Credit Card

About Credit Card Debts

Mar 9th

Posted by Financial Advisor in Credit Card Debt

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If you are suffering from Credit Card Debts you are not alone. Thousands of UK consumers are currently in debt management plans and thousands more are looking for similar assistance. In the UK the main forms of debt recovery for Credit Card Debts are debt management plans and IVA’s. Both have similar attributes but both are still quite different. Below we have given a breakdown of each of these debt recovery tools.

Debt Management plans: A debt management plans is a handled by debt professionals who look to consolidate all your monthly outgoings into one affordable monthly repayment. They do this by taking control of your debts and approaching lenders directly to renegotiate better repayment terms on your behalf. These debt programmes are hugely beneficial for consumers who have difficulty in rescheduling their debt as the debt management company will do this on your behalf. Once a debt management company is appointed the will first seek a reduction in the total level of debt. They will do this by making revised repayment proposals to the lenders with whom the consumer has the debt. They will then look to freeze interest charges so that the level of debt doesn’t increase on the principal. Then finally they will look to fix a revised and affordable monthly repayment which will be divided up amongst the creditors in the plan. This form of solution is mostly geared towards individuals with debts under £15,000 and may be ideally suited to anyone with mounting Credit Card Debts. Benefits of this plan include One affordable monthly repayment, frozen interest charges and the possibility of a reduction to the overall level of debt. The Drawback of this solution is that it is not a legally binding arrangement reached amongst creditors and borrower.

IVA: IVA is an abbreviation of the term Individual Voluntary Arrangement. This form of debt recovery is similar to a debt management plan however it is geared towards consumers with levels of debt over £15,000. This recovery method acts just like a debt management plan however it can potentially write off up to 75% of the debt accumulated and once activated becomes legally binding on all parties concerned. An IVA May be suitable for your Credit Card Debts. An IVA is usually administered for 60 months and once approved will prevent all threats of legal proceedings from lenders. It will also freeze interest charges and provide the consumer with one affordable monthly repayment which is equally divided out amongst the creditors in the arrangement. Negative effects of this plan include that it may affect your credit rating. Once you contact us we will review your situation in detail, offer professional free advice and provide a no obligation review to find the best debt solution for you.

If you are suffering with Credit Card Debts we can help.

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Pay Off Credit Card Debt Quick

Mar 7th

Posted by Financial Advisor in Credit Card

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Charge cards have become a vital piece of the average American life. Unfortunately most people don’t completely understand charge card accounts and because of this, many Americans have an abundance of charge card debt that they do not know how to reduce.

There are many of factors in paying down charge card accounts. First off, before anyone can begin paying down charge card debt, you will need to understand 3 key points which I will outline and explain for you:

1. What credit cards were created for – I think that it is very important that I explain this because in the process of paying off charge card accounts, you will most likely still be utilizing them for purchases. When paying off a credit card while using you will need to utilize it properly. Credit cards were created for convenience and safety. They were not created as a financial crutch. Credit cards should only be utilized for purchases that you can pay off at the end of the month in cash. Over utilization of credit cards is the number one reason for financial instability in the United States.

2. How credit card interest works – There is something on your credit card statement that you will find called your daily compound interest rate. This is usually a small number such as .0428% that really doesn’t seem like much but you will see shortly how this can affect you. Write this number down so that you can follow a simple exercise and find out how much money you are being charged and why it is so hard to pay off your account. What I want you to do next is take this number and multiply it by your balance. For example, if you owe $10,000.00 you multiply that by your daily compound rate of .0428% so your formula would be $10,000.00 X .000428 = your daily interest in this case it would be $4.28. The worst part about this is that you are not only paying $4.28 interest after 30 days because tomorrow we would do the same calculation but now it’s $10,004.28 X .000428 = the second day interest in this case $4.29. As the month goes by the daily interest grows along with your balance. This means you are not only paying interest on your balance, you’re paying interest on your interest.

3. How to find help – First off I want to let you know do not seek help from a debt settlement or debt consolidation company. These programs harm your credit score. There are ways to get rid of debt fairly quickly without harming your credit report. One of the best companies for credit card debt help is Jem Credit Cards you can visit them at www.JemCreditCards.com or call (561) 355-0069 they will give you a great deal of free information depending on your current situation.

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Items You Should In Case You Utilize To Get A Student Credit Card

Mar 7th

Posted by Financial Advisor in Credit Card

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One of many the majority of crucial stuff a student who desires a credit score greeting card have to do is often a fiscal assessment of his/her recent predicament, exploration the net along with the books, evaluate which one particular has additional rants in comparison with raves and query all of the folks to get needed testing this credit score greeting card application. It is quite significant that the student understands every thing that he/she is having into prior to the precise request.

It is no enjoyable in any way applying for the greeting card and simply just currently being rejected after or twice. That may be why university credit score cards have been invented, to guide tiny earners like you due to the fact you happen to be nevertheless inside higher education. However do not get worried what you must keep in mind should be to create a great credit ratings greeting card historical past. Given that you will be commencing you simply should be a wait just a little. Recall patience is often a virtue.

The following are specific stuff you must try to remember:

- Should you have your personal location immediately, bear in mind one particular factor. Fork out YOUR Costs Promptly. Which will certainly place a star within your possible being a fantastic credit score greeting card proprietor. Organizations will watch that and you also may simply be shocked through the variety of businesses needing you as their particular consumer. They are going to swarm for you like bees to honey.

- Credit score cards can deceive us to considering of wealth we never truly have. Stay away from employing the greeting card unnecessarily.

- Use this greeting card to set an A plus on your own credit score track record.

- Create a smaller fiscal prepare for your self. Prepare what you is going to be paying and program precisely how you might find a way to cover for it.

- Assess your self and recognize and precisely how a lot you possibly can seriously afford.

- Will not above invest. You’ll merely kill your credit history track record.

