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If you’re like the average person, let me warn you ahead of time about what I’m going to reveal in the next few paragraphs. You may be angry after you finish reading this article about how you’ve been misled in the use of credit card debt.

The American economy is designed to make you work yourself to the point of exhaustion, only to build wealth for those very same companies you work yourself to death for – not for YOU!

The most eye-opening example of this is with consumer debt. For example, if you purchase your home with a conventional mortgage, you’ll pay about THREE TIMES the amount over the life of the loan. Think about it this way. It’s like taking your monthly mortgage payment and tripling it, then sending it off to the bank.

This is how much you will eventually pay back for the privilege of using their money. So you can see how two-thirds of the total amount you’ll pay your mortgage company is primarily INTEREST payments. Interest is pure profit for the mortgage companies and a detriment to your financial well-being.

Ask yourself a serious question – does the Bank deserve to get so much of your hard earned money? Do you think that they are doing such an outstanding job that they should be compensated so well?

This simply means that when you come home from a hard day at work, you’ve just contributed to your bank or mortgage company’s bottom line – not yours. THIS IS YOUR MONEY! I’m sure you’ve work hard to earn it. You’ll most definitely have to pay taxes on it.

For instance, if you think your mortgage payments are out of control --consider credit card debt. If you have an average payment of $5,000 in debt, it will take you over 60 years to pay that debt in full if you make the minimum payments.

I don't know about you, but I wouldn't want to be retired and still making payments on credit cards I charged up in my twenties.

But you know the story, and you've probably heard it a million times -- the rich get richer and the poor get poorer. It’s certainly not fair and I’ll give you an easy way to get out of debt without loans or debt consolidation programs and more importantly, stay out of debt.

When you know how to invest the money you’re currently spending on mortgage payments, car loans, credit card debt and any other type of monthly installment debt, you’ll be pleasantly surprised at how quickly you can become debt-free.

Make a commitment to yourself to find at least 10% of your monthly take home pay to help you get out of debt. Look for ways to cut costs. Go over your cable bill, your cell phone plans, see if it still makes sense to keep your home phone, revisit insurance policies, etc. and see where you can redirect money to help you get out of your debt situation.

Now go and gather up your credit card bills, automobile loans, and any other installment loans you have and total them up. Keep in mind there's a difference between debt and expenses. Expenses are things like utilities, foods and taxes.

After you've come to grand total, look at the monthly payments for each debt. Select the monthly payment that is the smallest amount. Now, you'll add the money you've "found" to help you pay down this debt to zero. Once this debt is paid in full, take the money you were paying on this debt, add it to your second debt, plus the extra money you found and continue to payoff your debt in this manner.

It won't happen overnight, but you didn't get into debt overnight either. Consistency is the name of this game. By faithfully following this method, it will take the average person between 5-7 years to get completely out of debt.

Here are some utile credit card tips for you to see before applying for a credit card. Before applying for a credit card, you should do up one's mind why you desire one, and make certain you can utilize it wisely.

More and more than people utilize plastic as their chief agency of paying for commodity and services. Today our full financial system trusts on credit. Credit cards can assist to do your life that small spot easier- you can utilize it to pay for commodity or services, either over the phone, online or over the counter.

A credit card do it easy to purchase something now and pay for it later. It's much safer to utilize a credit card than to carry around cash. If you lose your credit card, you can inquire your credit card company to call off your card, and no 1 else can utilize it. But if you lose cash, your money is lost.

Credit cards are also convenient. You can utilize them to do hotel, car rental and other reservations. You can purchase points over the phone or online. You can also utilize credit cards for emergencies, like unexpected car repairs, when you don't have got got the cash to cover the expenses.

A credit card allows the cardholder to borrow as much money (up to their credit limit) as they like, when and where they like, without having to get permission from their bank manager.

All credit cards have finance charges for not paying your balance in full each month, but you could salvage a batch of money by shopping around for the credit card that offers you the best terms.

Shop for a card with an interest free clip period that gives you enough clip to pay your measures on time without charging you interest. Credit cards with no interest free time period start charging you fees as soon as you purchase something on your credit card.

