Hey, Your LetmePayday Newsletter For 06 August 2022

This is your Newsletter. [LPB]( [LPL]( [LetmePayday Newsletter]( You Might Like     [Learn more about Jeeng](  [Does My Car Insurance Policy Affect My Credit Score?]( [Does My Car Insurance Policy Affect My Credit Score?]( Making on-time payments on your car insurance policy is important, but not necessarily for reasons related to your credit score. While your credit history can impact how much you pay for car insurance, being late to make a payment on your policy won’t damage your credit score. Does Car Insurance Appear on Your Credit Report? Car insurance companies don’t report your premium payments to the credit bureaus, so your policy doesn’t appear on your credit report. As with other types of accounts such as utilities and medical bills, however, your insurer may send an unpaid balance to a collection agency if you stop paying your bill. At that point, the debt collector will likely report the account to the credit bureaus, which can hurt your credit because it signifies that you didn’t pay your bill as agreed. Instead of reporting late payments or sending a bill to collections, though, insurance carriers may simply cancel your policy. [[icon] Read MoreÂ](  [Get the money you need](   [How to Avoid Credit Card Interest — or at Least Reduce It](  [How to Avoid Credit Card Interest — or at Least Reduce It]( With a few tweaks to how you manage your credit card, you can avoid or reduce pricey interest payments. Credit card debt is expensive, and because you can keep spending on your card even when you owe a balance, your debt can grow fast. According to a 2021 study, U.S. households with revolving credit card debt pay an average of just over $1,000 in interest per year. Sometimes you need to take on debt if you’re dealing with an unexpected expense or you need to cover the bills while you’re out of work. In those cases, taking steps to reduce the interest you pay can help you save money. Still, the most effective way to save money on credit card interest is to avoid it entirely. Ways to avoid credit card interest Pay your credit card bill in full every month If you pay off every bill completely, you won’t carry a balance into the next month, meaning you won’t owe any credit card interest at all. But it can be easy to spend more than you can afford to pay back at once because using a credit card can feel less tangible than parting with actual cash. [[icon] Read MoreÂ](   [How to Create a Debt Elimination Plan](  [How to Create a Debt Elimination Plan]( A spending analysis and budget can help you pay off your debt Getting out of debt can feel overwhelming, but with the right repayment plan, it’s possible to pay down high balances, start saving money, and reach your financial goals. A debt elimination plan gives you a good grasp of your finances while setting actionable repayment targets. Although paying off your debt won’t happen overnight, a good repayment plan can help you stay both motivated and committed to improving your finances. Here’s how you can create a debt elimination plan and get back on track with your budget. Make a List of Your Debts The first step in a debt elimination plan is to make a list of all of your debts. If you know all of your credit card and loan accounts, write or type them out. If you don’t know all of your debt accounts, one easy way to identify them is to use a credit monitoring platform to get your credit report. You can get a free credit report from AnnualCreditReport.com. This kind of service typically shows you your active debt accounts and the balances on those accounts. Keep in mind, though, that medical debt might not show up on your credit report. [[icon] Read MoreÂ](  You Might Like     [Learn more about Jeeng]( Connect with LetmePayday on Social Media Pages [Facebook]( [Linkedin](    [Unsubscribe](