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State of Our Finances: The MagnifyMoney Survey

The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.


We launched MagnifyMoney because we believe people are paying too much in credit card interest, paying too many complicated overdraft fees and not earning enough on their hard-earned savings.

Banks are in the business of borrowing money from people in the form of checking and savings account deposits and then lending that money to people who need it through loans or credit cards. Right now, banks are charging very high rates on credit cards, and paying very low rates on deposits. They sit in the middle and enjoy rich profits.

But how much money are Americans leaving on the table (or in banks’ pockets)?  We decided to conduct a national survey to see just how much money people are losing to the banks’ fine print and fees.


Of those surveyed, 73.4% of Americans keep their money in an old-fashioned branch bank account. That means they are likely receiving 0% on their checking account money and 0.01% on their savings account. Yes, the big banks are paying an average of 0.01% on their savings accounts – that is not a typo.

Of those Americans who have a savings account, the average amount sitting in the bank was was $28,696. If, instead of giving money for free to branch-based banks, people switched to FDIC insured online savings accounts, like the ones offered by Barclays, GE or Ally Bank, they could earn close to 1%. Rather than earning less than $5 a year, they could be getting over $250.

Overdraft Fees

An overdraft happens when you spend more money than you have in your checking account. According to our survey, it has happened to 35% of us. But why do people go overdraft?

53% are just forgetful (mistakes happen).

47% of people go overdraft because they need the money: the month lasts longer than their paycheck.

Last year alone, Americans were charged $32 billion in overdraft fees. According to the CFPB, the amount in annual fees, on average, for accounts that had at least one overdraft was $225. Why so much? Every incident of overdraft costs $35 and banks will charge multiple incidents per day. For example, Bank of America could charge up to $140 per day – even if you only were overdraft by $20 (4 transactions).

Our survey showed that people are definitely fed up: 69% would like an account that does not let you go overdraft and charges no fee to decline. Fortunately, such products exist – like the internet bank Simple and Bluebird by American Express. We hope to help people find these products.

Credit Card Debt

42.4% of Americans have credit card debt. The average balance of those surveyed was $10,902.

Now, you will often hear that the average interest rate is 15%. However, at MagnifyMoney we know that credit card companies engage in risk-based pricing. That means lower interest rates are given to people who pay their balance in full every month and higher interest rates are charged to people who are likely (or have historically) revolved.  That means they pay less than the full balance, and then have to pay interest.

Our data proves this. 75.7% of those with credit card debt, paid an interest rate higher than 15%. The average monthly payment on that debt is $408. At an 18% interest rate, that means the average American will pay at least $1,707 in credit card interest over the next 12 months.

Think about it this way: banks will pay (savings account deposits) 0.01% for money.  So, for $10,902 a bank would pay about $1 in interest. Then they turnaround and charge the average American $1,707 in interest. Not a bad business.

Fortunately, there are options out there to help people save money. Fifty percent of Americans with credit card debt have considered a balance transfer. Of those who completed a balance transfer, 89% would do one again. However, there are still many misconceptions about balance transfers.

People don’t understand how the interest charges work — 31% think interest is charged retroactively and 35.2% don’t know how it is charged.

Some people don’t get the full benefit of the balance transfer because they spend on the card (46.7% of people do that) or by pay late (25% of people fail to pay on time).

Rather than looking online for the best balance transfer offers, an amazing 68.5% of people respond to a direct mail offer.

But, if you choose a market-leading balance transfer, pay on time and don’t spend on the card, the average American could save more than $1,300 over the next 12 months.

Personal loans could also be a great option if you can’t qualify for a balance transfer (or don’t trust yourself with another credit card). Only 36.5% of people with credit card debt considered a personal loan

The survey results are clear

At MagnifyMoney, we believe that people are not getting enough on their savings (less than $4 a year). We think they are being charged too much for overdrafts (an average of $225).  And they are paying way too much for their credit card debt ($1,707 a year).  We think the results of our survey are clear: people are paying far too much for their banking products and services.

The good news: alternatives exist.

State Of Finances

State Of Finances

Nick Clements
Nick Clements |

Nick Clements is a writer at MagnifyMoney. You can email Nick at


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Guide to Student Loan Forgiveness for Teachers

The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.

Becoming a schoolteacher is heralded as a rewarding profession but not one that often comes with a large paycheck. Starting salaries for public school teachers range from $27,000 to $48,000, according to the National Education Association. And yet, teachers who graduate with a Master in Education carry an average of $50,000 in student loan debt.

With salaries like these, it’s no wonder teachers can struggle to afford their student loan payments. Thankfully, classroom teachers qualify for many debt forgiveness programs. These programs can help give teachers an extra boost to help them pay down debt while working.

These are the most important student loan forgiveness programs for teachers, which we’ll review in detail in this guide.

Public Service Loan Forgiveness

Public Service Loan Forgiveness forgives Direct student loans for teachers. Public sector employees who make payments for 10 years qualify for debt forgiveness.

How do loans become eligible?

Teachers at nonprofit schools are eligible for Public Service Loan Forgiveness. This includes public and private nonprofit schools. To qualify, teachers must make 120 on-time payments while working full time in a public service role.

The 120 payments do not have to be consecutive. However, you must pay the full amount listed on your bill. Additionally, your loans must be in good standing when you make the payment.

How much of my loan will be forgiven?

After 120 payments, the government will cancel 100% of the remaining balance and interest on your Direct Federal Loans. Direct Federal Loans include:

  • Direct Subsidized Loans
  • Direct Unsubsidized Loans
  • Direct PLUS Loans — for parents and graduate or professional students
  • Direct Consolidation Loans

Some federal loans are excluded from forgiveness. These include:

  • Subsidized Federal Stafford Loans
  • Unsubsidized Federal Stafford Loans
  • Federal PLUS Loans — for parents and graduate or professional students
  • Federal Consolidation Loans (excluding joint spousal consolidation loans)
  • Federal Perkins Loans

However, you may refinance the excluded loans into a direct consolidation loan. The full balance of the direct consolidation loan becomes eligible for forgiveness.

Can I take advantage while I’m on a payment plan?

You qualify for loan forgiveness as long as you are on a qualified repayment option. That means that you must make standard payments or the payments required by an income-based repayment plan.

