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7 Basic financial lessons I wish I could have learnt earlier

money lessons during childhood

Beth Kobliner, author of the New York Times bestseller Get a Financial Life, said,

Look at the mortgage crisis and how many families lost their homes — 3.9 million foreclosures. Look at the amount of money — $1.1 trillion—we owe in student loan debt. The amount — $845 billion — we owe in credit card debt. It’s pretty clear that adults don’t know much about money. To help the next generation avoid the mistakes of their elders, and to live financially fit lives, they need to be taught the essentials about money

There are many other financial experts, who admit the same statement that, everyone should get financial lessons at their early age. As per the survey, it’s seen that, those who have less money worries, get financial lessons at their initial stage of life. Even I have no problem to declare the fact that, almost 12 years ago when I first started dealing with finance, I made many mistakes. Of course, that time I didn’t consider them as mistakes. Like my parents, many of you’re still not serious about your child’s financial literacy. As I’ve gone through many financial problems from my college days, I can say, not giving proper money lesson at early age is one of the biggest reason that most of Americans are still struggling with financial crisis.

Here, my article is all about some basic financial lessons I wish I knew at my early age.

1. Make sure you’re following a budget

Creating a budget is not so difficult task. Just pick a pen and a piece of paper and write down the total amount expenditure and income. Subtract the expenditure from your income. Thus, you can get the exact amount of money you can save after all necessary expenses. Try to increase your savings and cut down all unnecessary expenses to save more. If you can follow the budget that you’ve created, you can pay off your debts and contribute into your savings account more.

You can also read – Optimize your dollar: The ABC of pro-budgeting

2. Use cash for every purchase

Try to use cash for every purchase. Thus, you can keep track on your spending and won’t end up splurge a lot. Carrying a certain amount of cash will stop you from buying the next thing which you don’t need. Try to buy things that you need and not that you wish to buy.

3. Reduce the number of credit cards

Do you really need a wallet full of credit cards? Certainly not. Keep the most two credit cards for emergency transactions when you don’t have enough cash. Otherwise, limit your credit card usage to minimum. If you’ve less number of credit cards, automatically the usage will decrease.

4. Earn extra money

You can earn extra money through a number of ways. Sell the garage which is  in good condition but you don’t need. If you love children, then babysitting is a good job to earn extra money. If you have interest in teaching, open a coaching class/tuition class  to earn money.

5. Pay down higher interest debts first

Incase of multiple debts, I’m sure, some of them must have higher interest than the others. You should pay down these debts with higher interest rate first. This is because the more time you keep paying the interest rate the more money you spend in the long run. Thus if you pay off the higher interest debts first, you can save that interest amount in the long run.

6. Adopt some frugal habits

?You can make your own clothes. But if you’re too busy to make clothes then visit local store to get clothes. There’s no point to spend thousand of dollars on designer clothes. Take advantage of craigslist also. Try to make DIY cleaning stuffs to clean your home. You can use lime juice, vinegar and baking powder to clean bathroom, sinks, carpet floor so on.

7. Collect and use coupons

Discount coupons are another great way to save money. There are many websites which allow you to download coupons for free in exchange of your membership in the community. You can also get various discount coupons from magazines. You should cut and collect them and use them whenever you go out for shopping.

Final words

Investing is another big part of your financial lessons. You should read good books and research a lot in order to get the best benefit from your investment. Try to live without a list of debts. Don’t think that your plastics are source of money and debt is normal . Thus, you’ll see how successfully you’re managing your own finance.

By carol on May 26th, 2015

Stolen or safe? 9 Must do steps to repair ID theft


Though I have already covered this subject, but as ID fraud is quite common after tax season, I think this article will be your daily dose. As all of you know, identity theft can be devastating in your life. It can appear in many forms such as credit card fraud, fake credit application, fake use of medicare, tax fraud so on. Moreover, identity theft arise some acute problems that may take long time to solve. So, try to be more careful while handling SSN, credit card details, forms of loan application. However, those who are a victim of identity theft, other than taking action to negotiate creditors you need to take some other important decisions.

