Deciding On A Credit Counselor
Generally you will find that there is more credit card debt help available than is actually needed.
Just flip through the newspaper and you would be surprised by the number of advertisements related to credit card debt help.
Every now and then, there are articles on credit card debt and credit card debt help.
Television channels are full of ads related to credit card debt help.
There are websites and magazines that are dedicate to credit card debt help. You also hear about the topic of ‘credit card debt help’ being discussed in parliament.
There seem to be policies/laws being formed for credit card debt help. All kinds of suggestions seem to be floating for credit card debt help.
Everyone, even some of your friends, have a piece of advice related to credit card debt help. All banks seem to offer credit card debt help in term of various loan types (generally short term loans) at low rates.
So, credit card debt help is readily available and in fact even unwanted credit card debt help or advice will flow into your ears.
However, not every one offering credit card debt help is proficient enough to be able to provide proper credit card debt help that will suit you.
So you do need to understand some basics about credit cards and credit card debt, before you actually go looking for credit card debt help or before you start helping yourself out with your credit card debt.
So you should try and understand how the credit card suppliers bill you, how the interest is calculated on your credit card balance and how your credit card debt grows. Understanding all about APR, goes without saying.
Even if you think that you had gone through all this stuff at the time of choosing your credit card, you should revisit these concepts to make sure that you still know them.
If you decide against going for professional credit card debt help, you will need to understand these concepts in even more detail.
All these concepts will become handy when you are comparing various balance transfer offers (for example). Moreover, the knowledge of these concepts will also be helpful in making the discussions with credit counsellor more fruitful.
So credit card debt help really starts with developing a better understanding of credit cards and other concepts related to credit cards (irrespective of whether you go for external credit card debt help or not).
The Easiest Way To Eliminate Your Credit Card Debt
Credit cards can offer customers the option of a quick solution to financial worries. However, many people who begin using credit cards often find it to be almost addictive.
For many people who begin using credit as a means of payment for expenses, credit card debt can become a huge problem.
Credit card interest is usually the cause of this. Naïve customers who sign up for credit cards and do not have experience with credit cards can be easily coerced into applying for credit cards with high interest rates that will eventually lead to extreme credit card debt.
Credit card debt leads to a number of bankruptcies every year throughout the United States. With so many people falling prey to credit card debt, it must be made easier to eliminate credit card debt.
Once credit card debt gets up to a certain point, payments can be huge and it may seem as though you are unable to keep up. This is why it is important to keep your credit card at a manageable rate.
Once your credit card debt gets too high your payments will also rise. If you miss payments, credit card interest will cause your credit card debt to climb even if you have not recently used your credit card.
Keeping on top of payments and not using your credit card to an extent to which you will have trouble making payments on time is the ideal way to keep yourself free of credit card debt.
If you are already facing a large amount of credit card debt, do not worry, there are ways to eliminate it.
If you are like many other people across the United States you may be facing a number of separate credit card payments to make each month.
The best way to face multiple credit card bills is to approach one at a time rather than give yourself a number of bills to try to eliminate at once.
It is best to start with the credit card that you owe the least amount of money on because it will be the easiest to pay off.
Once you eliminate credit card debt for that credit card you can move on to the next and so on until you are debt free.
It is best to limit your spending while paying off your debt and try to make the largest payments you can whenever possible. This will reduce your credit card debt faster than paying the minimum payment each month.
If you limit your spending in other areas you will find that it will become easier to meet your payment deadlines and even, in some cases, be able to make larger payments.
However, if you cannot afford to pay more than your minimum monthly payment, settle with paying that habitually and eventually you will find yourself debt-free.
Balance Transfer Credit Card – Benefits of Competition
The balance transfer credit card is one of the starkest examples of how competition benefits the end consumer.
Consumers with good credit and high credit card usage can use balance transfer credit card to save dollars from a few hundred to much more depending on their credit card usage and the amount of balance transfer.
In simple terms, if you have good credit, companies are looking to provide the offer, even if they do so at a lower rate of interest.
You benefit from low interest and they acquire a valuable customer. So, a balance transfer credit card enables you to transfer your existing balance or even debt to a credit card with low or no interest.
Credit Card Balance Transfers Math
A look at the math of a credit card balance transfer will make the situation clearer. For instance, suppose you apply for balance transfer credit card from a reputed online vendor.
Now, your interest on credit card debt runs up to, say $1450 dollars a year at an average with your credit card that has an APR of 10.99% assuming you have a good credit rating.
Now the competing credit card company offers you a credit card with a 0% introductory APR for the first 12 months.
By making a simple balance transfer to your new credit card, you save on one year’s credit card interest. Now that is math that one can live with!
Shopping Guide To Balance Transfer Credit Cards
Initially consider the size of the balance transfers to be made, and correspondingly the amount of financial gain that follows.
The period of 0% APR is important, how much credit do you expect to use, and correspondingly how much interest will you save from credit card balance transfers during the offer.
Do the balance transfers incur a transaction fee and if so how much? Consider how long the introductory APR lasts and the APR after that in your calculations.
And, as always, be sure to read the fine print. You don’t want to encounter unexpected costs. The best offer sometimes is not the one with the lowest rate of interest.
Balance Transfer Trivia
The best type of balance transfer credit cards are the ones with a 0% rate of interest. Many companies have begun offering such cards, at an incredible introductory period of up to one year.
It is possible to transfer your debt to a credit card with a 0% APR, and then retransfer it to another one at the end of the introductory APR period on the existing card.
However this is not a recommended action as it can result in a lower credit rating for you. Credit card balance transfers can be done online; most companies offer this system of balance transfer.
Credit Card Balance Transfers In A Nutshell
Substantial savings can result if you get you balance transfer credit card arithmetic right. Before applying for one look, be sure to look at the fine print.
