There are very few among us who cannot relate to having more bills than we have money to pay them and facing significant challenges when it comes to budgeting our household expenses. The truth is that in many cases salaries are just not able to keep up with the cost of living, and when there is only one salary in a household the challenges can become even more daunting. When we’re dealing with a limited income, but still need a credit line, secured credit cards may be the most appropriate way to go.

Secured credit cards offer consumers a line of credit like any other credit card. The difference is, however, with secured credit cards the consumer must offer collateral that matches the amount of their credit line. So if the consumer would like to have a $1,000 credit line with a particular credit card, they must first deposit $1,000 in cash (sometimes more depending on the lender) into a secured savings account held by the lender.

The collateral used with secured credit cards is meant to protect both the consumer and the lender. In the case of the lender, their interests are protected by the collateral; if the consumer defaults on their payments the lender may choose to access the savings account to cover the total of the loan.

But secured credit cards are also quite beneficial for the cardholders. By using secured credit cards, consumers are able to monitor their spending on credit; with limited income this is especially important in that it could be disastrous to have minimum payments climb to an unmanageable sum. Additionally, secured credit cards offer a foray into the world of credit – in a protected way – and offers consumers who may otherwise have not had the opportunity, a chance to build their credit.

Popularity: 34% [?]

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Retirement is something to which most of us aspire; going about our careers and working hard with the promise of one day enjoying a day when work is no longer the thing we get up for in the morning. For those who plan appropriately, retirement can be enormously rewarding and can include travel and anything else to which the retiree is looking forward. But retirement takes committed financial planning.

Most of us understand the basics of retirement planning – the importance of 401k plans and other savings and investment plans. But it is also important to ensure that credit standing is what it should be prior to retirement. Our credit report tells of our creditworthiness to a prospective lender and it’s essential that we are aware of what our credit report is saying about us.

Luckily, consumers are entitled to receive free credit reports at least once a year so that they can inspect their credit standing and ensure that their credit report includes only accurate information. The three major credit bureaus – Trans Union, Equifax, and Experian – gather the information pertinent to our credit standing including history of payments, open lines of credit, and history of default. This information combined together is enough to assign a consumer with a credit score that lenders use to determine if they will approve applicants.

For upcoming retirees it is important to get a free credit report on a frequent basis to ensure that nothing is on there that may catch them by surprise later on down the road. By taking the steps necessary to protect their credit and build a nest egg for the future, retirees can enjoy the time coming to them, stress-free.

Popularity: 30% [?]

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College is all about getting your feet wet and experimenting with different career choices prior to the start of “real life.” We look for those things that will make us happy, try on different hats, and begin to get a sense of what our place in the world might be after graduation. One of the things that we may begin exploring is our financial selves. Up until this point most of us have largely been supported by our parents, and any credit that we may have would be very minimal.

During this college experience, however, it may be time to begin building our credit so that we are able to navigate freely in the adult world which we are entering. After all, there are rental applications to fill out, cars loans to procure, and even mortgages to seek at some point. And one of the ways that college students can begin to build good credit – without getting out of hand – is through the use of secured credit cards.

Secured credit cards are meant to protect the lender and the consumer equally. They are credit cards that require collateral funds to be deposited into a secured savings account held by the lender; collateral funds that match or exceed the credit limit extended to the consumer. Secured credit cards benefit the lender because it ensures that they will not lose their money even if the consumer defaults on the loan; the lender has the right to recoup the money from the savings account. Conversely, secured credit cards also protect the interest of the consumer in that they do not allow them to rack up too much credit card debt right out of the gate.

Secured credit cards allow consumers to build their credit report slowly and wisely, learn how to budget their money appropriately, and learn their first lesson on the responsible use of credit cards.

Popularity: 34% [?]

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When our children are born we prepare ourselves for the inevitable things that we know we’ll have to face – the diapers, the sleepless nights, the teething, and all the unexplainable joy that is sure to follow. But in a blink of an eye they are grown and college bound, and many of us find that we have not prepared for this event as well as we have all the others. Funding what can be very expensive educational expenses can be challenging to say the least, and many people simply turn to a loan application to procure the money needed. But when you have bad credit, these otherwise ordinary events can present a significant obstacle. Luckily, there are options for those with bad credit, including a variety of bad credit loans.

First and foremost, it is absolutely essential that consumers know what their credit report is saying about them. The three major credit bureaus keep track of the pertinent information to which lenders turn when making a decision on our loan applications. The credit reports held by these bureaus include such information as total amount owed through various lines of credit, payment history including late payments, and loan defaults such as bankruptcy. All of this information is taken into account in order to assign the consumer with a credit score which alerts lenders to their applicant’s creditworthiness.

Knowing your credit score is the first step in navigating the loan process. Consumers have the right to request free credit reports from the three bureaus once a year and at that time they can ensure that all the information included on their report is accurate.