How to understand if your identity has been stolen

These are some warning signs to understand whether or not your address has been changed or you have fallen into the identity theft trap:

  • If you are getting credit cards without even applying for those,
  • If you get calls from creditors about payments on items that you have never purchased,
  • If you realise your existing credit card interests have been increased all of a sudden,
  • If you don’t find your credit card bills.

What actions you should take after identity theft

New bank accounts can get opened in your name after this kind of fraud. You need to take some prompt actions to stop further loss. Such as:

  1. Try to find any kind of unauthorized withdrawal on your credit report,
  2. Check any new accounts reported onto your credit report,
  3. Inform the creditors as soon as possible ( within 2 days),
  4. Ask the creditors to lock the accounts and to change all privacy details,
  5. Request your creditor to to close down your stolen accounts,
  6. Inform the local police and file a complaint,
  7. You need to file another complaint with the Federal Trade Commission,
  8. You should place a fraud alert on all of the credit reports,
  9. Try to review your credit reports on a regular basis.

Final words

You can also file your identity theft complaint online. But first of all you need to be very protective and find out some remedies to prevent credit card fraud in future. You need to keep close watch on your credit bills in order to avoid such fraudulent activities. Try not to disclose SSN to anyone including account numbers or other personal information. Don’t trust any phone calls from companies claiming to be collection agencies. Don’t give them your account number or Social Security Number.

By carol on May 21st, 2015

5 FAQs about credit repair scams

credit-repair-scamsAre you having problems in getting approved for new credit? Is your credit is not perfect too. In such a situation, you need to try and repair your credit. In order to do that you’ll have to be aware of credit repair scams as well.

1. Why is credit repair vital?

Credit repair is vital for your financial prosperity. You need to maintain good credit to get any forms of new credit, to buy or rent a home and even to get a new job as well. Remember, once you’ll apply for any forms of new credit, the creditor or the lender will check your credit reports to know your credit score. Similarly, when you’ll be applying for a job, the employer may check your credit report. If you’ve good credit score then the employer will give you preference . The better your credit, the better will be your chances. Having good credit score shows that you’ve the ability to handle your finances well.

2. What is credit repair scams?

There are various credit repair agencies or you may seen ads from companies telling that “they can help you repair your credit” or “they are able to turn your bad credit history to fantastic”. Or you can get offers to “fix your credit” in your mailbox. These companies are scams.They rather than helping you in your problem, create problems for you.

3. How can I understand a credit repair scam?

1. If the company force you to pay them before doing any work on behalf of you.
2. If the company ask you not to inform or contact the credit reporting companies directly.
3. If they insist you to mention false data on your applications for loan or credit.
4. If they are unable to explain your legal rights while discussing your matter.
5. If they suggest you to dispute an errors in your report when you’re very much aware that the information is correct.

4. How I can avoid credit repair scams?

1. Ask for the copy for the contract so that you can read it before signing it.

2. Check your contract thoroughly that :

* It has all the details of the name and the address of the company.
* If there is the mentioned amount they are charging for the services,
* Check all the details of the services, date by which they are going to perform the services.
* Read the contract and make sure that you have the ability to cancel the contract within 3 days.

3. Don’t sign a form waiving the rights under CROA, or promises to create a new identity for you with new social security number or federal employer identification number (EIN).

4. Ask for the copy of “Consumer Credit File Rights Under State and Federal Law” that lets you know that you can pull the credit report and can dispute any wrong information on the reports.

5. Can I repair credit on my own?

Yes, you can repair credit on your own. First of all you need to avoid tempting ads that promise to reduce the chances of being a victim of the credit repair scams. If you try to repair your own credit, then you’ll have to pull your credit reports and review on a regular basis. If you find any wrong listings, then dispute these off your credit reports by negotiating with the credit bureaus as early as possible.

Remember, the negative items will stay on your credit reports for 7 years. However, if you can pay off your financial obligations, then you can also take the advantage of PFD and Goodwill letters. The PFD or Pay for Delete is one of the most effective option through which you can get the negative listings or errors removed from your credit reports. All of these steps will help you to build your credit with time as well.

