Most People Are Not Surprised That They Have A Serious Debt Problem

Category: Finance, Credit.

It is usually pretty difficult to look at your own financial situation and see it clearly and objectively. Or perhaps you are noticing that it is becoming increasingly difficult to make your monthly credit commitments.

It is difficult to weigh up if you are having serious problems or not. The credit crunch that started last year is beginning to have a serious effect on many people s debt situation. But despite this, there is never, somehow enough money to meet all those payments that come in every single month. It s hard sometimes to figure out why a person can be working very hard and even turning a fairly good income. Most people are not surprised that they have a serious debt problem. The big problem comes when a person reaches a point where they cannot make one or more of their payments in a particular month.

It s just that they may be shocked to realize how much they owe in total, and how long it will take them to play it off. This situation concerns credit companies and can seriously hurt your credit record, possibly for years to come. It is as if they believe that if they sit back and ignore the credit time bomb, it will simply go away. Many people seem to allow situation to get away from them, without attempting to deal with the growing debt problem. Alternatively, they somehow think that their circumstances will radically change and that will make it easier for them to cover their debts. They are expecting a bonus check for a big sale to go through, that will clear of all their immediate debt problems.

Most people have a habit of spending money that they do not yet have. When the sale doesn t go through that is when they are left facing a pile of debt that they cannot deal with. Realistically, the worst thing that these people have done is nothing. In addition, apart from buying a winning lottery ticket, there doesn t seem too much hope of resolving the bad credit situation, any time soon. They have already done nothing to try to sidestep the trouble that they know is coming. Unless you have a rich daddy that can write you a check, you have to think of more realistic options to fund paying off these debts, as quickly as is practical. But now there is no choice but to face the situation head- on and try to deal with the problems in the best way possible.

Before your credit, history becomes a problem that will stay with you for many years. Armed with a total figure, which will probably shock you. The first step is gather together all of your bills and statements and make a detailed account of exactly how much money you owe, and how much interest you are paying for each debt. You are now in a position to least start to deal with the realities of your past spending habits. Consolidation means paying off all your existing debts, and replacing them with one low interest deal. Consolidation of your loans is probably the only realistic option available.

You could get a personal loan from your bank but the interest rate will be high, and you will have to pay it back in three to five years. You will need a debt consolidation loan that has a low interest rate and a payment period, over a similar period of time as your regular mortgage. This means that you will probably not make much of a saving on interest you pay or your monthly total outgoings to cover the loan. These loans work well, because the total amount you will pay each month will be considerably lower than the total you are paying for all your loans at the moment. Because of the extended period of payment, this further reduces the monthly amount due. This is due to the fact that the interest rate is much lower than for example, a credit card.

You will need to give all the information you have gathered to a debt consolidation loan officer, who will be able to find the right company for your particular circumstances. This will let you put your financial house back in order in just a short time. These loan brokers are easily found online, and can provide a quick service with very little in the way of difficult paperwork.

Those Males Who Owe Money Unbeknownst To Their Loved One Are In Debt By An Average Of 4, 399 Pounds

Category: Finance, Credit.

Being secretive about finances could put relationships at risk for many Britons, a recently- released study has shown. Meanwhile, about one out of ten( nine per cent) people state that they are in some form of secretive debt.

In research conducted by moneysupermarket, it was revealed that more than a quarter( 27 per cent) of consumers admit to spending money behind their partners backs. Out of such respondents it was shown that they are in the red by an average of 3, 987 pounds. Those males who owe money unbeknownst to their loved one are in debt by an average of 4, 399 pounds. However, monetary problems appear to be graver for men. Such a figure represents an increase of more than 800 pounds from the typical 3, 568 pounds owed by women. Commenting on the study, head of debt, Tim Moss at moneysupermarket, said: "Valentine s Day could be heartbreaking for couples who have secret spending habits and hidden debts.

