When credit card bills, medical bills, or other expenses start to pile up, filing for bankruptcy can be your last resort. Unfortunately, this will stay on your credit report for ten years, but it is necessary to start taking these steps now to slowly but surely recover from bankruptcy and on your way to better credit. Continue reading
Credit
How to Close a Credit Card Account
If you want to cancel a credit card account, just know that it is more than just taking a pair of scissors and cutting it in half. Your decision to cancel an account may be because you want to avoid excessive spending, or to protect yourself from fraud, or to just cut out unnecessary cards that are costing you money. However, there are specific steps that you follow when you do make this decision. You want to close the credit card account in a smart way so it causes the least amount of damage to your credit and wallet. 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
Find debt relief with the National Foundation for Credit Counseling
In the world of debt relief, there are six options you may choose from: strategically making more than the minimum monthly payment on one or more of your credit cards, credit counseling, debt consolidation, debt settlement/negotiation, refinancing your mortgage, or filing for bankruptcy (Chapter 7 or Chapter 13). None of the options are easy, but they can be successful if you have the right attitude and the right people helping you. In this article, I want to focus on credit counseling, specifically those organizations who are accredited with the National Foundation for Credit Counseling. Continue reading
Avoiding annual fees on credit cards
There are many way of avoiding annual fees on credit cards. Two of the easiest are to simply use the credit card or negotiate the annual fee. However, many people opt to close the account without first considering how it would effect their credit score. Although the annual fee does add to the cost of having your credit card, it may also reduce your interest rates on other loans by increasing your credit score. This is why you should carefully consider your options before contacting your credit card company. Continue reading
TRICK YOUR CREDIT CARDS, GET INFINITE MONEY
WHY WORK when you can fool your creditors?
I’ve been writing financial articles for a year & a half now with modest traffic; if I’m ever going to break through that digital glass ceiling, I know I’ll have to share some insider secrets.
Do you think I make a living off these articles? Not a chance. Continue reading
How to Take Advantage of Teaser Rates
If you are getting any type of loan, you are probably well aware that you will be paying back more than the principal amount. Interest rates may vary for different loans, so if you’re looking to save a bit of money, you need to shop around. One of the gimmicks lenders use to get you to purchase their loan is a teaser rate. Continue reading
How to Lower Interest Rates through Credit Counseling
Your commitment to become debt free through credit counseling can be rewarded through lower interest rates on your credit cards. That’s because creditors want to provide an incentive and a means for you to stick with your plan so that you pay off your debt and avoid a future default. Continue reading
How Does Credit Counseling Work?
Credit counseling was created by credit card companies in 1951. The purpose of credit counseling was to provide debtors with an advocate that would facilitate their repayment to their credit card companies.
In short, creditors know that you need some help sometimes. They just don’t want to be the only one to lower your payments and reduce your interest rates. After all, why should their competitors continue to charge full price if they are willing to give you a break? Continue reading
Should I close my unused credit card accounts?
The average American carries, well, let’s just say multiple credit cards. (The number ranges between five and ten, so it might be best to say multiple.) Having multiple credit cards means multiple balances, multiple interest rates, and the potential for multiple fees. This could also result in higher debt and a lower credit score. If you’re at this point, you might wish to consider getting rid of some of your accounts. Continue reading
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