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

What is the 50/30/20 budget rule?

Accepted Answer

The 50/30/20 rule allocates 50% of income to needs (housing, food, utilities), 30% to wants (entertainment, dining out), and 20% to savings and debt repayment. Review bank statements to track adherence to these percentages.

Question 3

Can I have multiple bank accounts?

Accepted Answer

Yes, you can have multiple accounts at different banks or multiple accounts at the same bank. This strategy helps with budgeting, separating savings, maximizing interest, and taking advantage of different bank features.

Question 4

What is a pending transaction?

Accepted Answer

A pending transaction is a payment that has been authorized but not yet fully processed and posted to your account. It typically takes 1-3 business days to clear and appear on your statement.

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Frequently Asked Questions

What is the difference between secured and unsecured loans?

What is the 50/30/20 budget rule?

Can I have multiple bank accounts?

What is a pending transaction?

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