One way for consumers to take steps to clear covert debt, is to take, however out a cheap loan for consolidation purposes. People must ensure they don t put their financial stability and relationships at risk through reckless spending. " Further research by the price comparison website indicated that significant numbers of women are secretive about the amount they spend on fashion. In addition, 33 per cent do not tell the truth about how much they splash out on their children. More than half( 53 per cent) report that they hide their expenditure on clothes, with about a third( 30 per cent) doing so when it comes to shoes and accessories. Men, tend to secretly, however spend on leisure pursuits. Meanwhile, 15 per cent keep quiet about money splashed out for a night on the tiles. Some 18 per cent do not divulge their expenditure when it comes to gambling, with this figure rising to 27 per cent who conceal how much their hobbies set them back.

Overall, average secretive spending by males comes to 1, 652 pounds- a figure which is almost double the typical 899 pounds that women hide away from their partners. In taking out such a loan it is possible consumers can merge a number of demands on their finances into a single low- cost monthly repayment, so leaving them with more disposable income. Whether looking to get their spending back on track or after owning up to their partners about the amount that they are in the red, a debt consolidation loan could provide valuable help with finance to a significant number of Britons. A debt consolidation loan could be useful for numerous people as last month, head of cards, Donald Macleod at Sainsbury s Bank, reported that the start of a year is an ideal time for people to get to grips with money and pay back the debts that they accrued over the Christmas and new year season. Research by the financial services firm indicated that although the majority of Britons believe they will be" quite comfortable" in being back in the black as the next festive period approaches, one per cent of people, 000 individuals, about 438, think it will take them more than a year to achieve this.

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With the Chase PerfectCard MasterCard you can earn rewards everywhere! At gas stations you save even more.

Procuring Debt Is One Such Route

Category: Finance, Credit.

There are some routes that one can enter easily but cannot come out with that comfort. It is very easy to build up debts, even in huge amount.

Procuring debt is one such route. Some people procure large debts even without knowing it. Initially they do it occasionally. Most people find it fashionable and highly convenient to buy on credit. In course of time, it becomes habitual. Problems faced by those who do not earn enough to repay the debts they procure or very little knowledge of dealing with debts. This may not a bad habit for those who have enough money to pay off in time or those who are adept in debt management.

Being unable to pay the debts or manage them properly, they face such situations that ruin their personal finance, at least for the time being. It is well and good if a person can deal with his debts successfully without taking help from any one else. So, it is necessary to take steps so that debts can be kept under control and managed properly. But if one finds debt management too difficult, he can take help from the agencies that offer financial solution. As a consequence, lots of debt help agencies are coming in to existence. As consumerism growing high and men are indulging in shopping spree up to any extent, critical debt problems are coming to the fore now. Unless the debt condition is very bad and beyond any solution except CCJ s, IVA s and bankruptcy etc. they may find out ways and means to sort it out.

Some agencies have various debt management agencies have different financial products to sell. In minor cases, these agencies may offer free debt solution advice. So, they do not shy away from offer advice free of cost as they have the hope that they can sell a product after the debt advice.

They Also Tell You How To Avoid Falling Into A Debt In Future And How To Spend Your Money Wisely

Category: Finance, Credit.

Being under debt is perhaps one of the worst things that can happen to anyone and today more then ever people are being trapped in a debt. The number of people who are using credit cards for their monthly expenses is going up day by day and while there are many positives for this, there are also a large number of negatives that have come out.

Today, our life has become much easier in comparison to many things than it was perhaps a few years ago. You will find a pretty large number of people spending through the credit card and as a result, they are not being able to keep a tab on the money being spent that in turn is trapping people in the deathbed of debts. Falling under a debt is a terrible thing and Christianity as a religion strictly forbids its followers to guard against falling in to any kind of a debt. Well, it is not just spending on credit cards that are making people come under debt, but it is also the easy availability of money these days in the form of loans is also a major culprit. However, all of us know that despite knowing all the perils of being under a debt, we end up incurring huge debts at times. The company can help you in taking a Christian debt consolidation loan to help you clear off all your debts in one go. To help people out of these there are so organizations that follow the sayings of the bible to help out people who are under a debt.