Payments only count toward forgiveness if your loan is in active status. Payments made while loans are in the six-month grace period, deferment, forbearance, or default do not count toward forgiveness.

Is forgiveness taxable?

Public Service Loan Forgiveness (PSLF) is completely tax-free. You will not see an increased tax bill the year your loans are forgiven.

Any fine print?

Even if you qualify for loan forgiveness, the government will not automatically discharge your loans. You need to submit the PSLF application to receive loan forgiveness.

The applications for loan forgiveness are not yet available. The U.S. Department of Education will make them available before October 2017.

The Department of Education encourages participants to submit an employment certification form to FedLoan Servicing. This will help ensure that you’re on the right track for loan forgiveness.

Tips and tricks

Consider refinancing PLUS, Stafford, and Perkins loans into a direct consolidation loan. If you take this route, the entire consolidation loan will be forgiven. PSLF works best in conjunction with an income-based repayment plan. These plans lower your monthly payments. Since you will qualify for loan forgiveness, this means more money in your pocket. Just remember, you must keep your loans in good standing to qualify for forgiveness.

Federal Teacher Loan Forgiveness

The Federal Teacher Loan Forgiveness program encourages teachers to work in the neediest areas of the country. Teachers who qualify can have up to $17,500 in federal loans forgiven after five years.

How do loans become eligible?

Teachers must complete five consecutive years of teaching at a low-income (Title I) school. If your school transitions off the list after your first year of teaching, your work in that school still counts toward forgiveness.

Your loans may not be in default at the end of your five years of teaching. The only exception includes loans that are set up in a repayment arrangement.

Direct Subsidized and Unsubsidized Loans and Subsidized and Unsubsidized Stafford Loans can be forgiven. Loans must have originated after October 1, 1998. This is important for anyone who hasn’t paid off loans and wants to consider teaching as a second career.

How much of my loan will be forgiven?

To receive the full $17,500 in forgiveness, you must meet one of two criteria: either work as a highly qualified math or science teacher in a secondary school, or work as a qualified special education teacher for children with disabilities.

Other highly qualified teachers can have up to $5,000 of loans forgiven if they work in Title I schools.

You’ll notice that all teachers must be “highly qualified.” To meet the highly qualified standard, you must be licensed in the state you work, hold a bachelor’s degree, and demonstrate competence in the subject(s) you teach. Do you need to check whether you’re highly qualified? The U.S. Department of Education explains qualification in detail.

Can I take advantage while I’m on a payment plan?

You qualify for teacher loan forgiveness as long as you are on a qualified repayment option. These include the standard 10 year repayment plans or the payments required by an income-based repayment plan. If your loan goes into a default, a repayment arrangement works with this program.

Is forgiveness taxable?

The Federal Teacher Loan Forgiveness program forgives your loans and does not result in a taxable event.

Any fine print?

Qualified teachers must submit this application with administrative certification. Be sure you work with your school’s administration in advance.

Tips and tricks

Consider teaching at a Title I school directly after graduation. The loan forgiveness may help you achieve debt freedom within five years. Consider an income-based repayment program to lower your payments while you’re teaching.

Teacher Cancellation for Federal Perkins Loans

If you’re a teacher who took out a Federal Perkins Loan from your school, you may qualify for loan cancellation. Teachers can cancel up to 100% of their Perkins Loans after five years.

How do loans become eligible?

The teacher cancellation program for Perkins Loans is one the most lenient programs for loan forgiveness. You will qualify to have loans forgiven if you meet any one of these three requirements:

  • You work full time in a low-income (Title I) school.
  • You work full time as a special education teacher.
  • You work full time in a designated shortage area (such as math, science, foreign language, bilingual education, or any shortage area declared by your state).

If you work part time at multiple qualifying schools, you may qualify for loan cancellation.

Your loans may be in a grace period, deferment, or any qualified repayment plan at the time of discharge. They may not be in default.

How much of my loan will be forgiven?

Over the course of five years, 100% of your Federal Perkins Loan will be forgiven. The discharge occurs at the end of each academic year. In years 1 and 2, the government discharges 15% of the principal balance of the loan. It cancels 20% of the loan in years 3 and 4 of service. The final year, the remaining 30% of your loan will be canceled.

In most cases, the five years of service do not have to be consecutive. However, this isn’t always the case. The university that issued your Perkins Loan administers the loan cancellation program. That means you need to check with your alma mater for complete details.

Can I take advantage while I’m on a payment plan?

You qualify for Perkins loan forgiveness as long as you are on a qualified repayment option. Your payment plan could be the standard 10 year repayment plans or an income-based repayment plan. If you qualify for deferment, your loans may still be eligible for cancellation.

Is forgiveness taxable?

This program forgives your loans and does not result in a taxable event.

Any fine print?

You must request the appropriate forms from the university that holds the loans. If you don’t know the office that administers Perkins Loans, contact your university’s financial aid office.

Tips and tricks

If your Federal Perkins Loan qualifies for deferment, take advantage of this option. Under deferment, you don’t have to make any payments on the loan. At the same time, the government pays any accruing interest. Teachers who qualify for deferment can have 100% of their Perkins Loan forgiven without ever paying a dime.


The Teacher Education Assistance for College and Higher Education (TEACH) Grant isn’t like other loan cancellation programs. Under the terms of the program, you accept the money during your college years. Eligible students can receive a grant of up to $4,000 per year of education. After you graduate, you agree to work as a teacher for four years in a high-need field in schools that serve low-income families.

As long as you keep your end of the bargain, you don’t have to pay the money back. Otherwise, the grant transforms into a loan. If you’re planning to become a teacher, this can be a great opportunity. But you need to understand the details before you accept the grant.

How do I qualify for a TEACH Grant?

To qualify for a TEACH Grant, you must enroll in a teacher education program, complete the Free Application for Federal Student Aid, maintain a certain GPA (usually 3.25), and agree to a work requirement.

When you accept a TEACH Grant you agree to work as a teacher in a high-need field serving low-income families. You must complete four years of full-time teaching within eight years of graduation.

What if I don’t keep up my end of the bargain?

If you don’t keep up your end of the bargain, the funds get converted into a Direct Unsubsidized Loan. What’s worse? The interest begins accruing from the point you received the grant. That means you’ll have the principal and interest to pay.

Don’t take a TEACH Grant unless you plan to meet the work requirements.

Are TEACH Grants taxable?

