Archive for the ‘Credit Cards’ Category

Fight Debt Pay With Cash

With the ongoing mortgage crisis still unfolding, a lot of homeowners have had to go to great lengths to keep on track with their mortgage – even using their credit cards to make mortgage payments!

While credit cards can be a great thing to have in case of emergencies, they have a lot of harmful side effects and it can be argued that they are bad for society as a whole. Once it was the norm to pay with cash. If you couldn’t afford something, you simply didn’t buy it. (more…)

Steps to Take to Get and Keep a Healthy Credit Score

Credit Score

Having a healthy credit score is close to being a necessary consumer asset today. If you don’t have a healthy credit score that fact can affect your ability to get a mortgage, rent an apartment and even get a job.

Lending institutions, employers and landlords are just some of the people and organizations that can request access to your credit score and will use that information in making their decisions about you. (more…)

Why Credit Card Statement Checking Is A Must

Credit Statement

The credit card statement may not be a welcome piece of mail in most homes, but if it is not checked correctly or thoroughly credit card holders could be incurring more costs than they realize.

At first glance the credit card statement can be confusing, but once you know what to look for you can save yourself money and even protect yourself against fraud.

First you’ll want to ensure that you look over the “purchases or new charges” section to review what you purchased over the previous period. Ideally you should keep your charge receipts for all purchases so that when you receive your statement you can check those charge slips against the charges listed on your statement. (more…)

How to Correct Credit Report Errors

Credit Report Errors

So you’re checking your credit score; that’s great. It’s the best way to prevent identity fraud and to make sure the report that potential creditors are seeing represents you correctly. It’s also a great way to get a hold of your finances if you’ve been operating in the dark up until now. But what do you do if you find errors?

The first step is to contact the credit reporting agency. There are two main agencies:

Equifax
Experian

Send them in writing a letter that outlines what is incorrect, any information you have on the error and the account, and a copy of your credit report. You must also ask them to make the corrections. Send your letter by recorded delivery, “return receipt requested.” This enables you to track the letter and document any communications. Keep copies of everything related to this process. (more…)

Credit Card Fees On The Rise

Interest Rate Rise

As lenders continue to fight rising bad debts, consumers will eventually carry the cost through a rise in rates and fees. Funding constrictions and the lack of borrowing is also having an impact on lender costs.

The rise in regulations and government scrutiny is shaking up the market to the point were by the current fee-free model on credit cards may be unsustainable.

“Lenders will be unable or unwilling to increase supply sufficiently to match demand. This will leave consumers surprised at both the cost of credit and the difficulty in gaining access to it,” PricewaterhouseCoopers partner Richard Thompson said. (more…)