If you have to repay money in more then one place, you can consolidate your loan and take a debt consolidation loans so that it becomes easier for you to pay off the debt. First, you will have to find out a company that actually provides Christian debt solution and you must be very careful in selecting this. If you take a Christian debt consolidation loan from a christen debt solution company you will gain to benefit in many ways. There are several companies that operate in the guise of Christian debt help providing services, but are actually fraud companies which are interested only in colleting your personal information. Therefore, make all the proper inquiries and find out if the company is actually providing a Christian debt consolidation loan. Once they have all the personal and financial information, they can misuse this and chances are that you will not even get the loan consolidation debt money that you have applied for.

Executives working for Christian debt solution companies not only help you in consolidating your debts, but also help you in paying off the debt money. They also tell you how to avoid falling into a debt in future and how to spend your money wisely. Sometimes, they may also approach the creditor and request him to reduce your interest rates, so that you will have a small amount of to repay for the loan.

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Consolidated Federal Loan Downsides

Category: Finance, Credit.

If that is what it takes to improve your life, you should be proud you did it. These programs will combine multiple loans into one loan which not only will save you money but it cuts out the hassle of multiple payment to multiple lenders.

Fortunately for all of us stuck with student loan debt there are federal student loan consolidation programs that can cut your student loan payments in half. Consolidation Backed By Federal Government. If you have Stafford loans, you have a variable interest rate that adjusts annually. Federal student loan consolidation is backed by the federal government and allows you to extend your repayment terms. When you opt to consolidate, you get the choice to lock in at a low rate and there are many offers out there that will charge you no fees. There are many competing financial institutions that are competing for your money and that puts you in the drivers seat.

They want your business and you should shop around. You want to insist on the best possible deal on the market. Sallie Mae is a government institution that offers a Best Rate Promise. They guarantee you that they will give you the lowest official student loan rates available to you when you consolidate. Consolidation Loans Federal Providers. If you have just graduated and your loans carry a variable rate you want to consolidate before your six month grace period ends. If you put it off until after the grace period your rate will be more like 125% to 25% .These rates vary, so check them out carefully before you buy.

If you consolidate your loans before the end of the six month grace period ends, many of you can lock in 625% or 75% interest rates. Consolidated Federal Loan Downsides. When you consolidate your loans, it lowers your payment by extending the amount of time you have to pay off the loan. Federal student loan consolidation does have a downside. With federal student loan consolidation you get to choose if you want a standard repayment in which your monthly payment for the life of the loan is fixed. There is also an income sensitive repayment in which your payment is determined by your income. If you opt for graduated repayment your payments start low and increase at intervals specified by the lender.

This type of consolidation will increase as your income increases. No matter what type of loan you choose the federal rules governing student loans set a minimum payment of fifty dollars. Watch Out For Minimum Payment Schedules. These rules are relaxed for the income sensitive repayment option. The payment always stays the same. The most popular choice is the standard repayment.

If you choose any loan beside the standard repayment, it does not mean you are locked in. The option may still be open but it depends on the terms of your loan. You do have the option of changing your mind and applying for one of the other types of loans. You can always contact your lender for a full review of your options.

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Budget Formulating A Realistic Budget Is The Most Important Step

Category: Finance, Credit.

Once you fall into debts, proper financial management is absolutely essential.

There are the following three ways that could be used to do so. It is imperative to take steps to reduce and pay off the debt or else they will very quickly accumulate and increase. Budget Formulating a realistic budget is the most important step. Carefully examine even the minutest detail so that nothing is skipped. One should enlist all of his or her sources of income and expenses. Income may include the job pay, gifts, part time jobs, etc.

