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A Few Thoughts on Securing a Bad Credit Mortgage Loan
Over spending, the endless nights of partying, eating out and
more or less buying everything on a whim, has most likely put a
dent in your financial situation and will affect how you live
your life for years to come. Clearly, the best option is...
Are 0% Credit Cards reaching their end?
Are Credit Card companies starting to feel the pinch? We all know that the Credit Card companies make their money by charging us interest on the money we borrow. With all the 0% balance transfer offers that we have seen over the last few years its...
How To Get A Credit Card No Matter How Bad Your Credit Rating
Your credit is bad. Perhaps you have a string of unpaid bills haunting your past. Maybe you declared bankruptcy within the past 10 years, or defaulted on a student loan.
All of the above can block your access to obtaining a major credit card, such...
New Mexico Income Tax Help – What Credits, Rebates and Deductions are available?
Who qualifies for the rebates and deductions? There are credits, rebates and deductions that many taxpayers may not know about that can give you some New Mexico income tax relief. To qualify for any of the income tax credits and rebates you must...
Rate tarts no longer welcomed by mortgage and credit card providers.
Following on from recent moves in the credit card industry (see Cashzilla, “Rate tarts losing ability to cherry pick” ) to reduce the number of people switching from one financial provider to another, mortgage lenders are now looking to follow...
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Leave Home Without It...How to Avoid Credit Card Debt
It would seem that a day doesn’t go by without receiving a credit card offer in the mail. Oftentimes, the offers seem too good to pass up. But before you’re tempted to apply for that “platinum card”, there are a few things you should know.
Too many people see credit cards as a means of buying things they wouldn’t normally be able to afford. It’s very easy to live beyond your means when you only have to make a “low minimum payment” once a month. But what most people fail to realize is that interest only continues to pile up on your outstanding debt. When you make only the minimum payments on your credit cards you're often not even covering the interest from the previous month, let alone making a dent in paying off the principal. At that rate you can be paying off your credit card debt for decades. It’s like trying to put out a fire with an eyedropper full of water. Also, be wary of those seemingly thoughtful letters from credit card companies praising you for being such a valued customer and as a "reward", they offer to let you skip a payment. Don't be fooled. Interest is still accumulating, making more money for the credit card company.
If you feel yourself drowning in a sea of debt, there are some things you can do to help yourself. For starters, look into lowering your credit card interest rates. Sometimes all it takes is a phone call to your current credit card provider to negotiate a lower interest rate, especially if you threaten to take your business elsewhere. If they’re not willing to work with you, then it’s well worth the time to do a little research to find out which credit cards are offering a better rate. Generally speaking, anything under 12% is considered good. If your credit history is fairly stable it’s an easy process to transfer your credit card balance onto another card. Just remember, the point of making a balance transfer is to pay down your debt. It should not give you license
to start charging above your means once again. If you’re not careful, this kind of maneuvering can become a vicious cycle.
The two most important steps you can take to avoid getting into trouble with credit cards in the first place is to pay off the balance each month and pay on time. A good rule of thumb to remember is that if you can’t pay off most, or all, of the balance on your credit card, then you have overspent and should immediately cease and desist with any additional charges. If you can’t be trusted not to use your card then give it to someone you do trust or freeze it in a block of ice in your freezer (no, I’m not kidding). Also, do make your payments on time because late fees not only add up, they can be potentially damaging to your overall credit record. Something you may want to keep in mind when hoping to get a loan for a house or a car.
Getting out of debt is not an easy thing to do, but it is possible. Of course, the easiest thing to do is to avoid getting into credit card trouble in the first place. So the next time you feel yourself lusting over that big screen TV, think twice. By the time you’re done thawing out your credit card from that big block of ice, you’ll probably decide it’s not really worth it.
For more information on your credit report and for more credit repair tips please visit us at Helpful Home Ideas.
About the Author
Johann Erickson is the owner of Online Discount Mart and TV Products 4 Less. Please include an active link to our site if you'd like to reprint this article. He is also a contributing writer for sites such as Helpful Home Ideas
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