Understand Your Finances
Tamsen Fadal shares how she took control of her finances
The related video content was produced by Chase Slate in conjunction with Mental_Floss and was originally published on MentalFloss.com. To help readers better manage their finances, Mental Floss has teamed up with personal finance expert, Chase Slate financial education partner and award-winning podcast host Farnoosh Torabi to answer your most pressing credit- and money-related big questions. Here are some takeaways:
Emmy Award-winning journalist and news anchor, Tamsen Fadal, is confident and poised. She's well-established in her career delivering the news to New Yorkers in prime time. But like many people, she experienced a bump in life that threw her off balance—a divorce. It made her see how entangled her individual financial self had become with her former spouse's.
She notes, "I didn't realize, when you get married and you pool your assets, you're pooling everything, for a long time. To untangle that takes a lot." She came to realize the major impact it would have on her on financial footing, her credit and her life overall.
Upon reflection, Fadal saw that she and her ex-husband didn't share the same values about money. Like many couples, it wasn't something they spoke openly about.
When the relationship fell apart, she found herself with a heavy debt load. She set to the task of repairing her credit. One step at a time, Fadal rebuilt her credit score and re-established her financial self.
She took advantage of access to free credit reports. She made a plan that relied on continuous credit monitoring, so she could track how she was doing. It was a long journey, but well worth it. Today she feels she has solid credit, and the confidence to go with it. She notes, "The 'visual' doesn't lie. And I think it empowers me to know that taking control was the right thing to do. I never regret that."
She's more engaged in monitoring her finances and credit score, and most importantly, feeling more financially empowered than ever before.
Chase Slate offers cardholders a custom Credit Dashboard that provides their monthly FICO® Score for free, along with the reasons behind the score, the key factors impacting it and tailored tips for improving it. Learn how Chase Slate can help you better understand your credit health.