TEACH Grants are nontaxable education grants. However, you cannot claim a tax credit for education expenses paid by the grant.

Any fine print?

In this instance, you take the money first and agree to do the work later. That means that you’re taking on a risk.

You must complete a Free Application for Federal Student Aid form, and you must complete a training and counseling module from Pay attention to the training; it will help you understand the risks of the TEACH Grant.

Tips and tricks

The TEACH Grant offers a great way to graduate debt free, but you must commit to follow through. Don’t take the grant money unless you know that you can work as a teacher for at least four years.

State Loan Forgiveness Programs

Several states offer generous loan forgiveness opportunities. You can use these programs in conjunction with the federal programs above. Qualified applicants might achieve debt freedom in a few years with these programs. These are some of the highlights of state loan forgiveness programs.

If your state isn’t listed, check out the database at the American Federation of Teachers. They keep track of most major scholarship and loan forgiveness opportunities for teachers.

Illinois Teacher Loan Repayment Program

The Illinois Teacher Loan Repayment Program offers up to $5,000 to Illinois teachers who teach in low-income schools in Illinois. This award is meant to encourage the best teachers to serve students in high-need areas.

Who is eligible for the program?

The Illinois Teacher Loan Repayment Program is a unique loan forgiveness matching program. Teachers must meet every qualification to receive Federal Teacher Loan Forgiveness. In addition, teachers must have served all five years in a low-income Illinois school.

How much of my loan can be forgiven?

Teachers who meet all requirements can receive federal loan forgiveness up to $5,000. You must apply for Illinois loan repayment funds within six months of receiving federal loan forgiveness.

Where can teachers find more information?

Illinois teachers can find more information on the Illinois Student Assistance Commission website. Teachers can apply for the program here.

Montana Quality Educator Loan Assistance Program

The Montana Quality Educator Loan Assistance Program encourages Montana teachers to serve in high-needs communities or in subject areas with critical shortages. The program provides direct loan repayment for teachers who meet the requirements.

Who is eligible for the program?

Licensed Montana teachers who work in “impacted schools” in an academic area that has critical educator shortages. Impacted schools are more rural, have more economically disadvantaged students, or have trouble closing achievement gaps.

How much of my loan can be forgiven?

Montana will repay up to $3,000 a year for up to four years.

Where can teachers find more information?

Montana teachers can find more information on the Montana Guaranteed Student Loan Program website.

North Dakota Teacher Shortage Loan Forgiveness Program

The North Dakota Teacher Shortage Loan Forgiveness Program encourages North Dakota teachers to teach in grades or content levels that have teacher shortages.

Who is eligible?

The North Dakota Department of Public Instruction identifies grades and content areas with teacher shortages. Teachers who work full time as instructors in those grades and content areas in North Dakota can receive loan forgiveness.

How much of my loan can be forgiven?

Teachers can receive up to $1,000 per year that they teach in a shortage area. The maximum lifetime award is $3,000.

Where can teachers learn more?

This program is administered by the North Dakota University System. To get more information, teachers should visit the North Dakota University System website, call 701-328-2906, or email

Arkansas State Teachers Education Program

The Arkansas State Teachers Education Program (STEP) helps teachers with federal student loans pay back their loans. Teachers must work in geographical or subject areas with critical shortages.

Who is eligible?

Arkansas teachers with federal student loans can receive loan repayment assistance if they serve geographical areas with teacher shortages. They can also receive repayment assistance if they have licensure or endorsements in designated subject areas.

How much of my loan can be forgiven?

Eligible teachers can receive up to $3,000 per year that they teach in critical shortage areas. There is no lifetime maximum of loan forgiveness. Licensed minority teachers can receive an additional $1,000 for every year that they qualify for STEP.

Where can teachers find more information?

Arkansas teachers can find more information on the Arkansas Department of Higher Education website.

Teach for Texas Loan Repayment Assistance Program

The Teach for Texas Loan Repayment Assistance Program encourages Texas teachers to serve high-needs areas. Qualified teachers can receive up to $2,500 in loan repayment per year with no lifetime maximum.

Who is eligible?

Any Texas-based teacher with outstanding loans can apply for loan repayment assistance. However, funds are given out with priority to teachers who work in shortage subjects in schools with at least 75% economically disadvantaged students. Shortage subjects include ESL, math, special education, science, career education, and computer science.

If funds remain, they are given out in the following order:

  1. Teachers who work in areas with 75% or more economically disadvantaged students in nonshortage subjects.
  2. Teachers who work in shortage subjects in schools with 48.8%-75% economically disadvantaged students.
  3. Teachers who demonstrate financial need.

How much of my loan can be forgiven?

Eligible teachers can receive up to $2,500 in loan forgiveness each year with no lifetime maximum.

Where can teachers find more information?

Texas teachers can find more information on the Texas Higher Education Coordinating Board website.

West Virginia Underwood-Smith Teacher Scholarship Loan Assistance Program

West Virginia teachers who work in critical need positions may qualify for the Underwood-Smith Teacher Scholarship Loan Assistance Program. This scholarship helps qualified teachers pay back student loans.

Who is eligible?

Teachers and school professionals who work in a designated critical position can qualify for the Underwood-Smith scholarship. Critical positions include all teachers in underserved districts and certain teachers who teach subjects with designated shortages.

How much of my loan can be forgiven?

Qualified teachers can receive up to $3,000 per year in federal loan forgiveness and up to $15,000 over their lifetime.

Where can teachers learn more?

West Virginia teachers can learn more about the scholarship on the College Foundation of West Virginia website. The most recent list of critical needs can be found here.

Maryland Janet L. Hoffman Loan Assistance Repayment Program

Maryland offers loan repayment assistance to excellent teachers who teach STEM subjects or in low-income schools.

Who is eligible?

Only teachers who earned a degree from a college in Maryland or a resident teacher certificate from the Maryland State Department of Education qualify for this award. Additionally, qualified Maryland teachers must serve in low-income (Title I) schools or other schools designated for improvement. Alternatively, licensed teachers who work in designated subject areas such as STEM, foreign languages, or special education can qualify.

To qualify, you must earn less than $60,000 per year or $130,000 if married filing jointly.

How much of my loan can be repaid?

Qualified teachers can have up to $30,000 repaid over the course of three years. The repayment assistance you receive depends on your overall debt load.

