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Comprehending a Credit Report
Obtaining a credit report is an excellent way to begin taking control of your financial future. It's recommended that you review your credit report once a year, not only to be aware of your standing with creditors but to also keep abreast of...
Consolidate A Credit Card To Reduce Your Debt
Strange though it may sound a credit card can be a useful tool
in controlling debt. The properly chosen credit card can, in
fact, be used to consolidate debt. There are several features to
look for though if you plan to use a credit card in this...
Credit Repair Service and Credit Repair Services
A credit repair service offers to help you clean up your bad credit report so that your credit rating will improve and you can qualify for a less expensive loan. Credit repair services make great promises which aren't always fulfilled. You can...
How many Credit Cards do I need?
Using a credit card has become a very common way for a family to
pay for the items it needs and wants. According to CardWeb.com,
a firm that tracks the credit industry, the typical American
family of four carries about $8,100 in installment...
The Ins and Outs of Credit Card Debt Settlement
Are you a self-confessed shopaholic who buys anything and
everything that you get your shopping addicted hands on? Such
thoughtless and impulsive buying will most likely result in the
accumulation of a bunch of junk that will simply collect...
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Dangers of credit cards
Credit cards can be very advantageous to the smart consumer who uses them wisely by giving you credit to buy what you need without having the needed up-front cash, and letting you make payments over time. But if you are not mindful of the terms of credit cards, there can be dangers of credit cards. If you do not watch your budget and charge without having the ability to make monthly payments, money problems can result which can affect you emotionally and physically. If you do not make gains in paying off your principle balance, the credit card can take a long time to pay off. You can be paying for a purchase you may not even use anymore for years.
If you are unable to pay your bills, you may find yourself filing bankruptcy which can affect your financial future for years, leaving you unable to obtain future credit, affecting job prospects, and causing higher car insurance premiums.
To protect yourself, you need to have a budget which will enable you to make adequate credit card payments. You need to also closely look at the terms of the credit card so that you are informed of what the interest rate is, the
grace period, and any penalties for late payments. Also, the dangers of credit cards can affect you if someone gains access to your credit card information and makes fraudulent purchases. You need to watch your accounts carefully to make sure that someone else has not stolen your credit card information.
If you don't have some sort of income from a job, self employment, or a business, then it is not very wise to apply for a credit card. If you do have some form of monthly income and you do use your credit card, be sure to make the monthly payment when requested. If you fail to do this, your credit rating will be major affected. If you do this for a few months you will end up having some serious credit problem. This can take months of paying on time to establish a good credit rating again.
So in conclusion, use your credit card wisely and only use one if you have some form of income to at least meet the minimum monthly payment.
About the Author
John Gibb manages http://www.credit-card-guides.net
An updated blog dedicated to educating people on credit cards.
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| Credit - Wikipedia, the free encyclopedia |
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| FreeCreditReport.com | Free Credit Report and Credit Score Online ... |
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| The Credit Card Prank |
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| Credit magazine, corporate bonds, derivatives, structured credit ... |
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| CUNA: The Credit Union National Association |
| News and resource directory about credit unions. |
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| Credit/Debt Management - Tools and Advice for Managing Credit and Debt |
| Drowning in debt? Trying to improve your credit score? This is the place for you. Get real world information and tips, as well as the legal low down, ... |
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