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Essential Tips on How to Get a Credit Card

by seniorne
written by seniorne

Banks and their marketing associates and divisions are vying with one another to capture a thick slice of the “credit card pie.” Offers by phone and mail of free credit cards, pre-approved credit cards, cards with special bonanzas, money back schemes, low introductory rates, and umpteen other perks pour in tempting you everyday.
A credit card is just a form of borrowing that does not come free. Credit terms, interest rates, fees and more can lay a stress on your bank balance. Credit cards are a temptation to spend now and pay later. What invariably happens is that people spend more than they can handle.
Informed consumers must always weigh carefully the pros and cons and compare different options before deciding on a credit card.

Before you decide find out

The advantages of a credit card are that it is a safe alternative to cash. Prevents loss as well as theft of cash. Using a card wisely can build a good credit history which helps when you need a loan or subsidy. It is useful in emergencies like accidents, urgent hospitalization, and unavoidable circumstances like natural calamities and so on. It grants a breather and gives you time to pay the bill. Some memberships offer travel or accident insurance to the card owners at no cost. They also offer privileges like discounts at restaurants, shopping malls, and holiday packages.
The other side is that you can get carried away and live beyond your means, ultimately falling into debt.
To be eligible you need:

  • To be at least 18 years old.
  • Have some income or the backing of credit worthy parents.
  • Have an operational bank account.
  • A telephone.
  • A good credit rating. Your monthly expenses must not equal or exceed your income. Ideal expenses must account for approximately 50% of your income.
  • To get a Visa or Master card your income must exceed US$ 12,000 a year. Or, you need to apply for a secured credit card where you pay upfront a certain amount of money as security deposit.

There are many kinds of credit cards to choose from. Unsecured standard and classic cards are those with a credit limit of US$ 2000 and generally charge higher interest rates and offer lower or less favorable terms than the platinum and gold cards. Unsecured platinum and gold cards are for people with high credit ratings, and the limits for these cards are between US$ 2000 to US$ 100,000.
Here are a few links that will give information and opportunities to apply for cards online:

  • Visa at http://usa.visa.com provides information, gives tips, and has listed a number of financial institutions that offer Visa cards and a wide range of services. One can apply for a card online.
  • MasterCard International at www.mastercard.com is comprehensive with information, advice, and options of choosing and applying for a card online. They have an online form which when filled will give information of which card would be ideal and a channel which provides instant comparison of various card options.
  • CreditCards.com at http://www.creditcards.com has articles, FAQs, a site map, and online application channels.

Tips:

  • Pick a card because it has the lowest APR.
  • Pick a card because all its terms and conditions have been carefully vetted by you. Read the fine print.
  • Never pick a card because it is free for a year or life.
  • Do not choose a card because it offers a low introductory rate.
  • Do not choose a card because it has a cash back policy or great rewards programs.

Choose wisely and live debt free.
By: Paul Wilson

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Five Solutions To Relieve Your Financial Emergencies
Money Tips

Five Solutions To Relieve Your Financial Emergencies

by Kimberly Johnson
written by Kimberly Johnson

Financial hardship is one of the worst stresses that we can come across in our lives. While money shouldn’t equal happiness, not having the money you need, especially when you find yourself in a financial emergency, can mean more stress than you might be able to handle. Of course, there are payday loans online available in emergencies, but what else can you do to ensure that you stay afloat when things get tough? You may also consider 1 hour loans for emergencies and these top five solutions for you below.

Evaluate

When we find ourselves in any kind of trouble, it can definitely be a struggle to see the light at the end of the tunnel. Everything suddenly becomes overwhelming and coping with even the smaller, everyday things can be tough. Needing a pint of milk is no longer a case of slipping on your shoes and walking to the shop, and instead becomes a debate of whether you actually need it. The best thing you can do if you find yourself in a financial emergency is to take a step back, and evaluate. If you’re struggling, ask someone to step back with you so you can look at the situation together. Can you rearrange your priorities as far as money is concerned? Could you borrow money from a relative until your next pay day? How much will you need to get through the month? Ask yourself these questions and make sure you have answers. You’ll be able to tackle the issue head on with a much clearer head.