The budget should make provisions to allocate some money each month to eliminate the debt. While making a list of the expenses do not ignore the lesser prominent ones like say a haircut as they all add up and have to be paid for. The prime reason for planning and setting up a budget is to control the finances. Sticking to the budget planned will ensure that the debt is paid off and will drastically reduce your stress. Proper budgeting will ensure that the spending is effectively managed and does not go overboard. It gets very tough to decide if your finances are on track in the absence of a budget. Nowadays there are so many short term or easy installment loan packages available.

Shop Around Many people are just not willing to properly research the field before taking a loan. Just spending some time to inquire by making a few calls or browsing on the internet can help you to save a lot. Sitting across the table with the creditor and explaining to him your financial condition can put things into perspective on both sides and help you to get the optimum out of the deal. Also people underestimate the power of negotiating. Energy Saving Today, we hear a lot about conserving energy to save the environment and prevent global warming. Switching off the lights and other appliances when not in use, conserving and using water sparingly, using non extinguishable fuels like solar power for heating, etc ultimately help us in saving a lot of money which can be directed towards paying off the debts. But its time we realized that doing so also results in a massive financial advantage to us.

If additional money is saved after paying your monthly expenses, etc you can, debt installments begin investing this surplus. Thus, proper money management helps reduce stress and ensures a better standard of living. This will result in your wealth expanding.

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This Card Will Withdrawal Money Directly From Your Checking Account

Category: Finance, Credit.

Good credit is complex to understand, and maintain, build, and many people would rather not deal with their finances. By budgeting your money and keeping track of your purchases, you will have enough cash every month to pay off debts, which will help you build credit.

However, the very first step to good credit is easy- learn how to keep a monthly budget. If you keep to a monthly budgeting plan, you won t even have to think about your credit history or credit score- it will be good with no extra effort. First, collect your pay stubs and other" cash in" receipts( i. e. , tax refunds, money from freelancing work, etc) . Good budgeting starts with records. How much do you make every month? It may be beneficial to purchase some kind of filing system to keep track of receipts, and pay stubs, statements in case you have a dispute in the future. Figure out the average amount you can expect to be paid every month and record this number.

Next, figure out your monthly bills. Of course, this may vary a little, but you should be able to find an average. This should include rent, groceries, car payments, insurance, cellular phone, utilities, gas, and any other payment you must make every single month. Compare this to the amount you make every month( hopefully you make more than you must spend! ). Also use your extra money to pay off loans early, because this will save you money on interest. The extra money you have is what you can use for spending money or put in the bank to save for the future.

Remember that credit cards are not a good choice if you have trouble managing your money. Instead, consider a check card. Because they sometimes offer very high spending limits, you may find that your bill at the end of the month is much higher than it should be. This card will withdrawal money directly from your checking account. It is a good idea to keep two checking accounts- one into which you deposit most of your money, which will be used to pay bills, and the other with a check card, to use as spending money. Therefore, you never spend more than you have.

This way, you will not accidentally use your rent money to go to the movies. Be very careful and remember that if you cannot pay off your debts every month, you will have to face very high interest rates. However, it is important to use a credit card if you are trying to rebuild good credit. Once you learn to budget you money, keeping yourself on track should not be difficult. The key is to limit yourself so that you reserve cash for the future and pay your bills on time and in full every single month.

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The Importance Of Having A Credit Card Is Very Imminent

Category: Finance, Credit.

Plastic money is a term dubbed by the people of the world in reference to the wondrous item called the credit card . That s why a lot of businessmen, big bankers and, young professionals even well- off students are lining up inside their trusted banks, credit card application in one hand and the need to have instant credit on the other.

And at the rate the economy is going and with the pace of life that we have right now we want everything done the express way. Credit card applications have taken over the need to have cold cash and a lot of people are trading in their hard- earned green bucks for a shot of having the charge- it- card. So when you are thinking about falling in line to get started with your credit card account and before you start filling up the fields necessary to get up and running with your credit card application know all the precautions and the counter measures for you to be protected by the federal law. But along with your credit card application is the responsibility that we are mainly unaware of. Credit card application, as we all know takes a lot of time with regards to the verification of the identity of the person on top of the credit card application. But since the importance of having a credit card is top priority in the US many are still willing to go to immense amount of trouble that is coupled with it. Because of the US Patriotic Act that requires further verification of anyone applying for anything on the United States, that includes credit card application, getting anything in the US has become quite a chore.

