|
|
|
4 Principles to Follow to Avoid Credit Card Debt During the Holiday Seasons
The holiday season has arrived. It is time to celebrate, make
merry, and have fun. Travel plans have been made, lists of gifts
for family and friends have been drawn up, and arrangements for
parties are in full gear. It is indeed the season to be...
Free Credit Reports Are Not Always Free
According to an amendment to the Fair Credit Reporting Act, you
can obtain a free credit report on yourself for free one time
every year. However, just like with any new law or service,
there are people out there looking to take advantage of you....
How To Save Money On Credit Cards
Some credit cards offer a cash advance option. But how good a deal is this? Not very. In fact, it can be downright expensive. Why? Because every time you use your credit card to withdraw case, more fees kick in: Cash advances can...
Instant Approval Credit Cards - The Advantages Of Applying Online
Getting instant approval for a credit card - and sometimes
getting immediate access to use it - can now be done in less
than 60 seconds. No muss, no fuss like the old days when getting
a credit card took a month or more. If you weren't aware of...
Options for the Best Credit Card
Consumers who want to maximize their options on a credit card
should first find out all the terms and related costs associated
with a particular card. For those who feel that the best credit
card is one that is low-rate and no-frills, they...
|
|
| |
|
|
|
|
|
|
Eliminate Your Credit Card Debt Forever-Without Stress
In recent years, the amount of credit card debt being carried by
Americans has reached hundreds of billions of dollars, with
interest payments each year that would sink the economies of
many small nations. But you can eliminate your credit card debt
forever, even if everyone around is stuck in an endless cycle of
debt slavery. How? Read on, dear internet friend.
STEP 1: CONSOLIDATE YOUR DEBT.If you have any more than one
credit card with a debt due to be repaid, then you're a
candidate for credit card debt consolidation. The 'minimum
monthly' payment each month includes many variable, including
the interest rate, the minimum monthly base (usually around $25
per month of a few percent of the debt, whatever is higher), and
any 'fees' you've been charged through the month for things such
as using an ATM, writing a check on your card, or, if you deal
with companies like MBNA, breathing. To consolidate that debt,
simply go to your bank and ask them about a debt consolidation
loan. The interest rate will be far lower than the 9% to 29%
that credit card companies can charge, and the repayment
schedule will be far clearer of the hidden extras (such as
insurance) that credit card sharks will hit you with.
STEP 2: CLEAN UP YOUR CREDIT HISTORY.Some people, many of us in
fact, will let the occasional credit card payment slip by late,
or even miss it all together, if things are a little tight each
month. The problem with that is that it sits on your credit card
report for the next seven years whenever you do that. So part of
eliminating your credit card debt is to ensure that your credit
score is clean and healthy. Some people will borrow a small
amount from a bank and set up their account to automatically
repay it each month, which will cost you not a lot in interest,
but will make your credit report look much better in twelve
months time. Others will just get ruthless with their repayments
- pay a little bit extra than the minimum, pay it on time every
time, and call the credit card company and ask them to REDUCE
their spending limit whenever the debt goes down by a thousand
dollars. The card companies don't particularly like doing
that,
but they will, and it will help you get a better record when
you're not tempted to respend.
STEP 3: IF YOU MUST MISS A PAYMENT - TELL THEM.Contrary to what
you might think, missing a payment is not considered nearly as
bad by a credit card organization if you just call them and let
them know you're running a bit tight this month. Most companies
just want to know you're not stiffing them, so will gladly waive
a late payment fee, or even allow you to schedule part payments,
just as long as you're dealing with them in good faith. And part
of eliminating your credit card debt is to deal with these
people in the best faith possible.
STEP 4: START USING CASH.It really isn't that hard to use cash.
Sure, you end up carrying money that you probably feel
uncomfortable carting around, but is carting around a credit
card with a $5,000 limit really that much safer?
STEP 5: REPAY AS YOU SPEND.It's not something that is advertised
by credit card companies, but most of the time you only pay
interest on what you owe when the company prints off your
monthly statement. That means, if you spent $100 on the 1st of
the month and put it on your Visa or Mastercard, and you paid
that $100 back with a check to the card company on the 10th, and
they send out your statement on the 20th - you have no debt, and
thus, no interest. For those wanting to eliminate credit card
debt, this is an incredible opportunity to get the convenience
of a credit card, without paying any interest AT ALL. In fact,
if you're prompt with your payments, don't spend on big ticket
items that will take months to pay off, and you keep your
balance down to next to nothing, you can save literally
thousands of dollars every year. Remember - repay before
statement day. It's the best way to eliminate credit card debt
before it even happens.
