In the last year or more, credit cards and the laws that govern the industry have come under serious scrutiny due to the large amounts of individuals and families facing serious debt problems involving credit cards. Card holders have been subjected to stiff fees and increasing interest rates for seemingly no reason, leaving many so far behind in payments, they had no where to turn. As the credit card industry began to spiral seriously out of control, Congress finally began to take action on behalf of the affected consumers.
Credit card practices have been unfair and deceptive for quite some time and changes need to be made to continue a healthy economy. In May 2009, President Obama signed into law the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009. The action was meant to create more protection for consumers and halt unfair and hidden fees they were being charged for being a credit card holder.
[Read more…] about The Credit Card Accountability, Responsibility, And Disclosure (CARD) Act Of 2009- Effect On Credit Card Holders
Credit Card Use and Reviews
Credit cards can be a gateway to debt but can also be a powerful personal finance tool. See articles that will teach you about credit cards,keep you up to date on credit card rules, show you the best credit cards, as well as show you reviews.
Another Case For Emergency Savings – Credit Score
You know you need emergency savings right?
Should something come up where you need money quick you want to have emergency savings handy to help take care of the situation. Well here’s another aspect to think about:
You need emergency savings to protect your credit score!
[Read more…] about Another Case For Emergency Savings – Credit Score
The Time I Found A Fraud Credit Card Charge
Did I tell you about the time I found a fraudulent credit card charge on my statement?
So I open up my American Express bill and look over the charges. (You do check your credit card charges don’t you?) I glance through the charges and I notice the restaurant bill for a dinner we had was more than what I remember. I went through my receipts for the month and pulled out the restaurant receipt. Sure enough the charge on my statement was more than the charge on my receipt.
Here’s what happened:
When I paid the bill I left a cash tip. On the receipt I crossed out the tip section. Somehow, someone at the restaurant was still able to charge my account more that they should have.
Credit Cards Are Just A Tool
I wrote two articles recently that looked at two different arguments about credits:
Credit Cards Don’t Suck, You Suck!
You can imagine I received a vast array of opinions on the matter between both articles! Credit cards cause heated debates with lots of people either loving them or hating them.
Let me tell you what I really think: Credit cards are just a tool!
That’s it! They are a tool just like money is tool. They are neither good nor bad. See, it’s all in how you use them.
For many, credit cards are a useful tool that allows them instant loans for purchases; online payments; rewards points; builds up credit history; extends warranties; tracks spending; and more! Odds are these people are responsible spenders who pay off most, if not all, of their balances every month. Credit cards help them get what they need and add a few perks as well.
For others, credit cards are the bane of their finances! For these folks credit cards have high rates; exorbitant late fees; unclear terms; ruins their credit scores; creates a temptation to spend, and worse. Many of these consumers spend way too much and don’t keep a good enough track of their finances and budget. For them credit cards are horrible.
The point here is that credit cards, in of themselves, are the same for both types of users. The cards don’t really change. How one uses them changes!
In my credit card history I’ve both loved and hated them. At first they were this exciting piece of plastic that represented my financial freedom. Then that freedom led to chains of debt and resentment. Now that I’m out of credit card debt I understand that it was me all along who controlled what my credit card experience would be.
So if you hate or love credit cards, or your emotions run somewhere in between, understand that you are the master of your destiny. You control your spending decisions so it’s up to you to decide whether credit cards are a useful tool or a useless tool!
How do you feel about credit cards?
Credit Cards Don’t Suck, You Suck!
I wrote last time about how credit cards suck.
While that may be true at times, it may be more the truth that you suck!
Sounds harsh I know. But a lot of people who have credit card problems need to take a deep breath and look at themselves.
Let’s look at some reasons you say credit cards suck but really you suck:
Late Fees Suck
They sure do! That’s why they are there. It’s meant to punish you for being late and hopefully you remember the next time to get your payment in on time. If there weren’t late fees then everyone would pay late. If you pay late once it’s an accident and you can ask your credit card company to remove the charge. If you’re late more often then it’s all your fault and you have to look at your bill/pay system. You know you can ask to have your due date changed, don’t you?
They Trick You on Rates
Look, they may put the details in small print but the details are still there. If you didn’t read through them then that’s your fault. Read the details and ask questions!
The Minimums Are So Low I Can’t Get My Balance Paid
Every now and then we need a little help with our finances. Something come up this month? You can pay the minimum. But if you make it a habit to pay the minimum and you can’t afford more then you have to look at your spending habits and your finances. It’s not the credit card company’s fault you find yourself unable to pay more.
The Interest Rates Are Too High
Why are they high? Probably because you don’t have good credit and you are a risk. The credit card is giving you money remember? It’s like an instant loan. You know what it would take to go to a bank to get a personal loan just to buy a new sweater? Very inconvenient! That’s why the credit card company can charge you their rate. If you don’t like the high rate then start paying off your credit card balance and make sure your payments are on time. Then call them up and ask them to lower the rate. And here’s something else – If you pay your balance on time every month then it doesn’t matter what the rate is because you won’t have to pay interest!
It’s Too Easy to Spend
C’mon! Seriously?!? Have some self control. Take a look at why you think you need to use a credit card so often. Why are you spending so much? You can’t blame the credit card company because you can’t control yourself.
Stop blaming credit card companies!
No one told you to get a credit card. OK, maybe it helps to have one to build up a credit history but it’s not their fault if you abuse the card. Take control of you situation and start to do something about it!
