First State Bank and Trust

Did you know?  Approximately 47% of Americans consider moving to another place after their retirement.  There are many factors that you consider before making your decision of where, however, the greatest weight generally goes to the cost of living, overall healthcare quality, and taxes. Most people often think about a warm place to get away from winters but you’ll be surprised to know that people are choosing Minnesota to stay after retirement .  Why Minnesota For Retirement? Here are some of the reasons to choose Minnesota for your retirement: 1. Northern Minnesota Connection – The greatest factor of choosing Minnesota is its connection to the area already. Many of them have visited Minnesota as kids for vacations and have created many memories. The people love the nostalgia associated with being here.  2. Minnesota Healthcare – The financial burden of healthcare on aging residents can be a stumbling block. However, if you’re planning to choose Mi...

A credit card allows you to buy anything products on credit, meaning that you buy now and pay later. You get a credit card with a fixed credit limit and you can make purchases up to that limit. Your statement will be generated every month. You can either pay the full balance or the minimum amount due. However, in the latter case, you will be charged interest on the balance.  Best Credit Cards for 2019  If you’re planning to apply for a credit card, make sure to scroll down. There’s no credit card available that fits everyone need. Every person has different requirement; some might be looking for a card that’s best for traveling, while others may be looking for a card that’s best for a bad credit score, good credit score, or offer maximum reward points. No matter what type of credit card you’re looking for, there’s something on our list for you.  Best Travel Credit Card: Chase Sapphire Reserve® Credit Card Best For Bad Credit: OpenSky® Secured Visa® Credi...

A credit score is a number that evaluates the creditworthiness of any customer. Generally, lenders use credit scores to evaluate the probability that an individual will repay his or her debts.  An individual’s credit score ranges from 300 to 850. It is considered an important part of your financial status. If your credit score is higher, the risk of not getting a loan is lower; if your credit score is lower, the risk of not getting a loan is higher.  As you’re reading this article, you must be aware of the importance of maintaining a good credit score. In this article, we’ll share some tips that can help you with building a good credit score.  1) Start with only one credit – Many users gather a collection of credit cards within their first year of using credit. Don't do such mistake – opening up too many credit cards too soon. The more credit in your cards means you’ll end up spending more. This will make harder for you to keep up with your balanc...

“Student loan debt in 2019 is the highest ever.” According to the latest student loan debt statistic, “The debt is highest than ever.” These statistics have become a real concern among borrowers across all demographics and age groups. As far as student loan debt is concerned, approximately 44 million borrowers collectively owe approx. $1.5 trillion in the U.S. alone. Student loan debt has become the second highest consumer debt category, first being mortgage debt. Student loan debt is much higher than both credit cards and auto loans. According to the Institute for College Access and Success , “Students who enrolled for college in 2017, on average, owe $28,650.” If you are a student loan borrower or planning to apply for a student loan, we hope these student loan debt statistics can help you make appropriate decisions regarding student loan refinance, student loan repayment, student loan consolidation, and student loan forgiveness. Student Loan Stats Overv...

You buy a car with an auto loan and home with a mortgage loan. However, a personal loan can be a good option in various circumstances. As there is no collateral with a personal loan, the interest rate is higher for it. Here are some circumstances in which personal loan can be a good option for you.  When Are Personal Loans a Good Idea?  Let’s understand the scenarios when you can make the best use of personal loan.  #1. Consolidate credit cards  You can take a personal loan to pay off your maxed out credit cards. The personal loan will consolidate all the charges in one monthly payment. The interest rate of personal loans could be lesser than the annual percentage rates on your credit card.  #2. Improve your credit score  Credit score plays an important role in mortgage and auto loans. To improve your credit score, you can always apply for a personal loan. Pay off your credit card debt with a personal loan that will improve ...

If you think your personal loan can be transferred to another person, you need to reconsider it. Your personal loan can’t be transferred to another person. You get approval for your loan based on your credit score and income due to which it’s non-transferrable.  Some types of personal loans, such as signature loans, require your signature and use your promise to pay as collateral.  What Happens If You Do Not Repay a Personal Loan? If you don’t pay your loan on time, it can affect your credit score badly. Your lender can transfer your loan to a collection agency, making your life very stressful. Moreover, your lender can report you as a defaulter to the three credit bureaus – Equifax, Experian, and TransUnion. This default can be reflected on your credit for 7 years so it’s really important to make your payments on time.     Your lender can include a set off clause in your contract to avoid long repayment periods. A set-off clause allows th...

“A personal loan can improve your credit scores in the long term as long as you consistently repay the debt on time.” Your credit score gets affected when:  You apply for a personal loan. You shop for a personal loan. You regularly repay your personal loan. Miss a loan repayment Consolidate your debt Applying for a personal loan A personal loan application triggers a hard credit check that can temporarily lower your credit scores. A hard credit check is an evaluation of your credit history. This evaluation knocks off approx. five points from your FICO credit score. Overall, new credit applications account for about 10% of your credit scores. This inquiry typically stays on your credit report for two years but only affects your score the first year.  Repaying your personal loan Consistent and on-time payments toward your debts improve your credit in the long-term. Your repayment history forms up to 30% of your credit score. Therefore, it is very im...