Prioritise

Speaking of priorities, this is the next big step you need to take when it comes to financial emergencies. When you have no money, assuming that you can’t afford anything is a natural conclusion to jump to, but trust us when we say that sitting down and working out what you need to spend money on and what you could go without for a while will save you more than you think. If you live close enough, you could opt for walking to work rather than driving or getting the bus, or you could buy cheaper supermarket-own alternatives for a few weeks while you get back on your feet. Prioritising will help you make sure you’re putting your money where it’s needed.

Negotiate

When it comes to bills, loans, due payments and more, you’d be surprised just how many companies are willing to negotiate with you about your funds. If you have a sudden financial emergency you need to cater for, but a collection of overdue payments waiting to go then make sure that you speak to those that you owe money to. While not all will accept a late payment, some may be more inclined to allowing you an extension if they are sympathetic to your situation and know that you are otherwise trustworthy. After all, they want their payments, and waiting for it rather than losing your custom can sometimes work out in their favour.

Earn

If you have a full-time job but still don’t have enough money to deal with your financial emergency, you could opt for taking up a second job, and it doesn’t have to be a permanent commitment. In fact, with Deliveroo and Uber both becoming big in the past couple of years, the world of flexible work is bigger and better than ever. Taking up a part-time position with Deliveroo, for example, could mean that when you need the extra cash, all you have to do is clock in and work and Uber is the same. While these depend on your location, there are plenty of online positions too, so it’s worth investigating to see what’s available.

Ask

Finally, it’s important to not be afraid to ask for help. There are plenty of assistive services around to help families in financial troubles, and if you have a supportive family they may very well be able to help too. It’s all a case of being able to ask for help when you need it. After all, there is no shame in admitting that you’re struggling financially.
Whether it’s due to a medical emergency or a sudden outgoing cost for a home repair, financial emergencies happen and it’s okay to admit that you need help. From prioritising payments, to taking up a flexible part-time job for some extra cash, there is plenty you can do to relieve your struggles. Good luck!

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Money Tips

Debt Consolidation Tips

by Jeff Dailey
written by Jeff Dailey

A debt consolidation loan is a loan used to repay several other loans or other debts. A Debt Consolidation Loan is a low cost loan secured on collateral in the form of any securable property, your home, your vehicle or any valuable asset. Debt consolidation loans consolidate all debts incurred through bad credit loans guaranteed approval, credit cards, overdrafts, or any number of unpaid bills that have built up over time. These loans can give you a fresh start, allowing you to consolidate all of your loans into one – giving you one easy to manage payment, and in most cases, at a lower rate of interest. A debt consolidation loan can reduce both your interest costs and your monthly repayments, putting you back in control of your life. Debt Consolidation Tips
Debt Consolidation TipsDebt consolidation solutions are practical means for eliminating credit card and other high interest debts, and getting your financial health and future back on track. Being concerned about debt 24 x 7 is extremely stressful, both on you and your family. So take a few minutes right now and educate yourself about your options.
1. GO WITH A DEBT CONSOLIDATION COMPANY THAT HAS A GOOD REPUTATION
Don’t assume that every non-profit company is necessarily going to look out for your interests more than for a profit. Shopping around will give you the means to decide on the one that best suits your circumstances and your budget. Spend time researching different lenders and get quotes from a handful before deciding on one.
2. DO THE MATH YOURSELF
Take the time to work through the expenses yourself and see how much you will be paying, how long it will take to pay off the loan, etc. Look for hidden costs, creditor charges, etc. Many lenders add payment protection insurance to their loans without the borrowers’ knowledge, which is often more expensive than those available elsewhere. People keen to consolidate their debts, take the first opportunity available, unaware of lower rates and other available options.
3. IS IT COST EFFECTIVE IN THE LONG RUN?
Paying off an existing debt may incur charges for early settlement and there may also be a fee for arranging your consolidation loan. A debt consolidation loan should be cheaper than the individual loans and debts since that’s its purpose. Otherwise how is it different from any other secured loan? Also, by taking a new debt consolidation loan, you will be extending the period in which you are paying off debts – and that might mean a greater interest cost in the long run. So read the fine print on your credit agreement statement before signing it.
5. INTEREST RATES:
Make sure you understand the difference between variable and fixed rate loans. If you sign up for a variable rate loan, you may get a lower rate initially, but within a few years it may go up. On the contrary, a fixed rate option does not fluctuate with any changes in rates. However, you do not gain when the interest drops either.
6. DEBT CONSOLIDATION COUNSELING:
Debt consolidation with debt counseling can provide you with expert debt advice for financial planning. This would help you sort out your present debts as well as prevent you from getting into future debt. Debt counseling services can talk to your creditors about reducing your interest rate, eliminating late fees, altering repayment options and extending your loan term. Look up an agency that is the member of the National Foundation for Credit Counseling (NFCC) or the Association of Independent Consumer Credit Counseling Agencies (AICCCA).
Secured on your collateral low interest debt consolidation loans can sweep away the pile of repayments to your credit and store cards, loans and replace them with one, low cost, monthly payment – one calculated to be well within your means. Never take a loan that is over the top, take something that suits your needs.
It has been found that a significant number of residents are not aware of the benefits of the debt consolidation options and are suspicious about how it works. There is a need to increase the awareness of the debt consolidation solutions and evolve new varieties and features for debt consolidation loans. There is a great potential to increase the benefits of debt consolidation loans.