By carol on May 12th, 2015

0 APR credit card : 4 Advantages and disadvantages


The 0% APR credit cards are the ones in which the rate is 0 during the offer period or for a certain period. 0% APR means 0% Annual Percentage Rate on credit card. This relieves most of the people with high interest rates of the credit cards burden. You are not required to pay interest on credit cards at least for some months, it helps you save lots of money on debt payments.

Advantages of 0 APR credit cards

The 0 APR credit cards have various advantages and these are:

1. It saves money

The 0 APR credit cards helps to save money on your debt payments. As the creditor isn’t charging you any interest, you need to pay money only against what you charge the card for. So, it would be best for you to make right usage of the card according to the terms and conditions within the offer period.

2. It helps for lowering the burden

The 0 APR credit cards relieves you from the pressure of dealing with the high credit card payments. With these cards, there’s no required to make high payments against the card.

3. It helps to build better credit

With balance transfer, it becomes easy for you to make the payments. Thus, you’re able to make the payments on a regular basis. 35% of your credit score depends on the payment history. Thus, it helps you to better your credit with time.

4. Balance transfer can be done

You may be able to balance transfer by using the 0 APR credit cards. As you transfer the balance from all of the other credit cards into the 0% credit card, it helps you in getting all of the debts rolled over as a single debt. Thus, it is not only the interest rate, but the number of payment gets reduced too.

Disadvantages of 0 APR credit cards

0% interest card have some disadvantages as well.

1. The APR is valid for a stipulated time period. Remember, once the introductory period over the card will turn back into its regular rate. And the regular rate is not as low as you think. Be always sure about the balance, once you’re approaching toward the end of the introductory period.

2. If you not pay the bills on time the card issuer may stop the introductory period as a penalty of late payment. Also you may get 30% of penalty APR.

3. You should pay a balance transfer fees even if you find out a card with 0% introductory offer. So, you need to calculate to ensure whether or not the card is beneficial for you.

4. Make sure balance transfers are included. You need to understand the terms and conditions thoroughly. There can be hidden charges with the card.


It is advisable to know the terms and conditions before opting 0 APR as different company have different terms. You can see that there are various advantages and disadvantages of the 0% APR credit cards. So, if you are getting any such offers, you need to handle the card in right way to improve your credit, save money on debt payments. Moreover, if you have good credit score, then you may focus on rewards or bonuses as well.

By carol on May 7th, 2015

Eviction: How landlords deal with rogue tenants of payment default


Do you have a tenant who continuously keep on making late payments? Are you getting tired of making several request? There are some ways of dealing with such tenants. You can report late bills to the credit bureaus. You need to have a monthly subscription with the major credit agencies to format reports. To protect credit score your tenant will surely start making payments on time.

Common eviction mistakes a landlord should avoid

Knowing what thing to avoid while evict a bad tenant can make the process hassle free. You should avoid these eviction mistakes in order to get rid of the miserable tenant and the process as well. Read on to know the mistakes a landlord should avoid.

1. Send a proper notice to quit

Most of landlord usually take action against their bad tenants without sending any proper notice. This is one of the major blunder. The proper procedure is, before file for an eviction, landlord should send a notice to quit letter to the tenant. In the notice the landlord should mention the reasons as well. Moreover, a landlord should give the notice far enough in advance. Otherwise the landlord may face difficulty while evicting the tenant.

2. Don’t play any tricky game

Don’t take any attempt of self help eviction to make the tenant’s situation miserable. There are some self help activities a landlord shouldn’t try in order to remove a bad tenants such as :

  • To change the locks on the tenants house to restrict his/her entry to the house.
  • To remove all the assets of the tenant from the house.
  • To turn off all the utilities (hot water, electricity, gas)
  • Any harassment to remove the tenants from the property.

Remember, if you take any action from the list which are mentioned above, then your tenant can file legal action against you. As a potential business man you should follow the rent rule and shouldn’t take any such illegal action to get rid of bad tenants.