Good financial sense with credit card balance transfers can make for good finances. If you have spent substantially utilizing “plastic” money, a balance transfer credit card just might make good financial sense for you.
Credit Cards Offers: The Importance Of Comparison
Each day, thousands of Americans receive credit card offers in their mailboxes. Was today your day to receive a credit card offer? If you are like many Americans, you may have taken two different steps.
Many Americans simply toss their credit card offers in the trashcan, while others start filling them out right away.
If your first instinct is to fill out the credit card application, you will want to continue reading on, particularly before taking any further action.
In the United States, credit card debt is becoming a major cause for concern. No matter where you turn, you are likely to hear of the dangers of owning a credit card.
Yes, having a credit card does put you at risk for credit card debt, but that risk is a lot easier to control that many imagine. Unfortunately, this control is often limited in its focus.
Once you receive a credit card, it is important to familiarize yourself with proper use, but what if you have yet to receive a credit card?
This is where many hopeful credit card owners go wrong; they accept the first credit card offer that comes their way. This is a mistake that you want to avoid, as it is one that can turn into a financial deathtrap.
Although it is important to hear that you should avoid accepting the first credit card offer that comes your way, you may be curious as to which course of action you should take.
Before accepting any credit card offer, it is advised that you thoroughly read through the terms of service. Be on the lookout for any high fees or other high risk penalties.
After this research has been completed, you will then want to compare. It is important to remember that there are an unlimited number of credit cards for you to choose from.
In today’s society, credit cards come in all different sizes, shapes, and styles. This can work out to your advantage, but only if you use comparison.
One of the many reasons why you should compare credit card offers before accepting one is because of the money saved.
As it was previously stated, credit cards come in a number of different formats. Why would you pay an annual fee to own a credit card when you can qualify for a credit card with no annual fees?
This simple point is actually one that many hopeful credit card owners fail to take into consideration. Without comparison, you do not know what is around the corner.
For all you know, around the corner could be a credit card with a rewards program, low interest rates, no annual fees, and balance transfers. As a reminder, you never know what other credit cards are out there, unless you look.
Speaking of looking, it is important that you know what to look for, when comparing credit card offers. One of the most important factors to examine, when looking to acquire a credit card,
is interest rates. Interest rates are so powerful that they can turn a simple purchase into a largely expensive one. When comparing credit card offers and interest rates,
it is important to examine more than just introductory interest rates. It is important to remember that introductory interest rates do not last forever.
To prevent yourself from falling victim to credit card debt, the majority of your focus should be placed on long-term credit card interest rates. It is also advised that you take late fees, annual fees, balance transfers, and cash advance fees into consideration.
As outlined above, comparison is important, when it comes to credit card offers. Credit card offer comparison enables you to find the credit card that best suits you and your needs, as opposed to the first credit card offer that comes your way.
Student Credit Card or Prepaid Debit – Which One is Best?
Student credit cards come in a variety of forms. But, there are two primary forms in which a student credit card can be found.
The first is an unsecured student credit card while the other is a prepaid debit card. Understanding the differences and the pros and cons of each will help you to better determine which is best for you.
The Unsecured Student Credit Card
An unsecured student credit card is like a traditional credit card. With this type of student credit card, the college student (or high school student, as the case may be) receives a line of credit.
Typically, student credit cards keep low lines of credit of about $500 to $1,000.
This is partly because those applying for student credit cards typically have very little credit history and do not qualify for higher credit limits.
The lower limit is also in place in order to help prevent the college student from accruing an insurmountable debt.
Not all credit cards for college students have such a low credit limit. So, if you require a student credit card with a larger limit, you might want to shop around.
Similarly, if you want the restriction of a small credit limit in order to keep yourself under control when it comes to spending, be sure to seek a student credit card with a low credit limit.
The Student Prepaid Debit Card
A student prepaid debit card is a card that looks like a credit card and is accepted everywhere a credit card is accepted, but has one major difference: a line of credit is not extended to the cardholder.
In order to make purchases with a student prepaid debit card, money needs to be placed on the card first. This money can come from a variety of sources.
The student can place the funds on the card him or herself. Or, the student’s parents can choose to add money to the card.
In fact, parents can generally set it up so a portion of their checks from work is added to the debit card each pay period.
Pros and Cons of Student Credit Cards
Student credit cards can go a long way in helping to establish a student’s credit history. In addition, a student who does not have money to pay up front can certainly benefit from being able to take out small loans with the credit card in order to make purchases.
Another perk is the fact that the student doesn’t have to wait for money to be added to the card before using it. So long as there is credit available on the card, the student can spend as much as he or she wants.
On the other hand, a student credit card increases the chances of creating a poor credit history. If the student accumulates a debt he or she is unable to pay,
or if the student is late making monthly payments, it can reflect poorly on the credit reports. In addition, many students are already starting their adult
lives in debt as they pay off college loans. Adding more debt from a credit card can be overwhelming and seem impossible to overcome.
Pros and Cons of a Student Prepaid Debit Card
A student prepaid debit card makes it easier for a student’s parents to keep track of college expenses and to monitor the student’s spending.
In addition, there is no risk of destroying a credit history that has yet to be created because the student cannot spend more than what is placed on the student prepaid credit card.
Many of these cards also report to credit bureaus, which helps in building a positive credit history.
Unfortunately, prepaid credit cards generally have many more fees than credit cards for college students. In fact, there usually are no fees associated with credit cards.
Debit cards, on the other hand, often have an application fee and an annual fee. There are also fees added every time more money is placed on the card.
All of these fees can easily add up to hundreds of dollars each year. When it comes to choosing which is right for you, it is really necessary to evaluate your own needs and spending habits.
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