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Tips Reducing Debt
Money Tips

Keeping Your Credit Strong

by Kimberly Johnson
written by Kimberly Johnson

Keeping your credit clean is a matter of due diligence and you should make it a priority to give yourself a “credit checkup” every year, much like you would make it a priority to get a medical or dental checkup. Keeping Your Credit Strong
Even if you don’t think you have credit problems, you should get copies of your credit report. You can get them from TransUnion, Equifax, and Experian. Check these to make sure everything on there is correct. If you find errors on your credit report, clear these up immediately.
Keeping Your Credit StrongIf you apply for a credit card or loan, then you can get all 3-credit reports for free. Additionally, if you receive a letter that denies you credit, make a copy of it and enclose it with your written request for a copy of your credit report.
Most debts that are over 7 years old may not appear on your credit report, if this is the case, don’t open up old wounds by going looking for them! Many creditors after 7 years of having no contact will write off the debt. In some cases they will continue their efforts to locate you, either way, don’t open Pandora’s box if the debt isn’t listed on your credit report.
Be aware that when you apply for a loan or any type of credit, the lenders will request copies of your credit report, this will add points to your credit score and this inquiry stays on your report for about 3 years.
Nowadays almost everyone will check your credit report so if you are buying a car do not allowing the sales person to check your credit until you know this is what you want.
Keep tabs on your credit report periodically and if you have notice charges on your report that appear suspicious contact the three credit bureaus immediately.
When you do have credit card bills or loans, try to pay them off in full but if you don’t have the money to pay the bill in full, make sure you pay as much as you can (at least the minimum on the bill to avoid bad credit reports. Also, if you have any debts that have not yet gone to collection, find a solution for getting those bills up to date before you get a bad mark on your credit.
If you do get into trouble with your credit, you might want to find someone that you trust who can help guide you through the process of repairing your credit. If you don’t know someone personally, try finding a Debt Counselor that is qualified to assist you.
No matter whether you clear your debt yourself or use professional help, one good way to get started is with budgeting.
Come up with out a budget that includes your monthly installments. Then make another budget that comes as close to your debts as you can. Finally make a budget that satisfies your demands for survival after you have cut back funds.
If you come up with ways to save money by cutting back, finding some way to earn more money, and having a budget then you will have a guaranteed strategy for getting yourself out of debt. Plus once you are out of debt you will also notice an increase in your income.

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Learn How to Deal with Debt Boldly
Money Tips

