Personal Finance Management

Topics: Personal finance, Credit card, Credit history Pages: 4 (1400 words) Published: August 6, 2014

Personal Finance Management Personal finance management is a topic that very few actually understand. There were no finance classes given when I was coming into adulthood. So I had no understanding of credit scores, credit reports, and credit cards. Nor did I have a clue about interest rates and what it meant to have good credit. I was in the dark about finance period. Over the years, I have learned about debt, bad credit, and collections. These are things that I came to learn very well and struggled with not knowing how to fix these issues. I did not know the importance of making credit card payments or any type of payments on time. At the start of this course I was $89,000 in debt. I could not get a line of credit or approved for an apartment with that much debt listed on my credit report. I was literally in financial ruins and had no clue how to get out of it. I signed up for debt relief programs and I ended up owing money and still had no debt relief. So I decided to contact an attorney and we discussed different forms of debt relief programs and bankruptcy. Although bankruptcy is a last resort method that was the best choice for my current situation. I am newly divorced and I had shared debt from my past marriage, doctor bills, credit card bills, student loans, and just a wide range of miscellaneous debts. The choice to file a chapter 7 bankruptcy was my only option. I was able to keep my possessions and all of my debt was discharged with the exception of my student loans. Now I am in the process of rebuilding my credit and this course came at the most perfect time of my life.

I have learned so much from this course pertaining to finance that I can use on my journey in rebuilding my credit and making a healthier financial situation for myself. I learned the difference between open and close ended credit and how it works. Mortgage loans and automobile loans are examples of closed-end credit. An agreement, or...
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