You are constantly getting offered new credit card accounts but, it’s important to not have too many. If you open a new account because of a lower interest rate or a promotional offer, you should always close a current account you are no longer using or are replacing. Closing unwanted old credit accounts has many benefits including:
Helps to keep track of credit cards
Lowers the amount of revolving debt, helping you qualify for more loans
Keeps your credit report cleaner
Helps you avoid unnecessary fees
Prevents identity theft
To help you understand what you should and should not do when closing old credit card accounts, here are a ...
Read More...
Which is Right For Me: A Credit Card, Charge Card or Debit Card?
The answer to this question all depends on how you intend on using it. Many assume the term “charge card” is interchangeable with “credit card,” when they are very different. In the simplest terms, credit cards allow you to carry debt every month but charge cards don’t – they require full payment every month. Therefore, you can’t use them to get into debt. You also cannot get into debt with a debit card, which is linked directly to your bank account. Basically, you can only spend with you have. Here are the highlights of all three:
CHARGE CARDS:
Charge cards are a good option for people who want the convenience of using plastic but know ...
Read More...
10 Horrible Habits That Will Make a Mess of Your Finances
Many people that find themselves in debt seem to make some common financial mistakes that contribute to their debt problems. According to an article on MSN.com, there are ten bad financial habits that can lead to financial disaster:
Misuse of balance transfers - If you aren’t going to stop charging on your cards, transferring balances to lower interest cards won’t get you out of debt in the long run.
Disregarding your credit report because you think you can’t change it anyway - It is essential that you frequently check your credit report. Small errors made by your creditors could raise your interest rates, lower your credit score and ...
Read More...
What Makes Me Different From the Others?