The credit card business is one of the most competitive
industries there is. You can tell that because you no doubt get dozens
of invitations for new credit cards every week. That is because the only
way a credit card company can continue to grow new business is to steal
the business away from another credit card company. It isn’t really a
business where there are a lot of new customers coming into the market.
The types of accounts the credit card companies want are people who are
carrying a lot of debt, who continue to pay on the debt...
Thursday, July 25, 2013
10:48 AM
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There is sometimes a sense of panic that sets in when
you see your credit card bills begin to spiral out of control. When you
are fairly new to that sense of being trapped by credit, you may turn to
a second mortgage. But then if the credit card bills continue to grow
and grow, as they are designed to do, you suddenly realize you have put
your home on the line and it might now be in danger if you default on
those bills.
This is when that mountain of debt can begin to
knock on the door of your last remaining resources to try to fight...
10:47 AM
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When the economy or personal issues and problems result
in a high credit card debt, we often find our debt spread over three or
four or more cards. So you may have a Visa, several MasterCards, a
Discover card and a Capital One card and maybe many more each carrying
several thousands of dollars of debt. The result is an ugly parade of
bills from each company each needing a minimum payment that pays the
interest and takes just a small amount off of your debt.
If it seems that the debt mountain never seems to go
down, that’s not an illusion....
10:45 AM
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Balance transfers are one of the big methods that are
common used to try to get some control over an out of control credit
card debt. While many balance transfer offers you get from credit card
companies in the mail are not a great deal, some of them can really help
if you are just trying to get the debt you are trying to keep up with
under control. And getting that debt to a credit home where the interest
rate is not only reasonable but not constantly changing is a big goal
of making balance transfers.
There are some general guidelines...
10:43 AM
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One of the ways some of us get into credit card debt
trouble comes out of nothing more than lack of awareness of how credit
cards can sneak up on us. The first time you maxed out a card and faced
the overwhelming task of paying down a credit card and getting yourself
back on firm financial footing, it can be a sobering experience. And if
you have gone through this experience, the school of hard knocks taught
you well that it’s easier to prevent credit card debt than to recover
from it.
Maybe the best thing about getting hard won
knowledge...
10:42 AM
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Credit card debt consolidation is a term that gets
thrown around on television quite a lot. You see so much advertising for
this service that you have to know that someone is making a lot of
money off of people like you and me that have serious credit card debt
problems. But once you understand what credit card consolidation is and
how it is accomplished, it is very likely you can accomplish the same
goals and get the same benefits without paying anyone an excessive fee.
The reasons these services have sprung into
existence is that...
10:41 AM
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There is no question that having some credit cards is a
great way to pay for things that is more convenient and even safer than
always paying cash. And it really isn’t practical to pay with everything
by check because so many purchases would be slowed down by that method
or retailers just don’t accept them like they used to.
In many cases, having a credit card is down right
necessary. Any more buying gas involves using a credit card at the pump
which saves time and effort. And because a credit card always delivers a
report to you at...
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