Penn Credit Corporation’s Blog
Anchoring and Spending: How Initial Prices Influence What You Think Is “Affordable”
When you see an item listed at $500 and then discounted to $300, it can feel like you are getting a great deal. In reality, the $500 price may have never reflected the item’s true value at all. This psychological phenomenon is known as anchoring, and it plays a...
The Savings Plateau: Why Your Progress Stalls and How to Break Through Financial Stagnation
Many people start their financial journey with significant momentum, setting up savings accounts, cutting expenses, and watching their balances grow. But over time, progress often slows or even stops altogether. This frustrating experience is known as the savings...
Cognitive Bias and Investing: How Your Mind Tricks You Into Making Poor Financial Decisions
Investing is often described as a numbers game, but in reality, it is just as much a psychological one. While data and analysis guide financial decisions, the human brain has its own set of biases that can distort judgment. These mental shortcuts, known as cognitive...
Sinking Funds Explained: A Smarter Way to Plan for Future Expenses
Unexpected expenses often feel like they come out of nowhere, but many of them are not truly surprises at all. Birthdays, car repairs, holiday shopping, and annual insurance premiums may catch us off guard if we do not prepare, yet they are predictable parts of life....
Money and Relationships: How to Navigate Finances with Your Partner Without Conflict
Money is one of the most common sources of tension in relationships. Different spending habits, conflicting priorities, and hidden financial stress can turn small disagreements into major arguments. Yet, when managed with care, money can also become a tool that...
From Debt to Discipline: Building Strong Financial Habits That Last a Lifetime
Debt can feel like a heavy burden that affects more than just your bank account. It impacts mental well-being, relationships, and even self-confidence. Yet, many people who have overcome debt often find that the process of paying it off instills powerful habits that...
The Rise of “Buy Now, Pay Later”: Convenience Today, Consequences Tomorrow
In recent years, “Buy Now, Pay Later” (BNPL) services have exploded in popularity. Platforms like Afterpay, Klarna, Affirm, and PayPal’s “Pay in 4” make it easier than ever for consumers to break purchases into smaller, interest-free payments. At first glance, this...
Financial Planning for Freelancers: Creating Stability in an Unpredictable Income Stream
Freelancing comes with many benefits- flexibility, independence, and creative freedom. But it also comes with one major challenge: unpredictable income. Without a steady paycheck, managing finances can feel like navigating shifting ground. However, with thoughtful...
How to Conduct a Personal Finance Audit: A Step-by-Step Guide to Regaining Control of Your Money
If your finances feel scattered or you are not sure where your money is going each month, it might be time for a personal finance audit. Just like businesses review their financial health regularly, individuals can benefit from taking a close look at their own money...
Financial Independence Isn’t Just About Retirement: Redefining What Freedom Looks Like
When most people hear the term financial independence, they immediately picture retirement. For decades, financial freedom was equated with leaving the workforce at age sixty-five and living off savings. But the modern meaning of financial independence has evolved....