- Use your greeting card routinely; do not allow it to be appear to be it’s got not been utilized.

- Beware of costs. Specifically late costs credited to the inability to cover along at the credited date.

- For various credit rating greeting card organizations student cards have no annual costs. Make sure to grab that.

- Can support purchase tuition costs.

- If at anytime you transfer addresses instantly notify your credit rating greeting card business so the charges will nonetheless have the ability to acquire for you along at the suitable time.

- Low interest prices

- Not merely is this credit score greeting card useful it’s lots of offers trapped by working with it. (Like tickets to determine MTV exhibits).

Not each and every one very good stuff are meant to suit your needs. Issues as essential as your track record should be acted upon responsibly. Should you have a knack for wasting considerably or you’re by now termed since the impulse purchaser you may desire to give this a 2nd believed. This may only entice you to definitely devote possibly far more. False wealth is for no reason an excellent choice.

Getting poor credit ratings will result in you possibly a lot more worries sooner or later since it will reflect on your own credit score track record. Not simply will you may have complications by working with debt, you may also get rid of an opportunity for residence school loans, payday personal products and auto school loans.

Above almost all this, recognize your rights with the Fair Billing Behave for Customers.

- If an individual stole your greeting card and was utilised, you won’t be legally accountable for what occurred. Simply bear in mind to quickly record this suffer greeting card.

- If a specific great or support was ordered nevertheless was not received, what by chance was charged as part of your bill will probably be cancelled.

- If somebody employed your account with no your authority you might also allow this be cancelled within your account.

- If you will find any errors inside your billing

Regardless of exactly how young you perhaps it isn’t an alibi to work like a kid. Work conscientiously and maturely, understand what will pull you down and what will provide you up. Credit history information are trapped for a title for any extended time period. You shouldn’t place any blemish inside it. Should you unluckily did attempt your greatest to possess it eliminated within your identify.

Great credit ratings data will help you and permit you to get provided school loans to your home, car and payday fiscal loans. Beginning along with your student greeting card and retaining it blemish cost-free will provide you with additional odds to work with those personal products in the time you will require them. Isn’t that neat? Clean file and far better likelihood of online loans inside long term. Cool.

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What To Look For In The Terms And Conditions Of A Charge Card Application.

Mar 6th

Posted by Financial Advisor in Credit Card

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Not all credit card accounts are designed the same. While they may all be used to access credit when in need of money quick, there are those that actually put cash back in your pockets as well.

When it comes to finally making that decision to get a charges card account, you have to ensure that it is one that will work for you. As anxious as you may be to sign on the dotted line on the credit card application so you can access your line of credit right away, there are a few things that cardholders should examine carefully first. First and foremost, always read the fine print of your charges card application agreement, no matter how tedious it might seem. Reading the fine print, effectively the terms and conditions of the credit card account agreement, will help you understand all of the potential financial pitfalls and traps that might beset you as a cardholder.

Interest Rates

The interest rate on the credit card account you are applying for should be the first thing you look at when you selecting your card. The annual percentage rate (APR), as it is commonly called, can be fixed or it can be variable. A variable rate means that the bank has the right to adjust your interest rate whenever it wants. And, they do not have to provide you with notice ahead of time. If this is not what you want, you may be better off going with a card with a fixed APR. While the bank can still change your interest rate, it must provide you with at least 15 days notice beforehand.

There are also some credit card account companies that offer a no-interest rate introductory offer typically lasting anywhere from the first six to the first 12 months. These special introductory interest rates will vary from card to card on what card transactions will actually qualify for the introductory 0% APR. Sometimes the card offer will apply the introductory rate to cash advances as well, but not often so be aware. Most of the time, these intro rates are applicable on balance transfers and sometimes on purchases as well, but they are not typically offered on cash advances. As a result, you may find yourself paying out a higher interest rate if you take cash advances. So, be sure to read the fine print and find out which card transactions that the introductory rate will actually apply to before signing the application for the card.

Rewards

For the penny-pinchers amongst us, a credit card account with rewards and rebates is another reason to apply for a credit card. This type of credit card account allows the cardholder to redeem points for frequent flyer miles with his or her chosen airline, which are earned by making purchases. In fact, accumulated points can sometimes reward the cardholder with the full airline ticket. Or, the points may earn cold, hard cash or other rewards.

Repayment

The repayment stipulation is another important factor to consider before applying for a credit card account. You need to know the date by which you will have to repay your charges card account’s minimum monthly fees. Since charges cards are billed in varied pay cycles, it is usually best to choose a cycle that coincides with your payday or when you think that money would be available. This way, you are guaranteed to be able to make your payments on time. Some card issuers will allow you to select your payment due date at the time of application and will even allow you to change it after you begin using it.

Convenience

Online banks may beckon you to apply for a credit card and boast that you can gain access to your credit line in less than three days once it is approved. This may sound great, and it can be if you are in need of cash in a hurry, but you need to be cautious when selecting a card online. Make sure you are not selecting a card purely on an impulse. In addition, be aware that you are giving the bank permission to perform a credit check as soon as you complete the online application and click the submit button.

Simply put, the credit card company will need to check your credit history. After all, they need to have a good idea of your financial history in order to determine if you should get a card or not. But make sure to only apply for one card. Just because it is easy to apply online, it doesn’t mean you should apply for many different charges card accounts. If you do, all of the application inquiries will be carefully notated on your credit report. Having too many inquiries within a certain period of time increases your perceived credit risk with lenders and banking institutions and might cause card issuers to deny your card application, negatively impacting your credit rating yet again.

The credit card account’s terms and conditions should be the very basis of your decision to apply for any card. Above all, take the time to read them very carefully. If you don’t understand what is written on the bank’s charges card policy, get a financial adviser to help you. Let him or her look over the document and simplify it for you so you understand completely before you make a decision to move forward with the application. Try to avoid getting financial advice on this matter from an adviser that works for the bank that would issue you the credit card.