Learn How to Deal with Debt Boldly

by Kimberly Johnson
written by Kimberly Johnson

credit-cards-163900_640Learn How to Deal with Debt Boldly

Are you tired of attending untimely harassing calls from your creditors reminding you about the due payments? Is making huge monthly payments becoming tough for you? If your answer to the above question is “yes”, then you are facing Debt problem. Debts become a problem when you don’t know how to manage it and the way out of it. Learn How to Deal with Debt Boldly
Human desires are unlimited, there is no saturation point for the satisfaction level. Desires keep on growing day by day and vary from time to time. An individual has limited funds with him and to meet all the desires at one time is impossible. Thus, to fulfill all the desires, one tends to borrow money from the market it could be in the form of loans or using credit cards. It is good that you want to meet all the needs and requirements of your family members to the best. But, it is always advised to keep one’s expenses in limit and don’t let it exceed your income. One should borrow money only for the amount he or she will be able to repay easily.
However, the picture in real life is totally opposite we tend to spend more than what we earn by borrowing money from outside. And one day, these debts become a big problem for you and you feel bewildered. You don’t know what to do. You need not fuss over it; firstly understand the fact that you are not the only one who is trapped in such a situation. It may be tough for you to cope up with debts.
Debt is a serious problem. It is easy to run away or to ignore a problem. But, a wise man will face this problem boldly and will try to find a remedy for it. It is always best to deal with debt problems from its developing stage. The longer you ignore your debts the situation will get worse. So the first job you need to do is to sort out how much do you owe and to whom. This will help you in finding out what exactly do you owe.
The next step you need to do is to find the solution to this problem. There may be a lot of solution to this problem but, you should look for the best assistance. Do a thorough analysis; right assistance will help you get rid of all the debt problems. The foremost thing you need to do is to change your attitude towards debt and spending. Never spend more than what you earn and keep your expense in control. Debt is a significant tool to finance your personal loans but never misuse it. Debt carries a charge on it in the form of interest and repayment of the loan amount. So, even if you borrow money or use credit card do it wisely.
If you really want to get rid of the debt problem keep the above points in consideration and you can opt for a debt consolidation loan or for debt settlement. Consolidation of debts is done to make it easier for the borrower to manage debts effectively. The purpose of debt consolidation loan is to make the monthly payment affordable at better terms. The loan provider will deal with all the creditors on your behalf. A borrower becomes accountable to only one lower monthly payment on a single loan. It can help a borrower in improving his credit rating by making the payment on the loan in full and on time.
Debt settlement is an effective solution to long term debts. Under this option, the debt management companies negotiate with the creditors to reduce the contractual payments or to lower the interest rate. Thus, a borrower can choose any of the option. It is advised to go for a debt consolidation loan, as debt negotiation can make a negative mark on your credit rating, if the debt negotiating company does not take proper step.
You can apply for a debt consolidation loan or you can seek for debt settlement services from online lenders to find loan at better rates with improved terms and conditions. The process of applying for an online loan is easy and simple, one just needs to fill up a small online application form which hardly takes few minutes and the rest will be done by the company to find the appropriate loan for you. In case, you are looking to get the best deal you need to work for it. Search for lenders who offer the loan, collect loan quotes from them and then make a comparison among them to find the loan which perfectly matches your needs and requirements.
Most of the online lending websites have a team of professional loan advisors who can offer useful credit counseling to borrowers. Thus, you can seek for their advice to find out which option is best for you.
Shop around! A little effort today will help you save heaps of pounds in future. Whatever option you may choose, to get out of the debt problem, make sure you abide by the rules of consolidation, negotiation or settlement. It is always better to keep the expense in limits to keep yourself away from problems debts can cause.

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Keeping Your Credit Clean
Money Tips

