Exceeding Your Credit Limit

Imagine you had a credit card was a $500 limit, and in the run-up to Christmas, you nearly maxed out your card. Before taking that last shopping trip of the season, you went online to check your balance and saw that you had $19 of available credit. “No matter,” you say to yourself, “I’ll pay the balance in full when I get my Christmas bonus from the office.” The only other charge you made was for a couple of mochachinos at the local coffee house, but two days later you were shocked to learn that you somehow went over your credit limit! Worse yet, your card company hit you with a $29 fee! The Mochachino That Broke the Camel’s Back

This can happen a lot easier than you might expect. In the above example, you may have recently “paid at the pump.” Oftentimes a gas station charges your card only $1 at the point-of-purchase and applies the remainder of the charge to your card later that day (or the next day). Let’s say you had $17 in gas that you forgot about. That would reduce your available credit to $3 ($19 – $17 + $1 for the refunding of the temporary charge). Then when you bought two $2.50 drinks, you pushed your balance to $502, exceeding your credit limit by $2, and receiving a whopping $29 fine. It happens all the time.

The real question should be, “Why do credit card companies let this happen?” After all, couldn’t they just

What to do about Credit Card Debt after the Holidays

Every year, people go out and spend a great deal of money when the holidays come around. Most of the money spent is often in the form of credit from a credit card. Some individuals think they can just declare bankruptcy and they can begin again. It is not that simple any more. Much of the credit card debt that people build up may not be dischargeable any more.

The best thing to do is not to spend that credit if you know you do not have the money to pay it back. If the credit card company can prove that you spent the money when you were reasonably sure you could not pay it back, you will be forced to pay it back and you will not be allowed to use bankruptcy to clear it from your record.

If you have made the mistake of spending too much during the holidays, you might be able to consider credit card consolidation. If you do attempt to use bankruptcy, you should be aware that some of the debt may not be released and you will have to repay that money. The bankruptcy may help with a large amount of the money, but you probably should not use this as your first option.

Every state has different programs that may help you to deal with the credit card debt. With a little research, you may find programs unique to each state that could help you. People should practice restraint

Considering Pre-Paid Credit Cards

Pre-paid credit cards are available from most banks and other financial institutions that offer standard credit cards to consumers. You can also purchase pre-paid cards at some large retailers. Although most consumers prefer to carry standard cards, a pre-paid card might be a valuable addition to your financial portfolio. Like other types of cards, these cards have both advantages and disadvantages.

Advantages of Pre-Paid Cards

This type of card is available to anyone regardless of credit history. This is because instead of the issuer extending credit to you, your purchase amounts are deducted from funds you load onto the card. If you do not have sufficient funds in your card account, the issuer will simply decline the charge request. Because you do not need a good credit score to qualify for a pre-paid card, this can provide you with credit card access even if you have made late payments or other credit mistakes on other accounts in the past.

It prevents you from accumulating debt that you cannot repay. Because you are limited to the amount you have loaded onto the card, you can ensure that your purchases will not put you in jeopardy of default. This can be a significant advantage if you are living on a tight budget and do not want the added expense of credit card payments and interest charges.

A pre-paid card reduces or eliminates the need for carrying cash. If your cash is lost or stolen, you have little recourse to recover your money

The Disadvantages Of Low Interest Rates Credit Cards

When it comes to credit card debts, consolidation is often recommended. If you own multiple credit cards and you have an existing balance with each of your cards, the best way to pay off those balances is really to consolidate. Why is this?

We all know that credit cards have different interest rates and fees. Most charges very high interest rates, particularly credit cards with reward programs. In this case, each time you carry over your balance for the next month, you automatically incur the additional interest charges. Imagine how much more you’ll have to pay if you incurred additional interest rates on all your balances. In this case, credit card consolidation is the answer.

How does credit card consolidation work? By getting a balance transfer credit card, a card holder can pay off his monthly balances with a much lower rate of interest. Some balance transfer even offer zero interest rate which means the card holder no additional interest rate would be added on his account all throughout the zero-interest period.

Low Interest Rate Credit Cards Are Not Always the Best

It is true that balance transfer credit cards are great tools for recovering from credit card debt. Nevertheless, this doesn’t mean that all low interest rate cards give the best deals. Some balance transfer credit cards that offer low interest or zero interest may actually be misleading. Why?

Take note that the low interest or zero interest rate is just offered for a limited time period. Some offer

Credit Reporting And Chattel Mortgages

Your credit report is one of the main considerations that lenders use to determine to approve or decline your mobile home financing. Another factor that effects the approval procedure are your income, savings (retirement accounts and personal savings) and any other assets such as stocks or bonds.

With a weak credit score (under 700), lenders classify you as a higher risk to finance for a manufactured home purchase. Based on your credit score, the lender will bump up your interest rate to offset this risk and realize a higher immediate return on your manufactured home financing in the form of the interest paid.

A higher credit score (above 700) indicates to the lender that 1) you are decreasing likely to default on your home loan, 2) you will be making your manufactured home or mobile home home loan payments on time and 3) they will see a return on their investment in the long run. The higher your credit rating is, the lower the interest rate you will receive from the lender for your manufactured home or mobile home financing.

There are several potential maneuvers to achieve a higher credit score, which will increase you odds for qualification for mobile home loans. Contrary to popular belief, credit card debt negotiation companies and credit counseling services can frequently harm your credit score in the near future, and wreck your potential for new financing. It’s really as simple as making your payment deadlines, sending even slightly more than the minimum payment, and

Open Or Close Ended Mutual Fund Investment Schemes

An ever-growing scheme of mutual funds India calls the necessity to choose the right scheme for oneself. Every scheme has a new strategy related to your investment.