Banks are making it easier for people to apply for a credit card. They send flyers in the mail to entice you to apply and they offer special promotions online at their websites, all of which contains a great deal of fine print on the card application. By reading the terms and conditions of the card application and all of the fine print on the application, you can avoid any nasty financial surprises in the future.

If you need help finding the best credit card or you need credit card debt help go to www.JemCreditCards.com for more information.

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Should You Decide To Utalize Major Lending Institution Charge Cards Above Credit Union Charge Cards

Mar 6th

Posted by Financial Advisor in Credit Card

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Have you been looking over the credit card news lately? A lot of things are getting ugly out there for credit card holders and financial institutions alike. If you have a credit card in the bottom of your pocket, you’ve probably watched your interest rates blow up and your credit line plumett. This is true even if you’ve made all of your payments on time and never maxed out your credit line. On the other side of the coin, credit card companies have posted record losses, and some major retailers have even had to give up on their unprofitable credit card endeavors.

What does all of this mean for us? Two things are certain: Real credit card reform won’t come along until mid-2010, and while you wait, you’d better make your credit card payments on time, every billing period, or risk going into default.

It probably seems a bit draconian to send a card holder into default if they’re only a few days or even minutes late making their payment, but credit card companies have the right to do this – at least for now. And sky-high default interest rates will keep you from making any headway on your card outstanding balance. If you find yourself in default, what can you do?

Take your business to a credit union. They work under a different (some would say more consumer-friendly) set of rules. Here are a few of the differences between a credit union credit card and a regular large financial institution-issued card.

The Availability of Credit

The rules of lending are harsher than ever, thanks to the current credit crunch. Understandably, banks have become more picky about what type of borrower they’ll hand out credit to. By contrast, many credit unions are willing to issue credit cards to members with low credit scores.

The Interest Rates

Credit cards from federally chartered credit unions mostly have lower base interest rates than cards issued by large lenders. They’re also limited to a maximum interest rate usually around 16-18%, even if your account goes into default.

The Reasonable Rules of Default

Unfortunately, some credit card issuers have been known to place credit card holders’ accounts into default status after one missed payment. Even if the lost payment was only one or two days late. Credit unions seem more willing to work with their members. Many credit unions will overlook a few late payments before taking any action. Always check with your bank or credit union to learn their policy on default.

In today’s economy, we need all the help we can get. It doesn’t help card holders to be slapped with 29% interest when they’re having trouble making a payment in the first place. If your bank has raised your rates one too many times, take your business to a more forgiving credit union.

However if you still want a charge card from a major financial institution, I would recommend Discover. A good amount of the rules at Discover bank are about the same as credit unions.

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Can You Put Trust Into Credit Card Debt Settlement Companies!

Mar 5th

Posted by Financial Advisor in Credit Card

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Ok, lets say you have $30,000.00 worth of charge card debt. You’ve heard of debt settlement companies that say that they can lower not only your interest rates but they can reduce your outstanding balance on the credit cards. Wow, is this for real they will be able to reduce your balance, really? Well yes and no.

Debt settlement programs are a great thing for a select few types of people. Yes your balance can be paid off at a settled amount but the actual balance on the credit cards is never actually reduced. What really happens when you enroll in a debt settlement program is, you go very late and when the settlement company feels that the creditor is desperate enough they will offer a settlement. It is something you can do on your own with a savings account.

How this works: if you don’t pay your charge card bills, all the creditor can do is sue you and even if they win that doesn’t mean that you will pay them back. Because of this, charge card companies will accept a settlement for a debt that they feel will not be repaid to try to recoop at least a percentage of the losses. This DOES affect your credit score in a negative way and if there is a company that is telling you different they are lying.

Why debt settlement [spin]processes affect your credit in a negative way: Well, what happens is, the debt settlement institution will calculate all of your debt, lets say that you have $30,000.00 in charge card debt. They will use this number and multiply it by the normal settled amount for that state, for this example I am going to use 50%. They tell you that you will be able to pay off the balance with a total of $15,000.00 and they explain to you that you won’t be paying any interest in the process. Well, this is the case, you will not be PAYING interest but it will be accumulating on your account along with late fees and other charges. They then tell you that your monthly payment will be $497 for 36 months which is a lot less than you are used to paying and it makes you happy. However, hidden in that $497 per month there is a monthly fee of $81.00 which after the 36 months builds to a total of $2916.00. Once you agree to the terms, the settlement institution sets up payments directly to them and does not pay the creditors instead, they put this money into a savings account and when you accumulate enough funds they then offer the settlement payment to the lenders. This is something you can do on your own. Please however, do not do this if you have good credit because it will put a huge scar on your credit report!

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Use Your 0 Interest Credit Cards

Mar 5th

Posted by Financial Advisor in Credit Card

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One of the biggest downfalls of using credit cards to make purchases is the interest rate. If you carry a balance from month to month on your card, you can expect to pay more for your purchases than if you paid cash. But some credit cards offer phases where you don’t have to pay interest at all. What does 0% APR actually mean, and when can it come in handy?

0% APR means that there will be no interest charges applied to purchases during a 0% time period. These periods can vary in length, but competition has urged most card issuers to offer a year of 0% interest. If you know that you are bale to pay off your balance within that time period, 0% APR credit cards can be a great thing for you. If you’re not so sure, watch out; interest rates are raising, and you’ll get hit with them once your promotional period ends.

So when is it a good idea to apply for a 0% interest card?

If you’ve got a situation where you’ll be making a good deal of one-time purchases, a 0% APR credit card can really make life easier. Consider moving expenses. You’ll need to hire movers, pay a deposit or rent at your new address, and probably make deposits on utilities. If you’re replacing some furniture and other items, add on a few extra expenses. Instead of using a regular credit card to pay off those purchases plus interest, think about opening a 0% interest credit card. That way, you’ll have up to a year to pay off the purchase price without paying extra. You can always cancel the card once the balance is paid off.