3. Try to keep all evident against the tenant

A landlord should keep all the evidence against the tenant. For instance, if you’re trying to evict a tenant for late or non payment, then you should keep the bank statements and other request notice as evidence. On the other hand, if you’re trying to evict the tenant for any damage, then you should provide the evidence of damages as well. Take pictures of the damages and keep them in a safe place.

Procedure for reporting tenant’s non payments to the credit bureaus?

As a owner, you can report a non pay to the major credit bureaus, however you have to take few steps to report a late payment to the credit bureaus.

1. At first, collect the missed payments documents or bills of late payments. Take some photographs of them. Also take snaps of notification letter to the tenant that the debt remains unpaid.

2. After collecting all these proofs, you need to contact a collection agency such as Tenant Collection Services, Landlord Protection Agency to collect the due payment of your behalf. Give the copies of all the documents, SSN of your tenant, name, document of his/her actual debt and the letter of previous collection efforts to the agency.

3. Landlord Protection Agency will work on a contingency basis or a flat fee service. In contingency service the company will charge a percentage of the owed money. And in flat fee service they will charge $16.95 once the debt is collected by them. You need to choose the option according to your suitability. Both agency will report the credit bureaus about your tenants late payments.

Final words

Try to talk directly to your tenants about his/her due payment, debts or results of late payments. Thus, your tenant may pay the bills on time, or may share the reason of late payments or pray for some days more to make the payments. You can also pay a third party credit reporting service company to report the late payments of your tenants instead of filing an eviction against the tenant. If you want to file an eviction, then you need to follow the the specific rules for evicting the tenant. Remember, the eviction rules differs state to state. So, make sure you’re following the specific rule of your state.

By carol on April 28th, 2015

Gas cards: Bad credit holders here’s your chance to get the benefit


With the ever rising gas price, you’ll feel rewarded to fill up the tank at the gas station while saving some money. If you drive your car on a regular basis, then a gas credit card will be the best choice. Because, you can earn points on buying gas and other purchases as well. Gas credit cards are beneficial mainly for its offers such as : rewards points, cash back, gas price discounts, or even special promotional deals. You can get 1% – 5% reward on your gas purchases anywhere. Some gas credit cards also offer discounted rates on your purchase at the gas station.

What are the benefits of a gas credit card?

1. The gas credit cards are just like any other credit cards which can be doubled for your gas purchases.

2. Having gas credit cards is very beneficial for the consumers to save money on gas. Because it serves various type of rebates and rewards for the card holder.

3. You will be able to get rewards whenever you use the card in order to purchase gasoline.

4. Though you need to use these cards strategically at the pump stations so that you are able to save more money on gasoline. For example, if you use these credit cards on a regular basis, it can help you in dealing much easily with the gas prices as you’ll be able to earn different types of cashback offers.

What if you have bad credit ?

If you’ve bad credit, then you need to research well to find a company who will provide gas credit card to the customer who have bad credit score. Generally, opting gas credit card is easy amongst all the other credit card. But you need to follow some tips while applying for the card in order to get the best reward card.

1. You need to have some credit at least to get the approval of.

2. Bad credit cardholder should contact the gas providers directly.

3. Contact ExxonMobil, if you’ve bad credit or may be no credit at all. They are one of the most easiest of the gas companies with whom you can get some credit.

4. If you want to rebuild or it’s your first card to start out the relationship with credit life, then this card will be best option for you.

5. You can also try out some other well known gas providers like Conoco Philips.

Which are the best gas credit cards for bad credit holder?

Even if you’ve bad credit you need a gas credit card. Because, it will save your hard earned money on fuel. Secondly, most of gas credit card don’t charge annual fees. And most importantly, you can easily qualify for a gas credit card instead of a regular credit card. There are many gas credit cards are available which are suitable for a bad credit holder such as : clark credit card, shell “drive for five” card, regular marathon card, Meijer credit card.

