The Minimum Amount Due
September 29, 2008
Many card holders were only paying their minimum amount due because of insufficient funds. They see this option as helpful to them but if you only try to look at it. You will realize that paying the minimum amount due will only put you in much problem in the near feature. This act also is very much appreciated by the card company. Why? Because they have the chance to charge you an interest charge. And once you can’t pay your card on the exact date or due date the card company will also has a chance to charge another fee which they call finance charge. So if you’ll add up this charges you will see that your debt consumes almost 50% of the charges rather than the actual debt you had in the card company. So if you want to get off the trap of your credit cards please disregard this method of paying only the minimum amount. If you can or at least try to look for other ways for you to pay the total amount due before or on your due date to avoid these charges.
Troubled Times
September 26, 2008
So if you are making minimum-wage as a cashier and at the end of the day, your drawer is missing $20, you probably get fired, because losing a twenty is either stealing or incompetence. But if you’re making a huge salary as a CFO, and large amounts of money disappear from your bank, the government will come in with lots of money to help you out!
Via Simpson’s Paradox — Economics According to Meg
Seasons for Credit Card Offers
September 23, 2008
Christmas is approaching and it’s also been obvious that lots of credit card company where giving different offers to their customers and even to prospective new clients.
There were some who are giving installment options at 0% interest and some may even offering a cash loan. I got heard that there are also card company wherein they gave a free mobile phone for the newly approved clients or a new portable dvd? Well, whatever offer it is just make sure you think about it first before accepting.
If you are not new in the world of credit cards you may see that when the Christmas season is approaching the card companies were also offering lots of things. It is just up to the clients if they will be hooked by this or not. So you may also call the Christmas season a season of credit card offers.
Account and Set-Up Fees
September 23, 2008
Well, I just got a new credit card in the mail and i look at it and i only have 50 bucks on it. I look at the statement thinking there is a typo there. But i see there there is an account set-up fee AND an program fee! What is this?! I have to pay to get a credit card? I have to pay to set up an account to get money that i am gonna have to pay back anyway?? This is insane. Another credit card application is telling me i have to pay 69.99 to have my credit card sent to me and i have to put down a minimum deposit of 300 bucks. I didn’t have to do that for my other credit cards. Can anyone explain all this nonsense to me?
Credit Cards: Savior or The Devil in Disguise?
September 20, 2008
Sure, having a credit card may sound fine and all, but you never know the trouble it is to have one until you actually have trouble keeping one. Once I got my very first credit card, I felt like the man. I walked around and told everyone how I have a credit card. But now that I have this godforsaken thing, i have to keep making payments to get the freaking thing to have money on it. I use it mostly for iTunes and food and gas to get back and forth from work. It is a life saver when you first get it and when you need it, but putting money back on it is just too much!
The Snowball
September 18, 2008
I recently read about a form of debt reduction called the “snowball effect”. I am fascinated by this and have decided I’m going to try it out for myself. Essentially, you place all of your debt on a list either from lowest to highest bill or highest to lowest interest charged. Once you have made your list you put all of your effort into paying off the lowest credit card bill (or the debt with the highest interest rate) while still making your minimum payments on you other bills.
Once you have paid that bill off you take the amount you were giving to it and apply it to the next bill in line, along with that bills regular monthly payment. You keep doing this creating a debt snowball. The point is that you pay off some small bills quickly which gives you incentive to keep going after the larger ones.
I recently racked up a little bit on my credit cards after moving into a new house and I think this will be a great way to get me debt free again.
Find the best card offer
September 18, 2008
There are really ways to find the best credit card offers. What you just need to do was have some little of research and you can do this easily with the help of the internet on you home. Research the name of the card company and the offers that they have. Then try to compare the different cards. From then on you can also determine what type of cards you really need. Then focus on that and find the best deal you can have on a credit card. After you have determine and decided what to get then have an online application on that card company and submit. Isn’t it that easy?
Credit Cards and Freelancing
September 18, 2008
An article called How a Credit Card Makes Freelancers Bawl on how to avoid common problems with credit cards, accounting and freelancing.
Meet Joe, a freelance writer with a decent portfolio containing a mix of print and online articles. He loves to skydive and play tennis. Joe has one credit card for both personal and business purchases. After all, freelance writing started out as a side venture that eventually grew big enough that he could quit his corporate job for the freelance life.In the beginning, the credit card bill didn’t faze him. He didn’t have many business purchases being a fledgling freelance writer on the side. Now that he’s gone big time — managing his credit card and its bill becomes a hassle.
Highlight here, highlight there, everywhere a highlight
When he receives the bill, he has to study the items to figure out what they are. After all, that printer he bought from Printers R Us shows up on the credit card as Dominate Electronics World, the parent company. So he has to make the connection between the order from Printers R Us and the parent company by comparing the purchase price.
He takes out his green and yellow highlighters. He highlights personal purchases in yellow and business purchases in green. After all, green means money and business brings in the dough. Whoops, he highlighted a personal purchase in green and scribbles notes to fix that. By the time he finishes with his bill, it looks battered and worn.
The article talks about all the reasons it’s good to have a separate account for business and personal expenses, which seems to run counter to the basic idea that fewer credit cards is better. Worth checking out!
Via How a Credit Card Makes Freelancers Bawl | Freelance Writing Jobs
Cash Loan for Credit Card Debt?
September 14, 2008
I have heard lots of people availing cash loan just to pay their credit card debt but I think is just another problem to your money problems. Specially if you are already having problems in budgetting adding another amount to your monthly amortization will only cause a lot of problem. Yes, it will pay your debt in credit card but it does still make you in debt still and it also adds another interest cause it came from different source. So if you are planning to have this as a solution please think another way. Like call the card company and ask for some amenable solutions. They may even give you an option of paying the debt in its original face value like the only amount of your debt without its interest though it will have a certain period. But still paying the debt without its interest is a big help already than doing a cash loan with another interest rate on it. Don’t you think?
Credit Card Misleads
September 10, 2008
I have heard that the number of credit cards users had been doubled this year and I also heard some people who were thankful of getting thier cards. I did not want to disappoint those who wants to have the credit cards but did they know the consequences of having that small card on thier wallet? Oh probably not. They see this card as the solution of their having short budget but if only they will be able to realize the reality it is not a solution but it will only aggravate thier problem on debts. Yes it may help them have some more money to spend to buywhat they want but they also need to pay for that item they buy using thier credit cards. So meaning once they use the credit card the amount they spend with it will also relfect as thier expenditure and it will also be calculated in thier budget cause they have to pay for that amount in the next thirty days or so. So better be sure and safe than sorry. Have some thinkin gbefore giving your cards to the cashier and swipe it to pay for your purchases before its too late. Unless you don’t have intentions of paying the purchases you made using the credit cards.