Holidays are also good times to indulge in some guilt-free shopping. Use a 0% interest credit card to pay for gifts for your friends and family and entertaining expenses. As long as you can pay off the balance before the holiday rolls around again, you’ll have saved a good amount of money on interest.

Emergencies happen, and it’s like adding insult to injury (sometimes literally) to have to pay interest on medical bills and car repairs. If you’ve been hit with big expenses like these, you might want to get a 0% interest card and use it to pay. Another alternative is to transfer your existing balance from other cards to the 0% card. But watch out for balance transfer fees. You want to make sure that you’re actually saving money by transferring your balance.

When shopping for a 0%APR card, be sure to do your homework. Some cards have hefty fees for enrollment, or even monthly membership fees. You don’t want charges like that to minimize the money you’ll save with 0%APR. There are plenty of good cards out there. Some card issuers even extend special 0% offers to their loyal customers. Check with your bank and your card company to see if they have a deal that’s right for you.

Looking for a good credit card JemCreditCards.com has various no interest credit cards.

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The Government Helped Fuel Our Charge Card Issues

Mar 5th

Posted by Financial Advisor in Credit Card Consolidation

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A few months ago when President Obama signed legislation putting new restrictions on charge card account companies, the press hailed the bill as “long overdue” and a “relief” for most consumers. At the worst, stories suggested, the new legislation might pinch some credit-worthy customers whose perks, like rewards programs, would disappear as the new regulations cut fees, and industry profits declined.

What the press coverage reflected was both bad economics and a lack of understanding about how the credit card account market evolved in the U.S. That’s troubling because when the real impact of this legislation—which will reduce credit for many lower-income and riskier borrowers—becomes apparent, I suspect that Washington will respond with more market meddling that will have many of us subsidizing credit for those who can no longer get it.

There are many reasons why America went from a nation of savers to outstanding debtors, why our personal savings rate dipped from a post-World War II average of about 10 percent in the late 1940s to under one percent annually from 2005 to 2007. But one reason certainly was a policy which emerged in the Great Depression and took hold in the post-war era that expanding access to consumer credit would energize our economy and spread the American dream to more households.

Although installment credit had gained a certain amount of respectability in the U.S. beginning in the late 19th century, starting in the 1930s the government came to see consumer credit as a tool it could use to manage and grow the economy. In that era, “the federal government regarded installment credit as a viable way of expanding mass purchasing power as well as–at times–a regulatory tool in Keynesian efforts of macroeconomic management,” wrote the economic historian Jan Logemann in a 2008 article in the Journal of Social History on credit in America.

The National Housing Act provided loans for home modernization, while the Electric Home and Farm Authority, a New Deal agency, “promoted the purchase of electric household durables on installment credit.” Then in the post-war era, the Federal Housing Administration and the Veterans Administration, building on legislative changes to the home mortgage market instituted during the 1930s, sparked a housing boom with low-cost mortgages, and as mass home ownership grew in the 1950s, so did installment credit as a way that Americans could fill up those homes quickly with appliances and furniture.

True, terms were quite different back then. Although Diners Club started offering a charge card to well-heeled Americans in 1949, by the late 1950s, when financial institutions started pitching cards to middle-income households, the average credit limit was still only $300, or a mere $2,200 in today’s dollars. A preferred customer could get as much as $500 in credit—only $3,600 today.
credit card account outstanding debt exploded followed the loosening of underwriting standards in the mortgage industry, and that was no coincidence. Starting in the mid-1970s, advocacy groups and some politicians began complaining that banks were refusing to make mortgages in some lower income neighborhoods, sparking a 20-year effort to loosen underwriting criteria and expand lending, which resulted in a more benign view of current debt in general.

In that era banks found that they could satisfy complaints about lending practices registered against them under the Community Reinvestment Act by promising to issue more credit card accounts in low-income areas. Under pressure, banks also started allowing low income borrowers applying for a mortgage who did not have money for a down payment to borrow the cash via advances on their charge card account—even though historically such lending led to greater mortgage defaults. Pushed by regulators like the Federal Reserve Bank of Boston, mortgage lenders also raised their current debt ratio, that is, the ratio of income to total current debt for low-income mortgage borrowers, in the process allowing a mortgage applicant to carry more credit card account current debt and still get a mortgage. From an industry average of about 33 percent, the current debt to income ratio soared to as high as 50 percent in some special lending programs.

Over time lenders naturally applied these standards, relentlessly championed as ‘safe’ by government regulators and advocacy groups, to most borrowers, not just those in low income neighborhoods, thus sanctioning the rise in current debt in America. As mortgage lending grew, so too did credit card account outstanding debt. Inflation-adjusted total U.S. consumer outstanding debt rose nearly three-fold to $2.56 trillion from 1980 through 2008. Of course, the charge card account companies extracted a price for this additional outstanding debt–since much of it was going to Americans with risky credit ratings—in the form of higher interest charges and penalties. By 2008, according to a survey of the National Foundation for Credit Counseling, 26 percent of Americans said they couldn’t pay all of their bills on time, and one in six households was making only the minimum payments on their credit card account current debt.

The meltdown in the home mortgage market has temporarily reversed these trends. As lenders have reinstated historically safer lending patterns, applicants with high levels of charge card account current debt are finding it harder to get mortgages, and more Americans are paying down their consumer current debt, surveys show. Short on capital, credit card account issuers have also been culling risky borrowers from their ranks, trying to head off future problems. Now, the new legislation, passed in reaction to consumer complaints, will make it even more difficult for card companies to profit off risky borrowers by limiting rate increases on existing customers and penalty fees for certain types of late payments.
If you happen to believe that America has gotten drunk on consumer current debt, then no doubt all of these developments will please you. But I get the feeling politicians have little idea whose credit will take the biggest hit from this legislation, and I wonder what they will do when they find out.

