your credit report lists a charge-off when you’ve never made a late payment in your life, that charge-off could make prospective employers think you’re irresponsible with your money.

Before you apply for a job, get copies of your Equifax, Experian, and TransUnion credit reports. If you use AnnualCreditReport.com, you can get one free copy of each report every week. Once you have your reports, review them carefully to make sure they’re accurate. Look for incorrect account balances, open accounts marked as closed, and other types of mistakes.

If you notice any mistakes on your report, dispute them right away. Although the major credit bureaus allow online disputes, it’s better to dispute each error by mail. When you mail a dispute letter, you have the opportunity to provide additional documentation to support your claim.

Every time you write a dispute letter, make sure you send it via certified mail so you have proof of delivery. 

Make On-Time Payments

Making payments on time is one of the best ways to build a strong credit profile, and it may also help you pass a preemployment credit check. If you’re worried about forgetting a due date, set up automatic payments for each account.

Pay Down Your Debt

Having debt isn’t necessarily a bad thing, but some debts are more concerning to employers than others. For example, it’s perfectly fine to have a mortgage with a $200,000 balance. As long as you make your payments on time, an employer isn’t likely to worry about a home loan.

If you have $50,000 in credit card debt, however, a prospective employer may hesitate to hire you. This is especially true if you can’t pay more than the minimum amount due each month. To avoid increased scrutiny during an employment-related credit check, do your best to reduce your debt balances.

Take Care of Past-Due Accounts

If you have a collection account or a charge-off on your credit report, there’s no need to be ashamed. However, you do need to take control of your finances. Contact your creditors to negotiate settlements or arrange to pay off your past-due accounts.

Building a Strong Credit History

Your credit history has a major impact on your life because it affects your ability to buy a vehicle, qualify for a home loan, and land the job of your dreams. Stay on top of your credit by checking your reports regularly and addressing any errors. You can get started on this goal by signing up for your free credit report card from Credit.com today.

Source: credit.com

Apache is functioning normally

Well, here we are. It took longer than expected, but mortgage rates have finally strung together a decent rally after nearly three years of increases.

They fell below year-ago levels a week or two ago, per Freddie Mac, and took another big leg down after a softer-than-expected jobs report on Friday.

As for why, fewer new hires, increased unemployment, and slowing wage growth all point to a slowing economy. And interest rates tend to drop when the economy cools.

In addition, the Fed is expected to pivot and begin cutting rates, which could act as another tailwind for lower mortgage rates.

This has many thinking we’ll see another surge of home buyer demand, and potentially a big jump in home prices. But is it true?

Do Lower Interest Rates Actually Increase Home Prices?

It’s entirely logical on the surface. If something people want becomes cheaper overnight, demand for it should hypothetically increase.

And if demand increases, the price might rise as supply decreases, especially if there are already too few homes for sale.

But if that were true for single-family homes, why didn’t asking prices crash over the past year and change?

After all, rates on the 30-year fixed mortgage nearly tripled from its record lows in the mid-2s in early 2021 before peaking at just above 8% last fall.

Using the same logic above, home prices would surely nosedive as buyers fled the market, leading to a massive supply glut.

Instead, home price appreciation simply cooled off and home prices continued to increase in most parts of the country.

In fact, if you look at many home price indices, we have new all-time high home prices pretty much every month.

Home Prices Continued to Rise as Mortgage Rates Nearly Tripled

Just take this chart from the Federal Housing Finance Agency (FHFA), which oversees Fannie Mae and Freddie Mac.

Their latest report released on July 30th revealed that home prices increased a solid 5.7% from May 2023 to May 2024.

However, home prices were flat month-to-month from April after rising 0.3% a month earlier.

Still, if you look at the chart, you’ll see that home prices didn’t slow much as mortgage rates began their ascent at the start of 2022.

There was a brief pause as the housing market digested the near-tripling in rates, but then prices continued their ascent unabated.

So if we want to argue that there’s an inverse relationship between rates and prices, this last few years wouldn’t be a good example of that.

All we’ve really seen is a positive correlation between rates and prices, in which BOTH have risen together.

And now that mortgage rates appear poised for a bit of a rally, should we ignore that and say they have a negative relationship?

Can we say prices should have fallen when rates went up, but now that rates are falling they should go up even more?

Maybe There’s Just Not Much of a Correlation at All

Instead of trying to invent a relationship between mortgage rates and home prices, maybe we should just come to terms with the fact there isn’t a strong one.

And there’s nothing wrong with that. If you look at history, changes in mortgage rates and home prices are weakly related, this according to the Urban Institute.

I’ve posted this chart before, but here it is again if you don’t believe it. You’ll see all types of combinations of annual mortgage rate and home price changes.

These little dots won’t make it easy to make the argument that when mortgage rates fall, home prices rise. Or vice versa.

Instead, you’ll see instances when they rose together, fell together, or sometimes, to fit the popular narrative that isn’t necessarily true, went in opposite directions.

Of course, nominal home prices (not adjusted for inflation) rarely go down to begin with, so we don’t even have that many examples to look at.

Why Would Home Prices Fall If Mortgage Rates Got Cheaper?

Well, just look at the economy…sure, mortgage rates are important because they can make a big impact on affordability.

The lower the rate, the more a home buyer can afford, all else equal. In fact, a 1% drop in mortgage rates is worth an 11% decrease in price.

But this simplistic view ignores cash buyers. And it ignores the financial health of prospective home buyers who need to get approved for a mortgage.

Just consider the last few days. The stock market has gotten hammered, with the Dow Jones falling more than 1,000 points today and the Nasdaq off nearly 600 points.

This sell-off was sparked by concerns about the health of the economy, with weaker data expected to usher in Fed rate cuts.

There’s a good chance that softer data will be accompanied by lower mortgage rates too.

Simply put, signs of a slowing economy improved the odds for a Fed rate cut, and also gave bonds a boost, which are a safe haven for investors when times get tough.

But if households are in worse shape because of said data, you’re going to have fewer home buyers out there. You could also have more sellers, perhaps even distressed ones.

Taken together, we might have a situation where the supply of homes for sale rises and prices fall, despite a big improvement in mortgage rates.

So yes, home prices could in fact go down, even if mortgage rates are lower!

But that’s not a foregone conclusion either, and will likely be highly variable based on economic strength and individual market dynamics throughout the country.

The main message here is there’s no strong correlation any which way. Thinking otherwise might simply lead to disappointment.

Before creating this site, I worked as an account executive for a wholesale mortgage lender in Los Angeles. My hands-on experience in the early 2000s inspired me to begin writing about mortgages 18 years ago to help prospective (and existing) home buyers better navigate the home loan process. Follow me on Twitter for hot takes.
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Source: thetruthaboutmortgage.com