Finally, using a credit card gives you a credit history, which assists to get home loans and other credit in the future.

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In today’s human race of financial credit it is of the extreme importance that you have got got got a sound credit rating, or score, as this is the benchmark that all financial establishments utilize to determine whether they volition advance you credit.

Now this word form of credit may be for any number of intents such as as an automobile purchase, a mortgage on a home or even a household holiday, whatever it is that you are looking to derive credit for volition impact a credit worthiness check and so you will see how critical a good credit score is necessary.

Obviously things taken into consideration by the financial establishments when arriving at this credit worthiness evaluation are former loan repayment history and basically anything in your financial history that mightiness give them doubts as to your possible worthiness to refund any credit given.

Obtaining a good credit history is usually something that is acquired automatically over your normal lifetime of using bank accounts and generally paying credit arrangements on time, however if at anytime you have been in the unfortunate place to have defaulted on credit repayments or even had to come up to some arrangement on credit repayments by a forced legal action then this will obviously affect any hereafter possible credit advancements.

One-way you can begin to build, or reconstruct your credit worthiness might be by obtaining a secured or pre-paid debit card. These tin be used exactly the same manner as a traditional credit card however you put cash advancements on the card first, which in consequence goes the bounds on the card you are able to use. These cards are available fairly easily as there are no hazards to the financial lenders and thus gives you all the advantages of a normal credit card without any possibility of placing yourself into a debt situation.

Over clip using this agency of payment while maintaining any other financial committednesses you may have got volition recover your credit score and in clip will lead to you being able to near companies for a traditional credit card, should you wish, plus all other word forms of credit arrangements.

There are a whole assortment of different types of credit cards available which can do choosing the right 1 a very confusing experience. In order to assist you decide, listed below is a utile dislocation of the assorted types of credit cards available.

Standard Credit Cards

Standard credit cards work as you might anticipate - with the cardholder using the card in order to pay for commodity and services up to their agreed credit limit. Repayments are made once every calendar month which must at least screen the agreed minimum repayment. These repayments will cover not only the capital borrowed but also the interest and extraneous charges collectible upon the amount borrowed, usually referred to as annual percentage rate. Standard credit cards should not be confused with debit entry cards where transactions are charged directly to your current account.

Charge Cards

Charge cards work in the same manner as normal credit cards with one difference, the balance of the charge card must be paid off in full every month. Charge cards are most regularly issued to either businesses or to consumers who may have got had a bad credit history in the past. If you have got a poor credit history then a charge card might be offered to you because the full monthly repayments would prevent spiralling debt. Charge cards are also popular with the affluent consumer as this kind of card can offer credit practically without boundaries. It should be noted that if the cardholder makes not pay off their balance once a calendar month as required then they could incur very brawny fines.

Platinum and Gold Credit Cards

Platinum and Gold credit cards are only available to appliers who earn a certain degree of annual income and, accordingly, offer a number of benefits to the cardholder which will change from supplier to provider. Higher credit bounds are usually associated with these types of credit card. If you fall into a higher income bracket and have got a good credit history then you will be able to profit from the advantages that such as a credit card offers.

Store Card

A fluctuation on the credit card, a shop card will allow the cardholder to do purchases with a peculiar retail merchant on a credit account. The cardholder can then effectively purchase merchandises without paying for them until a future date, when it is most convenient for them. You will often be offered price reductions on the commodity that you purchase with a shop credit card but it should be noted that the interest charged on such as cards are usually extremely high. This is an country that you must be certain to look into with prudence if you are considering obtaining; you might happen that the disadvantages outweigh the advantages.

Reward Credit Cards

Reward credit cards, or loyalty cards, operate in a similar manner to charity cards except that the chief receiver of any benefits is the credit cardholder. Incentives may include cash bonuses, points, price reductions and Air Miles. With this type of credit card it is of import that you believe logically about the rewards being offered, and work out exactly how much you will need to pass on your credit card in order to harvest the benefits.