Secondly, if bad credit is indeed the reality, it’s never too soon for the consumer to begin building up their credit score; and one of the ways to do this is through bad credit loans.

Bad credit loans are simply loans that are extended to those with less than perfect credit by either offering loans with higher than average interest rates or secured loans which require consumers to deposit collateral equal to their loan.

By making on time payments, those with bad credit loans are able to build up their credit score and still have the money they need to fund educational expenses.

Popularity: 68% [?]

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Buying a home is one of the most important financial decisions of a lifetime and should only be entered into by those who are fully knowledgeable about their current financial situation and are confident that they can handle a mortgage payment going forward.

One of the ways in which potential homeowners can ready themselves for a purchase – and to smooth the mortgage application process – is to first procure a free credit report. By taking this crucial step, homebuyers can ensure that there is nothing on their credit report that should not be there and could possibly affect the outcome of their mortgage approval.

Free credit reports are available to consumers once during every twelve month period. By visiting a central website, consumers can choose to have a free credit report sent to them from one or all three of the credit bureaus that keep track of credit history and credit scores.

A free credit report will alert the consumer to any inaccuracies in reporting; and with time on their side, consumers can appeal to have the inaccuracies removed in time for the mortgage qualification process. Further, a free credit report can give a consumer a heads up as to their credit score and the likelihood of being able to qualify for a specific mortgage amount.

With a little preparation potential homebuyers can get their financial ducks in a row so that they can have the best possible chance of qualifying for the home of their dreams.

Popularity: 38% [?]

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With the world being what it is today – largely dependent on our virtual resources – we are vulnerable to a whole new set of issues, not the least of which is a sinister group of online hackers that strives to invade computers where there is a host of personal information available to those who have the resources to retrieve it. While identity theft was always an issue in some respect, the Internet has taken identify theft to a whole new level. Now, more than ever, our information is available to the world at large if we do not take the necessary steps to protect it.

Unfortunately, because many of us are not enough in tune with our financial standing – not to mention the level to which our personal information is vulnerable to theft – we are often largely unaware of identity theft until it has been going on for quite some time; enough time that the damage it has left in its wake is inordinately difficult to repair. But by paying more attention to our credit report on a periodic basis, we can save ourselves a significant amount of heartache and even stave off an identity theft before it is able to cause permanent damage.

Luckily, as consumers we have the right to get a free credit report once within every twelve month period; a right that many of us are unaware of or of which most of us do not take ample advantage. By logging on to a central website that has been created for this purpose, consumers can request free credit reports from any or all of the three major credit bureaus; the organizations that track our financial history and assign us the credit scores that lenders use to qualify us for loans.

Free credit reports take very little time to procure and by taking the steps necessary to find out what our credit report is currently saying about us, we can nip identity theft in the bud and take control of our financial record.

Popularity: 29% [?]

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If most of us are truly honest about our financial health, we would have to say that we are often far less in control of our situation than we would like. Late payments happen to everyone in the face of particular life circumstances - medical expenses, loss of a job, a life changing event, to name a few. Life gets busy and it’s very easy to simply turn our heads and ignore what may be going on with our finances. But it always catches up with us; and those choices to which we may have given very little thought could have huge ramifications on our financial future.

Some of the ways in which we can take back control is simply by paying attention – reigning in our spending, writing out a realistic budget, getting a free credit report, and consolidating debt into lower interest rate loans that give us some room to breathe.

But when it comes to credit cards, there often needs to be a reeducation of sorts. We are a society hooked on credit cards and there are few of us who do not have dozens of cards in our wallets even as we speak. In order to get a handle on spending and reclaim our financial health, it often makes sense to pare down credit cards to one – or two at maximum – that have the lowest interest rates and will suit our needs most appropriately without damaging our credit. In order to make sure that we have the cards that we need – and get rid of the cards that we don’t – it is helpful to compare credit cards fastidiously.

With the Internet at our disposal, of course, we are able to compare credit cards much more conveniently than ever before. Some reputable websites allow us to seek those cards that have the lowest interest rates for which we can qualify, those cards that offer the lowest fees, and even those cards that offer extras such as airline miles and cash back rewards.

To compare credit cards means to become fully engaged and participatory in our own financial process; and by taking an interest we are taking control of our current state as well as our financial future.

Popularity: 28% [?]

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It’s been said that everyone deserves a second chance, and there’s no exception when it comes to finances. It takes a lifetime to build good credit and a few bad months to damage it considerably. And for those of us who are living the life of bad credit, we know how truly difficult it can be; how much impact it can have on nearly every financial decision that we make. Cash is largely a thing of the past; today, most things are purchased on credit - the smaller things in addition to the larger ticket items that were always historically purchased on credit such as homes and cars. You need good credit to be green lit for a mortgage, a car loan, even a job in certain cases; so when credit is in bad shape the options can seem significantly limited.