The importance of having a credit card is very imminent. An average American from the middle class bracket owns about eight to ten different credit cards and uses all of them at an average if once a day. Take for example the average American. With this number it s not surprising that there are about a hundred thousand credit card applications being processed in a single day, and the rate if credit card applications are still expected to rise within the next quarter. There will be a great need for more people to look into the responsibility of educating other people on how and when to use their credit cards, because it s hard earned greenbacks that we are throwing away when we buy online porno and junk like that only profit a few people. The need for credit cards and debit cards is for real and the market should be open for more credit card applications that are expectedly going to flood their way.

So whenever you re ready grab a pen and paper and get ready to fill up that credit card application form and take one step in the express charging the way you buy. The reason behind this is the need of the bank or the company to verify the identification of the person they have sent the card to. Most of the time, although your credit card application is mailed to that states that you have been pre- approved, you will still be asked to fill out a credit card application or the acceptance form . Since most companies offer online credit card application, you may go online to fill out the form so the processing will be convenient and easier. When filling out your credit card application, there are some important details that should be considered aside from your name and contact information like the query should you accept every offer or not, the possibility of hidden fees that can be quite expensive and the like.

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If You Have Many Credit Cards And Are Seriously Into Credit Card Debt, Chances Are Good That You Must Be Thinking Of Getting Rid Of Few Credit Cards - Finance and Credit:

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With more and more people plugging up to the Internet, many of them are discovering the ease of online shopping.

Hence, You May Not Find Much Of A Difficulty In Tracing Reliable Lenders For Availing This Loan Assistance

Category: Finance, Credit.

It is often noticed that borrowers, who have maintained a bad credit history in their financial past, have minimum chances of securing a good loan plan as lenders, mostly consider such contenders as unreliable sources for offering funds because of their poor repayment ability. However, some financial lenders have realized that there is a huge market of such borrowers and thus, they have designed the bad credit history unsecured loans for them.

It is therefore, a tough situation, indeed to raise cash instantly, if you too are placed under this category of loan seekers. Now a borrower who has a bad credit record and no collateral to offer against loans can also have some financial relief through this fresh classification of loans. However, a high risk proposition for the lender is always present with this loan as no collateral is submitted and for this reason only, the rate of interest on these unsecured loans are much higher than those levied on the traditional, secured loans. The bad credit history unsecured loans are perfect monetary solutions for the borrowers with low credit score. However, receiving an instant access to huge cash supply at a time of crucial financial emergency eliminates the clause of high rate of interest on such loans. Many financial institutions, banks and money lending agencies are offering the option of bad credit history unsecured loans.

It is strongly recommended, to compare the, however quotes and rates of interest currently offered in the market along with the complete list of regulations and conditions available with the bad credit history unsecured loans, before you opt for the loan itself. Hence, you may not find much of a difficulty in tracing reliable lenders for availing this loan assistance. Not only it displays the entire assortment of several reliable lenders of your region but also let you have qualitative information about their reputation in the finance market. As a matter fact, in today s society, online search of financial dealers is considered as the best. Hence, before you nail down your loan deal with just any online lender, make sure to compile a planned background research, so that you can have a clear picture about the various facilities and services offered by the lender under the provision of bad credit history unsecured loans. This form may request you to provide your basic personal and employment details, considering which the loan will be approved by the lending agency.

