| How To Deal With Credit Card Debts (debt consolidation)
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How To Deal With Credit Card Debts
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Student Loan Consolidation Company
Higher education comes with such high cost that by the time you finish all those years in college, you find that you are under huge debts because of the loans you had to take for books, hostel charges, traveling, research works to name a few. Now you have no other alternative than to take a student loan consolidation for pruning the debt burden.
Student loan consolidation is a very simp... Read debt consolidation article
Student debt and loan consolidation - Best rates and plans
Student loan consolidation can have many benefits for the career minded student. With the prices of things going through the roof, going to college can be very costly. Many students don't have thousands of dollars to pay their way through college. This is why many college students use student loans to get themselves through college. When it comes time to pay back their student loans, it... Read debt consolidation article
How To Deal With Credit Card Debts
Do you have too much credit card debt?
You spend too much one month and you put it all on your credit card account. You can't pay it all off so you leave it until next month but you can't pay it off next month either. Before you know it your bill has grown into something that you can't manage and you are going to have to do something dramatic if you are ever going to get the debt under control. Why not make your credit card account work for you instead.
Credit card offers available
0% APR credit card offers are readily available but they only give you zero interest for a limited time and often have some catches. They may give you zero interest on the balance you transferred onto the card but not on new purchases for instance. You should also make sure that you understand what happens after the introductory offer period. Will the interest rate go sky high in 6 months time?
You can use the 0% APR credit card offers to slow down your accumulation of debt and give you a chance to start paying it off. It's a lot easier to reduce the balance if they aren't forever adding interest to it. Be ready at the end of the introductory period however because the interest will start piling up again. When you get close to the end look around for another 0% APR credit card that you can transfer your balance to. This is called 'surfing' your credit cards.
Here are some things to look a=out for when hunting for credit cards.
APR or Annual Percentage Rate
This can vary a lot and will make a huge difference to your monthly repayments.
Interest Free Period
Most cards charge interest from the date of the statement but some calculate your interest from the date of your transactions. In most cases the maximum interest free period is 56 days.
Cash Withdrawals
Be careful when drawing cash from a credit card. The interest rate can be much higher than it is for purchases or transfers. They also start charging you interest from the moment you withdraw the cash with no interest free period.
Annual Fee
Make sure that there isn't one.
Consumer Protection
This can give you protection in the event of goods not received or faulty or even stolen. There is often a minimum value transaction that allows you to benefit from this protection so make sure you know what it is.
Travel Insurance
Travel insurance when you purchase by credit card can be useful especially if you commute to work. Check the terms and conditions before you take the credit card though.
Cash Back
Some cards will give you 1% or more of every transaction back. This doesn't sound much but it can add up over the course of a year.
Reward Schemes
Some cards offer air miles or reward points for large stores. This might interest you if you are a frequent flyer.
Charitable Donations
This can be a painless way to donate a little of what you spend to charity. Often you won't notice it because other cards may have given it back to you in the way of cash back.
Online fraud guarantee
Having a guarantee that you won't lose money due fraud when you use your credit card on line can be a very comforting thought.
Gold and Platinum Cards
They only give these cards to people that they think will be able to pay back larger debts accrued on them. Think very seriously about taking one of these credit cards.
I hope that this information has been helpful to you in making an informed decision about using credit cards to manage your debt.
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Other Side Of The Debt Equation - Secrets Revealed
This article is about the other half of the debt equation. Okay you have managed to tame the debt monster and you are doing well. The credit cards are paid off and your home mortgage is getting smaller. Finally there is some money for investing. Where do you put it? Most likely you know someone in the ''financial service industry'. First question, whom are they servicing?
They are normally not serving you! The term financial service includes, banks, trust, insurance, credit unions, investment houses and likely a few others. These companies each provide vastly different services, the one common denominator is they all earn millions for their shareholders. Are you a shareholder?
If you go on to the stock market and buy a share of that company, then you are a shareholder. If you purchase a product from one of these companies's then you are NOT a shareholder. You are a customer and their mandate is to make money for the people that own the company (the shareholders) not the customers. Don't get me wrong it is better for them if they make you some money also but you are definitely not first their first concern.
This is a very important thing to understand as some of the products they sell you have a slim chance of ever making you good money. They have a huge chance of making the company money. Is this illegal, no? It is the same as if you go to the grocery store and buy ice cream. The grocery store's main purpose in life is to make the owner of the store a profit. Second is to provide a good enough service that you keep coming back for more ice cream. You take the ice cream home, it is in a nice container and tastes pretty good. You get a good feeling from it and think the grocery store is okay.
Well you go into an investment company and they sell you an investment. You get a really nice folder with all kinds of big numbers. You get a contract with all kinds of big words. The salesman, AKA your "financial planner" says it's all going to be great, you are doing a super thing for your family. Just for fun ask that person their net worth.
You go home with all this paper work and think, "wow that was pretty good. I am on my way to the good life." You put the paper work into a drawer and never look at it again.
What happens when the value of your investments go down? Normally the "financial planner" gives you a call and says, "don't panic now is a good buying time." Heck, why did they tell you to buy before then if this is now the time to buy? It is kind of a catch 22. You will likely need to use a "financial planner" to buy some of your investments, if you do it is up to you to know what the heck is going on. It is your money and you are the only one responsible for its value.
This is one reason I suggest people get to know one type of investment and become well informed about it. Then invest in that market segment, by whatever means makes the most sense to you. I know a person who is wealthy selling old china teacups on-line. Pick something you want to know a lot about and make sure there is a way to make money there and go to it.
Make sure you are your own best shareholder. Do your own research and make your investment decisions based on it. That way you'll know you will be the number one customer. Be smart to be wealthy.
Did you find those tips on debt management useful? You can learn a lot more about how debt management can help you reduce debt here.
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How To Deal With Credit Card Debts
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