Luckily there are options for second chances; one more effective means for rebuilding credit and getting back on track financially is credit cards for bad credit. As we run up the totals charged on our credit cards, we invariably find the minimum payments climbing in response. And as we struggle to make those minimum payments – paying less, paying late, or paying not at all – our credit begins to experience damage that chips away at our financial credibility.

Credit cards for bad credit offer a second chance in that they allow consumers to rebuild their credit report slowly and deliberately. Credit cards for bad credit generally offer consumers that are struggling, the chance to get a credit card with the following options:

- A lower than average credit line; creditors will periodically examine the card holder’s progress and may slowly raise the credit limit if they see continued on time payments and payments above the minimum.

- A card with a higher than average interest rate; again, creditors will continue to watch the card holder’s progress and may consider lowering the interest rate if there is clear evidence that the card holder is making strides.

- Secured credit cards; these special credit cards for bad credit ask card holders to offer up collateral to cover the credit limit that they want. In general card holders will deposit an amount equal to or more than the amount of the credit limit of the card. The amount is deposited into a secure savings account held by the lender – to be used in case the card holder defaults on their loan.

Popularity: 59% [?]

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We live in a society where our credit report says as much about us as anything else. We look to lenders to help us expand our credit lines so that we can continue to live comfortably even in the face of rising costs of living and declining salaries. Of course the downside to all this borrowing is that if consumers are not able to keep up with payments they are vulnerable to their credit report being negatively impacted. When this happens – as it often does in this day and age – consumers are left largely to their own devices as they struggle to keep the cycle of borrowing and on time payments moving freely.

But for those with bad credit – those who have been negatively impacted by their less than timely payments and staggering debt to income ratio – the options seem to dwindle rather quickly. Suddenly there seems to be very few avenues to finding their way back to financial stability. Those whose credit scores have dropped considerably will find that they are no longer able to qualify for loans and do not have the ability to consolidate their bills into an easier payment. And without the availability of credit cards at their disposal, consumers may feel even more cornered.

Luckily there are options for those with bad credit; options to help consumers get back in good graces and rebuild their credit step by step. One such way is through the use of secured credit cards.

Secured credit cards allow consumers with bad credit to still have a credit card. Depending on the amount of credit that they desire, the consumer must deposit a matching amount into a secured savings account held by the lender. For instance, if the consumer wishes to have a credit card with a $1,000 limit, they must first deposit $1,000 into the lender held savings account.

The benefits of secured credit cards are clear for both lenders and borrowers. Secured credit cards protect the interests of the lenders; if the borrower at any point defaults on their loan, the lender has the ability to withdraw the amount owed from the savings account. For consumer with bad credit, secured credit cards offer a second chance; with continued on time payments and by demonstrating responsibility and financial stability, consumers can rebuild their credit through secured credit cards. Down the road, as their credit score increases, consumers can then move from secured credit cards to more traditional cards, working their way back to independence.

Popularity: 33% [?]

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Knowledge is power. This saying has always held true no matter what the circumstances. When it comes to finances, knowledge of their situation can give consumers the specific tools that they need to make real changes in their lives. As it stands, most of us are simply living day to day in a blur; the reality of our financial situation never really making itself clear. We swipe our credit cards, write checks, and go about our lives without really ever considering what we are doing to our financial futures or the shape we may be in presently. But by taking the time to know the truth about our finances, we are giving ourselves the best gift that we can give – and empowering ourselves to make the changes we need to make.

The very best way that consumers can continue to keep a check on their financial health is through the procurement of free credit reports on a yearly basis. Just as we go to the doctor’s office for a yearly physical examination, it is also necessary to turn our attention to our finances on a regular basis to make sure things are on track.

Luckily the government agrees. The Federal Trade Commission – in enacting their Fair Credit Reporting Act – stipulated that all consumers had a right to receive free credit reports once within every twelve month period. In accordance with this act a centralized website was launched that allows consumers to request their credit report from any or all of the three major credit bureaus - Equifax, Experian, and TransUnion.

Free credit reports allow consumers to see their credit score firsthand, as well as their credit history which includes any and all late payments, defaults, and bankruptcies. The information on a credit report is used by lenders to qualify applicants for loans; so it is vitally important for consumers to know what their credit report is saying about them. Discrepancies can be directed straight to the credit bureaus in writing, after which it is the responsibility of the credit bureaus to investigate the potential errors. If it is found after dealing with the creditors that the information is incorrect it must be removed from the consumer’s credit report.

Free credit reports help consumers keep ahead of what their financial record is saying about them. And just as importantly, it allows them to stay on top of potential identify theft – an important consideration in the modern world.

Popularity: 100% [?]

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