The Hidden Dangers Of Debit Cards
August 19, 2008
Debit cards are associated with checking accounts. Consumers can use them as credit cards if they contain a Visa or MasterCard logo on them. They don’t incur fees like a credit card does because they are backed by the amount of money in the account. With that said, are debit cards as good a choice as they seem?
A customer can choose whether or not they wish to receive a debit card at the time they open a checking account. There appearance is quite similar to that of credit cards and they are used in the same way, making purchases at restaurants and stores easy and quick. Plus, none of the charges associated with credit cards apply to debit cards. Bank commercials often glamorize the use of debit cards, as if using cash were the most terrible faux-pas in the financial world.
What Do You Believe About Money?
August 4, 2008
How do you feel about money? I mean, deep down, what do you really think about it? Do you think money is the root of all evil? Or do you think that money can buy happiness?
Believe it or not, the way you feel about money can have a huge impact on your finances, and how you deal with debt. Unfortunately, many (probably most) people never really think about how they truly feel about money.
Calculating Your Debt To Income Ratio
July 31, 2008
There are many factors that lenders consider when deciding whether or not to extend credit to someone applying for a loan. Credit score, down payment, and the purpose of the loan are all factors. There is one factor that is looked at probably more closely than any other though, and that is the debt to income ratio. This is the way that a lender determines how likely a consumer is to be able to make timely payments for the life of the loan. Understanding how the debt to income ratio is determined is the key to making sure that you’re in a position to obtain credit in the future.
When you sit down in front of a creditor, you will most likely be asked a series of questions. The lender is looking for the elements in your financial life that comprise your debt to income ratio.
How Have America’s Finances Changed Over 30 Years?
July 21, 2008
The answer to that lies in remembering just what we were like in the late seventies, and where we are now. There may be many who are not old enough to remember that time, and what our finances were like. Those of us who do, compare these two times with a mixture of nostalgia and good riddance. Let’s look at a slice of life back in the late seventies.
A loaf of bread cost .32 cents, a gallon of gas .65 cents, and the average home sold for around $58,000. We were but two years out of Vietnam, three from having removed a sitting president from office, and Elvis Presley and Bing Crosby both leave this world with tunes still ringing in our ears.
Star Wars brought outer space into our every day lexicon. The average income was a little over $10,000, and Visa and MasterCard are just now entering mainstream consciousness with the advent of electronic payment processing.
Bankruptcy Questions That You Need Answers To Before Filing
July 18, 2008
Filing bankruptcy may not be the worst option for you, especially if you are having problems paying off your debts and this may be attributed to the fact that it does allow you to find a solution to your problem and also to stop receiving annoying reminder calls from your creditors. However, you need to exercise care and ensure that you do not make wrong or hasty decisions because if you were to hire an attorney who is not the right choice, it could turn your bankruptcy into a veritable nightmare.
Suitable Qualities in an Attorney
Discipline Yourself to Spend Less
July 12, 2008
No one wants to go into debt. We try to avoid it if we can, but we fall into the traps of credit cards and delayed payment specials so easily. Curbing our spending requires discipline and an honest effort.
The first step is learning to live within our means, which is more than simply being able to pay all the bills with the money in your paycheck. Being financially secure requires having extra money every month that can be used in case of an emergency. It also involves saving money in a savings account.
Is Debt Just A Fact Of Life For The Current Generation?
June 25, 2008
I was reading an interesting story from the Metro Active website called Generation Debt and it really struck a chord.
Rance Robo, the person profiled in the article, got his first credit card in University and proceeded to ring up thousands of dollars in debt, which he’s still fighting to pay off at 30 years old.
How Procrastination Costs You Money
June 17, 2008
How many times have you put something off until the last minute, and then had to spend more money as a result?
Maybe you waited until it was really close to your travel date to book your airline ticket.
Or maybe you waited until the summer had arrived to buy new lawn furniture.
Or perhaps you waited until the last minute to do your Christmas shopping.
There are all kinds of ways that people procrastinate when it comes to purchases, and in many cases you’re going to wind up spending more money closer to the “due date”.
Life Without Credit Cards
June 10, 2008
Does the thought of life without credit cards make you cringe? If the credit card companies suddenly ceased to exist, how would it affect your life?
Would you be able to go about your days with few or no hassles, or would your life as you know it fall apart?
Credit cards have their uses, and in today’s age of ordering things online and over the phone, they’re practically a necessity.
How To Stop Impulse Buying
June 9, 2008
The No Credit Needed blog has a great post about how to stop yourself from impulse buying:
The $100-A-Day-Rule Prevents Impulse Buying
If you struggle with buying things on credit when you really can’t afford them, it can lead to serious debt problems down the road (believe me, I speak from experience!)