Some people who blindly go ahead with the investment suffer in terms of money when they realize they have chosen a mutual fund investment scheme that did not work for them. It is always imperative to understand and know your scheme before you go ahead with your invest mutual funds. Make sure you research a lot on the company you are planning to invest with and check whether it aligns with your objectives or not.

There are a plenty of schemes in mutual funds India. The major schemes count in open ended schemes, close ended schemes, interval schemes, growth mutual funds, balanced schemes, money market or liquid schemes and tax saving schemes.

Open ended schemes and close ended schemes are the most heard of mutual fund schemes in India. Open ended schemes are for investment in stock market. They are referred to as open-ended schemes as there is no fixed period of maturity. Investors can withdraw anytime they want. If the investor wants to exist from the scheme before the six months, he would have to pay the rate of load.

Open ended mutual funds have their own share of benefits. The time for profit can be booked by the investor. He can ask for his invested money during any emergency. Many open ended schemes offer trigger facility that

Do You need Fast cash with No credit check payday advance

A no credit check payday advance loan offers you access to the needed funds without any trouble. You will not experience difficulties when trying to apply for such a loan. Lenders which offer these financial services will never cause your problems. Remember that here we are talking about some lending companies which are desperately trying to gain more customers. That’s because most people are reticent to borrowing money from bad credit lending companies because they have a wrong conception about the services offered by them.

In reality, the services offered by bad credit lending company can be more than useful for most people who have bad credit. Imagine how it would be to get the needed funds without any trouble. This is what happens in case of people who choose to get a no credit check payday advance loan from such a lending company. Don’t you dare to believe that you will have to repay the loan amount plus an outrageous interest rate! A payday advance loan that does not require a credit check can be obtained very easy and the good news is that this type of financial product does not come with huge extra costs.

What to expect after getting a payday loan

The main purpose of a no credit check payday advance loan is to offer financial relief to the applicant. As you may already noticed, the term -payday- is included in the name of this financial product. Why? Well, that’s because these financial

How to Make a Balance Transfer Credit Card Work for You

Before you apply for any new credit card, it’s a good idea to know exactly what you’re going to use it for and how it fits into your overall money management plan. This goes double for a balance transfer credit card, since it involves moving debts around and potentially getting a discounted or zero interest rate for a limited time.

The catch with balance transfer credit cards is that after a specified number of months (it could be anywhere from a few months to a year or more), the interest rate will kick in and you will pay interest on all the months in which interest was deferred. This means that you can suddenly find yourself in an overwhelming amount of debt. Here is how you can avoid getting into trouble with a balance transfer card.

Don’t put any new debt on the card. When you sign up for a balance transfer card, you will get the contract. Read through it and see what the interest rate is on new debts. Most of these cards only offer reduced or zero interest on the initial balance transfer, not subsequent transfers or everyday payments you make once the card is active. If you use this card for spending, you’ll pay the full – often quite high – interest rate on these debts.

Be aware of the terms for missed payments. Some companies give you more leeway than others, but others will end your promotional period as soon as you

Credit Unions Poised to Give Big Banks a Run for Their Money

The public perception of Wall Street and big banks has never been bleaker. Leonardo DiCaprio’s portrayal of a New York stockbroker as an indulgent, morally compromised, drug-addicted felon in The Wolf of Wall Street is practically a bank personified to many people. To some degree, big banks earned their reputation by increasing fees and providing poor customer service while reporting record profits. For example, in 2011, several banks abandoned plans to charge customers a $5 monthly fee for the privilege of using a debit card after consumer backlash. Banking, like death and taxes, can hardly be avoided, as online merchants and other businesses just won’t accept cash stashed in a mattress, or gold bullion buried in the back yard. Fortunately, credit unions have grown from single-location, behind-the-times hometown banks, to a viable alternative for a mobile, technologically advanced society, without losing their focus on customer service.

Credit unions are not-for-profit financial organizations owned by members. Members elect a Board of Directors through a one-share-one-vote system independent of the amount invested. Membership can be open to employees of particular businesses or a class of businesses, workers in a particular trade, or even anyone living in a particular geographic region. Due to the democratic election process, as well as the membership requirement, it is very likely you will know someone on the board of directors. Accordingly, the focus is on providing a high level of service to their customers without the distraction of having to deliver a profit to investors.

Ann Taylor Credit Card

The use of credit cards is becoming frequent because they are easier to use and provides the customer a chance to buy products, even if they do not have cash on hand. The concept of credit cards has helped the retail industry to grow and has given it a massive boost. Since credit card using customers do not have to pay upfront for the products they are buying they are encouraged to shop more, resulting in more revenue for the retailers. This is the reason why an increasing number of retailers now encourage people to use credit cards for making purchases.

Another reason why credit cards are more suited for shoppers and retailers of the modern age is because most of the shopping is now being done online. Since paying through cash on the internet is not possible, a customer most likely would have to use his/her credit card for making the purchase. Seeing that the online shopper would have to use a credit card for buying the items on sale, the retailers today offer discounts on items that are bought using credit cards to give more of an incentive to the customer to buy more.

The rise in popularity of credit cards has benefitted the luxury clothing industry the most. With people having credit cards in hands, they do not mull over buying an expensive clothing item any more. Women especially are most likely to buy a dress they find likable if they have a credit card