The big losers won’t be Americans with good credit, but those with marginal credit ratings, who will find their credit lines yanked or sharply reduced. When that happens, some of these folks will undoubtedly turn to less respectable forms of lending. Expect business at payday lenders and pawn shops to increase, for instance. Soon after, expect stories in the press about the burden that borrowers who can’t get charge card accounts now face in our society. And soon after that expect to hear new proposals from Washington about How To open up access to credit to more Americans.

That’s when the real burden on credit-worthy customers–who have been called on in the past to subsidize lending to riskier borrowers—will become apparent, I fear.
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Things You Should When Looking For A New Charge Card

Mar 5th

Posted by Financial Advisor in Credit Card

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It’s becoming more and more difficult to get by in our society without a credit card – or at the very least, a debit card with a credit card logo. Travel arrangements, restaurant reservations, online business transactions and making orders by telephone all require the use of a credit card. Here are a bit of things to consider before signing your name to a new credit card application:

Don’t Get a lot of credit Cards – there is hardly ever a good reason for a person to have a wallet filled with a lot of credit cards. Usually, you only need one or two credit cards. Be selective and choose cards that you know will work best for how you use them and pay them back. Too much credit available can lead to bad financial decisions made on a whim, and then unmanageable debts. On top of that a few credit cards can help your credi but too many will hurt it.

Take a Hard Look at Your Spending Habits if You Get A lot of Credit Card Offers – just because you have four credit card offers in your mailbox on a daily basis does not mean you can afford more credit cards. In fact, credit card companies tend to target individuals who are most likely to rack up big balances on high interest rate credit card accounts because they know they’ll make the most interest off you.

Don’t Fall For Teaser or Promotional Rates – many credit cards do their best to attract new customers through teaser or promotional rates. These are typically lower than average interest rates on new purchases or balance transfers that apply for a very limited time – but then once that time is up, the interest rate shoots up usually above 10%. These are also the credit cards that often send your interest rate on a plane if you make a payment late. The permanent interest rate on a credit card is much more important than the temporary promotional offer you get; unless you are using the card to pay off a higher interest account and will have the balance completely paid in full before the promotion ends.

Examine More Than the Interest Rate – while the interest rate on a credit card is an important consideration before obtaining a new credit card, it’s not the only thing that is important. The interest rate actually only matters for people who carry a balance from one month to the next, because if you pay your balance off in full within the stated grace period (typically 20 days), there is no interest charged. Also, when you make a decision for a credit card based solely on the interest rate, you might be very disappointed when the interest rate changes a few months after you get the card or when you notice a $495.00 annual fee. Even “fixed rate” interest cards can adjust their learning the credit cards billing method is a great idea. Will the interest be applied to your purchases from the day you use the card, or is there a grace period? How many days do you have between billing cycles to pay off your balance before interest is applied? Know exactly how long this grace period is because your lender is likely to mail the bill out late in the billing period, giving you just a couple days in which you can get your payment out before it falls outside that grace period.

Understand Late Payment Charges and Penalties – Check the credit card terms carefully to understand how late payment charges and penalties are charged to your account if you should make a payment late. See if a late payment will also result in an interest rate hike. Most credit cards apply the late payments and penalties to the card balance, and therefore you end up paying interest on these if you don’t pay the balance of your card off in full before the end of the billing cycle, as well.

Now that you know what to look for in a great charge card go to JemCreditCards.com and get the best credit card for you! I usually advise Discover charge cards

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The Right Way To Use Balance Transfer Charge Cards

Mar 5th

Posted by Financial Advisor in Credit Card

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If you ever found yourself with a high credit card balance and a interest rate that is outrageous to go along with it, you are not the only one. Most households today have credit card debt totaling well over $10,000. While 0% interest balance transfer credit cards are not as plentiful as in the past, they are still out there. If you can get approved for a balance transfer to a low or 0% interest card, it may be something you want to look into.

To determine whether or not a 0% interest rate credit card is the way to go for you there are a few things to consider. First, understand that in most cases you will need to have a good to excellent credit rating to qualify. If you do not have great credit, this option most likely will not be for you. Also realize that most offers around are for shorter terms than in the past ranging from approximately 6 -12 months. Balance transfer fees are also on the rise and unlike in the past do not have a cap. You can expect to pay transfer fees of about 3-5% of the total amount you are going to transfer.

To decide if a 0% interest balance card is a good option for you simply look over the pros and cons. Determine the amount you would like to transfer and then take a hard look at your finances. If you are positive that you will be able to pay off the balance during the promotional time period, then you should take the next step. Organize all of your current credit card bills and get ready to determine which 0% interest credit card is right for you.

It will now be important for you to do some home work. You will want to carefully compare offers between several different credit card companies. Be sure to read the fine print to determine fees, percentage rates and other things that could potentially cost you money. There can be a wide range of fees and finance charges and you will want to compare figures to determine where you will get the best deal. Also understand that once the promotional time period is up, if you have not paid off the balance completely, your interest rate will rise considerably usually to somewher between 11.99-18.99%. It is advisable to look at what the rate will go up to after the promotional period and compare that as well. You will need to weed out any cards that seem higher than the average. Other benefits your new card should offer are no annual or application fees.

While you are waiting for approval and the transfer to go through be sure to continue making monthly payments on your other charge cards. Once you have your new card in hand and have transferred the balance, be warned. You will want to make sure that you never miss a payment. You will need to make your monthly payment, at least the minimum, on time every month. If you miss even one payment you can be hit with a no payment fee and because you have breached the credit card agreement the credit card company can choose to raise your interest rate.