Charity Credit Cards

Charity credit cards offer all the usual benefits of a regular credit card but also donates a peculiar percentage of what you pass to the charity to which it is affiliated. These charity contributions are made at no extra cost to the cardholder and the card allows consumers to assist a good cause simply by disbursement money in the manner they always would. You can obtain credit cards for a whole range of diverse charities as well as arrangements such as as football game baseball clubs or universities.

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What’s the thing that is most outstanding on any credit card ad? Well, it’s the credit card rate (or the APR, as we cognize it). The credit card rate is the most publicised thing in the human race of credit cards. A batch of people just compare the credit card rate of assorted credit cards and just travel for the 1 that is offering the lowest credit card rate (or APR). Credit card rates are, in fact, one of the most of import factors in the choice of a credit card (though not the lone factor). Therefore, a proper apprehension of Credit card rates is even more than necessary.

So, what is a credit card rate or APR? Very simply, credit card rate is the rate of interest that the credit card provider will charge you with on the amount you owe them. The credit card provider will charge you an interest only if you don’t do full payments in time. When you have your credit card bill, it stipulates the full amount you owe the credit card supplier. It also stipulates the minimum payment that you must do (by a peculiar date), in order to avoid incurring a late fee and other inconvenience. You have got the option of making either a full payment or just the minimum payment. If you do a full payment (by the owed date), you are not charged any interest. However, if you make up one's mind to travel with the minimum payment or some amount that is lesser than the full amount, the credit card provider will charge interest based on the credit card rate and the balance amount. This credit card rate is the interest rate that you agreed with them at the clip of applying for the credit card.

The credit card rate or the annual percentage rate, as is obvious, is an annual interest rate. The credit card providers utilize this annual credit card rate to cipher the monthly credit card rate and then they cipher the interest on the balance amount that you owe them. The balance amount here is simply = Full amount – (payment made by you). This interest is added to your balance for the adjacent calendar month (at the clip of adjacent charge cycle). If you again do a partial payment, the new balance is calculated again and the credit card rate (monthly one) applied to it for computation of new interest; and it maintains going on and on until you do the full payment.

That’s how credit card rate Acts in this barbarous circle. Hence, credit card rate is termed as the most of import consideration in choosing a credit card.

You probably don't need me to state you credit cards are easy to get a clasp of; at least, that is so in the United States and UK. How many hebdomads go through without a satin booklet promoting a credit card popping through your missive box? And that's just your mail; the television advertisement budgets for credit card publicity are enormous, with some celebrated human faces often adorning your screen, smiling beautifully as they allure you. How makes anyone defy that promotional onslaught, coupled with the equal pressure, and the "have now, wage later" civilization in which we live? Well, the fact is, few people make resist. If you are credit worthy and have got no credit card, you are something of a rarity.

Credit cards are almost as easy to get as your fruit and vegetables from the local supermarket. The thing is, you can have got a bad credit history, and still get deluged with offers of easy credit. Even if you have got just filed for bankruptcy, you may still get more than offers of credit cards than you cognize what to make with!

Because of the easiness of availability, credit card debt is all too easy to get into. Not just once, but over and over again. Partly it's psychological, as we may not experience like we are disbursement existent money. That is, until the poulet come ups home to roost, and the measure comes. By then, of course, it's too late; you have got a debt for which you are legally responsible. The credit card companies have got glossy marketing sections who cognize we are weak, and that we may easily fall quarry to temptation.

It is often recommended, when trying to set up a good credit report, that it is a good thought to get a credit card, and then utilize it to pass wisely. Experts will counsel us to pay our measures on time, and never to transcend the credit limit. However, when you get you first credit card, cipher really travels to any existent problem to warn you, bluntly, of the pitfalls:

1. It is easy to be lured into disbursement up to the credit card's limit; before you cognize it, that one minute of failing a calendar month have taken you up to the limit.

2. You may have got a low interest rate to get with, but that was an introductory offer; a lure; a bribe; to get your business and your money and allure you more than than and more. Soon, the lasting interest rate will kick in. How makes 20% dad sound? It could be that much. Were you warned how quickly that constructs up? How the monthly interest alone may do it hard for you to pay your monthly repayment every time, on time?