Final words

Try to avoid the third parties to get help in getting gas credit cards in spite of the fact that you have bad credit. Read the fine print to know all the terms and conditions applied there. Make sure you’ve the idea about the interest rates, if the rewards are only available at certain gas stations and if you’re allowed to earn credit card rewards points on other non-gas purchases. Moreover, bad credit holder can go for gas store card at initial stage and if you’re a college student, then it apply for student credit card. This one of the best strategy to start with a credit card with low or no credit.

By carol on April 23rd, 2015

6 Useful tips to file your tax returns on time


Since you’re a citizen of United States, you have to file your tax every year. It is quite a necessary factor for every people to pay their tax on time (15th April) and submit their tax returns at the end of a transaction year. For many of us its difficult to understand all the legal terms associated with tax. So, you need to appoint an experienced tax preparer who can guide you to file your tax returns. According to the Federal Govt. estimates 60% of people in States hire preparer to file tax return in a right way. There are so many things to do while filing tax returns. So, here are some tips to file your tax return successfully.

6 Tips on filing tax return

Read on to know the tips that you must know to file your tax return.

1. Find out a potential tax preparer

If you’re new with tax, then you need to find out an experience tax preparer. Because tax return filing process is little more complicated. Ask your close friends or advisor in order to get a referral. Make sure the preparer is experienced and he/she has PTIN (Preparer Tax Identification Number). The fees will depend on your case. Try to fix an appointment with the tax preparer as early as possible. It is very important to file the tax return on time.

2. Arrange your documents

You need to arrange all required documents when you’ll file your tax return. You need to submit all the documents related to your job (if employed) such as total amount of income and the amount of tax that will be deducted from the salary. If you have made any transaction with banks and companies, then you have to collect certain details from all the people who have deducted tax while making a payment to you. You have to even provide them a summary that will consist of information about your earning and expenses.

Make sure you’ve all the documents of any major purchase (property) you’ve made, or have taken out a loan. Incase of large number of transactions, you have to prepare a statement of your sale and purchases. Don’t panic, if you hire a tax preparer, then he/she can make your task easier. The preparer will help you to arrange these documents and calculate the taxable income.

3. Keep ready all personal information ready

Make sure you have all the personal information ready. For instance, if you’re claiming for dependants tax credit, then you should provide the person’s personal information (SSN, address). Apart from these, you need to provide information of rental property, property you sold or bought including dates, the original amount you paid or received while filing for return.

4. Make yourself updated

Try to know if there is any changes in tax law. Don’t just rely on your tax preparer. Search online to get more update on recent years tax law. You can browse to know all the details on tax filing, return or updated low (if any).

5. Ask charity for written acknowledgement

To get itemized deduction on charitable contributions you need to keep all the specific documents ready while filing for tax return. Ask the charity to give a written acknowledgement mentioning the amount or the gift they received from you.

6. File your tax return

The tax preparer will also help you to select the proper income tax return (ITR) form based on the nature of your income. You need to fill out the ITR form and submit it to your income tax officer along with an Acknowledgement form. Your tax preparer will guide you to get a tax return in an XML format. After this, you need to upload the file with a digital signature to complete the process of filing your tax return.

Final words

Make sure you complete all the necessary tasks before the last date. You need to file tax return before 15 April to avoid late filing penalty. Try to choose an experienced and an efficient tax preparer who can make the task smooth and can complete within the stipulated time period. Don’t forget to check his qualification. Try to contact the other existing customer to know whether or not, the preparer is perfect for this job.

By carol on April 14th, 2015

5 factors that strike your credit score


Whether it’s a college education or a job or a house on rent, you should have a good credit score to get approval on your application. So, are you sure all of the factors you’re well known that are vital for making your credit score? If the answer is “no”, here’s my article will help you.

What are the factors that are essential for your credit score?

Have a look at the various factors that influence your credit score.

Factor- 1: Payment history on account (35%)

Making timely bill payment is one of the important factor that decide whether or not you’re a credit worthy person. You should follow the below factors. Such as:

1. Late payments will highly affect your credit score. It can trash your credit score as 35% of your credit score comprises of payment history.

2. If you’re late on your payment, then how many days? Remember,  90 days+ late has a bigger negative effect on your score. You may be charged for high late fees or penalties.

