Credit Card – Cut It or Keep It?

If you are in a situation where you will be applying for a loan to buy a house or automobile, or . . . . ., then you may want to wait to cut up the card and/or cancel the account until that loan has been approved. . . . → Read More: Credit Card – Cut It or Keep It?

How to Establish or Re-Establish Your Credit Rating

1. You have no credit cards or loans – thus no credit rating. 2. You have had financial difficulties and have a less-than-stellar credit history but you want to improve your credit rating. . . . → Read More: How to Establish or Re-Establish Your Credit Rating

Approaching Debt Free

In order to have financial energy, you must have a source of income and you must be able to use a portion of that source for building your wealth. This means that personal debt must be controlled or eliminated. . . . → Read More: Approaching Debt Free

Debt = Anti-Wealth

Debt is addictive. Debt is seductive. Debt is inviting. Debt is . . . Common Example: John and Jane want two new cars but they only have $4000 saved up and the cars they want cost $28,000 each for a total of $56,000. They have a very good credit rating and the lending institution lends them the money at an attractive interest rate. They drive away in their new cars feeling on top of the world and “wealthy”. . . . → Read More: Debt = Anti-Wealth

New Consumer Credit Protections – aka Credit Card Reform

Restricts interest rate increases on existing balances. Credit card issuers cannot raise interest rates on existing balances, EXCEPT: When the increase varies under a variable interest rate. At the end of the promised time period for a promotional rate. If the required minimum payment is not received within 60 days after the due date. Increases notice for rate increase on future purchases. After the first year, the card issuer can raise the rate on future purchases with 45 days notice. No notice is required for increases due to one of the reasons stated above. . . . → Read More: New Consumer Credit Protections – aka Credit Card Reform

Credit Cards – Good, Bad or Neutral?

Let’s get one thing understood! Credit Cards have been invented by banks to make THEM money – that is the only reason they exist. . . . → Read More: Credit Cards – Good, Bad or Neutral?