3. Stopping Point on your credit bounds and with high interest charges, you lose a payment and travel over the credit limit. Unknown to you, you are now getting achromatic Marks on your credit report

Unfortunately, when modern times are difficult, over usage of credit cards is far too easy. If you are short of cash for any reason, it is easy to attain for the credit card. But if you happen yourself tempted to utilize it for twenty-four hours to twenty-four hours expenses, then you are on the path to credit card debt problems that volition March your credit report for a long clip to come. That tin affect mortgage applications, car loan applications, and even your desire to travel to a new apartment.

Always bear in head that credit card debt have long term risks. If you have got got this far without a credit card, believe long and hard if you really need to apply for one. It is true that if you utilize credit cards wisely, you can construct a credit history that conveys rewards instead instead of risks. But the enticement is always there. Always retrieve that you are paying the bank for the privilege of having a credit card, and you are paying a high rate. If you believe you may succumb to enticements too often, then be different: salvage as much as you can each month, and then if you hit upon hard times, you have got the option of reaching for the nest egg account instead of the credit card fix. For non-cash convenience, you can utilize a debit entry card rather than credit card.

"Are you kidding me? You really never purchase online?" Asks your friend.

Your friend goes on his chase of the truth unmindful to your
discomfort. In the meantime, you fidget around while trying to happen a graceful manner out of this state of affairs without telling the truth.

You don’t desire to state him that you cannot bargain online not because you are worried about identity theft. You can't lease a car not because you are underage. The restrictions you confront are entirely related to the demands of our credit based society. You simply don't have got a credit card. Your past credit
problems stalk you like a grim domestic dog in chase of a game. There may be a solution: Prepaid Credit Cards.

What are prepaid credit cards?

Prepaid MasterCard cards and/or prepaid Visa cards look exactly like a regular credit card. Neither you and your friends, nor the merchant who accepts MasterCard and Visa will be able to place it as a prepaid credit card.

You obtain these prepaid credit cards by "pre-loading" them, which intends you sedimentation cash into your account up-front, similar to a pre-paid calling card. Then you utilize your prepaid MasterCard or Visa anywhere these cards are accepted.

Prepaid Credit Cards are more than practical than cash for many with
former credit problems since you pay for your purchases before you even purchase anything. This assists you be after your purchases better and avoid urge buying. Prepaid credit cards offer other advantages:

They are easy to get since they make not necessitate stringent credit check or income verification.

They can be purchased online and at many retail stores.

They have got got very short credit card application.

They make not have any interest charges since you are not borrowing money.

They cannot lead into credit problems owed to inability to pay borrowed funds. Again, you are not borrowing money.

Prepaid MasterCard or VISA have got human race broad acceptability virtually any anywhere VISA and MasterCard are accepted.

Don't forget the downside of prepaid credit cards:

They are costly to get with set-up fees of $5-$50.

They are costly to keep - "Loading" fee of $5 or more than every clip you sedimentation money into them.

They necessitates up front cash.

Some prepaid credit cards cannot be used for recurring payments like monthly subscriptions.

After all said and done, prepaid credit cards may be your lone
solution to carry and usage a credit card. With prepaid credit cards you no longer have got to carry your past credit problems like a mark on your forehead. Instead you can attain into your pocket and disengagement that prepaid credit card.

They may be a approval that assists you take care of twenty-four hours to twenty-four hours needs and do personal changes to assist you get on path to a under control attitude toward money and spending. If you make up one's mind to get a prepaid credit card, compare respective offers and choice the 1 that most closely fits your needs and particular circumstances.

Don’t haste it.

And while you travel about your battles with this and other of life’s ups and downs, retrieve Henry Martin Robert Samuel Johnson who said, “Measure yourself by your best moments, not by your worst.”

