Interesting economy isn’t it? Well, not as much as interesting as terrifying. But if you are able to take a step back and look at how one thing affects another it is really interesting to see how supply and demand works in this country – and globally as a matter of fact. Right now, lending has essentially halted in most respects as creditors – and the rest of us, for that matter – wait for more details regarding the bailout plan. The housing market watches with baited breath and everything is sort of just hanging in mid-air.
Retailers, already sensing that this is not going to be their best holiday season, are already starting to offer crazy deals in order to corner the market on those shoppers who will actually be spending money. Credit cards may be lowering limits now but they will soon be back in competition to earn your patronage. This is the time to start putting in the work to compare credit cards.
In the weeks to come we will see credit cards drop their rates, eliminate service fees, and even offer introductory time periods where no fees are accrued whatsoever. If you take the time to compare credit cards you could conceivably save yourself a significant amount of money and ultimately come out ahead in this crazy time in history.
Ultimately, no matter what happens with the economy it is up to each and every one of us to protect our own interests. Poor financial decisions project poorly on our credit report; that does not change even in the face of this economic climate. So take the time to check your credit report often through the use of free credit reports, reel in your spending and make sound financial decisions, and compare credit cards to determine other ways in which you could save.
Popularity: 10% [?]
Share This
Continuing from the last post, more on what we can do to stay in control of our finances:
• Utilize free credit reports. How can you make sure that you keep abreast of your credit report? Free credit reports – something that we all have the right to receive as consumers – can allow us to stay on top of any activity happening on our credit report including the decrease of our credit score and unusual changes. In fact, we are all given the opportunity to get a free credit report once a year from each of the credit bureaus – Experian, Equifax, and TransUnion. By ordering free credit reports from all of the credit bureaus throughout the year we can make sure that we always know where we stand in terms of our credit.
• Compare credit cards. Now is most assuredly the time to stay in control of your spending and that includes spending on erroneous fees. This is why it is so important to compare credit cards throughout the year to make sure that you are absolutely getting the best deal available to you. Different credit cards offer different interest rates and introductory offers; by staying on top of what the credit card companies are offering you can transfer balances, pay lower interest rates – and even zero percent interest for a period of time, and take advantage of the earning of different points good towards travel and the like. Take the time to compare credit cards and you will be taking the time to save money.
• Secured credit cards. For those who are not in the best financial position but still need the credit, there is the opportunity for secured credit cards. Such cards extend the user a particular amount of credit, but the cardholder must match this credit limit by depositing the matching amount into a secured savings account. Secured credit cards protect the lender from default and allow consumers to build their credit.
Popularity: 14% [?]
Share This
In the last post we talked about the many ways in which the American public is nickeled and dimed on a monthly basis; everything from our utility bills to our cell phone bills are filled with charges that we weren’t aware of or didn’t know existed until we see them in black and white. Unfortunately, however, most of us don’t see it in black and white; we are all so busy that most of us simply pay our bills without so much as glancing at them. And this is where we can stand to lose the most amount of money.
No matter what the bill in question, it is absolutely imperative that each and every consumer take charge of their finances by scrutinizing their bills with the seriousness of an accountant working for a client. These may be small charges - $5 here, $10 there – but when you add them up over the years you are talking about a whole lot of money.
Credit cards are especially difficult in this regard as we could sign up for a card thinking that it has all the bells and whistles that we need only to discover down the road that our interest rates have been increased or we have been subjected to service fees over and above what we are already paying. In order to take control of this situation it is important to compare credit cards as often as possible.
Luckily, with the Internet at our disposal we are able to compare credit cards much easier than ever before. Through online research we can find those credit cards that offer introductory low finance charges, the ability to transfer balances or earn points, or other features that may be appealing to us. When we compare credit cards we are laying out all the options for ourselves and making the choices that make the most sense for our financial situation; and there’s no better way than that to take control.
Popularity: 10% [?]