Once you get completely satisfied with the results of your research, you can immediately start with the loan procedure by filling up the online application form for bad credit history unsecured loans. As soon as you get the confirmation of loan approval, the loan amount would be credited directly in your account without any further delay. Hence, if you are also wondering for an easy financial assistance which does not have the heavy clause of collateral submission then instantly choose this loan service. The entire loan procedure will be carried out electronically, where the borrower is not required to pay unnecessary visits to the lender s office.

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With The Competitive Nature Of The Credit Environment, More And More Credit Card Companies Offer Zero Per Cent Promotional Credit Cards To Entice Customers Looking For Cheap Credit

Category: Finance, Credit.

With the competitive nature of the credit environment, more and more credit card companies offer zero per cent promotional credit cards to entice customers looking for cheap credit.

This allows consumers to enjoy a longer period of inexpensive borrowing with new card plans. Many companies have extended the length of their introductory 0% offers up to 15 months, in some cases. Zero per cent promotion credit card offers vary with their terms. Some offers are specifically for balance transfers, meaning the promotional rate applies only to balances transferred from other loan products. It is important that consumers examine the details and fine print of offers before signing on with a card. Other offers are for new purchases only, and are not applicable to transfers.

Consumers turn to these kinds of cards for a variety of reasons. The most competitive promotional card plans include promotional rates for both balance transfers and new purchases. Consumer borrowing and credit card balance levels continue to rise. Debt consolidation experts sometimes refer people to 0% credit cards as a way to consolidate debt from higher rate loans and credit card balances. Some borrowers look to promotional cards as a way to move balances from more expensive cards in order to reduce finance charges. Others simply enjoy the idea of buying now and paying later and consider that there is no interest charge for a period of time.

Most cards that promote special rates for up to 12 months, reserve these longer, or 15 months periods of zero per cent rates for excellent borrowers. There are some limitations to most zero per cent interest promotions from credit card companies. Borrowers with good or fair credit may still get a promotional rate, but the length of the promotion may be much less. Finally, for zero per cent promotional cards to be effective, users need to understand all aspects of the offer. Again, borrows need to be aware of the length of the offer before signing an agreement. Some cards maintain the promotional rate on balances acquired during the promotional period. Many companies also apply payments on balances to lower rates first.

Others apply standard APRs to the remaining balance after the promotion is complete. Thus, if a debtor has some balance at low rates and some at higher rates, the higher rates would be paid last. Be aware of the full details of the promotion. Additionally, many cards apply charges to balance transfers made as part of the promotion.

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The Importance Of Having A Good Credit History Is Often Emphasized

Category: Finance, Credit.

The importance of having a good credit history is often emphasized. However, your credit history isn t just for getting approved for loans or credit cards.

Some people reason out that they really don t care much about their credit history because they re not applying for credit anyway. It isn t just about getting lower interest rates and more credit privileges. Yes, this is one of the reasons why students are encouraged to establish their credit history early and keep it in good standing. Your credit history also plays an important role in how employers judge you and ultimately, in getting the job that you want. Thus, by the time they graduate and enter the corporate world, they will not have difficult time getting hired just because they have a bad credit history. When making judgment calls on a person s attitude and sense of responsibility, the status of one s credit report seems to be the more accurate basis. The truth is, more and more employers use one s credit report to check on one s background and credibility.

If you think this only applies to the executive level, you may be surprised to learn that even regular jobs now require good credit. Employers use credit reports as a more reliable source of one s personal information. According to a survey done by Harris Interactive for Spherion Corporation- a leading recruiting and staffing company, employers who screen employees based on their credit has increased by 55% in 2006 than six years ago. Nevertheless, a bad credit score may create a negative impression to a prospective employer. Would you likely hire an applicant with a credit history that is filled with records of charge offs and unpaid past due bills. Put yourself in your employer s shoes. If other applicants with the same range of qualifications present a more impressive credit report, wouldn t you be more inclined to hire someone with excellent credit?