Secured Credit Card is similar to a prepaid credit card since the finances you are using are actually yours and not the issuer of the credit card. Generally people who apply for secured credit card or prepaid credit card are people with poor credit or unemployed. Prepaid Credit Card disbursement bounds is the amount of money you loaded to the card. There are no interest or finance charges on a prepaid card. With secured credit card, your credit line could be from 50% to 100% of your sedimentation depending on the establishment giving you the secured credit. Therefore the company giving you the secured credit card have zero risk.

Secured credit card can be very good because it gives you an chance to reconstruct your credit history and you are able to do purchases just as if you had an unsecured credit card. Many companies necessitate that you have got a credit card to do purchases, such as as car rental, airline tickets, etc. Guarantee that the company issuing the secured credit, routinely reports customers' payment history to any of the three chief credit bureaus namely Experian, Equifax and Trans Union. This reporting to the credit bureaus will reconstruct your credit history over time.

Closing unneeded accounts and consolidating your measures to do payments more manageable could be an advantage financially. By not applying for too much credit within a short clip period of time is another factor that volition aid in rebuilding your credit rating. Additionally, even though secured credit is like prepaid cards, they make have got certain fees attached. Benefits are similar to that of an unsecured credit card, such as as usually being paid interest on your balance in the bank, using Automated Edward Teller Machines (ATM) to do deposits, withdrawals, and making purchases at participating merchants. Following the above stairway will beef up your credit rating.

Unsecured Credit Cards are issued to people with good to first-class credit rating. Credit evaluations depend on certain criteria, such as as one's ability to refund loans. These criteria include payment history, employment history, and financial stability. Individuals with first-class credit will most likely have a lower interest rate. A major factor in maintaining first-class credit is making your loan payments on clip thus avoiding late fee penalties.

Customers should read the credit understanding to guarantee that they understand their duty to the creditor. Making payments on clip will beef up your credit rating. Unsecured credit cards have numerous advantages such as as low interest rates, high credit limit, business name options, no annual fees, and low APRs on balance transfers up to 12 months. Shutting unneeded accounts and consolidating your measures to do payments more manageable could be an advantage financially. By not applying for too much credit within a short clip period of clip is another factor that volition aid in maintaining a good credit rating.

Rebuilding your credit takes time, patience, and consistency. If you consistently pay your measures on time, you will see an improvement in your credit evaluations over time. There are no quick holes for improving your credit report except for errors or inaccuracies that tin be corrected, hopefully in your favor. Your credit information is maintained by the credit bureaus namely Experience, Equifax, and Trans Union for seven years. Therefore poor credit information will stay on your report for seven years. The good thing is that as negative information vanishes with positive information, this volition definitely reconstruct your credit rating.

Applying for secured credit card can be very good because it gives you an chance to reconstruct your credit history, and you are able to do purchases just as if you had an unsecured credit card. Many companies necessitate that you have got a credit card to do purchases, such as as car rental, airline tickets, etc. Guarantee that the company issuing the secured credit, routinely reports customers' payment history to any of the three chief credit bureaus namely Experience, Equifax and Trans Union. This reporting to the credit bureaus will reconstruct your credit history over time.

Business Credit Card
Business credit cards are very popular for small business proprietors because of the many benefits they offer. Benefits includes 0% Presentation APR on balance transfers, no annual fees, high credit limit, low interest rates, cash rewards, fillip miles, free online account management to choosing card designing etc., Astatine iCreditOnline.com we have got some of the best business credit cards from American Express, Advantage, Chase, Bank One, Bank of America, Discover, Citibank, Household Bank and more, with online credit card approval. Why waste material clip going to a bank when you can get a determination in less than 60 seconds with secure online credit card application. Online Credit Card Approval with Online Credit Card Application is fast and easy!

Student Credit Card

Having a student credit card while still living at home or attending school away from home can be an advantage. It gives the student the chance to set up credit at an early age and to begin asserting their independence. It come ups in convenient in lawsuit of emergency, it is less problem and safer to carry a student credit card than to carry cash. Parents happen student credit cards to be very convenient. They are able to do sedimentations to their children's account while they are away from home. Students should be careful with their credit card gross to avoid identity thief.