About the author:
If you are interested in additional debt consolidation articles of mine, please feel
free to visit my finan
cing website.
|
|
|
|
|
| Credit Reports - Credit Cards - Car Loans - Home Loans - Credit.com |
| Credit.com offers a variety of credit related products and services including credit reports and credit scores, credit cards, car loans, home loan and ... |
| www.credit.com |
|
| Equifax Personal Solutions: Credit Reports, Credit Scores ... |
| National consumer credit reporting company that offers credit reports, FICO(R) credit scores and identity theft protection products to consumers and small ... |
| www.equifax.com |
|
| The FTC's web site on Credit |
| Credit is much more than a piece of plastic, and the resources on this site can help you become a more savvy consumer. You’ll also find compliance ... |
| www.ftc.gov |
|
| Federal Trade Commission - Consumer Credit Center |
| Features an assortment of helpful articles related to credit issues. |
| www.ftc.gov |
|
| AnnualCreditReport |
| Site set up by the big three credit reporting agencies in the United States, to furnish free annual credit reports, as required by federal law. |
| www.annualcreditreport.com |
|
| Springboard - Non-Profit Consumer Credit Management |
| Our mission is simple: To offer education on the wise use of credit. ... SPRINGBOARD has been approved to provide credit counseling services and issue ... |
| www.credit.org |
|
| myFICO - FICO Credit Scores, Online Credit Reports and Identity ... |
| myFICO.com: Get your Free credit report and Free credit score with a 30-day trial of Score Watch. All three FICO Scores and Credit Reports Available now ... |
| www.myfico.com |
|
| Credit Suisse Global |
| Credit Suisse Group is an international financial services group. - Shares part of SMI. |
| www.credit-suisse.com |
|
| Experian: Free Credit Report and Credit Score, Credit Check ... |
| Credit referencing and consumer targeting for the USA and other countries. |
| www.experian.com |
|
| National Credit Union Administration - Home Page |
| An independent federal agency that supervises and insures 7152 federal credit unions and insures 4240 state-chartered credit unions. |
| www.ncua.gov |
|
| Credit - Wikipedia, the free encyclopedia |
| Debits and Credits, a type of bookkeeping entry; Credit (creative arts), acknowledging the ideas or ... Retrieved from "http://en.wikipedia.org/wiki/Credit" ... |
| en.wikipedia.org |
|
| Credit (finance) - Wikipedia, the free encyclopedia |
| Any movement of financial capital is normally quite dependent on credit, ... Sometimes if a person has financial instability or difficulty, credit is not ... |
| en.wikipedia.org |
|
| The National Foundation for Credit Counseling |
| DebtAdvice.org is a service provided by the Members of the National Foundation for Credit Counseling (NFCC), most of them known as Consumer Credit ... |
| www.nfcc.org |
|
| FreeCreditReport.com | Free Credit Report and Credit Score Online ... |
| FreeCreditReport.com: Free credit reports and credit scores from Experian. Get your free credit report and credit score now. It's free, fast, and easy! |
| www.freecreditreport.com |
|
| Compare credit cards | apply for a credit card | 0% balance ... |
| Compare over 300 credit cards, including 0% offers and balance transfers, and make a credit card application online... |
| www.moneysupermarket.com |
|
| Ford Credit - Auto financing for Ford, Lincoln and Mercury cars ... |
| Ford Credit provides auto financing to finance a lease or purchase a car or truck through Ford, Lincoln or Mercury dealerships. |
| www.fordcredit.com |
|
| The Credit Card Prank |
| In my lifetime, I have made nearly 15000 credit card transactions. ... Credit card signatures are a useless mechanism designed to make you feel safe, ... |
| www.zug.com |
|
| Credit magazine, corporate bonds, derivatives, structured credit ... |
| Credit magazine provides information on the international credit markets for credit investors, issuers and market professionals. |
| www.creditmag.com |
|
| CUNA: The Credit Union National Association |
| News and resource directory about credit unions. |
| www.cuna.org |
|
| 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, ... |
| credit.about.com |
|
|