If you re really serious about getting hired, you should strive to make the best impression. Wouldn t a credit report reflect an applicant s ability to handle responsibilities well? You want to get an edge over your fellow applicants in every way possible. Although the Federal Law prohibits an employer from refusing an applicant solely on the basis of their credit, you can t deny the fact that your credit rating can affect the decision of an employer on whether to hire you or not. You don t want your credit report to be the only factor to stop you from getting hired, especially if you possess the right skills and competence for the job. Therefore, the best thing to do is to keep your credit history in a good standing not only to avoid employment problems but also to prepare you by the time you ll need to apply for a car loan or a mortgage.

Interest Is Calculated And Added, At Certain Time, Generally Intervals- Monthly, Six- Monthly, Annually

Category: Finance, Credit.

A question that vexes math students and teachers alike- "How does this apply to the rest of my life? " - turns out to have some surprising answers.

Statistics in your ledger? Geometry in the living room? Yes, and yes. There are probably 2 or 3 in your pocket right now. Credit cards are ubiquitous in American life. As of 2004, Americans were toting 3 billion total credit cards, and most of those cards users were feeling the pinch- by the early part of this decade, average credit card debt for individuals had soared to over$ 11, 00During the same period, credit card companies lowered minimum payments so far that, it may take, for example a cardholder 32 years to pay off a simple$ 5000 balance at 15% interest.

In these times, it s absolutely critical to understand how compound interest works if you don t want to be stuck with out- of- control debt. That s a scary figure. However, many of us were absent that day in ninth- grade math class, so here s a refresher. "Interest" is, in effect, money that you pay- or someone pays you- for the privilege of borrowing money. Interest is calculated and added, at certain time, generally intervals- monthly, six- monthly, annually. When you put money in a savings account, the bank pays you a small amount of interest for the privilege of borrowing your money, and it works the same way when you" borrow" $50 from your credit- card company to buy, that new season, say of Battlestar: Galactica on DVD. (Hey, I can relate. ) So let s say you put$ 100 in a savings account at a bank that offers an interest rate of 1% . Let s say your interest is calculated annually- this means that at the end of the year your$ 100 in savings will contain your original$ 100, plus an amount of money equal to the principal( $100) multiplied by that interest rate of 1% . Compound interest is a little more, interesting, well- it can make you a lot more money if you re the one receiving the interest, and it can hurt you a lot more if you re the one paying out.

Percentages can also be expressed as decimals: 1% interest, would be, for example. 00100 times. 001 is 1, and that s the amount of" interest" you ve gained: $Add that to your original balance: you now have a whopping$ 10If you d given your money to a bank that offered a slightly higher interest rate- say, 3- you d be doing a bit better: 100 times. 003 is$ 3, which added to that original$ 100 is$ 10 That s simple interest. With compound interest, the money you earn in interest is added to the principal, so it s also gaining interest. This is why even a small credit card balance tends to spiral out of control. Let s say you spend$ 100 on a credit card that charges monthly 20% compound interest. (What a wonderful world that would be! ) If interest is figured monthly, then at the end of the first month you just owe$ 12 At the end of the second month that$ 120 is the principal from which interest is calculated- so now the amount of interest you owe isn t$ 20 as before, but 120 times. 2, i. e. $12At the end of the third month, interest is calculated again on that$ 124- you owe$ 28 in interest, but the credit card company rounds up, so$ 25 in interest is added, and next month you ll be paying interest on a whopping$ 149 debt. And since companies have used low monthly payments to lure in new customers who don t understand how compound interest works- it becomes easier and easier for a small debt of$ 2000- 5000 to become an onerous twenty- or thirty- year burden. (Many consumers don t realize that this is how the system is designed to work- the longer you re paying off that little balance, the more interest the company makes. Indeed, the responsible card, in the industry users who keep balances small and pay them off quickly are sometimes derogatorily referred to as" deadbeats. ") But with a little understanding of compound interest- and a little discipline, yes, and, a little luck( no sudden financial emergencies of the kind no one can plan for) you, can join the, too ranks of these" deadbeats" who refuse to be victims of the law of compound interest.