If you consistently pay your measures on time, obtaining students credit cards is a good manner to constituted credit evaluation and start edifice a good credit history while in school. Establishing and maintaining a good credit evaluation will do it easy to purchase a car, a home or obtaining a personal loan in the future. For students who are not committed to their financial obligation, getting a student credit card is not a good idea. Run up balances, finding yourself in debt, not able to do monthly payments will destruct your credit rating.

Student's credit cards generally have got high interest rates. At iCreditOnline.com we offer some of the best student credit cards from Chase and Discover with 0% APR introductory rate for 6 months, no annual fees and online account access. Online credit card approval with online credit card application is fast and easy!

Explanation of some of the credit cards we offer:

0% Presentation APR Credit Card or Balance Transfer Credit Card gives you the benefit of using this credit card without making any interest payment on the principal for a declared clip period of time. This credit card is marketed to people with good credit evaluation who desire to transfer balance from a high interest credit card to a 0% presentation APR credit card.

Cash Rewards or Cash Back Credit Card earns a percentage on purchases made. This reward or cash back is credited to your account.

Debit Card takes the topographic point of carrying a checkbook or cash. This card is used like a credit card with certain limitations, such as as not being able to lease a car. Purchase transactions are contingent upon having adequate finances in your checking or nest egg account to cover the purchase. Confirmation of finances necessitates entering your Personal Designation Number (PIN) at a point-of-sale terminal.

Low interest credit card salvages you money. Having a good credit evaluation measure ups you for some of the best low APR credit card offers.

Prepaid Credit Card disbursement bounds is the amount of money you loaded to the card. There are no interest or finance charges on a prepaid card. Therefore the company giving you the prepaid credit card have zero risk. Generally people who apply for prepaid credit card are people with poor credit or unemployed.

Secured Credit Card is secured by the amount of finances you have got in your account. Your credit line could be from 50% to 100% of your sedimentation depending on the establishment giving you the secured credit.

Unsecured Credit Card is issued to people with good to first-class credit rating. Credit evaluations depend on certain criteria, such as as one's ability to refund loans. These criteria include payment history, employment history, and financial stability. Individuals with first-class credit will most likely have a lower interest rate and can have instant online credit card approval. A major factor in maintaining first-class credit is making your loan payments on clip thus avoiding late fee penalties.

Travel Rewards Credit Card benefits may include travel accident insurance, free rental car collision/loss damage insurance, discount on gasoline purchases, frequent circular points or fillip miles towards airline flights, free quarterly and annual account summaries.

Most businesses desire to be able to borrow money when they need it, without the proprietors having to vouch the loans personally. This agency less hazard to the owners. But wanting to get credit for your business and actually getting it can be two different things.

One company recently approached us because over the past two old age they had created a successful business, with over twenty employees. But they couldn’t get a business loan because they hadn’t taken the clip to construct a business credit profile and didn’t cognize where to start.

You may have got seen marketing ballyhoo about how a business credit profile can defeat a bad personal credit file. In most cases, however, it’s of import that small businesses have got both good business credit, as well as solid personal credit on the portion of the owners. This is especially true in the current environment where investors and venture capitalists aren’t handing money out to just anyone who can take a breath and have a business idea! Even established businesses will happen it necessary in some cases to supply the business owner’s personal warrants on some loans or credit cards.

Building business credit is completely different from edifice personal credit, though your personal credit may be linked in some ways. For example, credit reporting giant Experian sells a business credit score that is based on both the hazard of the business and the personal credit of the proprietor of the company.

In addition, you don’t have got the same credit protection laws with business credit that you make with personal credit. So you desire to do certain you begin out on the right foot, or it can be hard to do corrections.

The cardinal to properly establishing business credit is twofold:

1. Set up the proper business construction and take basic stairway to guarantee your business looks “real” and stable to the business credit bureaus. That agency getting the proper occupational licenses, and a phone number that is listed with directory aid in the businesses’ name, among other things. Your business will generally need some word form of corporate construction to effectively construct a business credit rating.

