It is that time of the year again, where our credit cards are used like it is going out of style. Even though we are shopping more, we can all be a little smarter. Follow these tips and get the most out of your money. Have a great Thanksgiving YPs and if you are shopping Black Friday, enjoy!
By Amelia Ross
NEW YORK (CNNMoney.com) — You are at the checkout counter with an armload of packages and as you dig into your purse or wallet, you’re presented with an offer of a store credit card along with a holiday gift.
The temptation to sign up for the retailer’s promotional credit card offering a discount on all the stuff you’re handing over to the cashier is high, but what you may not know is not all cards are equal.
Here are some tips on how to how to avoid getting hurt by the fine print and get the most out of buying by credit card. [click to continue…]
Tagged as:
Credit Strategies,
Holiday Shopping,
Saving Money
Grade yours on a 10-point scale.
Nobody’s perfect. When it comes to our financial lives, we’ve all done things we later regretted — whether it’s getting slapped with a $3 fee for using an out-of-network ATM or going on a Las Vegas bender and losing the house on an overly aggressive poker bet.
The key is to understand the scale of the transgression. With credit card blunders, that’s no easy task — is it worse to take a cash advance or to pay a bill a day or two late? Experts graded a range of credit card mistakes on a scale from 1 (losing a few bucks to a cash machine) to 10 (losing the house). Find out which worry the pros most — and which may (almost) get a free pass.
Paying Late
How bad is it? 6
The details: Credit card companies are notoriously prickly about late payments — even a payment that’s late by a few minutes can pile up fees, interest charges and other penalties. Depending on how late the payment is, your card issuer may also report the problem to any of the credit bureaus, which can wreak havoc on your credit score. The good news, says Stacy Francis, president of Francis Financial, is that the error may be reversible. “You do have the option of giving the credit card company a call and asking them not to report it,” she says. “If you’ve generally been an on-time payer, they may waive the fees and not report it.”
[click to continue…]
Tagged as:
Credit Cards,
Credit Strategies,
Self Improvement
I came across this story almost a month ago and was wondering how the hell this family paid off $106,000 in debt in 5 years without hitting the lottery or receiving a lump sum of money. This family went with a consumer credit counseling company which is not a bad thing and can be a solution to your credit issues if you’re discipline enough to stick to the debt management plan and change your spending habits. YPs getting out of debt is not impossible but it takes a good game plan and the discipline to stick to it via sacrifice and determination to achieve the goal of becoming debt free. The Hildebrandts did just that and as you read this article you will notice the changes and sacrifices this family made to secure a debt free future and free themselves from the choke hold that debt seems to have on millions and millions of families across the US. This is a good example and I hope you ladies and gents enjoy and are inspired by the Hildebrandts.
Meet the Hildebrandts; their frugal ways lost debt, won an award
Five years ago, the Hildebrandt family of New Richmond, Wis., was juggling more than $100,000 in credit card and personal debt. Through frugality, determination and hard work, they are now — other than a mortgage — debt-free.
At the time, Russell and Kandy Hildebrandts’ credit card balances totaled about $89,000, and they owed $17,000 to a family member. While they were current on all the payments, the card companies had begun raising their interest [click to continue…]
Tagged as:
Consumer Credit Conseling Services,
Credit Strategies,
Debt Consolidation,
Personal Finance,
The Hildebrandts
YPs this is a good article I found discussing some alarming practices by some, if not most credit card companies because of the CARD Act that is expected to go into effect in February. This is a good read, very informative and eye opening for those of you with credit cards. My advice, if feasible pay off your credit card balances (or pay the balances down as much as you can) and keep one or two for emergencies but get rid of the others. Credit card companies kind of make their own rules and have no loyalty regardless of how long you have been a good or bad customer so use them and do not allow them to use you. I hope you guys find this article to be helpful and informative.
On May 22, 2009 President Obama signed into effect the Credit Card Accountability, Responsibility, and Disclosure Act (CARD Act). As the CARD Act goes into effect in bits and pieces over the next 6 month, credit card companies are doing everything they can to make sure that when the final door shuts on their current practices, they will have [click to continue…]
Tagged as:
CARD Act,
Credit Cards,
Credit Strategies
