All articles tagged Mistakes (10)

Creditnet.com Forum Serves as a Safe Place for Consumers to Ask Difficult Financial Questions

Creditnet.com Forum Serves as a Safe Place for Consumers to Ask Difficult Financial Questions

In a Nutshell: Between Credit Talk and its General Lounge forum offerings, Creditnet.com has been a conduit for financial communication between individuals with credit concerns since 1995. With peak membership following the financial crisis in the mid-to-late-2000s, Creditnet.com’s forum has seen nearly 500,000 posts to about 70,000 threads. People turn to the forums for help with uncomfortable financial topics they may be too embarrassed to discuss with friends or family. // The... read more »

How to Close a Credit Card

How to Close a Credit Card

The decision to slim down on the plastic in your wallet can be made for a number of reasons. Maybe your card issuer raised your APR or implemented new fees. Maybe the rewards and perks just aren't there. Or maybe you've come to the conclusion that you just don’t need to carry around so many cards. No matter the reason for closing a credit card, there's more to think about than simply cutting it into tiny pieces or pushing it through your shredder. Will My Credit Score Change? ... read more »

5 Common Credit Card Blunders (and How to Fix Them)

5 Common Credit Card Blunders (and How to Fix Them)

More than 160 million Americans carry credit cards. Unfortunately the vast majority of those consumers are misusing their credit cards, resulting in a national average of $15,000 in credit card debt per card-carrying household. "Irresponsible credit card use leads to financial loss, either through interest and fees or increased cost when your credit profile is damaged," said ClearPoint Credit Counseling Solutions credit counselor Thomas Nitzsche. Whether it's overuse or misuse,... read more »

What Happens to Credit Card Debt During Bankruptcy?

What Happens to Credit Card Debt During Bankruptcy?

Bankruptcy isn’t as popular an option as it used to be for dealing with debt. While it may not be the first resort, however, it’s still a necessary alternative for many, and credit card debt is often a driving factor for considering this serious step in finance management. Before you consider bankruptcy as a viable option for overwhelming debt or crippling payments, it’s wise to understand how the process will affect your credit card obligations, specifically. Here are... read more »

3 Reasons to Never Miss a Monthly Payment

3 Reasons to Never Miss a Monthly Payment

For better or worse, your credit card tells the world a lot about you. It can tell a happy story when you make your payments on time — you're someone who can handle your current credit debt and probably more if you need it. However, miss a payment and the story sours. Your costs can go up and your access to further credit is threatened. Credit counselors often point out the wisdom of paying back more than the monthly minimum amounts on your credit cards, because otherwise it... read more »

When Someone on Your Account Maxes Out Your Card

When Someone on Your Account Maxes Out Your Card

Some people intentionally max out because they need to make a purchase and have no other access to funds. Others max out by mistake because they keep high balances and underestimate how high their interest charges or fees will be. As soon as it processes, they are pushed over the limit. If you are a credit card user, one of the worst things you can do is max out your card. Maxing out simply means spending over your credit limit. It can have terrible repercussions on your credit... read more »

Could You Be Addicted to Credit Cards?

Could You Be Addicted to Credit Cards?

With one look at statistics, it would be easy to think that credit card addiction is widespread in our society. After all, when you see the average debt per card over $8,200, it is easy to see that credit cards can be a problem – but is it really an addiction? Credit cards can make buying painless When I struggled with credit card debt, it seemed so painless to swipe that little piece of plastic. It is almost a mindless act, as virtually most retailers have card readers. ... read more »

Q&A: Terry Savage’s Tips to Avoid Overspending This Holiday Season

Q&A: Terry Savage’s Tips to Avoid Overspending This Holiday Season

Families are stringing up their Christmas lights, Charlie Brown is back on TV and stores are replacing pumpkin-flavored everything with peppermint-flavored everything — we're in the thick of the holiday season. If you're like millions of other Americans, you'll be doing some hardcore holiday shopping this time of year. Practically every retail store will offer you their best deals of the year, hoping to draw you in as their latest customer. Syndicated financial columnist,... read more »

Former Credit Card Junkie Goes from “Rock Bottom” to Consumer Superstar

Former Credit Card Junkie Goes from “Rock Bottom” to Consumer Superstar

Credit cards offer a risky combination of power and convenience. For better or worse, millions of people use credit cards every day, so much so the average household credit card debt hovered around $15,607 last September. But what happens when you let that power go to your head? Merchants start declining your cards, debt collectors call you constantly and you're left struggling to find ways to make ends meet. If this sounds like you, you're not alone. Beverly Harzog ... read more »

4 Reasons Why Paying for College with Credit Cards is the Worst

4 Reasons Why Paying for College with Credit Cards is the Worst

In an ideal world, college tuition is paid with scholarship funds or saved cash. Student loans are the next best thing. If you’re tempted to reach for your credit card the next time you or your child’s tuition is due, think again. A new study reveals the credit card processing fees charged by most colleges and universities are costly and may negate any rewards benefit. The study examined tuition payments at 300 private, public and community colleges, choosing the largest 100... read more »