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Choosing and Using Credit Cards
Credit cards are convenient, but they're also dangerous. A lot
of people ruin their financial lives by turning the phrase
"charge it" into a reflex. It's a real problem, but this article
explains how to make good use of credit cards and how to...
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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 debt-most of
it in credit cards. At 18% interest, that costs them nearly
$1,500 a year or $125 a month they can't spend or save for
anything else.
How many credit cards do you currently have?
* Make a list of all of your bank cards, travel and
entertainment cards, department store cards and gas cards. Are
you surprised at how many you actually have? * Now list beside
each one, who issued the credit card.
* Now list your credit limit next to each credit card. * Now
list your credit debt associated with each credit card. * Is
your total debt more than 25% of your total credit line? If so,
you are using your credit cards more than you should and getting
more credit cards is not the answer.
* Now list the annual fees associated with each credit card. *
Next, list the interest rate next to each credit card. * Now,
add up all of the annual fees for all of those credit cards.
* Now, for each credit card, multiply the debt on that credit
card by the amount of interest rate for that credit card. Then,
total that up for all the credit cards. * Add that figure to the
total amount of annual fees you are paying on all your credit
cards.
* That is the amount of money you are paying out each year for
the "privilege" of having all those credit cards.
Jennifer Tarzian, of http://youngparentsmagazine.com says one
question that gets asked often is "What are the advantages to
having credit cards? We hear all about the disadvantages, but
what are some reasons why I might want a credit card?
Credit cards can help you build a positive credit history. This
can enhance your ability to receive a private student loan, buy
a car, rent an apartment, get a job, and buy a house.
Security in emergencies; I'm sure you know all about Hurricane
Katrina that hit New Orleans and devastated so many families.
Most of them were caught unaware and those that could afford to,
had to
scramble to find hotel accommodations for their families,
food, and other necessities. In a disaster like that one, having
a credit card would be essential to protecting your family and
for your own survival.
Reduced need to carry cash or checks; If you are robbed or just
lose your wallet, you can't call and cancel cash. A credit card
or even a debit card can help you avoid carrying large amounts
of cash, especially when travelling.
Enhanced personal responsibility and independence. For young
parents, college students, and others just getting started,
having credit cards can help you make ends meet and gives you a
sort of independence and even prestige and respectability.
However, only one national card like a "Visa" or a "MasterCard"
is necessary to receive these benefits. If the stores where you
shop already accept the major credit cards, you do not also need
a credit card for their store. This can lead to you spending
more than you can afford.
At http://creditcards.youngparentsmagazine.com , Jennifer
Tarzian offers help in choosing credit cards, how to reduce
credit card debt, how to prevent identity theft, what to do if
your credit card is stolen, and a lot more.
She advises young parents to beware of too many offers you get
via mail, email, and by phone. Credit card issuers often tempt
consumers into carrying more debt than their income justifies.
Then, when the customer is drowning in debt -- stumbling to make
even the minimum payment -- they will pile on late fees, jack up
interest rates and begin what often becomes a crescendo of
collection calls. So be very careful. You only need one or two
credit cards if you plan to control how much you owe.
About the author:
For more information about how to obtain credit cards, credit
reports, reduce credit card debt, or prevent Identity Theft, go
to http://creditcards.youngparentsmagazine.com Jennifer Tarzian
also has a lot of information at
http://www.youngparentsmagazine.com for young parents. Chris
McElroy has been an advocate for consumer rights on the Internet
since 1995 and also runs a missing children's organization at
http://www.kidsearchnetwork.org
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| Credit Reports - Credit Cards - Car Loans - Home Loans - Credit.com |
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| 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 |
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| 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 |
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| Federal Trade Commission - Consumer Credit Center |
| Features an assortment of helpful articles related to credit issues. |
| www.ftc.gov |
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| 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 |
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| Springboard - Non-Profit Consumer Credit Management |
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| www.credit.org |
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| Experian: Free Credit Report and Credit Score, Credit Check ... |
| Credit referencing and consumer targeting for the USA and other countries. |
| www.experian.com |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| www.moneysupermarket.com |
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| 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. |
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| 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 |
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| 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 |
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| CUNA: The Credit Union National Association |
| News and resource directory about credit unions. |
| www.cuna.org |
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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, ... |
| credit.about.com |
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