If you have never learned about credit, however, you are certainly not aware of how your actions today can affect you tomorrow. You may not know anything is wrong until you go to buy a car or a home and find that you are rejected because of a low credit rating. Don’t let this happen to you. By avoiding these mistakes in your teens and early adulthood, you can establish a solid credit history as an adult.
Although it may seem almost impossible to live without one today, the credit card is actually a relatively new creation. Just 70 short years ago there was no such thing and all transactions were done using cold, hard cash. Find out more about the history of the credit card.
We’ve all heard the saying that “cash is king,” but when it comes down to it, we often use a variety of forms of payment. The options available include: cash, check, debit, credit, or recently-available online payments. While I generally prefer my credit cards because of the cash back rewards, there are many reasons and/or occasions to use an alternative form of payment.
When you are riddled with debt and struggling to pay it down dramatically month to month, maintaining a positive balance in the checking account can be difficult at times. You find yourself overpaying on a credit card only to overdraw your bank account a week or two later. However, there are a few easy ways that you can better many your expenses so that you can pay down your debt in the amounts that you want, without overspending and putting your bank account in the red.
Have you ever been in a situation where you find something you really want to buy but cannot afford it just yet? If it were the old days, you probably will save up for it first then go back and buy it as soon as you racked up enough cash. But that’s not the way things happen anymore. Now, many people given that same situation will pay for it using a credit card instantly, thinking they have at least a month to save for it.
Anyone who has been managing their finances for anytime knows that credit cards make consumer debt that much easier. It’s a simple fact that if you have the option to go into debt without truly knowing the harsh reality of having to dig yourself out of debt, you are likely to do just that – go into debt. It’s easy to get caught up in possessions and think that your life will be better with more stuff, even if you can’t afford it. Yet, credit cards offer many benefits that make them attractive.
Your credit report can say a lot about you to a future creditor, landlord or even employer. There are many online tools that allow you to monitor and fix your credit to make sure that what your credit report is saying about you is accurate and up to date. Thanks to the Fair Credit Reporting [...]
Fascinating interview from NPR’s Deep Reads with Raghu Rajan, University of Chicago professor, former chief economist for the IMF, and author of Fault Lines: How Hidden Fractures Still Threaten the World Economy, and the cold shoulders he received after predicting the financial crisis in 2005 at a conference where the main objective was to praise [...]
~ ~ ~ April 2011 Update: Shutting Down My Lending Club Investments over Q&A Change ~ ~ ~ My Lending Club investment portfolio is continuing to look fairly impressive as we close the books on 2010. Summary Net Annual Return is up to 15.64% NAR. My highest observed NAR was 15.69%, but as of today, I’m [...]
Excellent infographic by the Financial Highway blog on how credit card companies make their money off of folks like you and I. And in case you thought the only way they made money was just off of the interest rates they charge on your total balance — think again! [click to enlarge infographic] Via: Credit [...]
I drafted this article after spending two weeks of discussions with an old friend who finally acknowledged her debt was beginning to influence her behavior. By creating a budget and drawing up a plan to aggressively pay down her debt within 15 to 18 months, she now claims she can finally set down the guilt [...]
With my least favorite holiday behind us and my favorite holiday around three weeks away, I think it’s time to start discussing some new and clever ways to save a few bucks on Christmas gifts. I’m all about bargain hunting, but loath shopping, so I’ve been looking for novel ways to have the deals come [...]