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Reader’s Question:

I’ll admit that I’ve been a bit carefree with my purchases some years back and now they’re haunting me! I can still see them when my credit card bill arrives here in Lancaster Pennsylvania PA and I’d really like to be free from all this credit card debt. Can you help me?

Ivan

Lancaster, PA

This is a common enough occurrence with a common (but very hard to implement) solution, Ivan. What probably happened a couple of years back when you made your whimsical (is it?) purchases, was that you did not pay the credit report in full when it arrived in your home in Lancaster Pennsylvania PA. We are so tempted to just pay the minimum amount, thinking we’ll pay it next month, or the next, or the next, or the next, not aware that it actually accumulates interest and the amount you owe in your credit card may already be double than the amount of your purchase, only because of interests, which has therefore put you into bad credit.

The common solution, Ivan, is discipline. Discipline that you did not have before when you made those carefree purchases and the same discipline that you didn’t have when you put off paying the entire amount of your credit report. Because of this, you have to compensate with double, even triple doses of discipline. To make a dent in your credit card bill, you will have to pay more than what you are regularly paying. This you can do by cutting on some items you don’t really need like watching movies regularly in the nearby mall in Lancaster Pennsylvania PA, having spa treatments left and right, pimping your car and the like. It takes a little (a lot!) of sacrifice but with amazing and literally liberating rewards.

Tags: credit management, credit repair, credit card debt

American credit card debt is up more than eight percent from a year ago. That’s the highest amount ever recorded. In these tough economic times, it’s important to keep a close eye on your credit cards. Consumer Reports says some companies are doubling or even tripling their interest rates- and it’s not just happening to people with a bad credit rating.

John Carmichael says he always made his credit-card payments on time and had never had problems with his credit rating. But earlier this year, the interest on his Bank of America Visa card nearly tripled overnight. From around eight percent to nearly 25!

“To jump from a low rate to a high rate in one fell swoop, with no justification in something that I did wrong, I think is bad business,” says John Carmichael.

Bank of America says Carmichael had too much debt, even though his card balance was almost one thousand ..

Source: debt articles

When an occasion arises where you need some extra money, and preferably quickly, either a loan or the use of a credit card are likely to be the first two options which spring to mind. A credit card may not present the best choice, but you can make the card work to your advantage as long as you keep on top of your payments, especially at the beginning when things may be a bit of a struggle. Once you have built up a good credit history, you may receive many offers of instant approval credit cards but caution should always be exercised when considering the options open to you.

When you are in need of money immediately, it’s not usually under happy circumstances. Although there are many reasons why you may need money fast, more often than not it’s to replace a valuable item you have lost or pay expensive medical ..

Source: Credit History

Reader’s Question:

Hi! I have bad credit standing because I has some unsettled credit card debt in the past here in Connecticut. I was wondering if there’s a way to improve my bad credit history?

Lisa

Hartford, CT

Hi There Lisa.

I really understand your concern because having bad credit standing can really be inconvenient and stressful, especially when you want to get loans for cars and other things. It’s a sad fact but a lot of things in the world today totally depend on you having good credit standing.

When you want to buy something that you can’t pay in bulk (such as a car, property, etc), – the only solution is for you to get a loan, right? Having bad credit standing would be really bad for you. Do you even know that some companies take a look at the credit standing of applicants before they actually hire you for a job? It may sound unfair, but people base credit standing as an indication of character (either bad or good – depending on your standing). That may be too harsh as a generalization, but then that’s the way things work.

There are plenty ways by which you can repair your credit. You can start doing that with debt consolidation. One option for debt consolidation is through debt settlement. Debt settlement means that you negotiate with your creditors in Connecticut so they can reduce your debts. Bear in mind that it is always up to the creditor if he or she agrees to reduce your debt. Some creditors are lenient and can slash off around 40-60 % off of your debt.

I hope this helps.

Tags: credit counseling, credit repair

Because financial institutions are extremely competitive in marketing credit cards, you’ll find different terms and conditions among the suppliers. If you’re a smart shopper, you’ll pay attention to the fine print.

Naturally you want the most credit for the least long-term cost. Look for a credit card with a low APR. That’s the Annual Percentage Rate or the actual cost for credit. It’s basically the price of renting the credit card company’s money for a period of time.

Time is of the essence here. Make the minimum monthly payment on time, every time and you’ll keep the stated APR. If your payment is late (or missing), some cards bump up your APR by several percentage points.

A late payment could boost your APR into the 18-22% range and it stays there – there’s no reduction for making the next payment, because your late payment threw you into the high APR penalty box with ..

Source: Annual Percentage Rate