Is it possible to go through life without ever having any credit cards?
Some people use credit cards everytime they make a purchase. Others may only use their credit cards for big ticket items. And some people never use a credit card. In fact some people do not even have a credit card in their name.
A recent poll by creditcards.com showed that some 29 percent of 1,004 respondents ages 18 years old or older said they did not own a credit card.
So why are people saying no to credit cards? People are saying no to credit cards as a way to protect themselves ... Read more »
Do you apply for, and use, department store credit cards? Do you think there are any advantages or disadvantages to using them?
Some of the disadvantages really only apply to people who are unable to pay their amount owing in full each month. Why? Because most often department store credit cards charge very high interest rates and if you simply make the minimum payments each month your purchase will quickly cost you double what you actually paid for it.
Department store credit cards are great for someone that needs to improve their credit score. ... Read more »
Reputation is very important — whether in your personal life, at work, or where your finances are concerned.
Your credit score is your “financial reputation”. The better your credit score, the more likely you are to get low-interest rates, loan packages, and higher credit card limits.
More importantly, a lot of employers now look at an applicant’s credit score for evaluation. In fact, the importance of the credit score has crept into dating; why date someone with very poor credit score and get yourself into potential financial ... Read more »
Debt is not an easy matter to handle. Unfortunately, people in debt often find it necessary to hide the fact, mostly because of the stigma attached. Many see debt as a sign of irresponsibility and lack of self-control.
In reality, debt can be the result of a variety of factors. Even the most responsible of people can fall prey to emergencies like hospitalization, job loss, or divorce. A significant life event can leave you financially depleted and unable to cope with your bills and other responsibilities. You may need help.
Credit counsellors can ... Read more »
I often hear people say that they have never looked at their credit score and do not understand what the big deal is. Perhaps they are at a point in their life where they haven’t begun using credit cards, or haven’t considered buying a house. I’ve also heard people say that they figure they will never need credit cards or a loan.
So why worry about your credit score?
No one can predict the future. You never know when your circumstances may change and you may in fact need a good credit score. Here are 5 reasons why a good credit score is important, ... Read more »
Even people with the best credit score and a good income may at some point carry outstanding debt, either in the way of credit card debt, car loans, or even loans to renovate their home.
If you find yourself in a situation where you have several different debts at once and you are tired of managing multiple payments with varying interest rates then consider applying for a loan to refinance your debt into one loan.
This works especially well for people that have a steady income and a decent credit score. By refinancing your existing debt you will ... Read more »
Some think credit cards are a necessity and they abuse them. In fact quite often they use them to support their lifestyle on a daily basis. Others use their credit cards wisely and are very careful when it comes to charging their purchases. Which category do you fall into?
To figure out the answer to that question, see how many of these credit card mistakes to avoid you answered yes to.
Forgetting to pay your credit card payments on time.
Only paying the minimum monthly payments.
Using your credit cards to pay your rent and utility bills because ... Read more »
When it comes to choosing a credit card these days, the choices are endless and new options pop up all the time. Financial institutions want your business and they will offer quite an array of incentives to get it. From a consumer perspective that can be both good and bad. Of course you want to carry a credit card that offers you a lot of additional benefits aside from the obvious one of being able to charge your purchases. But comparing all of those benefits can quickly become overwhelming when looking for a new credit card.
Here are the most important ... Read more »