Total Debt Overall Award Limit Yearly Payment
$75,001 – Over $30,000 $10,000
$40,001 – $75,000 $18,000 $6,000
$15,001 – $40,000 $9,000 $3,000
$15,000 – Below $4,500 $1,500

Where can teachers find more information?

The Janet L. Hoffman Loan Assistance Repayment Program offers some of the most generous loan repayment terms. However, the program has stringent eligibility requirements. To find out more about your eligibility, visit the Maryland Higher Education Commission website.

New York City Teach NYC

Teachers hired by the New York City Department of Education who work in specified shortage positions can receive up to $24,000 in loan forgiveness over the course of six consecutive years.

Who is eligible?

Teachers must work in a New York City school in one of the following designated shortage areas:

  • Bilingual special education
  • Bilingual school counselor
  • Bilingual school psychology
  • Bilingual school social worker
  • Blind and visually impaired (monolingual and bilingual)
  • Deaf and hard of hearing
  • Speech and language disabilities (monolingual and bilingual)

How much of my loan can be forgiven?

The NYC Department of Education will forgive one-sixth of your total debt load, each year for up to six consecutive years. The maximum award in one year is $4,000. The maximum lifetime award is $24,000.

Where can teachers learn more?

Teachers can learn more on the Teach NYC programs website.

Hannah Rounds
Hannah Rounds |

Hannah Rounds is a writer at MagnifyMoney. You can email Hannah at


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MagnifyMoney’s Editorial Code of Ethics

The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.

At MagnifyMoney, all of our writers — both freelance and full-time staff — must adhere to a strict editorial code of ethics whether they are developing product reviews, recommendations, personal finance guides, features, investigative reports, or videos.

Our Commitment to Unbiased and Fair Reporting

MagnifyMoney is an independent, advertising-supported comparison service which receives compensation from some of the financial providers whose offers appear on our site. We do not let compensation from our advertising partners impact the order in which products appear on the site.

Affiliate links help keep the MagnifyMoney site and financial education tools free, but they in no way influence our recommendations, reviews, and other editorial content. You can learn how we make money here.

When articles are clearly based on commentary or opinion, we will note that visibly to the reader.

Whenever there is potential conflict with a source or product mentioned in one of our articles, we will be transparent and forthcoming with that information.

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Our writers strive for 100% accuracy in their work. They must verify all data, names and other pertinent information before publication. Additionally, our team of editors and copy editors provide additional layers of fact checking for all articles.

When corrections or updates to stories are necessary, writers and/or editors must bring it to the Executive Editor’s attention immediately so that any changes are made as speedily as possible.

When information is corrected after publication, the writer or editor will make a note at the end of the story to provide further context.  We will attribute all sources where possible and never plagiarize our content.

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Credit One Bank Review: Average Credit Welcome But Complicated Terms

The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.

Credit One Bank (not to be confused with Capital One Bank) specializes in credit cards for people who do not have the best credit. Credit One provides access to credit when other people do not. However, it does come at a price.

The potential drawbacks of choosing a Credit One Bank credit card are the fees and conditions that can apply to your account, depending on your creditworthiness.

Credit One Bank Credit Card Terms

Credit One Bank Credit Card TermsCurrently, Credit One Bank offers three main credit cards including the Cash Back Rewards Visa, the Platinum Visa for Rebuilding Credit, and the Official NASCAR Visa.

However, the account terms for each card above including the interest rate, annual fee, and rewards program varies, depending on your creditworthiness. This means Credit One Bank will take a look at your credit history and income before offering your credit card terms and conditions.

There are 26 available credit card agreements you may be offered by Credit One Bank after applying. Fortunately, you can prequalify to review which specific terms you will receive, and the good news is this pre-qualification won’t impact your credit score.

Interest Rates, Fees, and Fine Print

Credit One Bank does provide an easier to read terms-and-conditions disclosure document with a range of the possible fees, interest rates, and terms you may encounter as a cardholder.

We’ve also put together a quick overview of the facts:

  • The minimum credit line is $300
  • Variable interest rates vary by product. In general, the ongoing purchase APRs across products range from 16.74% – 24.74%.
  • Accounts may or may not have a payment grace period
  • The annual fee ranges from $0 to $75 the first year
  • The annual fee after the first year is $0 to $99
  • If you add on an authorized user, the fee is $19 annually
  • The late payment fee is up to $37
  • The returned payment fee is up to $35

As you can see from the terms above, the cost of borrowing from Credit One Bank can vary greatly, specifically when it comes to the annual fee. You can pay no annual fee at all or up to $75 the first year and $99 for each following year. That’s no small amount of money.

For the first year, the annual fee is charged to your account right away. This means when you first receive the card the annual feel will be subtracted from your available credit line. After the first year, the annual fee may be charged all at once or split into 12 monthly payments.

The payment grace period

Another area besides fees to draw attention to is the payment grace period. The account you qualify for may or may not have one.

A payment grace period is a certain amount of days that credit card issuers give you to pay the bill before applying interest. Credit cards that don’t have a grace period begin charging interest on the day the purchase hits your account. For example, if you were to buy a nice, new couch on a credit card today, interest would start applying to that purchase today.

Again, terms vary, depending on creditworthiness, so it’s possible you can get the best terms that Credit One Bank has to offer, including the lowest possible interest rate, no annual fee, and an account with a payment grace period. But you should be aware of the most expensive scenario.

Cash Back Rewards and Card Benefits

Credit One Bank offers five cash back rewards programs and a few additional card benefits.

There are three cash back programs that reward you for everyday spending like gas, groceries, and dining, and two other programs that reward you for auto and related purchases.

Here are the the five rewards programs:

Cash Back Rewards Program

  • 1% cash back on eligible gas, groceries, mobile phone service, internet service, and cable and satellite TV service; OR
  • 1.1% cash back on eligible dining purchases and 1% cash back on all other eligible purchases; OR
  • 1% cash back on all eligible purchases.

NASCAR Cash Back Rewards Program

  • 1% cash back on eligible gas and automotive purchases, double cash back on purchases; OR
  • 1% cash back on all eligible purchases, double cash back on purchases.

If you qualify for a cash back program, the cash back that you earn each month will be credited to your account statements. The cash back credited to your account doesn’t count as a payment, so you’ll need to make your regular minimum payment to keep your card in good standing.