Share This
Probably the last thing that any of us are thinking about right now is the procurement of another credit card. After all, with the country in economic crisis and our financial options seeming to dwindle before our eyes, we are all looking for ways to hunker down and stay as financially solvent as possible. But there are some decisions to be made for sure; and the fact is that some of us are paying way too much for things that we could be saving on and controlling our spending much more effectively.
Consider for example all the money we spend on a monthly basis on our utilities and cell phones – both of which are often associated with sometimes exorbitant fees that aren’t even explained properly. How many of us have signed up for special “packages” through our cable companies only to be overcharged each and every month – nickeled and dimed by charges we didn’t even know existed? How many of us are continually updating our cell phone plans because the packages that the cell phone companies promote are never really what they say they are?
Just like when it comes to our healthcare, when it comes to our finances we need to be our own advocates. We need to be warriors at protecting our pockets and protecting our credit report. And often this means going through each and every monthly bill to see where we can save money and where we are being overcharged. It is tough work but it has to be done if we are to stay in financial control in the long term.
One of the places that is notorious for overspending is credit card fees. We may think that our interest rate is such that we are getting the best deal that we can; but then, before we know it our interest rate has been increased, and fees appear that we didn’t know existed. That’s why it’s so important – especially now during this economy – to compare credit cards; something that we will continue to explore in the next post.
Popularity: 10% [?]
Share This
Every penny counts. We’ve heard that expression time and time again; and the fact of the matter is it’s very true. When you stop paying attention to your finances and let small things – even those pennies – slip through the cracks, you are vulnerable to paying significantly more for things than is necessary. And in this current economic climate, when we are all just trying to get by, every little bit can help.
One of the areas in which all of us are guilty of spending far more than is necessary is credit card payments. The interest rate we pay for our credit cards can make a major difference in how much we pay every month. An inflated interest rate translates to a larger minimum payment every month and the less headway we are able to make in paying down – and ultimately paying off – our credit cards.
In order to get the best interest rates for our credit cards and ensure that we are not spending more than is necessary, it pays – literally – to compare credit cards. Credit card offers come in the mail everyday; and now, with the Internet at our disposal, we often receive credit card offers online. If each of us took the small amount of time that it takes to compare credit cards – the interest rate being offered by a new card compared to the credit card we are currently carrying - we could wind up saving hundreds of dollars a year. Add that figure up over the lifetime of our credit cards and we are talking about thousands of dollars worth of savings if we compare credit cards.
Credit has just been accepted as something that is a part of life as we know it; but that doesn’t mean that we have to pay through the nose for the privilege. Compare credit cards and make some headway with regard to your debt.
Popularity: 14% [?]
Share This
In the world in which we live the reality is that most of us are carrying extremely high credit card balances. It’s not surprising that credit card debt is so high when you consider how little cash flow that most us really have; there are few among us who have any money left at the end of the month and even few of us who are easily able to pay those monthly bills without dipping into credit or savings – especially with higher than ever prices at the gas tanks.
What this means to the average consumer is high interest rates, high minimum payments, and an endless cycle of borrowing and paying off credit that never seems to go away. For those who are considering their options in terms of debt consolidation, a balance transfer may seem like an effective choice; and it may very well be just that. But in order to get the most of such a balance transfer it is necessary to compare credit cards to make sure that you are indeed getting the best deal.
We’ve all gotten those offers in the mail that entice us to transfer our credit card balances to a particular card and enjoy a certain amount of time without finance charges or at low or zero percent interest. These can be tempting offers but it is essential to read the fine print to make sure you are getting what you think you’re getting and the best way to do this is to compare credit cards.
By looking at each card next to each other we can determine the difference in finance charges, interest rates, and length of offers. With a year at zero percent interest, for example, we can pay off debt in a much more efficient manner. If we compare credit cards we can find the best deal available to us and jump on it quickly.
Popularity: 14% [?]
Share This