Keeping Your Credit Clean

by Kimberly Johnson
written by Kimberly Johnson

international-debit-card-388996_640Keeping Your Credit Clean

I want you to take a good long look at your debt. Do you really know what it costs you to be in debt? Are you thinking that you can handle it or is it getting you down? Keeping Your Credit Clean
Once you start really analyzing your debt position and the cost (to yourself) of having the debt, the results can be mind-numbingly shocking.
I’ve found that debt is a lot like smoking. When you start out, you believe you’re in control and you can quit at any time. As the months and the years roll past, this initial belief does not fade away. With every debt you incur, the mantra “I can afford this”, repeats itself in your subconscious until you wake up one morning and realize that you’re in over your head.
Debt has well and truly caught you in its trap. Debt has become a bad habit.
And just like any bad habit, debt requires as much hard work and discipline to shake. The first step in the process is to acknowledge that you have a problem – instead of turning a blind eye, hoping it will go away or thinking that you’ll get around to it some day in the future.
One of the motivators to setting your feet on the path to debt free living is to look at the real cost of that debt. What is it doing to you? Where does it hurt the most?
Most debts (the ones that make you cry into your morning coffee anyway) are the ones that are incurred for a period exceeding one year. You’ve probably seen or heard advertisements that go something like this:
Buy your ‘Wiggly Snoogle’ for this special one time limited offer today – 24 easy monthly installments.
Beware – this is where you can fall into the deadliest trap of them all. The interest rates are usually above average and you’re stuck into a long term contract. Yes, getting your Wiggly Snoogle with the 25,000 features sounds like a good idea because of the easy monthly payments; especially if you compare it to the one time lump sum payment. (By the way, using the ‘lump sum’ to ‘monthly payment’ comparison is a well known sales technique to separate you from your hard earned cash.)
Let’s take this out of the realm of philosophy with a real world example:
You borrow $ 10,000 to buy a new car. Over a 48 month period – that’s 4 years of monthly payments – you will be paying an additional $ 2,000 in interest. So, your $ 10,000 vehicle is actually costing you $ 12,000. The cost of that debt is a whopping $ 2,000. If you had taken that $ 2,000 and invested it over the same period, it could have grown to $ 3,000. Instead, it has disappeared into someone else’s pocket – never to be seen again.
This is where the lenders make their money. The longer they can have you in their clutches, the longer they can smile all the way to the bank and you groaning on the way to work.
Now I’m not saying that you shouldn’t have a car – it’s just an example of the REAL cost of debt. Sometimes debt is unavoidable, but as a species we’ve become too complacent about debt and we jump into it without thinking.
Your Magic Plastic (a.k.a. Credit Card) is another one of those fiendishly sneaky evils the banks developed to rid you of your money. If – and that’s a big if – you manage your credit card correctly and pay off the full amount at the end of each month, they can be great to have and smooth the little rough patches in life. But most of us only pay the minimum amount required each month – and that’s exactly what the banks want. It leaves you in the red and owing them money. Which gives them ample opportunity to apply the thumb screws. Remember, every month you’re in the red, you’re paying interest on the outstanding amount which gets added to your bill.
The big mistake we all make is to look at our monthly statement and say: “Hey, that’s not too bad. I can still afford my repayments. And I have some credit available to buy that wiggly snoogle as well!” The problem arises when you battle to make your income stretch through the month because of the various different repayments you have to make.
It’s critically important that you start looking at the TOTAL COST of your debt over your lifetime. Once you’re over the shock and horror of how much of your hard earned cash is going up in smoke, you’ll be in a position to tackle the problem head on and take the path to debt free living.
Remember: Bad debt is a bad habit.

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Money Tips

Everything About 0% Intro Rate Credit Cards

by Jeff Dailey
written by Jeff Dailey

account-1778_640Tired of reading review after review about 0% APR intro rate credit cards? Having no luck when it comes to finding an all-in-one-review about 0% APR intro rate credit cards? Confused with what you’ve read so far about 0% APR intro rate credit cards because everything seems to be contradictory? Well, look no more because this article is indeed what you’re looking for. Everything About 0% Intro Rate Credit Cards
In this article you will learn everything you want to know about 0% APR intro rate credit cards. You may also discover more than you bargained about 0% APR intro rate credit cards – in a good way, of course. Ready for Lesson Number One about 0% APR intro rate credit cards? Well, here goes.
It’s True – Yes, 0% APR intro rate credit cards do exist and if we have our way about it, you’ll be one of the lucky people to qualify for a 0% APR intro rate credit cards.
The Application Process – Applying for any credit card, whether it’s for 0% APR intro rate credit cards or for credit cards offering reward points is always a tad difficult so don’t expect overnight success, especially since you’re angling for 0% APR intro rates.
The application process for a 0% APR intro rate credit card starts with submitting the necessary documents – this is SOP for all credit card applications – that would substantiate your contact details and give them an overview about your present financial status. Upon submission of the usual documents, depending on your income level and credit reputation, you may be contacted by the credit company and asked to submit additional documents.
The Qualifications for 0% APR intro rate credit cards – Basically, if you want to have 0% APR intro rate, you must have a squeaky clean credit reputation. That means having a reputation of paying debts promptly, not owing too much from the bank, not having high balances on your other credit cards, not having too much mortgages under your name and not having so many people requiring a credit check on you.
If you’re not sure whether you qualify for a 0% APR intro rate credit card, simply approach the nearest credit bureau and request for a copy of your credit report. The details in your credit report can easily tell you if you’ve a good shot of owning a 0% APR intro rate credit card or not. People with FICO scores equal to 650 or more are more or less guaranteed of having their application approved.

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