The average American has over $8000 in credit card debt. Making minimum payments and not accumulating any more debt, it would take you 30 years to pay off the card and thousands more in interest. That's why an important part of any family budget is to reduce and pay off that debt as soon as possible. Here are some ideas to get you on a road of no more credit card debt. Fewer Cards Your first goal in reducing your credit card debt is...more
Credit reports are something that can affect every aspect of our lives, but many individuals do not know what is important report is, how it is formed, or how using credit carelessly can affect its outcome. Instead of ignoring your credit score or credit report until it comes time to look for a mortgage or car loan, consider finding more information about this critical item of your financial history today and learn how to use...more
A credit card may well be today's currency of choice. Instead of carrying around wads of cash, a housewife can bring her credit card to the supermarket and buy all the things she needs for the week. Instead of walking around late at night, and bar hopping with a bulging wallet, young men and women can simply bring their credit cards and charge their drinks and food to their credit accounts. Instead of traveling on long-haul international trips with a briefcase of cash, businesspersons can bring a credit card and use it to buy supplies or to pay for emergency fees.A credit card, however, will have its own disadvantages. If a person does not know his or her spending habits, he or she can spend endlessly using the credit card, and beyond his or her means to pay the debt. Some credit cards will also have their own incentives, such as points or rebates for a specific amount purchased - a move that actually forces people to charge more to their credit cards, and thus spend more. There is also the problem of credit card fraud, which runs rampant both offline and online, and which can cost the innocent consumer thousands of dollars each year in settlements.All these...more
Anyone who shops for a credit card wants the lowest interest rates available. Who doesn't want the best deal? For many of us, the magic figure naturally is a zero percent, although we fail to notice the fine print that comes with every approved credit card application.A zero percent is an excellent rate and you can't go lower than...more
Many people think that credit scores are only about managing money and debt well. But more and more people are starting to realize the importance of harnessing their emotions in order to control their money and eventually to raise their credit score. In fact, in recent years there has been an awareness on the link between our emotions...more
Don't let bad credit stop you from getting and using a credit card. Even if your credit rating has gone bad the last few months and you badly need a credit card, there are still companies who are willing to extend credit card offers to you. It's only a matter of finding what the different offers are and knowing the risks and benefits of each choice. Here are four kinds of credit cards you can use even with bad credit:Unsecured credit cardThis is often referred to as the 'bad credit' credit card, so named because it is only issued to people with bad credit. An unsecured bad credit card will still allow you to transact as usual, but there is a downside to it. Bad credit cards, thanks to your less-than-perfect credit rating, will charge higher fees compared to other types of credit cards. This is probably the only credit card that will charge you as much as $150 in annual fees alone. Interest rates are also higher, sometimes as much as 20%. Banks and credit card companies also charge higher application fees. If you want this card, make sure you can handle the payments. If not, you'll be in danger of getting yourself deeper into bad credit.Catalog...more
When you set up shop and allow for payments via debit and credit cards, there are numerous advantages- including spontaneous shoppers, and people who will buy more when they can put it on a credit card, but there are also a few...more
There are many types of credit cards available that can be used depending on your circumstance. These include pre-paid, gas, small business, travel rewards, air miles, hotel points, student, unsecured or secured credit cards.Pre-paid...more
Even those with excellent credit are not guaranteed to be approved for credit by their bank. Banks approve you for credit based on a number of different criteria. Seven things that they look at that are not on the credit report are...more
A lot of people want to know about credit score ranges and what they mean. What credit score range is considered a ‘good' one for getting a loan?Credit scores range from 300 to 850, but the most important point to keep in mind here is...more
A lot of things can have a negative effect on a person's credit score. Among these include late credit card payments, unpaid medical bills or apartment rentals, a really large debt load, and bankruptcy. During the past five years, more...more
In today's society, the credit card is considered to be one of the most important tools that people use. With it, you can purchase everything you need in your everyday life even if you don't have the cash for it yet or when payday is...more