in trying to reduce the credit card debt
November 22, 2008
I was a reckless user on credit cards. I personally have regretted my behavior on using credit cards extravagantly without the consideration of paying high interest rate on these cards.
It was really tempting to see the items you really like in the stores. You always have an urge that encourage to get it, and buy it. Especially electronic stuff. I personally like computer accessories. I also spend it on credit card mostly. Sometimes, I won’t even consider the later pain I have to work double shift to pay it off. Now, I make some transfer to my one low APR card, and trying to limit the use of it. I rather use my debit card to pay for the items I intend to buy, rather on credit card. I will gingerly pay off the card slowly, and avoid the rip - off deal from the credit card companies.
10 top tips to save at Christmas
November 20, 2008
10 top tips to save at Christmas
It’s the time of year again when everyone is starting to think about Christmas and what presents to buy for their friends and family. It is easy to get into debt and spend too much, but there are many ways to reduce your spending and still give your loved ones gorgeous presents such as fine jewellery and other special gifts.
1. If you see something special that would suit someone that you intend to buy a present for and it is on special offer and within your price bracket then buy it there and then, as it may not be on offer for long and when you decide to buy the item in a month’s time it could cost you a lot more.
2. Set yourself a price limit for each person and stick to it. It can be very tempting to keep buying things for people, but if you stick to your limit you can stop yourself getting into debt and the people that you are buying for will not miss the items that they never had.
3. If you are good at crafts, why not make something yourself to give as a present? The item will be cheaper if you make it yourself and it will be unique and special. Craft stores have a wide range of products and leaflets showing you how to make gifts such as jewellery items which are as pretty as anything you could buy ready made.
4. Look for the offers in High Street stores such as 3 for 2, or buy one get one free. Maximise on these offers by choosing three items that are around the same price so you save as much money as possible. Only use these offers though if there are suitable presents available. Work out exactly who each gift is for and don’t buy random items for the sake of it or you will have left over gifts and spend too much money. If you get free items though, make sure you count the full value of the item in your budget plan as the person who you give the gift to does not know it was free.
5. If you are planning on buying gifts from stores that have a loyalty card, look out for days on which they are giving away card points. This way you can build up your points and hopefully put them towards some presents without spending extra money.
6. If you shop online, use a price comparison website to check which store has the cheapest price.
7. Make a list of exactly who you are buying for and what sort of thing to buy them before you go out shopping so you don’t forget who you have bought for.
8. Haggle over the price. Many independent retailers or market stall sellers may knock a fair amount off the price if you are willing to barter for it. Stick to your limit though.
9. A food hamper is a lovely gift but can be expensive if bought ready made. During the few months running up to Christmas simply buy a few extra things with your food shopping. Look out for buy one get one frees on your usual brands. Keep one for yourself and put one away for a food hamper present.
10. If you have to use a credit card for your Christmas shopping then apply for a new one that offers 0% on purchases for 6 or 12 months. This way, you will not be paying any interest on your shopping until after the time frame has passed. This doesn’t mean that you should go over your budget though.
By implementing some, or all of these tips, you will find that Christmas shopping doesn’t have to break the bank and can be less stressful this year.
Store Cards
November 19, 2008
Store cards are a type of credit card that you can normally only use in the department store you got the card from. There are masses of different store cards available, but it is always worth checking the interest rate when you apply. These are well known for having higher rates than normal credit cards.
People also use ‘debit’ cards to pay for goods. These are different from credit cards in that the money you spend on these is taken directly from your bank account and is not ‘credit’. Purchases made with a debit card are debited from your bank account usually within two or three days, so you must make sure that you have sufficient money in your bank account to pay them.
Debit cards also let you withdraw money from your bank account when paying for goods, but not all shops offer this service. You will not be able to withdraw cash, if there is not enough money in your account.
APR
November 19, 2008
If you do decide to get a credit card, one of the most important things to look at what interest rate the card has, otherwise known as the Annual Percentage Rate (APR).
The interest rate on a credit card decides how much money you will be charged each month for borrowing on your card. The lower the interest the rate on the card, the less you will be charged each month.
Interest rates can differ widely. Some credit card firms can have special introductory rates of zero percent, which means you won’t be charged for using it. But if you do apply for a card with a low rate, always read the small print and find out how much the interest grows to when the special offer runs out. Remember, once the introductory offer period has expired, interest at the normal rate will become payable.
Credit Card on Christmas!
November 14, 2008
Christmas season is here and sales and discounts from the store are anywhere. Great deal and buy for the cardholder users are usually offered by most stores. Some offers no interest with monthly payments of their choice when purchasing their product. The others give gifts if the buyer used credit cards in purchasing. Cardholders will have a variety of options for them to buy. But be practical. Choose only that you think is necessary for you at the present and the future. Be a wise spender. Always remember that you still have to pay it monthly and it still a debt. Study your finances and if you think that you can afford it then go! Opportunities comes only once and why not grab it for your own good.
Limit your card use
November 14, 2008
Now that holidays was fast approaching many of the people may have received their new cards and maybe eager on using it. It was been said by the card companies that when the Christmas season is approaching the numbers of card holders were rising and more people were trying to apply to have a new card to use these holidays. Well it was really obvious why during Christmas season the rate of credit card debts were also rising was because of those people who are not thinking first before they use their cards. I’m sure you may not also want to be one of those who has problems in paying the card company so if you really do, please take time to limit your card use. Don’t just go on impulse buying.
Community Rewards
November 1, 2008
The New Mexico Federal Credit Union has teamed up with a few community organizations to raise money for the community. The way it works is by using your Visa check card obtained through the bank (NMEFCU). Everytime you use the card as a credit card, 1% of that purchase will be given to the community of your choice. There are three to choose from, education being one of them. At the end of the rewards year, 1% is given to that community and the same amount is given to you as well. So you BOTH benefit. Actuallly, triple benefit since the bank is making money off you using your card as well!
How can you maxamize your earnings? Well, for one, whenever using your card, be sure to run it as credit, not as debit. Second, use it for purchases you’d normally use cash. Instead of paying in cash for gas at the pump, use your card, stay next to your car and earn some money back on all that gas you are buying at high rates. Deposit your money in your account instead and live by your card. Sometimes it just makes things so much simpler. AND you have the added benefit of getting some money back and helping out your community.
If you don’t have this bank, look at your local bank for any similar benefits. You never know what you could be missing out on!
