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- Understanding Finance
How to Borrow Money for Things You Need
Credit Solutions and Basic Financial and Loan Information
Credit Cards and Your Credit Score
Free Offers Can Be Costly
Credit Solutions Start with Knowing More
In addition to the common sense information there are lesser known tips for credit solutions:
- Many credit cards use one rate for balance transfers, another for cash advances, and another for purchases. As you payments the bank usually applies your payments to the lowest rate first, leaving you with the higher rate unpaid. Vigilance is an imporant part of keeping more money in your pocket, and an excellent tip for good credit solutions.
- Banks frequently change interest rates, even if your credit card claims it is a fixed rate. . Keep a watch on what they are doing. Read the notices they send you titled “Change in Your Terms” and watch your statements. The bank is obligated to give you a 15 day notice of rate changes. Action towards your credit solution is paying the least amount of interest that you possibly could.
- Late payments or delinquent payments will certainly raise your interest rates. If you are late once, you can appeal to the bank, and often they will even take off the late fees and interest. But if you are late more often, they will increase your interest rate significantly.
- Periodically banks will scan your credit report, and may increase your interest rate if your credit report is flagged for something. An important credit solution is to value your credit rating. Treasure your credit score, it is very valuable. Get your free credit report and check it for errors so that your credit score is accurate.
- Interest is added to purchases as soon as they are charged if you are carrying a balance on your card. This is how credit cards work against you. When you don’t carry a balance, you can buy the item and pay for it when you get your statement. Credit cards used in this way, allow you to have a cash flow and not have to outlay your money immediately.
- Sometimes credit card companies will entice you to skip payments. Don’t do it. The credit card balance will continue to accumulate interest. In the end, you will owe even more money, and the bigger gains go to the bank, not you. Credit solutions are resolved by knowing how the credit cards try to entice you to get you to pay more interest.
- Very often, big ticket items will offer no interest, no payments for a year. This isn’t something to be avoided, as long as you read the details of the offer. As long as you pay the full amount due before the year, you will not owe any interest. If you wait to the end of the free period or later, you will owe interest from the time you purchased the item from a year ago. So be careful of this deal, it is good, but pay it in the 11th month, not the 12th to avoid huge interest charges. Credit solutions to debt start with avoiding overspending. Even if the offer for no payments for a year is great, you have to ask yourself if you really need it. If you don’t need it, don’t buy it. No matter what the offer, you will stay have to pay for.