Credit Counseling Companies

Recently a friend told me that he took his wife and went to a credit counseling corp in Texas. They had a few hour meeting to see if they could be helped to get their credit in order.

This couple if in their thirties and they have some kids. The husband recently graduated from school and has taken a job that pays rather well for recent graduates. Still with 4 kids money will be very tight. They borrowed a bit more than they should have in school on student loans and credit cards.

Now the find themselves unable to get a home and needing some help. They don’t know hot to budget and were drowning in debt. So the credit counseling corp said they could help. From what I know the credit counseling corp [Read more...]

Dirty Credit Card Secrets and Video

Too small a grace period, or none at all. Historically, credit cards offered a grace period of about 30 days. If you paid your balance in full during that time, you were charged no interest on your purchases. But card companies don’t make money on good customers. As such, the length of many grace periods is starting to wane.

Some credit cards don’t offer a grace period anymore.

Cash advances. Regardless of your terms, you almost never get a grace period for cash advances, which means you begin paying interest on them right away. Adding insult to injury, the interest rates on cash advances are typically higher than the ordinary rate on card purchases.

You may be tempted to put your credit card in the ATM and get cash, but it’s very expensive.

Interest rates on cash advances can climb as high as 30 percent, similar to the fees assessed after a late payment.

Credit card fees. Fees in general have headed skyward in the past few years. You can be charged onerous fees for misdemeanors such as late payments or overstepping your credit limit.

The average late payment fee in January 2002 was $28.58, up from $11.60 in 1994. The average over-the-limit fee during the same period was $26.92, up from $12.47.

Financial Contributor Vera Gibbons spoke with us about secret credit card company rate hikes.

Broke then Stop Eating Your Money.

My friend over at My new Choice is talking about how much you spend eating out.
He says to Stop Eating Your money!

My wife and I found our early on that by not eating out often, not ordering drinks and dessert would save us thousands each year. It has paid off and allowed us to not live off of credit.

From My new choice:

How much money do you budget each month towards eating away from home? Maybe I should first ask whether you are even following a budget or spending plan but the truth is that people are spending more and more on eating out.

He also pointed to some great stats:
:: In 1960, 21% of overall food dollars were spent on meals away from home.
:: In 2005, 44% of overall food dollars were spent on meals away from home.
:: In 2006, 24.1% of restaurant meals were ordered from the car.
:: In 1985, 23.6% of home-cooked meals included dessert.
:: In 2006, 14.6% of home-cooked meals included dessert.

This is a lot of money the normal family spends eating out. Do you find yourself waiting for the next paycheck to come? Do you live off credit cards as your way to survive? Then stop eating your money!

Get Cash Back on Your Credit Card

Great Cash back Credit Card Info at our friend at MoreMerchant.com.

Looking for a new credit card that gives you cash back? Many people are using personal credit cards for work use. Is this you? if so you could reap the benefits of your companies spending by using a cash back credit card.

Here is 5 Tips for Getting the Best Cash Back Credit Card.

[tags]credit card, business, MoreMerchant.com[/tags]

How to get Business Credit

I am the Corporate Business Manager for a rapidly growing new business. We have gone from zero to 2 million in engineering work overnight. Awesome!

You say awesome? It is. Most new companies are trying to find work. We have work we need employees. We need cell phones, we need computers, we need credit cards and more. We need cash flow. The money doesn’t come in until the work is done.

In order to make it all work we need credit. We need some credit cards, possibly a line of credit. We need a decent credit score so we can get cell phones and computers.

How do we build the credit of a new business? Everyone asks for a social security card number of the owners. The owners aren’t all happy about this. They say use the Taxpayer Identification Number (TIN). Sounds easy. It isn’t.

So I am going to be building the credit worthiness of our business. You can follow along and learn how to make a business work and get the credit you need for your business. [Read more...]

When to not use a credit card

Credit Cards of course can be necessary.  There are times that the use of credit cards can be bad.

When Credit Cards Are Bad:

  • Constant temptation to OVERSPEND.
  • Nonessential items purchased.
  • Impulsive spending increases.
  • Payments are late or only partially made Facing bankruptcy.