Category Archives: Credit Cards
Time To Revisit Your Bank Accounts
By now you should have received a multitude of letters from your various credit cards or bank accounts. These letters should detail major changes that are taking effect soon as a result of the CARD act. They could include things such as overdraft fees, what will be paid, interest rate changes and fee schedule changes. Don’t just toss those things aside! Pay close attention to the changes and how they might affect you.
One of the changes that I noticed on my Chase account is a fee for charges that end up pulling money from my overdraft protection. I’m also going to be charged a fee for their points program. You know what is going to happen to that account? Say bye bye. There’s no sense in keeping it at this point. I’ve already changed my direct deposit at work to one account and will head on over to Chase during my lunch break to close that account.
Credit Union Checking Fees
It reached 95 degrees here yesterday and in some places above 100 degrees and it’s not even officially summer. So, this is my lazy Friday post because I was way too hot to have a laptop on my legs last night to actually sit and write a post. Instead I’ll share with you a very interesting infographic from Bankrate.com about the rise in checking fees are credit unions.
Why should you care? Well, credit unions have always traditionally charged less fees and the overall cost of doing business with credit unions was always traditionally lower than the big banks. If credit unions are raising their fees, then guess who follows next? All of you banking at the big guys (Chase, Citibank, Capital Once, Wells Fargo, etc.) better hold on to your purse strings and get ready for the fee bandwagon.
Do-It-Yourself Negotiation of Credit Card Debt?
On a somewhat regular basis, posters on my forum ask questions like “Company XYZ will negotiate my settlement for 15% of my current debt, is this a good price?” or “The debt settlement company is non-profit so they must be legit, right?” The answer is a big fat “NO!” for both. The truth of the matter is that with a bit of research, debt negotiation is something you can do on your own without paying a dime.
Is A Cheap Credit Card A Good Credit Card?
For consumers considering a credit card, there is a great variety of cards available on the market being offered and many of these are often enticingly advertised as being cheap. This raises the question for many consumers, who might be inundated with choice, as to whether a cheap card can really be a good card.
One of the keys things to note when considering the true cost of a card is that there is a difference between just interest rates and the annual percentage rates, otherwise known as APR. It is also important to note other fees that may be incurred with the possession of a card.
Use Credit Karma To Track Your Credit Score For Free
In today’s post-recession world, banks have tightened lending standards considerably in order to reduce their exposure to risky bets, and now more than ever it is imperative to build a strong credit history in order to secure bank financing when purchasing a new home, car, or other big ticket purchase.
A strong credit score can help save you thousands of dollars over the life of a loan due to more favorable interest rates and lending agreements. If you are one of the millions of Americans that has lost a job or faced a reduction in pay or working hours, and if this has caused damage to your credit score because of late or missed payments, there is good news. With dedication and effort you can work to rebuild your credit score. One of the best ways to rebuild your credit is to begin using Credit Karma.
Credit Card – Debt Down But Not Out
The good news is that US credit card debt is at its lowest level since 2004. The bad news is that this appears to have little to do with the fact that Americans are paying off their credit card balances and more to do with the fact that banks are writing them off as bad debts.
Will Credit Card Debt Be Held Against You In A Court of Law?
This article was written by Odysseas Papadimitriou, CEO and Founder of CardHub.com, a website that helps consumers trade gift cards and get the best credit card deals.
When you think about debt collections, your mind probably jumps to ringing telephones, strangers on your doorstep and stress. And it’s true—debt collectors are typically quite persistent in their efforts and are liable to try just about anything to convince you to pay. However, as you perhaps know by now, certain rules govern their conduct. Unfortunately though, debt collectors do have the right to sue you for money that you owe. And if you’re not careful in handling your debt, you could very well find yourself on the wrong side of a civil court decision that not only requires you to pay the full balance of what you owe but also holds you liable for legal fees.
I Added $20K To My Debt On Purpose
This is a blog about debt and my efforts to reduce it. For the past two years I have diligently worked on reducing my debt, but this month, I purposely added over $20K of unsecured debt to my credit card on purpose all on one day. I know that some of you are cringing now, but here is why.
Credit Score Takes A Big Hit
I advocate monitoring your credit report and credit score on a regular basis to track your score and check for errors. You can pay for this service from any number of providers, but I like to use CreditKarma.com. They give a pretty decent approximation of your credit score and the best part is that it’s free!
I logged in yesterday to check my score and it has fallen a whopping 100 points since the last time that I checked! Did I go on a spending spree? Nope but two things did change since the last time that I checked my score. One was that I added a new credit card which dropped the average age of my credit cards from 7 years down to 4 years. That’s not what affected my score so much though. The biggest cause for the drop is the tax judgment that I mentioned before from fighting against the state which now appears on my report. So, my credit score fell from almost 800 points down to just about 700 points.
Should I be worried? Probably. If I try to get a loan to pay of that damn lien, I might be rejected or if approved, the rate will be horrific. I’ll have to address this soon than later but I thought that I would share.
