According to a 2009 study by Sallie Mae, the average credit card balance for college students was $3,173.
Only 15% of college freshman surveyed had a zero balance.
Of overall students, 82% carried a balance and had monthly interest charges. The Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009 put new rules in place to help consumers better understand their credit cards and cut down on unfair practices from credit card companies. Of those rules, there are some that college students should be especially aware of.
Have you seen the commercials for the ZYNC Card from American Express?
I’ve got to say, I was curious about the card when I heard about how you can tailor the card to fit your lifestyle. As an American Express card user, and fan, I had to look into the Zync card further.
Here’s what I found out about the ZYNC Card: Continue Reading
It’s been many moons but I remember my first credit card. It was a retail card for A&S (remember that store?). I forget what I was buying (a sweater maybe?) but there was a discount offered if you signed up for their card. “What they hey,” I thought. Why not sign up and see what happens? So I did. And a few minutes later I was the proud owner of a new credit card! Ahh, memories.
When you are purchasing a new home one of the terms you are going to come to know is mortgage escrow account.
“But what is a mortgage escrow account? What’s the purpose of it when owning a home?,” you may be thinking to yourself.
Before we get into what a mortgage escrow account is let’s look at what escrow, in general, is…
Basic Concept of Escrow
Escrow is widely used in many business transactions where the buyer and seller cannot make a simultaneous exchange of money and goods or services and neither would want to deliver first without the guarantee to receive later (neither party wants to risk being the one left without the dough).
To resolve the trust issue between a buyer and seller, a third party, known as the escrow, can work on behalf both the buyer and the seller to ensure that once a party fulfills its contractual obligation, the escrow will release to the party what it entitles from the transaction.
Such escrow service is also standard practice in real estate transactions where the buyer deposits money with the escrow and the seller delivers title documents to the escrow, and the escrow firm will not release the funds to the seller or convey the title to the buyer until both the funds and the documents are placed with the escrow.
SmartMoney is reporting that we should expect to see more 0% APR credit card offers available for those who have credit scores of 720 and above. Balance transfer offers are also on the rise.
It wasn’t long ago that credit card companies cut out 0% APR offers and balance transfers since those with better credit tended to also be less profitable as they usually paid off their balances. According to the SmartMoney article, credit card issuers are hoping that the more credit-worthy will spend with their new cards and keep a balance beyond their introductory offers.