3. If any of your account goes to the collectors, then it will be taken as negative factor.

4. If you have charge offs, debt settlements or bankruptcies, foreclosures, suits, wage attachments, liens or judgments, then you’re not a potential borrower as per the lender’s perspective.

Factor- 2: Length of credit history (15%)

The length of your credit is another major factor that affects your credit score. Try not to close the unpaid credit card accounts to shorten the length of the credit history. It will hurt your score. Try to Pay off the balances before closing your credit card accounts. Remember a long history is good but make sure the balances are paid on time. The factors that matters:

1. From the time you have been using credit.

2. The average age of all your accounts.

Factor- 3 : Amounts owed on your cards (30%)

Next factor that affects your credit score is how much you owe on your cards. You need to charge less than 10% of the credit limit set on your credit card, if you’re trying to max out on your credit score. Some other important factors are:

1. Make sure you’re maintaining the credit limit and you don’t owe a big amount on your credit cards.

2. Remember, lender always want a financially responsible borrower who can pay back the owed money. So, less amount is better than owning a big amount which you’re not able to pay back.

3. Credit scoring software will see how much money you’ve owed on each type of account. For instance, you’re owed money on mortgage, auto loans, credit cards and installment accounts. You need to manage them all at a time to get a good credit score.

Factor- 4 : Types of credit in use (10%)

What are the types of credit that you’re using? You need to have good score with a mixture of revolving credit such as credit card, mortgage loans and car loans. Don’t panic if you don’t have accounts in each of these mentioned accounts. It is one of a small factor of your credit score . So, there is no need to open an account to just boost credit types.

Factor- 5 : New credit taken (10%)

Your FICO score depends on:

1. All the applications that you have recently made.

2. Recent inquiries, the recent applications for new lines of credit, how old is your each inquiry?

3. Remember, inquiries made within a short span of time will not be counted as a single one as per the FICO.

Final words

It is mandatory to have good score so that you can get a loan or a new line of credit at an affordable rate. Try to take into account these points so that you can take the right steps towards your debts and your score.

By carol on April 9th, 2015

Can you ever celebrate Easter frugally?

Some frugal ideas to celebrate the Easter

Meg Favreau, senior editor at Wise Bread, said, “Whether you’re inviting family, friends or neighbors, you’ll get to share the work and cost of cooking while celebrating the holiday with others,” Yes! there’s no such rules, that you should pay a lot to feed your invited guests or to fill your kid’s Easter basket. Apart from these, getting dressed up specially for Easter is a common tradition but you can buy these type of special dresses at consignment shops, thrift stores and even yard sales. You can save a wad of cash on these gently used items.There’s no point to buy those special occasion dresses from an expensive store. So, whatever the plan you’ve made there are always some frugal options which can save your hard earned money while celebrating Easter.

Here are some frugal ideas you can always consider to celebrate this Easter to a new level.

1. Know your priorities

At first you need to be determined in order to be frugal on this Easter. Decide your own way of celebration this Easter in advance. Thus, you can reduce extra costs on other things. Remember, sticking to a plan is very important. For instance, if you’re spending money on potluck to have relaxing time and good foods with friends and family, then you should reduce costs on Easter clothes for everyone. On the other hand, if you’re planning to celebrate the event spiritually with your kids, then you should focus on each and every part of it not on expensive parties. Thus, you can maintain your budget and enjoy the event as well.

2. Plan the menu beforehand

As I’ve already said, planning in advance is the best way to stick to a budget. Plan the Easter menu in advance this year and see it’s effect! Also a pre-planning helps to shop more economically. You can easily reduce extra cost on store items and feed your family and friends their favorite dishes as well. Plan a smart and small menu so that you can get free time to enjoy with the guests.

