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Which Debt Should You Pay off First?

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Money Saver:  If you’ve racked up a lot of debt on your credit cards, you’re not alone. In fact, of the 90 million households in the United States that own at least one credit card, the average debt totals a whopping $10,691, according to CardTrak.com. Many of these households are only paying the minimum payments on their credit cards too. If that sounds like you, here’s some food for thought: If you carry the average credit card debt of $10,691 and only pay the minimum payments each month, it will take you nearly 33 years to pay off your balance completely. Clearly, the minimum payment method ...

on January 27, 2010 0

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New Credit Card Law

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Best Cards:  Now that President Barack Obama has signed a federal law to protect millions of consumers who rely on credit cards, we're in a new era of managing credit. The new law contains the most far-reaching changes to the credit card industry in decades. What will the credit card law mean for cardholders? The new normal Credit cards will be more transparent and easier to understand for everyday Americans. Credit cards will become more costly for all users, say issuers and industry analysts, and inaccessible for low-income families. Look for the return of routine annual fees, fewe...

on January 20, 2010 0

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Credit Cards for Bad Credit with No Fees

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Cards for Bad Credit:  Credit cards are a necessary part of everyday life since they have become a universally accepted form of payment. Credit cards are also invaluable during emergencies when people need quick access to cash. Of course, there is a danger of exceeding the credit limit and being charged over the limit fees. In general, customers with credit cards inspire confidence since businesses, with whom they are transacting, are assured of receiving a payment for the services rendered. This is because a customer can borrow the money from the credit card issuer in the event of being unable to settle the dues on...

on December 10, 2009 0

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10 things credit card issuers don't say

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Card Insider:  1. "We're just waiting for you to screw up." Many things can bump your credit card interest rate into the red zone, but nothing faster than what's called universal default. You can make all your credit card payments religiously and for a long time, but fall behind on your electric bill and, suddenly, you're a deadbeat -- and will be charged accordingly. Rates can change on short notice, from low and reasonable to up to 35%. Card companies say what they're doing is managing risk. Consumer groups disagree, because many people in universal default aren't deadbeats by any re...

on November 16, 2009 0

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Credit Card Fees: 5 Things You Should Know

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Card Insider:  The debate over interchange fees is heating up as merchants protest against them. Each time you swipe your credit card to pay for coffee or groceries, the merchant pays about 2 percent in fees to the banks and card networks behind the plastic. And merchants aren't too happy about it. They recently accused credit card networks and issuers of unfairly overcharging them. But card companies argue that paying 2 cents on every dollar is a relatively small price to pay for the benefits that come from offering their customers the ability to pay without cash. The debate over these s...

on November 6, 2009 0

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