Additional card benefits

As mentioned, free credit score tracking and a credit report summary are included. Visa Zero Fraud Liability is another benefit and means you won’t be held responsible for unauthorized purchases on your Visa account if you report them in a timely manner.

How to Prequalify for Credit One Bank Credit Cards

On the Credit One Bank website, you can prequalify for a card without a hard inquiry. You just need to type in your address, Social Security number, birthdate, and income.

Make sure to read through the terms you receive after pre-qualification for the interest rate, the fees, and whether you get a payment grace period before thinking about moving forward with the full application.

The Cost of Using a Credit One Bank Card

So, what’s the cost? That’s always the most important question.

Taking a look at the cost of cash back rewards first, the interest rate range offered by Credit One Bank is slightly higher than other rewards cards with similar cash back offers.

Here are a few cash back alternatives with lower interest rates and no annual fee:

  • The Citi Double Cash offers 2% cash back and interest from 13.49% to 23.49% APR with no annual fee
  • The Quicksilver from Capital One offers 1.5% cash back and 0% intro APR for nine months; 13.49%-23.49% variable APR after that. There is no annual fee.

For the most part, the cheaper cash back rewards cards listed above are also ones that require decent credit, which may be a reason why you would try applying with Credit One Bank instead.

However, Credit One Bank cards can come with fees you need to be mindful of before thinking they’re an ideal alternative. You may qualify for Credit One Bank with less-than-perfect credit, but the catch is you may also get approved for less-than-desirable credit card terms like high interest and a high annual fee.

Example of what it costs to borrow

To analyze the cost of borrowing from Credit One Bank, let’s take an example:

  • 24.15% variable APR
  • $75 annual fee the first year
  • $99 annual fee the following years
  • No payment grace period
  • 1% cash back on gas and grocery spending

If you charge $500 of furniture to this card as soon as you get it, it’ll cost you about $62 in interest to pay the balance off in 12 months with regular payments of $51 per month.

The exact interest cost will vary, depending on interest rate fluctuations and when you make the purchase during the month. (Remember, there’s no grace period.)

Payment Interest Principal
$51 $10 $459
$51 $9.23 $417.23
$51 $8.39 $374.62
$51 $7.53 $331.15
$51 $6.66 $286.81
$51 $5.77 $241.48
$51 $4.86 $195.34
$51 $3.93 $148.27
$51 $2.98 $100.25
$51 $2.02 $51.26
$51 $1.03 $1.29

In total, you would pay about $137 (interest plus the $75 annual fee) to borrow $500 during your first year as a cardholder. The next year, you also have another $99 in annual fees ($8.25 per month) to look forward to paying before even swiping your card on new purchases.

From this example, you can see fees play a big role in costs and are a factor you want to measure if you prequalify for a Credit One Bank credit card.

Another caveat to this is if you planned to use this card for cash back specifically, you would need to pay off your balance the same day you make a purchase. Otherwise, interest charges from having no grace period can eat away at the cash back earned.

Other Ways to Borrow Money and to Build Credit

The big advantage of Credit One Bank is that you can prequalify without a hard inquiry so it doesn’t hurt to find out what terms you will receive. There are a few other credit card issuers that offer the same convenience. If you’re not sure whether you can qualify for cards with lower fees, you can search for providers that offer prequalification here.

To build or rebuild credit, you can also turn to store cards or secured cards. Learn more about how to build credit with a secured card here. It’s worth mentioning that not all store cards and secured cards are cheap either. You need to review the fees and interest rates to find the most affordable option just like you would with the Credit One Bank accounts.

Finally, if your focus is solely getting your hands on cash, a personal loan may offer you a better deal when you need to borrow money than a credit card. You can also prequalify for personal loans without impacting your credit score. You can shop for personal loans here.

Taylor Gordon
Taylor Gordon |

Taylor Gordon is a writer at MagnifyMoney. You can email Taylor at


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About MagnifyMoney, Pay Down My Debt

My New Forbes eBook: How To Crush Credit Card Debt

The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.

A few months ago, Forbes asked me if I would write an eBook on the topic of credit card debt. And I am pleased to announce that my book is being published today. “Secrets from An Ex-Banker: How To Crush Credit Card Debt” goes on sale today at Amazon and iBooks.

My New Forbes eBook: How To Crush Credit Card Debt

If you feel trapped in credit card debt, and want help building a plan to become debt-free, this book is for you.

We remain a nation addicted to credit card debt. The average American has 3.7 credit cards in their wallet. Yet that doesn’t seem to be enough, because we continue to open new accounts and spend more. Last year, over 40 million new credit card accounts were opened. In the first three months of 2015, we added over $20 billion to our balances in America. We just keep swiping.

I believe there are three big problems with credit cards:

  • Some people just spend more when they spend on plastic. Countless studies have demonstrated that people swiping a card can end up spending anywhere from 10% more to double their original intentions.
  • It is very easy to pay only 2% of the balance, commonly known as the minimum due. For cash-strapped families, the minimum due is incredibly tempting. And it means that you ended up financing your purchase over 30 years.
  • Credit cards remain obscenely expensive. Interest rates remain well over 15% for the vast majority of borrowers. The average American family in debt is spending over $1,000 each year in credit card interest alone.

The purpose of this book, along with the MagnifyMoney site, is to help people take control of their financial lives and eliminate credit card debt. Too many people are losing sleep over debt that doesn’t disappear. Credit card debt does not have to be a life sentence. I can help you build a plan to crush that debt forever.

In this book, I will help you answer the following questions:

  • Should you be trusted with a credit card? Gambling addicts should not move to Las Vegas. Equally, some people should never use a credit card again. I will ask you some tough questions to see if you can handle carrying that temptation in your wallet.
  • Are your fixed expenses too high? Credit card debt may just be the symptom of a bigger problem. You might have purchased a house or car that you can’t afford. As a result, you will always struggle to get through the month until you reduce your fixed costs. I will help you do the math and find the true source of your budget problems.
  • Do you have a credit score that can help you get out of debt faster? There are so many credit score myths out there that refuse to die. I spent a big portion of my career leading teams that built custom credit scores and used generic scores like FICO. I will help de-mystify credit scoring and show you how you can take steps today, even while you are still in debt, to build your score. You do not need to be rich to have a good credit score.
  • Can you refinance your debt to a lower interest rate? Getting a lower interest rate can take years off your debt. Marketplace lenders can help cut your rate by 30% or more. With balance transfers, you can get a rate close to 0% for 15 months or longer.
  • Should you consider consumer credit counseling or bankruptcy? If you are just too deep into debt, you may have to take more aggressive action. But it should all start with a non-profit consumer credit counselor. I will help you figure out if you should visit a counselor.