3. Pick some frugal ideas

Here are some of my favorite frugal tricks:

  • You can make the cooking a family event. Organize a potluck and invite friends. Share all the expenses and duties with each other. Thus, all of you can enjoy the event and savor dishes that everyone brings.
  • You can also organize a barbecue or a picnic with burgers and special Easter salads at your front yard.
  • Another most traditional way to celebrate Easter is egg dying. Don’t waste money on egg dying kits. If you already have some food color in your kitchen then use them to dye eggs with kids. Ask all the kids invited at your home to search the hidden eggs and enjoy the Easter in a traditional way.

4. Reuse items to save money

Take an inventory look in to your store room before buying disposable plates, Easter baskets, plastic fillable eggs, shredded papers and other decoration materials. I’m sure you have already some items at your home. So, try to reuse them and present in a new way with a different look. Make sure all the items, already purchased that can be reuse in next year. You can get reused items at thrift store on cheap.

5. Try some DIY ideas

Try some DIY ideas which includes recipes, decorations, crafts, gifts, treats to celebrate the frugal Easter. Search on Internet to get some easy and quick ideas. For instance, you can make your own bunny shaped treat, Easter pie. Try to use colored marshmallow to add color in your bunny. Make kites at home and fly them with your kids.

6. Save on Easter supplies

Buy Easter supplies (candies, trinkets) from dollar store. Fill the basket with some inexpensive items such as crayons, color book, fruit snacks, graham cracker, bubbles and bubble blowers, sidewalk chalk, jump ropes, balls. Decorate the basket of your own with shrink wrap and tie up with a colorful bow to give festive look. Make sure to reuse the items in next year.

Final words

Eat the eggs after the decoration and Easter fun is over. Try to make devilled egg, egg salad sand witches or eat them up at your office lunch. You can get many other leftover recipes on Internet. Remember, by being some creative you can always keep your holidays inexpensive yet full of fun.

By carol on March 31st, 2015

4 Things you should consider before choosing a new credit card

things to consider brfore choosing credit cards

You must be one of them who are crazy devotee with the idea of using credit cards instead of money while buying anything! There are many people who can’t even think about their life without their plastics. But, don’t forget that, these plastics can easily leave a long list of credit card bills if you use carelessly.

Remember, having credit card debts can lower your score. Fixing credit score is not that easy. So, you need to organize your finances in best possible way first. Moreover, in case you incur credit card debts you need to pay off the outstanding bills which is very hazardous. There are many professional organization available to provide you debt solutions. Remember, they charge a big amount to solve your financial issues.

4 Things a new borrower must consider

If you can be careful before choosing your new credit card, you can avoid such problems as well. Here are some useful guidelines that you should know before opting a card.

1. Be sure about the credit limit

Try to evaluate the exact credit limit that may be sufficient for you. You’re the one who knows better how impulsive shopper you’re. Your credit limit will depend on your personal credit history. It can be any digit ranging from hundred dollars. Try not to create the situation when you’re close to your credit limit as you may pay higher fees when you over-exceed. Asses your credit limit beforehand to become a creditworthy borrower.

2. Be sure about the interest rate of your credit card

While you take out a credit card, you should check the interest rate that appears as the APR or the annual percentage rate. This can either be a variable rate card or a fixed rate card. If you take a fixed rate card, you can be sure about the monthly debt payments but with a variable rate card, the rates may fluctuate with time.

3. Analyse your spending obsession

If you’re a regular shopper and impulsive shopper, you should think twice before getting your credit card. If you love to shop and quite wealthy, then you need to pay attention to the credit limit, and the fees that they may charge you if you cross the credit limit. If you’re the one who pays their balance in full every month, then you need to work on the interest rates. You need to negotiate with the issuer in order to get lower interest rates.

4. Stay away from the late fees and penalties

The credit card issuer have many tricks to suck money from you. One of the most common charges are cash advances, transactions and over the limit charges for exceeding the credit limit. You need to negotiate or bargain with the lender in order to get a credit card with reasonable charges. The late fee penalties should also be taken into consideration by the credit card borrower.


Lastly if you’ve decided to shop a new credit card, then you should take into account the above mentioned factors so that you don’t incur high interest debt in future. You need to investigate the reputation of the credit card companies so that you don’t become a victim of scams as well.

By carol on March 26th, 2015