How to Start Using Credit Cards the Right Way
The Benefits of Credit Cards
Credit cards can be a bit of a slippery slope. Many swear by them, while many others despise them. If you’re in serious credit card debt, stop here and immediately read 6 Take-Action Steps to Get Out of Credit Card Debt. The truth is if you’re a responsible adult, credit cards can actually be very useful for a few reasons:
- Credit cards eliminate the need to carry cash
- Credit cards make your purchases easy to track
- Credit cards can help you raise your credit score
- Credit cards can offer lucrative reward programs
All of those things are possible as long as you insert [the responsible use of] in front of the above sentences. Credit cards can be a great thing, but they can also be your worst enemy. Here are a few of the downfalls…
The Downfalls of Credit Cards
- Credit cards allow you to spend money you don’t have
- Credit cards come with a high percentage rate for revolving balances
- Credit cards make spending money easier, which often leads to overspending
You could just as easily insert [the irresponsible use of] in front of those sentences. The bottom line is this: if you use credit cards responsibly, they can make your life better. If you use credit cards irresponsibly, they can make your life hell.
If you’re not sure whether you should be using credit cards or cash, read this.
How to Raise Your Credit Score
Identity theft is prevalent, so you need to know how to keep from being a victim. Here are 10 things you need to know about identity theft right now. One of the most common ways for people to steal your identity is to steal your wallet. Here’s a guide on what to do if your wallet is stolen.
There are all kinds of credit myths out there (here are 10 busted), but you need to know what’s correct and what’s not. For example, contrary to popular belief, cell phone companies don’t report to credit bureaus, and department stores cards aren’t going to help your credit. You’ve likely heard differently.
If you’re ready to improve your credit score, read this: How to Improve Your Credit Score (No Matter What it is Now)
Finally, learn about the different types of credit checks and use these 5 tricks for managing your credit. You also need to know what affects your credit score and what doesn’t. Here are some answers to a few common questions…
What Affects Your Credit Score?
Most Recent Articles on Credit Cards
An IVA (Individual Voluntary Arrangement) is the route some people take after struggling to make repayments on a substantial amount of debt and requiring outside help.
Americans are in a lot of debt.
Between credit card debt, the rise of student loans, and the ever-in-flux real estate market, it’s harder and harder for people to live without some form of debt.
Exact figures are hard to come by, as credit card debt, also known as “revolving” debt and consumer debt, is measured separately from debt like student loans and mortgages.
That makes sense, as they are very different, but that separation often disappears when financial advice is given.
Few things strike fear into the heart of savvy consumers quite like the words “major purchase.” The phrase immediately fills their minds with images of unending payoff plans, piled-up interest, and hair-trigger late fees. It’s more than enough to scare some people away from buying things that they really need.
Of course, much of this concern is rooted in the incorrect assumption that every major purchase has to go on a credit card. The fact is that there are lots of ways to cover the cost. Here’s a quick list of ideas to keep the major purchase from being a major pain:
Living under the burden of debts is not exactly the life any individual wishes for. Day in and day out you have to toil hard and meet your ends as well as get out of debt. This kind of life can invite severe repercussions financially, physically as well as psychologically. So it is imperative that you might consider a credit counseling firm. In this article, we shall be illustrating the basic definition and purpose of credit counseling as well as put light on the process itself.
There are many different types of wallets in today’s world. We are seeing a move towards less actual physical items, including even an actual wallet, into a digital wallet. Like Apple & Android Pay, as well as, being able to load all your credit & debit cards onto one single card, the wallet is becoming more and more obsolete. However, until then, we can still see many nice leather wallets full of many traditional items, with the addition of newer items as well!
When you apply for a guarantor loan, it isn’t your credit rating that the lender is most interested in: it is that of the person who has agreed to provide the security that the loan will be repaid. That’s because the lender accepts that you may not have a great credit record to start with and so will be basing its decision on the financial history of the guarantor.
The lender will want the guarantor to have a good or possibly excellent track record of managing their finances – always making repayments on time, never going into default, not having county court judgments (CCJs) registered against them and not having taken out too much credit in a short period of time.