I hope you find the book helpful. And if you need help becoming debt-free, sign up for a free consultation with someone from the MagnifyMoney team. You can sign up here.

Nick Clements
Nick Clements |

Nick Clements is a writer at MagnifyMoney. You can email Nick at


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About MagnifyMoney

How This Site is Financed

The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.

Fine Print Alert

MagnifyMoney is completely free to use. It does not charge a subscription fee. Our guides are free to download. Our tools are free to use. And we never charge for our 30 minute consultations (a member of our team is happy spend 30 minutes on the phone helping you build your plan to get debt free).

At MagnifyMoney, we’re committed to comparing more products than anyone else. We update our results daily. We have built sophisticated money-saving tools that are easy to use, from your desktop or your mobile device. Our guides are written by true industry insiders, who really know how the system works. You won’t find amateur writers recycling generic tips in our guides. Instead, you will find experts who used to run credit card companies or have firsthand industry knowledge on a topic helping you understand the rules, tricks and traps.

Plus, we spend a lot of time campaigning for a more transparent banking system and developing financial literacy programs for school and universities.

In this article, we will explain how it all works.

Yes, The Site is Completely Free

There are two really important things to know about us:

  1. We will never charge you, the user, for any of the tools on our site. We want to help as many people as possible. And we know that charging a subscription or service fee would limit the number of people we could help.
  2. We will never let a bank or financial company pay us to write a favorable review or give a favorable placement. The reviews are written by us. The blog posts are written by us (or by talented writers we hire. Want to apply: send us a note The marketplaces are powered by us. If you see us recommending a deal as the best, it was because we made that decision – not because we sold that space on our website.

We launched the website in May 2014, and have been overwhelmed by the response. People pay too much money for credit card debt. They don’t earn enough on their everyday savings. And they spend way too much on fake “credit repair” and “credit score booster” books and services.

We have helped nearly 2 million people get out of debt faster, negotiate hard with collections agencies, earn 100x more on their savings account and build their scores the right way. And, based upon our growth trajectory, we will be helping millions more.

Along the way, we have had a lot of sketchy people already reach out and ask us if they can write a blog post, pay us for a link or pay us for a good review. The answer has been, and will continue to be: NO!

So how does MagnifyMoney Generate Revenue?

Banks and companies can not pay to appear in our product recommendations. We have a team that is constantly looking for the best deals. Our goal is to find the best deals, and worry about the money later.

To find those deals, we look at the Top 100 Banks, the Top 100 credit unions and then a long list of start-ups and other challenger brands to see if we can find an even better deal. We update these results every single day. If you find a better deal (or work for a company that is creating a better deal), just email Nick, our co-founder. He can be reached at nick@magnifymoneycom, and we’ll include it in our results.

We then go out and see if any of the products we recommend have referral deals (or “affiliate links.”) That means they pay us a commission when a MagnifyMoney user ends up opening an account with them. We will only sign an affiliate deal if:

  • We have complete editorial control over our reviews. If taking a commission means we have to re-write our review, we won’t do it.
  • We can be completely transparent with you about when and where we get paid. In our marketplace, you will see this when we have a deal:


  • And if you sign up for our email list or download our debt guide, we will never sell that information to anyone. We use it only to help us create better guides, tools and resources for you.

Doesn’t This Make You Biased?

We don’t think so. We believe in complete transparency, and we will always tell you when we are getting paid. We will let math guide our recommendations.

Are You Different from Other Sites?

We think we are very different from most sites out there. Here is why:

  • We have a team of experts. And when we don’t have the answer, we look outside of MagnifyMoney to find the expertise. Our goal is to give you the best answer, and to do that we have the best people (not necessarily the best marketers)
  • Most websites will only display products that pay them. And they will often rank the products based upon how much they are paid, rather than how valuable the product is to you, the user. At MagnifyMoney, we look for the best deal. And we rank products based upon the transparency of the product and the savings for you, not the commission paid to us.

Because Of Our Approach, You Will Find Products Here That You Won’t Find Anywhere Else

When you visit our product pages, you will see names that you haven’t seen before. Not surprisingly, some of the best deals come from small, new and innovative companies that can’t match the marketing budgets of big banks.

We love when the challenger wins. And MagnifyMoney is a platform that will help the challenger win.

This Is Just The Beginning

We love saving people money, but nothing makes us happier than helping people transform their lives. When we can help someone come up with a plan to be debt free in 2 years (when they thought they were going to go bankrupt), we are thrilled. And, when a startup or a credit union provides the product that helps them get out of debt faster, we are even happier.

Banking is too expensive and too complicated. We are waging a war on both.

Nick Clements
Nick Clements |

Nick Clements is a writer at MagnifyMoney. You can email Nick at

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About MagnifyMoney

Today the MagnifyMoney Team is Thankful For…

The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.

Happy Thanksgiving everyone. Today, our team is taking time to spend the holiday with family and friends, but we’d like to take a moment to reflect on what we’re thankful for (related to financial products of course)!

Nick: Thankful for CFPB, Credit Unions and Startups

As you know, we launched MagnifyMoney in May of this year. Before launching the site, we spent countless hours reviewing financial products and tools to help people save money.

During the past year, a few things have really stood out for me:

  1. The Consumer Financial Protection Bureau Complaint Service. There are a lot of times when the government creates unnecessary bureaucracy or just wastes taxpayer money building bridges to nowhere. But the CFPB Complaint Service is a true public service. We have all been lost in the complex maze of a bank’s customer service department (even people who worked for banks are not immune to these service black holes). With the CFPB complaint service, you have the ability to get your complaint heard. Two members of the MagnifyMoney team had problems solved by the CFPB. It is truly a great service, and I am thankful it exists.
  2. Credit unions are looking to grow. Because of their unique structure (credit unions do not have shareholders), they can afford to charge much lower interest rates. Thankfully, over the past year, we have seen credit unions make it easier for people to join, and they have created truly incredible products to help people with credit card debt save money. Some of the great offers we have seen this year include 99% for the life of the balance with no balance transfer fee – which is amazing. I just hope the credit unions continue to invest in better digital experiences so that more people can take advantage of their offers.
  3. Startups are looking to make bank accounts cheaper and easier to use. I have learned the
    name of many small, Internet-only banks that are quietly looking to change the way we bank forever. They are innovating, eliminating unnecessary fees, paying 100x higher interest rates and creating amazing digital experiences.

