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When Your Credit Card Interest Rate Doesn’t Matter

/ BY / Credit Cards

Shopping around for a new credit card? One of the first things you’re likely to check is the interest rates on all the cards you’re considering. The lower the interest rate, the less money you will have to pay out in interest if you carry a balance. But there’s an even better choice--you could make those interest rates irrelevant. Pay off your balance every month, and it doesn’t matter what interest rate the credit card company wants to charge you. You won’t be giving them an extra cent in interest. It can be tough to break the balance habit. It’s a lot easier to pay only what you think you can afford each month without worrying about the long-term consequences...

Five Tips for Paying off Debt and Building Savings

/ BY / Managing Debt

When you’re struggling under a big load of credit card debt it seems impossible that you could actually build your savings as well. Here’s the way that you can do both at the same time. Stow your cards away. Cut them up if you can’t resist using them, or put them in a big block of ice in your freezer, to be melted only in a real emergency. Get a part time job to make some extra money, and consider selling electronics, clothing or anything else that you don’t use or need to increase your cash flow. Calculate how much extra money you can afford each month to reach your financial goals. Then earmark one portion for your credit card debt and the other portion for your savings...

Spent Too Much? Here’s the Best Way to Pay off Your Bill

/ BY / Personal Finance

We all do it at one time or another--spent more than we should on a big shopping spree, an expensive holiday getaway or hard-to-get season tickets for the local team. But even if you enjoy the splurge, it’s no fun when you check your credit card statement at the end of a month and realize that you’ve got a big bill to pay. You’ve got a few choices: paying off the bill all at once, making larger payments for few months until the debt is gone or paying just the monthly minimum balance. While there are pros and cons to each approach there is one that’s definitely better than the rest. There are a lot of advantages to paying off a big balance right away. For one thing, you won’t be throwing away...

How to Contest a Bad Credit Score

/ BY / Credit Score

What should you do when you’ve been denied a loan or charged a higher rate of interest because the lender says you have a bad credit score? Your credit score may not be great if you’ve missed or been late with payments, had collection agencies calling your or declared bankruptcy within the last few years. But if you’ve done a fairly good job of handling your money, there could be an error on your credit report. A bad credit score may also be an indication that someone has been using credit improperly in your name. When you’re denied credit, the lender is required by federal law to give you the reason why, your credit score and the name of the credit reporting agency it used...

How Often Should I Check My Credit Score?

/ BY / Credit Score

It’s important to have a good credit score; the better your score, the more likely you are to get approved for credit cards and loans with lower interest rates. That can save you a fair amount of money over time. Does that mean you should track your credit score constantly? Should you be checking it yearly? Monthly? Even daily? Unless you have a compelling reason to monitor your credit score closely, there’s no reason for you to check your score too frequently. FICO (the company that provides the most widely used credit scores), states on its webpage that “in a given three-month period, only about one in four people has a 20-point change in their FICO scores.” A score change...

 

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