Author: howard SnyderPeople who are facing tough and insecure financial times are desperately looking at different options to bring their credit card debt or mortgage payments back in control. They see TV ads talking about debt settlement, debt consolidation, bankruptcy, chapter 7 chapter 13. All of these terms flying around without a real understanding of what it means for them and their financial troubles. On top of this confusion, there are...more
In the UK the 8 largest credit card providers have been ordered to reduce their charges, for default and late payment, by between 40 and 50%. The current late payment charge by most major issuers is between $20 - $25 ($30 - $40 US) and the have been instructed to slash that down to $12 -$15 UK ($18 - $20 US).The UK Office of Fair trading, who have been investigating credit card charges for the last few months, stated "The OFT considers that, in a...more
There are a plethora of different credit card mistakea. In no particular order, the following are viewed as being the top 10 most common credit card mistakes:1. Applying for a card and limit you cannot afford to repayMost people have bad debt management skills and are swept away with the fact that they have 'x' amount of pounds as their limit. They rarely consider paying the card and have "maxed" the card out in a few months. They then spend years trying to repay the card!2. Applying for too many cardsNot content with having one credit card that has reached its limit, most of us jump at the chance to apply for a new card as soon as it is offered to us. Then, having learnt nothing from our previous experience, we rush and buy all the things we couldn't because we had to save money to repay the first card. Suddenly we have twice the trouble!3. Using the cash advance functionAt least with purchases made for goods and services we should get around 50 days interest free credit, but with a cash advance we start to pay interest from Day 1. Using your credit card to cover your day-to-day cash needs is a very costly mistake!4. Only paying the minimum repaymentCredit card companies love us...more
Credit card usage is a feature of a civilized society with market relationships. Banks offer a really convenient alternative, letting people not to save money and not to borrow from their friends. Building a good credit score becomes a goal of life.According to USA Federal Reserve data more than 40% of American families spend more money than they...more
The Competition Commission one of the governments watchdogs, has at last moved to shame credit cards in to cutting their charges. The long overdue move comes after the Commission concluded that the credit card industry was overcharging customers between $55 and $100 million each year through excessive interest rates and other charges. And this has...more
What very few people are aware of, is that these credit ratings can affect numerous areas of your life which in turn facilitates the need for such credit repair actions and processes. Areas that may well be affected include employment, loan applications and even the simple process of opening a bank account may be affected by a negative or tarnished rating. Your rating is often times referred to as a FICO score or rating too, so if you encounter this terminology, it is basically referring to your credit score. The essential function or purpose of this score is to provide a creditor, or even employer, the rate at which or the likelihood of your repayments of your debts, which from an employment perspective may even be viewed as your level of responsibility in dealing with such affairs. Your ability of handling your financial affairs is often times used as a tool to judge you, whether we like this or not. The startling reality is that anyone can really gain access to this information, provided they have a legitimate business requirement of accessing this info. To gain a full understanding of these reports, consider it as basically a historical view and report on how you have conducted...more
Author: Nikos KoufakisMany people tend to neglect the fact that credit scores are very important in today's society. This simple three-digit number will significantly affect how you live your life and also your financial status. By having a good...more
Author: D.S.DHillonWith just one swipe, they can readily buy almost anything they need. Unfortunately, many are also abusing the use of their credit cards. Often, card owners feel very confident about getting the things they want because of this...more
Author: D.S.DHillonOften, they’re looking for affordability in the things they buy and short terms loans they avail of. This is true even for those who are currently employed or running their own business. What people are attracted to these days in...more
Author: D.S.DHillonThe unfortunate side, however, is the high cost of owning this plastic card. As using the card entails a lot of charges, people tend to realize only later how much debt they have incurred through continued use of this financial...more
Author: Matt Couch A recession is a generally considered as a bad period for the economy, finances and the country as a whole. People lose their jobs, demand for goods and services fall and prices of goods and services that were affordable in the...more
Author: Vincent PolisiIf your goal for the New Year is to improve your credit score, then you will want to read this article. We will be looking at two easy things you can do to improve your credit score.Rehabilitate student loansIf you have...more