Bills & Online Banking

Have you noticed that your billing statements often arrive quite close to their due dates? During the busy holiday season, as the post office is more strapped for time, many customers are finding their statement arriving in such little time before they are due. For someone living from paycheck to paycheck, this can be tricky for budgeting. In addition, if you travel frequently or don’t have time to review all your monthly statements when they arrive, you may find yourself paying late, thus incurring late fees or interest payments. The Fair Credit Billing Act does set standards on when companies … Continue reading →

Tired of High Credit Interest?

Want to start the New Year off right? Make a few phone calls to your credit card companies. Most people don’t realize that both your interest rates and your credit limit can be negotiable. From a credit score standpoint, keeping the same credit cards with the same accounts for a long time helps your score. Credit history is a key component of both your credit report and the scoring system lenders use to evaluate your credit risk. When you get all these great offers in the mail to switch for a lower rate or even a 0% APR for a … Continue reading →

Debit Card Mistake

When debit cards first came out, I thought… how cool! A card you can use in replace of writing a check. The idea saved me time and money — two of my favorite things. Then it all started to crumble. A woman I worked with had a horrible financial disaster… all due to her debit card. She had gone shopping at a local clothing store and bought a few items for about $50. The next thing she knew was her mortgage and car loan checks had bounced. Where was all her money? She called the bank to discover that instead … Continue reading →

Building Credit

Many young people falsely believe they have to either apply for a loan or carry a credit card balance to build a credit history. The myth is in thinking you must be paying interest to create credit. If you are just beginning in the credit world and want to generate a great score from the start, follow these simple steps. The easiest way to start your credit history is through a credit card. Find one with no annual fees and the lowest interest rate available to you. If you are really early in developing credit, you probably won’t get a … Continue reading →

Watch Those Terms

Credit card companies can be sneaky at times. They will change your terms and send a wordy document filled with legal mumble-jumble with your bill to alert you of these changes. Most people either don’t notice the extra paper or simply ignore it. If you aren’t careful, this can cost you money. The law allows credit card companies to change their terms at any time, with simply 15 days notice to the customer. This can be something as simple as your due date to more costly items like fees and interest rates. Usually, if you use your card after you … Continue reading →

Are Credit Cards Tools or Traps?

Many view credit cards as useful tools. They can help you get something that you want now, that you do not have the money for. Others view them as a way to get cash back, or earn points for prizes, vacations and flights. It is important to realize that with the convenience that credit cards offer, also cards are also dangerous. It is important to avoid charging your wants on your credit card. If you are paying for your wants with cash at the beginning of the month, but charging your groceries at the end, then you are still charging … Continue reading →

Shopping for a Loan

As a consumer you shop around for the best deal on a car, a television set and other items. Do you do the same thing with the loans that you take out? You can save yourself a lot of money and heartache by taking the time to consider several different companies when it comes to borrowing money. Many consumers simply go with the loan offered by the car dealership or the mortgage company recommended by their realtor. It is important to realize that by shopping around you can find lower interest rates and other benefits that may accompany the loan. … Continue reading →

Protect your Card

Whether you actually hold a Gold Card or not, you should treat your credit card like gold. The flexibility a credit card allows could easily be turned against you. To save time, more businesses are processing credit card transactions with very little verification. If you have used your credit card at the gas pump recently, you will know what I mean. A machine is all that views the card – no signature is even required. Therefore, you need to be diligent in protecting this piece of your financial picture. The following tips will help you ensure your credit card remains … Continue reading →

Balance Your Checkbook and Save Money

You can save money by balancing your checkbook every month and keeping a running total. The Center for Responsible Lending has just issued a new report “Out of Balance” warning against the high interest rates that the banks are charging to cover your items if you overdraw. The report speaks out against what it calls unfair banking practices that can cause the customers to accumulate more fees. The Center for Responsible Lending is supporting bill HR 946, which would put overdraft loans under the jurisdiction of the Truth-in-Lending Act. This could mean that the banks must notify you if you … Continue reading →

Are You Only Making Your Minimum Monthly Payments?

Are you still paying just the minimums on your credit card payments? If that is all that you can afford to do, then you need to begin immediately to change your financial picture. You are too close to a financial disaster. If you have the extra money, but you are not paying it, then you should step back and look at the bigger picture. Recently the credit card companies have doubled the minimum payment due each month. This will help you to get out of debt much quicker. But if you continue to pay just the minimums you are going … Continue reading →