Question 1

What is the difference between secured and unsecured loans?

Accepted Answer

Secured loans require collateral (house, car) and offer lower rates because the lender can seize assets if you default. Unsecured loans have no collateral, higher interest rates, and approval based primarily on creditworthiness.

Question 2

How do I find the statement date on my credit card?

Accepted Answer

The statement date (or closing date) is typically shown at the top of your credit card statement, often labeled as 'Statement Closing Date' or 'Billing Cycle End Date.' It's the last day of your billing period. You can also find it in your online account under statement details or by calling your card issuer.

Question 3

What is the difference between ACH and recurring card payments?

Accepted Answer

ACH pulls funds directly from your bank account with lower fees, used for mortgages and utilities. Recurring card payments charge your credit/debit card, offering more protection and easier disputes but higher merchant fees.

Question 4

What is a reverse mortgage?

Accepted Answer

A reverse mortgage allows homeowners aged 62 or older to convert home equity into cash without selling. Instead of making monthly payments to the lender, the lender pays you. The loan is repaid when you sell the home, move out permanently, or pass away. You must maintain the property and pay property taxes and insurance.

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Frequently Asked Questions

What is the difference between secured and unsecured loans?

How do I find the statement date on my credit card?

What is the difference between ACH and recurring card payments?

What is a reverse mortgage?

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