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Reader’s Question:

I’ve been getting calls from credit card companies here in California offering a balance transfer with zero-percent interest rate and I’m thinking of accepting the offer. Question I have in mind is that will it be worth the trouble?

Celine

Concord, CA

A zero percent balance transfer offered by credit card companies in California or even in other states can be a great deal for people who monitor their finances closely. But if you’re not one of those few who do, you could just wind up spending more than you save.

Credit card companies that offer zero percent on balance transfers usually expects you to pay something for the privilege. For example, there’s often a fee to transfer that balance, or you may be required to make some sort of additional purchases per month. You should take a close look at the details before you make any decisions because zero percent deals often come with expensive strings attached. And for people who don’t monitor their finances, these offers could be dangerous. One way to use these offers to your advantage is to use them as a negotiating tactic with your current credit card company. Call them and let them know that you have these offers and ask them if they can match or even beat it. They may agree to lower your rate to keep you as a customer.

Tags: credit card, credit counseling, credit management

Reader’s Question:

Hi, I’m Shiana from New Jersey. Just about three months ago I got my very first credit card. The problem I’m having now is that I can never seem to understand my credit card bills. Can you give me a super easy way of understanding my card statements?

Shiana

Camden, NJ

Credit card statements can be difficult for a lot of people to understand. It can easily be overwhelming with all its information on charges, credits and APRs. Here are some tips on how to easily understand your credit card bills.

The information on your credit card statement includes purchase and new charges. This section shows an itemized listing of all of the charges you’ve made. To make sure that these are accurate, keep all of your receipts every month and compare them on what’s on your statement. Your statement will also include payment and credits where you’ll find details about any previous payments you’ve made, as well as credits you’ve received for returning merchandise. You will also find finance charges, APRs and previous balance on you bill. The finance charge indicates the amount of money you will be charged if you don’t pay your balance in full. The APR means annual percentage rate which fluctuates but shouldn’t vary significantly every month. And then your previous balance, that should line up with your bill form last month. But of course there is an array of things listed on your credit card statement. If you don’t understand any of the other details or you think there are discrepancies on your bill, contact you credit card company in New Jersey immediately. They should willingly take time to explain the finer points of your statement.

Tags: credit card, credit card debt, credit counseling

Reader’s Question:

I’ve notice that I am no longer able to save any from my paycheck. My credit utilization in Cambridge, Massachusetts MA increases every month. Can anyone offer me any quick tips on how I can avoid heading bankruptcy?

Trinie

Cambridge, MA

Managing finances is one of the most difficult scenario a person can get especially if you spend more than what you’ve earned. “Spending more than what you’ve earned…is but a common problem of the majority. Always remember the ceiling of your financial capacity before you indulge into some activity in Cambridge, Massachusetts MA that requires money. By doing so, you will be able to limit spending within your budget and stick with it. I know there are a lot of temptation out there in Cambridge, Massachusetts MA that tempts you, me, and other people to spend and spend more even though we don’t really need them. In most cases, we are simply drawn by good advertisements and bad spending habits, so we spend.

At the moment, you might be experiencing overspending from your actual avilable income. To avoid bankruptcy and be able to save some in the future, make sure at the present time you just spend for your basic needs. It is wiser is you never use a credit card in purchasing something in Cambridge, Massachusetts MA. As much as possible, if you wish to buy something that is not necessary save for it, by all means! That’s better than depending on your credit card for purchases, which can hurt your credit standing when it goes overdue and unsettled. Never ever entertain credit offers, especially if you can’t control your spending habits and lifestyle. Control…control…control…that’s the key to avoid over spending your earnings.

Tags: credit card, credit counselling, credit management, credit reports

Reader’s Question:

I think I am holding too many credit cards and it affects my credit reports in Baltimore, Maryland MD. How will I know if my credit utilization is too high in Maryland?

Betsy

Baltimore, Maryland MD

To know the status of your credit utilization in Baltimore, Maryland MD is too high, you need to divide your total balance due by your total credit.

For an ideal scenario, your credit utilization must be lower by 30% compared to your credit card limits. For example if you have a total credit limit of $10,000.00 and your total balance due is $4,000.00, you’ve generated a 40% total credit utilization.

I think any number more than 2 credit cards is too much. I keep only one in my wallet and only use it during emergencies. This will be less tempting to use as many cards as you want which can get you into a very bad debt in the long run due to abuse.

Having too many cards on your wallet right now, you are most likely prone to temptation to charge and charge every purchase. Always limit the number of your credit cards to a minimum, in order for you to slash down your credit utilization and protect your credit reports in Baltimore, Maryland MD.

Tags: credit card, credit management, credit reports

Reader’s Question:

I have sent a dispute to the collecting agency here in Portland, Maine ME regarding a debt that was not mine. Is there anything else I need to do to help get the account removed from my credit reports?

Maita

Portland, ME

As soon as your dispute is on hand by the collecting party in Portland, Maine ME , a related document or proof from the collecting party must be sent to you stating that such credit due or debt has been assigned by the original creditor.

A proper documentation verifying your debt from the original creditor should be sent to you with in Thirty (30) days. If the collecting agency fails to do so, the collecting party in Portland, Maine ME will be hindered from attempts to collect and include the debt on your credit statement.

After 30 days, if the collecting party in Portland, Maine ME will include the debt on your credit statement, you may dispute with the credit bureau in Maine by providing them with a copy of your credit validation papers with certified return receipts. This will help you get rid the debt from your credit reports.

Tags: credit disputes, credit reports, debt collectors, debt disputes, debt settlement