What should you know about the business practices of credit card companies? How do credit card companies change credit card limits? What reasons do credit card companies give for changing credit card limits? How can you protect yourself when using a credit card? Learn more here about credit cards and your personal finance.
Money Smart Kid
Think you know all about money? Well, you've got some competition. Mario Gage, a 12-year-old student at Ariel Community Academy was named this year's money smart kid. If everyone could be as smart as Mario about money, no one would carry any credit card debt, pay bills late and bankruptcy judges would have to find a new line of work.
No Checking Or Savings Account? Use Prepaid Cash Card
Prepaid cash cards have come to the financial rescue for millions of Americans who don't have a checking or savings account. Having a checking or savings account is better for Americans, because it gives them more options. More than 250,000 people don't have a checking or savings account, so they use a prepaid cash card.
Financing New Business Debt
A small business owner wonders how to handle the start up costs that are currently on two low interest credit cards. The answer depends on how you set up your business and if the debt is personally guaranteed. If the debt is personal, and you've personally guaranteed it on your own credit cards, then you may want to refinance your mortgage to move the debt to something that would have a more manageable interest rate over a longer period of time.
Reduce Interest Rates Through Multiple Payments
Learn how to setup an online smart payment and reduce your credit card debt. By paying multiple times during a month, you can reduce the interest you pay on your credit card debt. Avoid late payments by setting up accounts online with all of your credit cards.
Paying Credit Card Bills Online
Paying credit card bills online can improve your credit history and your credit score. Just as you can prepay your mortgage, and save thousands of dollars in interest, you can also prepay your credit card debt, saving hundreds or thousands of dollars over the life of the loan. Set up online payments to streamline the payment process and avoid late payments. Setting up online payments eliminates the possibility that you'll pay late because your payment got lost in the mail. Late payments are not only expensive, but it can also damage your credit history and lower your credit score.
Purging And Shredding Your Household Files
While a simple filing system is inexpensive to purchase and easy to put together, it can quickly get out of hand if you don't purge unnecessary documents at the end of the year. Just after tax time is an excellent time to purge what you don't need. Make sure you shred anything that has personal information.
Debt Management Program Helps Pay Down Credit Card Debt
Many Americans owe a large amount of credit card debt. To pay off that credit card debt, some of them enroll in a debt management program through a credit counseling agency. According to CCCS of Greater Atlanta, women usually seek help repaying debt before men. When a debtor owes too much to pay back, the credit counselor may suggest filing bankruptcy. Learn about what services a credit counseling agency offers as part of a debt management program here.
Transferring Credit Card Debt
Take advantage of balance transfers to pay off credit card debt with lower interest rates. But, you should keep your old cards open, even if you're not using them. One of the things that helps raise your credit score is having credit cards accounts open for a long period of time. So, if you have a card for 10 years, it's better than having a card for one year and closing the account.
Credit Card Traps To Avoid
In the continuing search for higher profits, credit card companies are raising fees, shortening grace periods and trying to find ways to get you to pay more in interest. Consumers need to know more and more to avoid credit card traps. Learn about the terms of your credit card and stay aware of any changes in order to avoid extra fees and traps.
Keeping Track Of Personal Finances Online
Keeping track of your personal finances online or with computer programs like Quicken has become easier. A new Quicken user asks about creating a paper trail to keep his books balanced. Until you're feeling comfortable with the program, download the information into Quicken and also print a copy of the record so you can make sure the download of information has posted correctly.