I am hopeful that, over the next 12 months, we will see even better deals for consumers. And we look forward to sharing those deals with you at MagnifyMoney.

Erin: Thankful for Mobile Deposits and No ATM Fees

As an early adopter of online banking, I’ve been cashing checks with my smartphone since 2011. I probably would have tried earlier, but I was far from an early adopter to the smartphone.

I haven’t needed to step foot in a bank branch for personal deposits for years and I’m thankful I can save my time (and in some cases gas money) by depositing checks and handling my financial life from the comfort of my home, or office or wherever else I’m logged into a secured wireless network.

Speaking of Internet-only banking, I’m grateful for ATM fee reimbursement. It further nullifies the need to go into a bank branch, because I can use any (non-sketchy) ATM and ignore the obnoxious alert that I’ll be charged $3. I can ignore extra fees because my bank reimburses me! No need to fret about losing some of my money to a giant, monster, mega bank.

Just remember, loyalty doesn’t pay. Always be on the look out for the best deals. If your bank used to reimburse ATM fees, but plans to stop the practice — it’s time to switch. If your bank charges you $12 to move money from savings to check to cover an overdraft fee — it’s time to switch. If your bank only offers 0.01% interest on your savings account — get out of there! But probably not right now. Right now you should go enjoy turkey, pumpkin pie and time with your loved ones.

Erin Lowry
Erin Lowry |

Erin Lowry is a writer at MagnifyMoney. You can email Erin at


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About MagnifyMoney

How to Find Big Savings in Small Places

The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.

Save $450

At MagnifyMoney, we believe that Americans can find big savings in boring places.

Consider putting more money into your pocket in one of the following ways:

  1. If you have credit card debt, move the debt to a balance transfer (if you have excellent credit) or a personal loan (if you have good credit). You can cut the interest rate you pay on that debt.
  2. If you have a savings account, move your savings from a low interest rate savings account at a traditional bank (paying 0.01%) to a high-yield internet savings account that could pay up to 1.05%.
  3. Earn cash-back on your everyday spend with a cash-back credit card (you can earn at least 2% on your purchases).
  4. Stop paying overdraft fees by opening an Internet-only bank account that does not charge overdraft fees

 We have run the numbers, and:

  • 30% of the population keeps $29,000 in a bank savings account, which pays close to $0. They could earn $300 from an Internet savings account. In addition, they spend $1,269 per month that could earn cash back of $450. So, in total, they could earn up to $750 from savings and cash-back
  • 17% of the population has credit card debt (average of $9,500) and excellent credit scores. They could save up to $900 over the next 12 months in balance transfers.
  • 13% of the population has credit card debt, a decent credit score (650-700) and pays overdraft fees. They could save an average of $300 over the next 12 months by switching to a personal loan and another $150 by opening an overdraft-free account
  • 5% of the country (not counted in the numbers above) heavily uses overdraft and check-cash companies. They could cut $500+ by switching to a branch-free account and eliminating fees.

So, we see at least $450 for 65% of Americans.

We also like to think about it in a slightly different way. Right now, Bank of America has about $500 billion of deposits from consumers, and they pay close to 0%. If Americans moved $100 billion from Bank of America to Internet-only banks, they would receive an extra $1 billion of interest from banks over the next 12 months. And moving money to an Internet-only bank savings account is easy and FDIC insured.

We can put a ton of money back in our pockets, instead of lining the banks’ coffers. Hopefully MagnifyMoney can help you get even a little bit extra, because every little bit helps.

Want regular updates about the best financial products out there? Then sign up for our Price Checker Newsletter. Twice a month, we’ll deliver the best-of-the-best right to your inbox.

Nick Clements
Nick Clements |

Nick Clements is a writer at MagnifyMoney. You can email Nick at


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About MagnifyMoney

MagnifyMoney Introduces the Price Checker Newsletter

The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.

Email Newsletter


You’ve probably taken a few extra minutes out of your shopping excursion or errands to search for the best deals. Whether that’s using an app to see if another store offers lower prices, clipping coupons to save a few bucks at the grocery store or driving a little further down the street to get gas for a few cents cheaper a gallon, we’ve all gone that extra metaphorical (or sometimes literal) mile to save some money.

So, why don’t people apply the same diligent savings techniques to their financial products? Switching banking products can save consumers hundreds to thousands of dollars.

At MagnifyMoney, our goal is to connect consumers with the absolute best deals on financial products.  We have Goofski, our consumer watchdog, sniffing out the best deals for you.

But instead of making you take valuable time out of your day to comb through various sites to comparison shop, we’ve created both our tools and now a bi-monthly newsletter to do the work for you.

When you sign up for the Price Checker newsletter, you’ll receive an email every other week highlighting the best deals for:

  •       Balance transfer offers
  •       Cash back credit cards
  •       Highest interest rate savings accounts
  •       Cheapest checking accounts
  •       Best 30-year mortgage

The Price Checker email will also include fine print alerts to keep you informed about any sneaky changes your bank may be making.

Got questions? Email us at and your inquiry may be selected for the “Question from the Mailbag” section.

We promise to never send you spam, just deals that save you lots of money! We will never share a product that isn’t watchdog approved.

Sign up for the newsletter by clicking here and entering your email address.

Erin Lowry
Erin Lowry |

Erin Lowry is a writer at MagnifyMoney. You can email Erin at


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About MagnifyMoney

We’ll Show You Our Biggest…Financial Mistakes

The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.

Woman trying to protect her saving

Today, the MagnifyMoney team reveals our biggest financial mistakes for your amusement and hopefully to serve as a warning of what not to do in the future.

Mild Money Mistake: The Cost of Emotional Attachment to “Stuff”
Erin’s story

I loved my first (and only) car. She was a beautiful Toyata I affectionately named Stella – yes, after A Street Car Named Desire.

