July 7th, 2010
Wednesday Trends in Credit Cards & Debt
Most of us keep up healthy financial lives by balancing budgets, cutting down on debt, limiting credit card usage, and the usual ways to promote fiscal fitness. But ever thought about going the extra mile to make frugality the foundation of your lifestyle? Ever thought about living off coupons? Or going totally without money and living off the land? How about winning a contest to live for free for a year? Financial Highway tells the story of seven real-life, alternative lifestyles of people living for cheap who bring new meaning to the idea of cheap living.
Speaking of frugality, today’s roundup is all about cutting down debt and being informed about your credit cards. Be smart about your financial choices and read on!
July 6th, 2010
Answers To Your Credit Score & Credit Card Questions
If you are looking for all questions and topics that are credit-related, you’ve stumbled into the right place! The Credit Advice Center at Credit Karma is keeping busy with hundreds of questions asked by consumers and answered by consumers too.
Below is a glimpse of conversations popping up right now. And feel free to stop by the Credit Advice Center yourself and submit a question of your own, or browse through posted questions and suggest an answer! It’s the new way to empower yourself through consumer-generated knowledge.
July 2nd, 2010
Celebrate Your Financial Independence! Your Credit Score Will Get You There
As we celebrate America’s Independence Day, why not start working on your own financial independence by better managing your credit score. In working towards financial independence, your credit score is a crucial initial step to better financial health, as well as something that stays with you throughout your entire life.
Since credit scores are calculated from your credit report, it’s a good and accurate snapshot of your general financial health. How does credit score = financial independence? In a nutshell, your credit score is your key to having financial options. The higher your credit score, the more doors it opens. Credit scores impact almost every financial product, specifically approval for credit cards, ability to borrow money, and interest rates offered by lenders.
Everyone’s path to financial independence will vary, but addressing the five main components of a credit score is a foundation you need to build:
July 1st, 2010
5 Step Check-Up On Your Finances
Today, new legislation regarding debit cards kicks in and customers now have to opt-in and agree to overdraft policies rather than be automatically enrolled in the bank’s program. This is a good reminder to check your own bank’s overdraft policies and, if you want to be covered by overdraft, to enroll in it now.
We put together a short list of other financial areas in need of a check-up, just to keep up with the changing landscape of money and banking. If you find yourself spending more time thinking through any of these points, it’s a good indication you need to delve a little deeper and focus on that aspect of your finances. Now, get ready to start checking off:
June 30th, 2010
Wednesday Trends in Credit Cards & Debt
Think your personal debt mountain is too high to climb? Ford Motor is $34 billion deep in debt, reports the Associated Press, but managed to repay nearly $4 billion through a company restructuring plan and comprehensive debt management. With additional debt reduction strategies, the Detroit automaker hopes to reduce its total debt to $27 million at the end of the first quarter. Think you can cut fifty dollars, or a few hundred, or even thousand dollars out of your own debt? Take a note out of Ford’s book – shoot for high but manageable goals and take sweeping, necessary steps to reach it.
Your fix of credit card news and debt reduction help is just ahead at today’s roundup!
June 29th, 2010
More Credit Score Help At The Credit Advice Center
Guess which question is heard most often around the water cooler at the Credit Advice Center.
“How do I improve my credit score?”
This question pops up frequently because the Credit Advice Center is becoming a real community forum for discussions around the topic of credit, especially the mystery surrounding credit scores. So, we will be bringing you even more credit score and credit advice posts here at the blog, so stay tuned…
In the meanwhile, consumers at the Credit Advice Center are helping each other navigate these tricky financial issues. Check out the conversations buzzing at the Credit Advice Center right now:
June 28th, 2010
Is A Balance Transfer Card The Key To Conquering Your Debt?
The benefits of a balance transfer credit card is a mystery to many people, which is a shame because it could be the key to dealing with your credit card debt efficiently and cost-effectively.
The catch-22 of credit card debt is that even when you pay off little by little each month, the card’s APR constantly charges additional interest on top of the principal debt. Interest charges will run up to hundreds dollars a month if your debt is in the thousands; see for yourself with the Debt Repayment Calculator. Paying off credit card debt can feel like trying to run a marathon, sprinting 3 steps forward and falling 1 step back.
June 24th, 2010
What is a thin file?
In the world of credit, thin is not a good thing. If you have a “thin file”, it means you have a limited or brief credit history or not enough credit accounts to generate a credit score.
Consumers with thin files often cannot pull their credit score or credit report, which also means that most lenders, issuers, and banks will reject thin file applications because they are unable to see the consumer’s credit report. Consumers with thin files are seen as credit risky and inexperienced with managing credit because they have a limited credit history.
If you face similar financial challenges because of your thin file, don’t give up just yet. Fattening up your thin file requires establishing credit and maintaining proper credit habits to build healthy credit. Here’s how to put some meat on your skinny credit:
June 23rd, 2010
Want MORE Cash Back? One Company Is Listening…
While credit card perks are getting slashed and debit cards and checking accounts face looming fees, the start-up Perk Street Financial will soon be offering the irresistible upgrade to double their debit card’s cash back program to 2% cash back on every dollar of debit card purchases the cardholder signs for. If you’re looking for a great rewards debit card, you might have found it.
June 23rd, 2010
Wednesday Trends in Credit Cards & Debt
Consumers won’t be the only ones protected by the sweeping Wall Street reform bill currently making its way through Congress. The final version will include a provision to crack down on so-called “swipe fees”, the interchange fees that networks like Visa and MasterCard charge to retailers for every payment they process, reports CNN Money.
Interchange feees typically cost 1-3% of each debit or credit card transaction, which adds up to billions of dollars that huge networks like Visa and MasterCard make off of small businesses around the country. The new bill, set to hit Obama’s desk by July 4th, will give the Federal Reserve authority to cap swipe fees on debit cards and require that the fees be “reasonable and proportional to the actual cost incurred”.
More credit card news is just ahead on the rest of this roundup, along with debt reduction help for every consumer out there.