Another thing to note is that it is not advisable to use your new credit card to make purchases. Usually the 0% interest rate only applies to the transfer, not to new purchases. Keep your new purchases separate on another card and make sure anything new you charge you can pay off. The last thing you will want to do is start building up new debt as you pay off the old.

If you are interested in finding a balance transfer credit card go to www.JemCreditCards.com. They have the best credit card offers in the business!

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How To Go About Paying Off Credit Card Debt!

Mar 5th

Posted by Financial Advisor in Credit Card Debt

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Hi my name is Joshua Rodriguez, I am the founder of www.JemCreditCards.com.

We as a company believe that charge cards are one piece of financial stability and we feel that every one has a right to learn the art of perfect finances. So, today I am going to explain to you how to pay off credit card debt in the fastest and cheapest way possible.

Before I get into how to pay off Credit card debt, I feel that it is extremely important that you know how credit cards work and why it is that 17.99% apr s truly mean 400% interest. This is because of a little thing you will find in the terms and conditions called the daily compound apr . This is usually a number that is very small such as .0428% which is the equivalent of 17.99% annually. This is calculated by dividing your annual percentage rate by 365 days to create your daily compound annual percentage rate . So if you are paying 17.99% on $5,000.00 today, tomorrow you will be paying 17.99% on $5,002.14 the next day you will be paying 17.99% on $5,004.29. After 10 days you will be paying 17.99% on $5,021.49 so over 10 days you have already accumulated $21.49 in interest. Doesn’t seem like much does it? Here is where the kicker is, studies show that the majority of people who carry credit card debt will pay off only $2,000 every 3 years. So over the course of this time you are accumulating this interest and in most cases you will pay back 400% or greater interest by the time you are done paying off the debt. To break this down in real numbers, this means that on $5,000.00 worth of charge card debt, in most cases the consumer will pay $20,000.00 or more by the time they have paid this debt off. Luckily for those of you reading this article, you are going to pay a lot less by following a few simple but key steps to becoming debt free.

The first step and most crucial step is to gather and sort your credit card bills. You want to take out a note pad and write down a list of your accounts, what the apr s are, and how much money they are asking of you each month for the minimum payment. Once you have all of this written down you need to sort the credit card bills from highest to lowest interest. This will help you decide which of your credit cards you need to start paying down more aggressively first. It will also put things into perspective for you as to how much money you are truly throwing away to charge cards each month and hopefully give you more of a reason to pay these accounts off faster.

What I want you to do next is simple, figure out your budget. Figure out exactly how much money comes in your household monthly after taxes and how much leaves your household monthly for necessary expenses. Once you have done this you should be able to pin point an amount of money that you will be able to send to the charge card companies each month, and in most cases it will be more than the minimum payments that are required. Once you find this number write it down and put it wherever you keep your charge card statements or where ever in your house you write the checks to these credit card companies.

That number that you have found will become what is called your constant payment. See what happens is as you pay down a credit card account, the payment decreases. This is because most charge card payments are calculated at 1% of the balance plus the monthly interest. This means that even if you can only afford the minimum payments now, in 3 to 4 months you will be able to send in more than the minimum payment as long as you stick to your constant payment that we discussed earlier.

Now that you can pay extra, where do you send this extra money and what will it do for you? Well remember earlier we spoke of organizing your charge card bills from highest interest to lowest? This is where that is going to come in handy. Pull that list out and send the extra money to the account with the highest apr . This will allow you to pay this account off at a much more accelerated rate than you had been doing in the past. As the other bills go down, the money that you were sending to those companies that is no longer being asked of you anymore should now be going to the highest interest rate charge card. Soon enough you will be sending double and triple payments to this account, and it will be paid off before you know it.

Once you have the highest apr credit card paid off, don’t stop your constant payment, just move on to applying all that extra money to the next highest interest rate account. This is called the debt stacking method. In a short period of time you will no longer have credit card debt and you can go about living financially free.

If all of this was just too much or you need other financial advise we do have a program for you as well, go to www.JemCreditCards.com to learn more or email us at support@JemCreditCards.com. Also if you are planning on getting a credit card, I advise Discover Credit Cards.

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What You Don’t Know About Credit Card Accounts

Mar 4th

Posted by Financial Advisor in Credit Card

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It may come to thought that chargecard accounts have always been with around, however, charge cards are a very new invention with a rather scary financial history.

In 1958, Bank of America created the first all-purpose credit card by simply ‘dropping’ 60,000 of them on Fresno California, (by mailing them out to people who had not asked for them).

The idea was to give out a new kind of revolving credit line, that when using it anyone could buy whatever they wanted and pay the for it over time. Bank of America hoped to cash in on the post-war consumer frenzy, the race to suburbs, and the desire for new appliances, furniture, and everything else.

The Diner’s Card already existed at the time Bank of America created their first credit cards, but that card was mainly used for food and gas by businessmen, salesmen, and upscale professional persons.

The new, all-purpose card envisioned by Bank of America was thought to be great in theory, but it didn’t really blow up at first. During the 50s and 60s, buying on time had a bit of a bad reputation, so many people weren’t immediately lining up for the all-purpose charge cards.The Depression was fresh in the memories of the older generation, and credit was not something to be used loosely if at all.

Then, in 1966, just as the new credit cards were beginning blow up a bit, an event that has come to be referred to as “The Chicago Debacle” almost buried the entire industry before it got out of training pants. That year, just before the holidays, a group of local banks dropped FIVE MILLION cards on the Chicagoland area, hoping to cash in on holiday charges.

The Chicago drop was so indiscriminate and sloppy that babies, dogs, and dead people got credit card accounts in the mail, and so many were stolen from mailboxes and sold on the black market (the intended recipients got huge bills in January when they didn’t even know they’d been mailed a card) that a Congressional uproar began. Many representatives in Congress called for the credit cards to be outlawed.

