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Credit Card Debt And The Interest Only Loan
Here is an example of the system gone wrong: a mortgage loan
that encourages paying off one debt, in order to over extend
yourself with another debt. This is what happens with the
interest only loan and credit card debt. As a borrowing nation,
I...
How to score with credit
With a massive £1.3 trillion of personal debt in the UK, obtaining credit and staying financially afloat are daily dilemmas for the British consumer. Many major banks, including Lloyds TSB, have recently declared an increase in the number of...
Lawyers are not always a Solution for Credit Repair and Credit Building
Lawyers often charge high fees to help individuals get out of
debt. Credit repair clinics are available to assist individuals
with debt relief, but only the absolute desperate would even
consider these types of solutions. So, if this is not...
One Solution to Bad Credit - how to beat the Credit Bureaus at their own game.
There's only one sure way of freeing yourself from the shackles of bad
credit . Create a new credit file within the credit bureau's
computer system!
The credit bureau has many identities entering their system for
the first time or leaving...
Ready, Set, Credit!
A credit card is a great financial tool. It can be more convenient to use and carry than cash and it offers valuable consumer protections under federal law.
At the same time, it's a big responsibility. If you don't use it carefully, you may owe...
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Secured vs. Unsecured Credit Cards - What's The Difference?
Many consumers have a bit of confusion when it comes to distinguishing a secured credit card from an unsecured credit card. They both carry a brand logo from one of the major credit card companies and they both can be used anywhere that major credit cards are accepted. It is the behind the scene financial activity that determines the difference between a secured and an unsecured credit card.
A secured credit card is a guaranteed VISA or MasterCard that has been secured by a deposit to the issuer's bank. Generally, you must deposit an amount, ranging from $300 to $5000, in a low-interest saving account or CD to secure the credit card.
You then receive a credit line for up to 100 percent of your account balance. Each creditor has its own requirements for how much you can deposit for your credit line. The creditor issues you a credit card by using your deposit as security.
On the other hand, an unsecured credit cards offer just that -credit. When you make a purchase or withdraw cash (usually called a cash advance), funds are drawn from your "line of credit." You pay back the amount you borrowed or "charged" each month, or carry over to the next month (revolve) a certain amount that was borrowed and you are assessed an interest charge.
You are then responsible to pay the interest charge as well. Credit
cards carry a brand logo (e.g., Visa, MasterCard, American Express, etc.) and are accepted by participating merchants. When you use your credit card, the transaction requires a signature.
More details about secured and unsecured credit cards can be found at www.easy-approval-credit-cards.com Determining what type of credit card is best for you will depend on your personal budgeting and spending habits as well as the status of your credit score. People with low credit scores usually have a better chance at obtaining a secured credit card over an unsecured credit card.
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Note: This article may be freely reproduced as long as the authors bio paragraph at the bottom of this article is included, the article is published "as is" (unedited) and all URL's are made active hyperlinks with no syntax changes.
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About the Author
About The Author
About The Author
This article was written by Beth Pardue who has over 10 years of experience in the financial industry assisting clients with assorted financial needs. To learn more about credit cards or to apply for a credit card online please visit: Visit http://www.easy-approval-credit-cards.com today!
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