2. Borrow or purchase merchandises and services from companies that volition report your credit history to the major business credit reporting agencies such as as Dunn & Anne Bradstreet and Experian.

Unlike personal credit ratings, where you can have got a small income yet get a top FICO credit score, the best business credit scores are reserved for large stable businesses, those with respective million dollars in sales a twelvemonth and 25–50 or more than employees.

But don’t allow that halt you! By taking a few careful steps, you can begin small and still construct a nice business credit evaluation to get you the borrowing powerfulness your venture needs.

A few warnings:

1. Don’t attempt to “buy” good credit! Some companies will offer to “sell” trade mentions for a large sum of money of money. This is a rake off and if the credit reporting agencies happen out, they will purge those references.

2. Don’t pass large sums of money of money on a shelf corporation from a company that “guarantees” you will be able to utilize it to get loans. More often than not, the company won’t have got the sort of credit evaluation you’ll need to be successful.

3. Don’t attempt to get business credit as a replacement for bad personal credit. If you have got damaged personal credit, work on rebuilding it while you’re edifice business credit.

Entrepreneurs are usually hard-working, originative and willing to get the occupation done. Fortunately, those are the same qualities that volition aid you through the procedure of edifice strong business credit. Get started now! For more than information about edifice business credit, visit www.BusinessCreditSuccess.com

Nearly 20 old age ago I worked for a small consumer advocacy organisation in Washington, DC. Each hebdomad we received pokes full of mail from consumers across the country requesting our listing of credit cards with low interest rates and no annual fees. If you wanted a low interest rate on a credit card back then, you often had to apply to a bank in Land Of Opportunity where interest rates were capped by state law.

Those were the good old days.

Now, interest rates range from zero percent to a high 39 percent. It's tougher to happen (and keep) a good credit card than ever before. That's because there are many new traps that tin hang-up unsuspicious consumers.

At the top of the listing is the "universal default clause" which allows issuers to supervise you credit report and raise your rate if you are late on any measure that appears on your credit report. One major issuer, for example, will tramp a 0 percent rate to 24.99 percent if you steal up!

In fact, true "fixed rates" are rare. Many consumers don't recognize that a "fixed" credit card rate isn't the same as, say, a fixed-rate mortgage. In most states, card issuers can raise the interest rate on a fixed-rate credit card with just 15 days' written notice. The new rate can typically apply to existent balances as well as new purchases.

Fees are also on the rise. Take late fees, for example, twenty old age ago a late fee on a credit card was still fairly unusual, and typically wasn't charged unless you were 15 years late with a payment. Now you often must get your payment to the issuer by a certain hr in the morning time or you'll be charged a late fee of as much as $39. Go over the bounds and you'll not only pay more than interest, but a steep over bounds fee as well.

Foreign travelers are often charged a "currency transition charge" of 1 - 2 percent of the amount of their purchase. As the consequence of a social class action lawsuit, Visa and MasterCard were ordered to supply refunds of those fees in certain circumstances. The problem wasn't that the fees were illegal, but it was determined they weren't properly disclosed. The lawsuit is being appealed.

Here are some determinations from the non-profit-making Consumer Action's annual study of credit cards (www.consumer-action.org):

-- The huge bulk of surveyed cards have got got got significantly higher punishment rates that are triggered by one or two late payments in a time period of six calendar months to a year.

-- One-fifth of surveyed issuers have shifted to tiered late payments, which Consumer Action construes as a delusory manner of charging higher-than-average late fees.

-- The number of cards with $35 late fees have more than than doubled from last year.

-- More than one-half the cards surveyed necessitate cardholders to pay only 2 percent of the monthly balance each calendar month - a distressing tendency that dramatically increases the overall interest paid by cardholders.

-- More than one-third of surveyed establishments will not supply a firm annual percentage rate (APR) until they have screened the applicant's credit history. Instead, they give only a meaningless range of rates before screening, which do comparison shopping hard if not impossible.