You' Ve Been Shopping For A Card For A Long Time

Category: Finance, Credit.

You' ve been shopping for a card for a long time. You begin to be obsessed, referring to your difficult strain to find the perfect card at dinner parties and other various social events.

You have a rather updated knowledge on the most recent cards with the best interest rates, but you haven' t researched them all yet. Your spouse begins to awaken several times at night from the muffled cries that escape your lungs at night about interest rates and credit limits. In this dream, you find a card that has great interest rates. Then, in the midst of all your struggles, you dream of the best credit card ever. In fact, you pay no interest whatsoever. Even if you make late payments, the interest never increases.

Even if you have this credit card forever, there is no time limit in which you get to keep a zero percent interest rate. Was there any mention of late payments? Why? Well, in this dream you' re having, there is no such thing. Because with this perfect card, you make no payments at all. How many credit card companies out there offer that kind of a deal?

The card company does not require that you pay back even a cent of the money that you spend using their credit card. None. You see yourself walking through the mall with shopping bags lining each arm, your newly acquired credit card tightly clenched in between two fingers, and a smile spread widely across your face. During your dream you see yourself and your family in vacation spots. This is a result of the rewards you get with this credit card. That means that the very amount you spend on your credit card, that is the amount you get back to use in rewards like gasoline, cash, skymiles, and cruise money.

If you apply for this card, they match every dollar you spend with rewards points. As you dream you see all kind of people applying for these cards. No matter how broke, how late, how unreliable, or how poor you are, you can never be turned down for this credit card. And shockingly, every single one of them qualifies. You can have the worst credit score in the history of credit scores, and you still cannot be rejected. You are roughly thrown back into reality and forced to settle for logic. Suddenly, as you awaken from your dream, you come to the realization that there is no such card.

Still, you can still find a good deal on a credit card if you look in the right places. Looking hard for a good credit card, keeping a good credit history, and knowing what you are getting into before you settle will pay off and give you a credit card that you can handle. In the real world, we reap what benefits we deserve from the hard work we have done. Sure, it would be nice to have a credit card that would basically give you free money. But in the real world, having a descent credit card will help you manage your debt.

Credit Cards Are Clearly On Their Way To Becoming The Currency Of The Future

Category: Finance, Credit.

Income tax time is a time we all dread. Taxes are our obligation to the country and there is no way of escaping this expense.

However, taxes have to be paid whether we like it or not. Small businesses are especially affected by the high taxes they have to pay. Second, they may not be in the position to provide adequate cash to meet the high tax amounts. First of all, they may not have hands- on accounting staff on their rolls. Being a small business in the modern world is often a scary proposition. These days, large numbers of smaller businesses are choosing to pay their taxes through their business credit cards.

However, it need not always be that way. If you thought that credit cards were only good for clothes and groceries and buying products online, you have another think coming. Small businesses are especially pleased with this development. Credit cards are slowly taking over as the favored mode of payment for everything- - from mortgage and house rent to electricity, and taxes, necessities. Even if they do not have enough cash on hand to fill in their taxes, they can depend on their credit cards to finance that bill. One of the scariest things about defaulting on your taxes is that you might end up having to pay quite a large fine. Later when the money is recovered from their various debtors, the credit card bill can be paid off.

However, paying by card deals with this problem effectively. It is true that the tax authorities charge a relatively low interest on defaulting payments. The business still has to pay the credit card company, but at least it will not get the tag of a tax defaulter. However, the costs add up. In fact, while looking out for cards, I have on occasion found credit cards that charge no interest for up to fifteen months. If you want to avoid paying exorbitant amounts of interest on your credit card bills, you should at least try to find some really cheap credit cards.

If that is not a steal, what is? Of late, even governments have become aware of its important role. The power of plastic has been on the rise of late. Credit cards are clearly on their way to becoming the currency of the future. Maybe it is time for us to recognize the power of a credit card, and use cards to pay some more of our regular bills. We must all get set for this.