Tag Archives: card
It’s three o’clock in the morning and I am sitting on the bed at a no-tell motel that I’ve overpaid for since I won’t use the hourly rate. I’m two states and 3.5 hours away finally nearing the end of my renovation of my rental house. It’s been…
fun, hell, interesting. I am literally seeing cross-eyed, so if there are tons of typos, they stay and I will revise them later. But that doesn’t mean that I can’t share some of the best posts that I found this week on personal finance.
Transferring the balance from one credit card to a lower interest rate card is a smart move, but watch out for any hidden fees in the process. First of all, consider your credit score. If you have proven to be a responsible consumer, applying for a balance transfer offer should be simple enough. If you have poor credit, qualifying for a 0% interest rate credit card may not be possible. In that instance, look for the lowest interest rate possible for which you can still qualify.
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.
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.
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.
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.
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.
Toni Riss had a credit card with a 79.9% interest rate.
The 58-year-old woman from Texas thought she struck gold when she found the First Premier card, which is aimed specifically at consumers with poor credit.
“I had an accident on a motorcycle, went through bankruptcy to pay for medical expenses and my credit went to hell in a hand basket, so I was looking for credit cards for people with bad credit” Riss said.
Credit cards may soon be as outdated as vinyl records. (Remember those?) And this is the year that the slow, steady march to oblivion begins.
You can already use your iPhone, Droid or BlackBerry to buy a hotdog at the ballgame, buy your Starbucks latté, or give a friend a few bucks by Bumping phones. But by the end of the year you may not even think twice about reaching for your phone to pay at the register instead of fumbling for your credit card.