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Financial Literacy

How Credit Scores are Calculated

If you’ve applied for a car loan or a mortgage in Guam lately, you’ve probably heard someone mention your credit score. It’s also likely you’ve read articles or blog posts about how to improve your score.
 
 
 

How to Use Home Equity to Finance Life Events

If you live in Guam and you’ve been paying your mortgage for a while, you’ve probably built up some equity in your home. Maybe you’ve heard of a home equity line of credit or home loan, but you might not understand why it would be an option for you. Let Personal Finance Center introduce you to the concept of home equity and how you can use it to finance key life events like paying for a wedding, paying for a big vacation and more.
 
 
 

How to Save More Money with Money Certificates

If you want to create an emergency fund or set aside some extra cash to earn more interest than a typical checking or savings account, consider a money certificate. This investment option helps you grow your hard-earned money faster than a standard savings account, and opening a money certificate account is easy. Why choose a money certificate over other savings account options? Learn the basics of MCs and how they can benefit your investment goals with Personal Finance Center.
 
 
 

How to Get Out of Debt

It’s no secret. Americans really know how to get into debt. In 2018, the total debt of all U.S. households was a whopping $13.54 trillion.
 
On a more personal level, the numbers are even more eye-popping. The average family with credit card debt owes more than $9,300. Even that pales next to averages for auto loans (about $30,000 per household), student loans ($33,600) and mortgages ($235,000) in the U.S.
 
However, fewer Americans understand how to get out of debt. It starts with willpower. But there are also proven financial strategies that can really pay off. Let Personal Finance Center, with locations in Tamuning and Dededo, offer tips on how to get back on your feet financially and start controlling your debt today.
 
 
 

Bad Credit Score? Here’s How to Fix It

Having poor credit can be stressful. Especially if you live in Guam and are applying for a mortgage, auto, or large personal loan. Before you can fix any problem, you need to determine the root cause. The tough part with credit is that there are several factors that make up your credit score, and it takes a while for changes to be reflected with the credit bureaus. The good news is that you can take steps to improve your credit and work towards healthier credit habits. Luckily, Personal Finance Center, with locations in Tamuning and Dededo, is here to help you every step of the way. Let’s explore what makes up your credit score, and how you can fix your bad credit through a five-step plan.
 
 
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