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Do Authorized Users Benefit?

When you open up a credit card account, you have the option of adding authorized users to that account. Authorized users are allowed to use the credit card at will, and can share some of the benefits credit card customers may receive. While becoming an authorized user on someone else’s credit card may sound like a great idea, there are also many drawbacks to having that power. Continue reading

New Credit Card Rules for College Students

The Credit Card Accountability, Responsibility, and Disclosure Act of 2009, recently signed by President Barack Obama, is set to take effect in February of 2010. The main purpose of this Act is to give banks and lenders far less power over the general control of interest rates, along with hoping to make borrowers far more knowledgeable about owning a credit card. Continue reading

How to Find a Bankruptcy Lawyer?

Filing for bankruptcy can be one of the most difficult life decisions for many struggling Americans, one that effectively lowers your credit score immensely but at the same time allowing you to receive a fresh financial start. Whether liquidating your assets through Chapter 7 or entering a repayment plan through Chapter 13, bankruptcy lawyers and attorneys can be essential assets to your financial assistance and knowledge. Continue reading

What are Credit Bureaus and What Do they Do?

The main responsibility of credit bureaus, often called Consumer Reporting Agencies (CRA), is to collect personal information, financial records, and alternative data on consumers. They then use this information mainly to determine individual’s credit scores, which they can then sell to banks and lenders for their own private use. Continue reading

Budgeting for College Students

As a new school year is set to begin for many college-bound students, the biggest concern for many freshmen as well as returning students is budgeting. Many students do not come into college with a steady part-time job, and the waning number of on-campus jobs has left many out in the cold dealing with the busy college lifestyle with little money in their pockets. Continue reading

What is the IRS VITA Program?

The Volunteer Income Tax Assistance (VITA) Program, is a special needs operation sponsored by the Internal Revenue Service (IRS). The program aims in helping under privileged families fill out tax return forms. Continue reading

What is Chapter 7 bankruptcy?

Chapter 7 Bankruptcy, the most prominent form of bankruptcy in the United States, was responsible for placing over 1 million individuals in debt during 2008. This form of debt is characterized by the liquidation of assets, or the redistribution of those assets owned by the individual or business. Continue reading

How to Claim Residential Energy Tax Credit

In this current political, cultural, and economic environment of energy conservation, the IRS passed the Residential Energy Tax Credit to help those households which purchase items that are more energy efficient. The push to these more energy conscious products is two-fold; for one, they help decrease utility bills for the household over the long-run, and also decrease the amount of energy used, allowing a greater amount of energy to be conserved. Continue reading

What are credit unions?

Credit Unions are financial organizations that run many of the same services as common banks. The big difference is that credit unions are run by the customers they serve, as they are the ones who are using the services as well as each owning a share of the company. Financially, they hold only a percentage of the assets normal banks carry. Credit Unions are also known as “not-for-profit” as they work to maximize customer services, not profit; although they do have to have a monetary stock so that they can run day to day operations and projects. Continue reading

What is a credit freeze?

A credit freeze is the simplest way to avoid identity theft in America. A credit freeze allows individuals to control how US Consumer Reporting Agencies release credit information, including credit reports. Today, credit freezing is a common practice throughout America, and while it is the quickest way to avoid ID theft, it also makes receiving a bank loan more difficult as well. Continue reading