Posts tagged ‘credit cards’

The Good and the Bad with Debt Consolidation

Getting out of debt can be one of the most liberating feelings to have especially if you have been brought down from it for so long.  When you are in debt you just want to get out so bad that it’s easy to fall in another trap. If not done right you will find yourself in worst debt than you started with. We all know that bankruptcy just isn’t easy to do anymore and on top of that you really are not solving the root matter at hand which is usually out of control or unmonitored spending, but when you are so deep in debt that it comes down to losing it all then debt consolidations is the way to go.

Know what you are getting yourself into and realize you are once again using a loan to settle your debt is dangerous.  Also let’s face it! You are still going to be in debt so don’t get to excited you will still pay in the end probably more, but finding the right debt consolidation program will help your monthly mess suddenly become much more manageable and you will likely pay less per month than you are now. This helps tremendously when you are drowned in debt, because scattered monthly payments are stressful.

Be prepared not to use those credit cards anymore though as all of that gets shutdown which in my humble opinion isn’t a bad thing. Nothing is worst than an out of control credit card habit!  Once you have agreed to have the consolidation company take over your credit handling  you have to stick with it till the end or you may break a your contract which could put you in a worse situation than before being that your credit score will take a slight dip until settlement is met in full. Then you credit rating will be nice and pretty again.

Spring Cleaning for Your Money

We spring clean our homes, our cars, even our offices, so why not our money.  Our finances are a very important aspect of our lives and should be kept clean and tidy.  Don't end up losing control or sight of your money and ending up in a situation where you need bad credit loans to dig yourself out of debt.

Well you can just decide to dust them off, put them back in the wallet, etc.  But there are some other key issues for you when it comes to having a successful money makeover.  Don't let your money control you, you control your money.  Let's keep you from having higher interest loans in your future.

First take a look at your savings account, are you getting the best interest available to you?  Is your savings making you any money or is it just sitting there.  With just a little effort you can make your money make money for you.

Many interest rates on the saving accounts seem to expire in a year, although you may want to be loyal to your savings company, you don't have to be.  Your interest is not moving?  Move you money.

Secondly, can you save money on your credit cards by doing a balance transfer?  Take advantage of 8% for a period of time if you make transfers, etc.  This can save you a lot of money in the long run, leaving you more to pay each month and get them paid off quicker as well.  Just be aware of any fees for moving your money from one account to another before making your final decision.

And last, but not least, budget your money.  It seems easy to say and seems like we should all be doing it in the first place, but we tend to loose track, get our guard down, etc.  But you need to look at all your statements, identify where you can save and do it.

Department Store Credit Cards

There are many reasons why you should try department store credit cards. You may have had other cards and bills before and gotten behind. A retail line of credit is easy to get and can help you in rebuilding the credit history that has been haunting you for so long. Another reason for getting a store card is to build credit. Retail cards are a great way for fledgling consumers to start creating a credit history.

The reason that department store credit cards are so wonderful is that the application process is not quite as strict as that of the regular credit card. You will not be able to use them as generously as you can other cards since you are only able to purchase items from that particular store. This helps in keeping the charges in check.

College Logo Student Credit Cards

However, remember it may be limited to only larger colleges, but be patient and look to see if you can find college logo student credit cards.

Though at times as a student you may not be able to get approved for a card. If you are not employed and only going to college, look for a job, it will help you be approved. Because without money shown as coming in, how will you prove that you will be able to make payments?

When you get approved for that first credit card, make sure you make your payments in a timely manner. Try to always pay your full payment that is due, because if you pay less it will only add up and the late fees may have the balance getting out of control.

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