What to look for when choosing a credit card
Consumer debt is out of control as Americans are constantly being enticed to spend money above and beyond the means to pay it back. This trend (charge now and pay later) has a direct correlation to the record number of bankruptcies being filed today.
According to the Federal Trade Commission (website FTC)
consumers should shop around and choose wisely while considering the following:
- ANNUAL PERCENTAGE RATE (APR)
The APR is a measure of the cost of credit, expressed as a yearly interest rate. Check out the "periodic rate," too. That's the rate the issuer applies to your outstanding balance to figure the finance charge for each billing period. For example, if you have an outstanding balance of $2,000, with 18.5% interest and a low minimum monthly payment, it would take over 11 years to pay off the debt and cost you an additional $1,934 just for interest, which almost doubles the total cost of your original purchase.
- GRACE PERIOD
This is the time between the date of a purchase and the date interest starts being charged on that purchase. If your card has a standard grace period you have an opportunity to avoid finance charges by paying your current balance in full. Some issuers allow a grace period for new purchases even if you do not pay your balance in full every month. If there is no grace period, the issuer imposes a finance charge from the date you use your card or from the date each transaction is posted to your account.
- ANNUAL FEES
Many credit card issuers charge an annual fee for granting you credit, typically $15 to $55. Some issuers charge no annual fee.
- TRANSACTION FEES & OTHER CHARGES
Some issuers charge a fee if you use the card to get a cash advance, if you fail to make a payment on time, or if you exceed your credit limit. Some may charge a flat fee every month whether you use the card or not.
- CUSTOMER SERVICE
Many issuers have 24-hour toll-free telephone numbers.
- OTHER BENEFITS
Issuers may offer additional benefits, some with a cost, such as: insurance, credit card protection, discounts, rebates, and special merchandise offers.
There is a way for consumers to get out of debt that they are not being told about. I know stop spending(Blah Blah Blah)...No really there is a way to save thousands of your money from going to interest. It is called debt stacking.
Gene asks why?
With all that’s going on around us why be enslaved to the credit card industry when financial prosperity can be yours? Many people are surprised that after years of debt and in some cases after several bankruptcies there is a sound and logical way to eliminate all their debt including the mortgage. Gene Jolley, creator of the Rapid Debt Reducer software, has been teaching families the art of debt elimination. His seminars are eye opening as so many are realizing freedom from debt followed by financial prosperity can become a reality.
Copyright © Gene Jolley
Rapid Debt Reducer Debt Elimination Software.
Debt Elimination Software. The answer is The Rapid Debt ReducerTM, a computer program which gives you the tools you need to get completely out of debt in as little as 5 to 10 years - including paying off your mortgage! Comes with free budgeting software! As DEBT goes down NETWORTH goes up!
http://www.rapiddebtreducer.com
<Page 1> Credit Cards
Budgeting
Many fear the word budget as though it is some terrible monster lurking in the shadows waiting to pounce every time the paycheck comes in. But this fear is unwarranted, since if anything, a budget can be a valuable asset to the family.
Credit Cards
Credit card debt is like that proverbial snowball that keeps getting bigger and bigger and card issuers couldn’t be happier.
Credit_Counseling
Many people face difficulties when it comes to the proper handling of credit. The system of credit by ethical standards should be administered by creditors and used by consumers with caution and self control. Unfortunately, both creditor and consumer fail when it comes to handling credit and the result is waves of debt crashing on the shores of bankruptcy.
Debt Consolidation
To do or not to do?That is the question and the answer depends on the person doing the asking. Ironically, many have gone the route of debt consolidation only to find themselves in twice as much debt. How does this happen?
Debt
Debt is a lot like gravity—it’s always weighing you down. Can you imagine being free to soar in the heights of financial prosperity? It does happen and it can happen to you but there are vital steps you must take before debt can truly be eliminated.
Bad Debt
Bad debts are debt like credit cards, car loans, etc., and normally include incurred debt on anything that depreciates.
Bankruptcy
Bankruptcy law was enacted to protect American citizens who, for reasons usually beyond their control, had found themselves hopelessly in debt.
How does debt-stacking work?
Debt-Stacking is a simple method of reducing debt in the shortest time possible with the money that is already going to payments. This method has saved the average consumer over 50,000 dollars in interest and cuts the time to payback debt in half.
Why credit cards take so long to pay off?
Creditors design your payment schedule to keep you in debt for a very long time. Lets look at a typical credit card with a 3400.00 balance at 16.9% interest.
Financial Freedom
In today's world building financial freedom is essential for a peaceful life. Steps to financial freedom involves:
Frugal Living
Frugal living doesn't necessarily mean giving up all your comfort and hobbies in order to save.
Americans Should Focus on Debt
“ On one hand they’re investing money each month in stocks, 401(k)s and other vehicles. But on the other hand, they’re shelling out hefty minimum monthly payments to credit card companies, which barely cover the 10, 15 or 25% interest they’re being charged.”
Personal Financial Planning
The journey of a thousand miles begins with a single step.
Can You Afford to Buy On Credit?
The promise of a better lifestyle with 'instant credit' is suffocating consumers on an ever-increasing iceberg of debt.
View our other website about debt
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