The best credit cards Discover card

Instead, the twin overseers VISA and Mastercard came into being to get things under control and create some type of order. They pulled retailers into a national network (thus making the cards easier for consumers to use almost anywhere) and they proceeded to fight fraud and create some basic underwriting standards.

The industry began to stabilize, and the credit cards became much more popular.

However, by 1980 most banks were running into problems with state usury laws (the laws that limit the interest that can be charged on unsecured loans). Double digit inflation was pulling all the profit out of credit cards, which were capped at 12 percent apr while banks were themselves paying rates of up to 20 percent on their own borrowing.

So Citibank approached the state of South Dakota and offered to move its whole credit card operation to there if it would repeal the South Dekota sury law. South Dekota needed jobs, Citibank needed to charge more interest. It seemed to be a match made in heaven. (Or hell.)

Once that lid was blown off, charge cards became extremely profitable. The state of Delaware soon became another mecca for the credit card companies, actively courting them for the jobs. Delaware to this day continues to house a strong industry lobby, a fact that is not altogether wonderful considering their former Senator is now the Vice President.

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Getting The Best Credit Cards For You

Mar 4th

Posted by Financial Advisor in Credit Card

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Hi everyone I own a credit card website and I have found that many people are having a problem finding or getting the best credit card for them. There are many reasons to get credit cards, balance transfers, rewards, building credit, etc. however if you follow this simple guidline I can garuntee that getting one will not be hare for you.

Getting a credit card is a very simple process. The first step is to find out where you stand as far as credit goes. Find out if you have bad, fair, good, or excellent credit. If you have had multiple late payments or any charge offs on your credit report you most likely have bad credit. If you only have 1 credit card and 1 secured loan but you keep them in good standings then you most likely have fair credit. If you have multiple credit cards and 1 or more secured loans that you keep in good standings but only pay the minimum payments or you have used more than 70% of your available credit you most likely have good credit. If you have multiple credit cards but not more than 5 and 1 or more secured loans that you keep in good standings and you constantly pay a good deal more than the minimum payment then you most likely have excellent credit. The next step would be to research the best credit cards that you think would work for you. You can find the best offers at www.JemCreditCards.com. When you are researching you will notice that most sites will recommend certain cards for certain types of credit I strongly recommend you follow these guidelines. Once you have chosen the best credit cards for you go ahead and apply. If you do however get declined go 1 step down in credit if you applied for excellent credit credit cards and got declined, then your next credit card would be in the good credit section. This is very important because you never want more than 5 declined applications showing on your credit report in any given 45 day period. This could damage your credit.

Also, my favorite when it comes to credit cards is Discover cards. Discover Cards usually come with the best balance transfer offers and rewards. Also, Discover credit cards are not one that is known for high interest rates so there is a good chance that after a 0% promotional period you will have a low interest rate.

Finally when applying for a credit card please remember to read the terms and conditions for that credit card. All too many times I have found that people do not read the terms and conditions and get stuck in something they don’t want down the road.

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Should Consumers To Be Able To Put Trust Into Debt Settlement Organizations And How Will It Effect Your Credit Report

Mar 4th

Posted by Financial Advisor in Credit Card

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Understanding terms.
When I talk about debt settlement, I tend to use financial terms that some people may not understand. So, before I get into debt settlement, the dos and don’ts I want to make sure you understand what I am talking about. Here are some terms that I will be using:

1.Charge Off – A charge off is when a credit card company deems the debt noncollectable. Once there is a charge off on your credit report it will stay there to harm your credit for up to 7 years.

2.Negotiated settlement – An amount of money that the creditor has been willing to accept as payment for a debt. This amount will be less than what is actually owed.

These terms are very important when considering debt settlement and I will explain why.

What is debt settlement and how does it work?
Debt settlement is a program that was designed to stop people from having to go into bankruptcy. When a bank deems that a credit card account will not be paid in full, they are willing to collect a negotiated settlement to clear the debt in most cases. It is only after several months of no payments or very minimal payments such as $5.00 that a bank or lending institution will be willing to accept a negotiated settlement.

Once a client is far enough behind on their payments, that client or someone representing that client using a legal power of attorney can call and speak with the collections department at that financial institution to negotiate a settlement. Once the settlement has been negotiated, the client will have a distinct amount of time (usually 45 to 90 days) to pay the settlement in full. If the settlement is not paid in full by the agreed upon date, the negotiated settlement will be voided and the process must begin again.

What can a debt settlement organization truly do for you and how much of what they say can you trust?

Personally, I think that debt settlement companies are out there for good reason. However, I also believe that greed drives the majority of them to do things that they know they should not be doing. Before I get into what debt settlement companies can do for you, I want to make it very clear DEBT SETTLEMENT SHOULD ONLY BE USED AS A LAST RESORT BEFORE BANKRUPTCY! Now that I got that out in the open, I can explain what will happen.

In most cases, when you first speak to a debt settlement representative they are going to ask you many questions such as “how much money do you owe in overall charge card account debt?” and “how many charge cards do you currently carry”. When you give the representative this information, they will do a few calculations and start figuring out how much they will need from you as a monthly minimum payment.

They will then explain the service in most cases leaving all of the bad things out. This is why I am going to explain the service in it’s entirety.
Once you agree to a minimum payment, the debt settlement representative will ask you for a checking account and routing number and explain to you that the payments for the debts will be automatically drafted from your checking account.

In most cases what they don’t tell you that the payments being drafted will not go to the credit card account organizations they will go into a trust fund or some other type of savings account until the settlement is able to be paid in full. This is because they know just as well as I do that if you are making at least your minimum payments, the credit card company will not negotiate a settlement. (by the way YES this does hurt your credit don’t let anyone lie to you and say it wont)
Once there is enough money in the savings account for the settlement, the debt settlement organization will start negotiating a settlement amount with the creditor.