I owned Stella during my college years. I went to school in Western New York, a full hour-and-a-half away from the closest major city of Buffalo. There were no reasonable public transit options, so I viewed Stella as a necessity for off-campus jobs, internships and adventures (including road trips to Michigan, to New York City, to Charlotte and Atlanta). I saw my car as my ticket to freedom and developed quite an emotional attachment to her.

We had a few expensive issues over the years. Two accidents (one my fault, one not), both of which required a new rear bumper. New tires after a few years of driving around in Western New York snow and sludge.? But overall, my insurance was relatively cheap at $1,000 a year, I didn’t have to pay too much for gas each month and I owned my car out right with no monthly payment or interest on a loan.

After college graduation, I loaded all my belongings into Stella and drove down to Charlotte – where my parents lived. Like many college kids I didn’t have a job lined up and planned to set up shop at my parents’ house while I hunted for a job.

Only a week later, I flew up to New York City for a job interview. Three weeks later I packed my bags to move.

For a delusional 24-hours I considered bringing Stella with me to the Big Apple. Then I realized she would cost me far more than I could afford on my meager salary. Insurance costs would go up, I’d need to pay for parking, gas would be more expensive, I didn’t really need a car to get around and Stella was simply bound to get hit at some point.

But I just couldn’t bring myself to sell Stella. I didn’t know how long I’d live in New York and wanted to have the car in case I threw in the towel after a year. So, I discontinued the insurance and let Stella sit in my parents’ driveway to collect rust.

You don’t even need to know much about money to understand cars do one thing well: depreciate in value.

In the year Stella sat in my parents’ driveway – I lost money – even though she didn’t cost me anything.

Had I sold Stella in the summer of 2011 (a car in great condition with under 50,000 miles) I probably could have gotten $2,000 – $3,000 more than when I sold the car in the summer of 2012. By then, I realized I’d be living in New York City for at least a few more years and didn’t need a car.

For a 23-year-old, the loss of $3,000 just for letting a car sit in a driveway is a lot of money.

I’m fortunate this is my biggest money mistake thus far in my young life, but it still stings a bit to have a few thousand dollars less just because I couldn’t bear the thought of selling my car.

The Painful: The Cost of Missed Bills and Bungled Change of Address Forms
Brian’s story

My biggest money failure happened right after I graduated college.

It was a busy summer.

A trip to Italy.

A few weeks at home.

A boot camp at another college across the country.

Back home for a week.

A move to a first job 1,500 miles away.

And one month in a company paid hotel while I found a ‘permanent’ apartment.

That’s five addresses in the span of a few months.

And I handled it as poorly as possible, bungling the addresses of two bills.

I lived on campus, and the University handled the phone services. So when I changed my address with the University for alumni notices and student loans, I thought the phone bill would go along with it.

Of course, it didn’t. Even the finest universities are as well organized as the biggest companies, with departments that don’t talk to each other.

So the bill for my last month of phone service went to my now empty and unchecked P.O. Box on campus. While I had set up forwarding to my parents’ house, our campus post office, like many, is notorious for unreliable service. And that bill was no exception. It was never forwarded. Nor were any of the past due notices.

So I never saw it until checking my credit report about a year later, where it was listed in collections. There was nothing I could do about it then, it stayed on my report for years.

And while checking that credit report I noticed a more serious issue.

One of my credit card accounts had a balance of several thousand dollars run up on it and was charged off by the bank as past due.

I had two card accounts, never actually used this one, and forgot to change the address on it.

Perhaps someone intercepted a statement, figured out the account number (I think back then full account numbers were on statements), charged it up, then filled out the change of address form, and had future bills sent to a mysterious address in Bainbridge Island, Washington.

So I never saw the late payment notices. It took months of back and forth to get that fraud taken care of.

The lesson here is:

Before you move, save every single bill you have over the last month. Put it in a pile. And make sure you call or login to change the address of every single one of them. Then bring that pile with you so you never forget again. Or put them in a spreadsheet and follow up every month for 3 months to make sure they all get forwarded.

If you’ll have several addresses in a few months, send them all to your parents.

All of this was easily preventable. It’s easier to avoid now thanks to full online accounts, but it can still happen if you’re sloppy.

The Expensive: A Homebuyer’s Woes – a Rotting Roof and Busted Boiler
Nick’s story

Buying a house is a huge financial decision. It is the biggest purchase most people will ever make. When done properly, owning a home can be a wonderful experience. But, as the mortgage crisis of 2008 shows, there are a lot of ways it can go wrong.

I was very excited to buy a home with my wife in 2008. As someone who had worked in banking my entire career, I felt prepared to make the decision. I had a 20 percent down payment. I signed up for a 30-year fixed-rate mortgage, because I did not want to gamble on interest rates. I could safely afford a monthly payment that included principal, interest, insurance and property taxes. And, I had enough money for the planned critical fixes as well as an emergency fund.

But, two things happened.

  1. Every budgeted critical fix ended up costing at least 25 percent more than originally planned, and
  2. Unexpected things started happening

When the workers replaced the roof, they found rotting that required fixing.

And then, just as winter started, we heard a loud noise in the basement. The boiler had died rather dramatically. If we wanted to stay warm in the winter, we would have to find thousands of dollars right away.

Very early in my life as a homeowner, I started to feel that all-consuming stress. It felt like the home owned me, and not the other way around.

As I spoke with neighbors and friends, I realized that I had made that rookie mistake. I assumed everything would go according to plan. Ironically, I would never make that mistake at work.

I had been advised to set aside one percent of the purchase price of your home every year. But that makes it sound like a smooth monthly expense. And it isn’t. It can come as a big surprise, like a broken boiler three months after you buy the home.

In retrospect, I wish I would have taken every quote for work and increased it by 25 to 30 percent. I should have more aggressively budgeted for maintenance and other accidents. We probably still would have bought the home. But, instead of doing all of the work at once, we would have waited to start some of the home improvement work. And, I would have made sure I had access to low-interest borrowing (a credit union credit card, like PenFed at 9.99%). As much as you plan, really big things can happen. And, having low-cost borrowing options readily available is very important. If you wait until you need to borrow the money, it is always too late and too expensive.

Share your money mistakes or ask us questions about handling them via TwitterFacebook, email or let us know in the comment section below!

Erin Lowry
Erin Lowry |

Erin Lowry is a writer at MagnifyMoney. You can email Erin at

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