Don't get me incorrect - I am not saying that credit card companies should not do money. In fact, easy access to credit have helped combustible our economy, especially when the going gets rough. But many consumers now are literally trapped by high-cost debt with few options. I've spoken to consumers who experience they have got no pick but to register for bankruptcy because their credit card companies all raised their interest rates to between twenty and thirty percent, and they simply cannot manage to pay the balances down. With all the landmines out there for credit card users today, the best strategy is still to pay down debt as quickly as possible and bounds yourself to a couple of cards to avoid problems.

Sometimes, of course, that's easier said than done!

For more than information on ways to construct great personal and business credit, visit www.BusinessCreditSuccess.com.

Julie, a 20 twelvemonth old full clip college student, married Bert, a 24 twelvemonth old medical clerk. On the twenty-four hours she signed their marriage license, her credit report score began to worsen.

Julie knew Bert had been previously married, and though that marriage had lasted only two years, it was long adequate to distribute a bad credit virus onto her and Bert's joint credit report score.

Bert's ex-spouse, Camille, already had delinquent credit before she married Bert. And, she had continued being delinquent during her marriage to Bert and after the divorce. Unbeknown to Bert, Camille's bad credit had passed onto him when he married her, and then passed on to his new bride, Julie.

Why? Because when couples marry, assets; as well as debts, go joint. Unfortunately, divorcement makes not invalidate financial obligations, even if a judge stipulates in a divorcement edict which partner is responsible for re-paying which bills.

But this is just the beginning of Julie and Bert's bad credit horror.

Julie had racked-up respective thousand dollars in student loans. After she married Bert, she dropped out of college and that action initiated the loan repayment period. Like Bert, she also have a full clip job, but it's hard to pay the debt because of other bills.

In the divorcement edict with Camille, Bert retained ownership of the car which still had loan payments due. Camille received all the piece of furniture in the divorcement settlement. Bert and his new bride, Julie, had to purchase new furnishings for their apartment. Additionally, they had spent a batch of money on their wedding ceremony and honeymoon. Together they had a batch of debts to repay, and some measures were being paid late. Their credit score continued to dive.

They got an idea. They would balance transfer Julie's credit card and Bert's credit card to a new credit card that offered 0 interest balance transfers for the first six months. Unfortunately, since their credit score was bad owed to excessive debt-to-income ratio and late payments, they were rejected by the card issuer.

Bert refinanced his car to lower the monthly payment. Since his credit was bad, he had to widen the term (repayment duration) of the loan an further two old age and at a higher interest rate than the original loan, but he was able to get $1,000 in equity. He and Julie used the $1,000 to catch up on their measure payments.

Six calendar months later, now that they had caught up on their payments which also lowered their overall debt-to-income, they reapplied for the 0 presentation balance transfer credit card and were accepted. They transferred their credit cards to the 0 presentation card.

Three calendar months later, they received a missive from the new card issuer that declared their 0 interest time period had been terminated. Why? Because Julie and Bert had mailed an auto loan payment a few years late. The late payment was reported by the auto lender to a credit reporting agency which lowered their credit score. The new card issuer's terms required Bert and Julie to keep (or improve) their credit score by making all payments (not just payments on the card) on time. In improver to terminating the 0 interest period, the issuer also increased their APR rate.

Other than ordering credit reports before marriage, what could Bert and Julie have got got done differently to avoid the bad credit virus?

Before divorcing Camille, Bert should have made certain all debts assigned to her would be repaid, and repaid on time. Obviously, the lone certain manner to have got got done this would have been for Bert to do the payments himself. He could have got got refinanced his auto after divorcing Camille, used the equity to final payment her debts, and then have her repay him. He should have got got got also ensured that all joint accounts with Camille had been closed to forestall further charges.

Julie should have continued her full clip student status; not only to better her career opportunities, but also to detain the student loan repayment requirement.

And there are obvious things Bert and Julie could have done, such as as purchasing used piece of piece of furniture whenever they had available cash instead of charging purchases for new furniture on their credit cards. Additionally, they could have got spent less on their wedding ceremony and honeymoon.

Marriage and joint debts can indeed distribute bad credit like a virus. Don't trust upon a divorcement edict to separate you from bad credit.

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