How Interest Rates Affect Your Credit Card Debt

In a previous post on this here blog, we wrote about the problem we see with borrowers needing to reduce their debt before they can be approved for a car loan. Today, we want to take an in-depth look at how credit card debt (a big offender when it comes to Americans' outstanding overall debt) is affected by the interest rate on each card you carry.

Smarter Ways To Pay Your Bills

Let's be honest--there is nothing fun about paying a bill, nor has there ever been, nor will there ever be. The only silver lining is that paying our bills on time makes us responsible, contributing members of society--and yes, there can be that satisfaction that comes with knowing that your hard work is keeping the lights on, and food in the fridge.

When To Ask for a Co-Signer Release

If you've ever had to reach out to friends or family to co-sign a financial document (like a student loan, or for a car), then you may be wondering for how long--and to what end--having your loved one attached to such an expense is necessary. The benefits of having a co-signer are plenty--especially for someone trying to build credit, because a co-signer essentially ties their credit score and repayment responsibilities to your loan application--but there are just as many reasons why it might be wise for you to consider asking for a co-signer release.

Rejected for a Credit Card? You're Not Alone

Applying for a new credit card is typically a pretty straight-forward process. In many cases, you’ll receive a hard copy invitation (normally based on market research and other financial data) to apply for a bank’s credit card. The perks and interest rates are always different, but the process is usually the same (unless you have one of those super fancy American Express Black cards—aka, the “Centurion Card”, which is actually anodized titanium, unlike the plastic that we commoners carry around in our wallets)—you’re invited to apply by way of providing key information about your current income, social security info, and miscellaneous details. In a lot of cases, you can apply in under 5 minutes. From there, the credit company’s bank will run a series of checks on your credits to determine if you’re qualified for their card.

Savvy Budgeting Tips From The Budgetnista

We're a big fan of the blogger / writer / public speaker The Budgetnista. If you're looking for ways to jumpstart your family or personal budgeting, and haven't already given her a gander, we highly encourage you to check her out.

Simple. By steering clear of them altogether.

Payday loans often require interest payments in the triple digits, and lawmakers in some states are actually trying to get rid of them altogether. Their reasoning? In many cases, there are no legal limits on how many personal payday loans a person can take out, leading to an aggressive debt cycle and increased predatory lending.

Divorce isn't a popular topic of discussion on most blogs, but we've experienced it ourselves and know our customers have too. Divorce not only can wreck havoc on your heart and your family, but it's also one of the leading causes of bad credit cases--often to a lot of people's sudden surprise. 

We're all (rightfully) wary of situations where our credit might be pulled, and considering how much personal information is transmitted over the Internet now, it makes perfect sense to not want our credit checked until we're absolutely certain we'll be approved. Whether it's an application for a promotional credit card with our favorite company (like Kohl's, The Gap, Best Buy, REI), or a home loan, there are lots of different companies out there that want to--and need to--poke around our financial behavior. But when you're trying to restore your credit, it's improtant to excercise judgement, so you know how to take control of your finances and make your credit application count when it's most necessary.