This settled amount will usually be between 30% and 45% of what you actually owe. The creditor is wiling to accept this settlement because by this time, they have not received a payment in months or even years. Once there is an agreed upon negotiated settlement, the debt settlement organization will pay the lender and the debt will be gone.

So what does the debt settlement organization get out of all of this?
The debt settlement organization will charge a monthly fee usually between $50.00 to $100.00 every month until the debt is settled. In most cases it takes about 36 months to settle a debt so, they will be charging you anywhere from $1,800.00 to $3,600.00 for the service just in monthly maintenance fees.

Also, in most cases, the first payment or two will be considered a consultation fee. Because payments will always range, I cannot tell you how much money this will turn out to be, it could be $400.00 or it can be $3,000.00 depending on the amount of debt that you have and the payment that you have agreed upon. Finally, when the debt settlement organization quotes your settlement to you they will usually tell you they can settle the debt for about 60% of what you owe. In most cases, if they are able to negotiate a lower settlement they will keep the difference as another fee.

Debt settlement destroys credit!

What are the dangers of debt settlement?
When you speak to the debt settlement representative, they will in most cases tell you that this program will harm your credit while you are in the program, but once you pay your debts your credit will go back to normal or even get better. While this may be the case in some rare cases, in most cases this is a blatant lie to get the sale! In fact, in most cases debt settlement leads to charge offs on your credit report which can harm your credit for up to 7 years. You will need to pay for everything cash. This is because, while building up the settlement, all of the funds you are saving are not being paid to the lender. The lender is now reporting to your credit that the debt has gone bad and it does not take long before your credit score goes in the dumps. It is very hard to build credit but very easy to destroy it.

Another danger you may want to consider when dealing with debt settlement companies is the fact that it takes so long to actually settle the debt. A great organization could be great today but can go out of business in 2 years. If the debt settlement company that you are working with files bankruptcy you may have just thrown all of your money into a savings account and will never see it again,.

So when is debt settlement truly a good thing for the client?
Debt settlement should be a last resort. Like I stated above, debt settlement is a program that was designed for people who are at the breaking point of bankruptcy. If you are struggling I understand we have all been there, but you can get past it with a proper budget and the struggle will not last for ever. Don’t destroy your credit to make thing easier. Destroying your credit can only make things harder in the long run and you will be jeopardizing your financial stability. There are other things you can do to make things easier it just takes a little bit of brain work.

What are your options?
There are many ways to get out of a tough situation without going to debt settlement organizations for help. Here are a few options for you:

1.Create and stick to a budget – Every household should have a budget, unfortunately most of them don’t. When creating a budget, figure out how much money comes into your home each month and figure out how much money leaves your home each month for necessities. Necessities include loans, food, gas, insurance, ect… Once you have this figured out give yourself an allowance. I know you are not a 12 year old child but still, allowances are always a good thing. Don’t spend any more than your allowance amount on anything that is not necessary.

2.Negotiate with your creditor – Some times it takes nothing more than a simple call to your lending institution to ask for help. I know most people look at lending institutions as an all mighty corporation that doesn’t want to help and will do nothing for you. Although, I would love to say I agree with that, in most cases it is not the truth. Tell the creditor your situation and move forward from there to see what they will do for you.
3.Create a constant payment plan – As you pay charge card bills, the minimum payment goes down incrementally. Never send in anything less than what you are sending in now and watch as the balance drops drastically.

If you need help with all of this, contact me personally I will be more than happy to help you and I won’t charge you thousands to do it!
By phone – (561) 355-0069
By email – Support@jemcreditcards.com
On the web – Go to my credit card debt help website www.JemCreditCards.com


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The Way You Should Utalize Rewards Credit Cards!

Mar 3rd

Posted by Financial Advisor in Credit Card

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Cash back credit cards: do they actually work? The easy answer is yes; the longer answer is that in order to get the most out of them, you’ll have to pay attention to the details. If you can stay on top of your credit card payments, and use the card correctly, you will definitely benefit from a cash back credit card. The key is to look at the fine print. Here are some tips to help you get a good amount of cash back.

Check the Percentage Rates

When cash back cards first began, lenders usually offered customers 1 percent back from the amount they spent. So if you spent $500, it seemed like you would expect to get $5 back. Many cardholders did not understand, however, that the full 1 percent usually did not start until a certain amount of money had been spent on the credit card. Many of these credit cards worked on a tiered basis, meaning that you would not actually receive the entire 1 percent cash back until you had piled a few thousand dollars on to the credit card.

Fast forward to today, and you’ll still find that many credit cards operate on this system. If you sift through the fine print, you can find out the limits involved before applying for the card. You can also check for promotional deals. Some credit cards will give you 5 percent cash back every time you use the card at the grocery store, or for gas, or for online shopping. So make sure you know what you really will be getting back in cash before you sign up.

Look for Fees

Many cash back credit cards will not come with an annual fee. Even so, you’ll want to check to see if there are any extra fees you may need to concider. Some of these credit cards come with a higher interest rate than most credit cards. If this is the case, check to see if you’ll be paying off the balance entirely each month. If you can pay off the balance each month, you’ll greatly benefit from the credit card. If you can’t, you might want to look for a low interest card instead.

Set up a System

Using a cash back credit card works best when you keep track of your purchases, make sure you get the highest percent of cash back possible, and pay off the balance each month. To add one more step to your benefit plan, think about what you want to spend your rewards on. Check each month to see how much money you have accumulated, and plan what you will use those rewards for. Then when you receive a rebate check, you’ll know right where to put it.

For those that can carefully manage a credit card, the cash back system is a great find. It gives you all of the benefits of a regular card, and lets you get a little cash back at the same time. So if you apply for one, think about using the card, and the rewards that come from it, as best as you can. You’ll find that the deal with cash back credit cards is really in the details.

Compare cash back credit cards at JemCreditCards.com your source for only the best credit cards

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