Facts On Credit Cards

August 19th, 2008 by

Hello everyone, I decided to write a little tidbit on an experience I had.  Untill recently my blog contained a banner for an online payday loan company. There are thousands of them online. If you are unaware of what a payday loan is, it’s basically a fast loan that is paid off on your next payday. The application process requires no credit or employment check. You do however have to supply your social, checking account & routing number. These companies need to know how you get paid. Ex; direct deposit or paper check.

I’ve reviewed experiences from others and the gist of it is, if you borrow at the most 1/2 of your paycheck amount and pay perfectly on time with no hiccups you might benefit from this. It is suggested that this be used only in the tightest of binds. Like not being able to make your rent/mortgage, a health or family emergency just to name a few. But that’s it!

This service is not to be abused because the hole you can potentially create for yourself can grow deep and quick!! That’s where the majority of those experiences fall under. Disappointed and in debt. The big kicker is the interest rate. It’s exactly like dealing with a loan shark. What I learned and also personally experienced is that if you pay back the loan within a minimum of 15 days you accrue a 15% charge. So if you borrow $500 that’s $75 you have to pay back plus a $30 service charge in total that’s $105 plus the original $500. Now as each day passes the percentage goes up. If you wait till 30 days it becomes 60%. That’s $330 after all is said and done. Think about it. You’re borrowing $500 to pay back $830. Yikes!!!!! If that’s not a loan shark, I don’t now what that is. Now think about borrowing $1000 you’ll be paying back $1630. That’s ridiculous.

Another thing that bothered me was the process in general. They are all basically brokers. So you’re filling out application after application with no end in sight and supplying you personal information everywhere. That didn’t sit well with me.

My advise is to either don’t do it. Maybe borrow from a friend or family member and give them a small interest fee as a way to thank them. Or if you must don’t borrow more than you can chew. It could get you in debt QUICKLY.

If anyone has an experience be it good or bad, please let our readers know.

May 27th, 2008 by

There are plenty of different options for gasoline rewards cards, but the very best gas rebate credit cards are those that offer more than just a rebate at the end of a billing cycle.

Comparing the various gas reward cards offered through many different companies will reveal a truth: Some are great cards, and some are not so great. The best offers are those which have the total package: A low interest rate, no annual fee, and a generous rewards program.

Read the rest of this entry »

May 13th, 2008 by

On Thursday, the Office of Thrift Supervision, responsible for overseeing the nation’s savings and loans, endorsed a seven-point plan to tackle “unfair” and “deceptive” practices by companies that issue credit cards……….More.

May 8th, 2008 by

A lot of people have a Great Idea. It might be a new invention or a local service business. Unfortunately for consumers, many would be entrepreneurs are waiting for “the right time” to start their Real Business. They have plenty of reasons (excuses) for the delays. From lack of time to lack of experience, our minds have creative ways of rationalizing our fears.

Here are 7 common excuses for not starting a Real Business, along with strategies for overcoming internal fear, uncertainty and doubt. Otherwise known as Internal FUD…..MORE

May 8th, 2008 by

If you’re thinking of opening a small business or already have one it would be a smart idea to apply for a small business credit card. There are numerous advantages to paying your business expenses with a credit card. A dedicated business credit card is a necessary tool for handling the operating expenses of your small business.

But just like with any other type of credit card ie. personal, there’s good and there’s bad…….MORE.

May 8th, 2008 by

The idea of having a credit card is very alluring. It’s a wondrous piece of plastic that can open up many doors for you. In a world where everything is “I want it now” and hardly any time to go around it’s only obvious. We fly by drive-throughs, e-z pass, drop-off services and of course shop on-line. Is it any wonder why we want or need a credit card for that matter.

Credit cards, when used responsibly, could be a great thing. It’s the quickest way to build credit.
You can of course……MORE.

Discover® Student Card-No Annual Fee

May 8th, 2008 by

Maintaining  decent credit can be very daunting and stressful. But living with bad credit could be worse. We’re all human, and how you reached this level of plain insanity is just that ….. human. If you got here because you were irresponsible, then consider this a learning experience. If you got here because there was a divorce,  illness, a layoff  or other set of unfortunate circumstances, then there is a silver lining. Which ever is you, help is closer than you realize. Improving your credit rating requires that you take positive action and change your attitude toward money. Follow these steps and you could ………MORE