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What Can Happen to You as a Victim of Identity Theft, Facts & Figure Is identity theft really that serious? Thousands of people every year are victims of this terrible crime. Thieves use your personal information to commit fraud or other crimes in your name and can cause significant credit damage. Identifying information taken without your permission, such as your Social Security number (SSN), credit card number, or your drivers' license, can be used to "steal your identity." How To Get a Low Interest Credit Card Consumers often have the first credit card that they ever applied for, never really analizing how the interest rate affects their payments, but many other options exist and can help consumers decrease their payments and achieve financial stability.With interest rates on some credit cards rising to over 23%, even low balance credit card debt can be crippling. One of the first research elements a prospective borrower should look at is the interest rate on transferred debt. This interest rate is often lower than the usual interest rate for the credit card, and can be an especially good deal for borrowers who have debt already. Another element to consider is the interest rate on new purchases ? this rate will be the main concern in the years to come, as this new credit card will probably become the most heavily used. Borrowers often worry about annual fees, but these are often temporary. Getting a credit card with low interest rates will save a borrower significant sums, usually much more than the annual fee. Plus, once good credit is established, the annual fee may later be waived. Another interest rate will usually apply, as well ? the rate for cash advances. Cash advances are usually limited to a couple hundred dollars, but credit card companies often insist that when paying back the balance, the credit portion must be paid back first, then the portion that the cash advance applies to. So if you are going to keep a balance on your credit card, be aware that cash advance interest rates are higher than the regular interest rates. Cash advances can be incredibly helpful in emergencies, though, when a credit card cannot be used.Visa and MasterCard are by far the most commonly accepted credit cards, so less commonly used cards such as American Express and Discover often offer special rates for new customers. These rates are worth attention, even if you think that you may not be able to use the card as easily as your previous credit cards, because transferring the balance to these new cards to obtain the lower interest rate may significantly lower your payments. While your AmEx or Discover Card may not be accepted as often, they can be a good tool to achieving your financial goals. Even less commonly used are credit cards that are store specific, such as gas cards or department store cards, but these cards can offer incredible deals on interest rates. They rely on the fact that consumers will often switch their spending patterns to the new gas station or store, and this increased revenue makes up for the lower interest rates. A slight change in your habits, such as consistently using the new credit card at the new gas station, can lower payments and improve credit scores.Researching new credit cards can seem daunting, but by comparing the four main factors, which are the regular interest rate, the rate on transferred balance, the rate on cash advances, and the annual fee, you can reduce your credit card payments significantly. Credit Card Security Advice Which of the following is the biggest threat to your credit card security? Two Things You Need To Know About Prepaid Debit Cards According to the September 2004 issue of the Nilson Report, around $588 billion dollars worth of debit cards were bought in the United States in 2003. By 2008 that volume is expected to grow to $1.231 trillion putting a significant dent in the nation's use of pure credit cards as consumers continue to favor the use of prepaid debit cards. If you are among the nation's millions who are currently using prepaid debit cards or are among those considering their use, you need to know two things that may detract and enhance your use of the prepaid debit card. Free Credit Report ? Watch Out for Scams Many people may still not be aware of an amendment to the Fair Credit Reporting Act (FCRA) that Congress passed last year. This amendment allows U.S. citizens to receive a copy of their credit report, for free, once per year. The plan is being rolled out slowly in order to avoid swamping the system, but people living in the West and Midwest can receive their credit reports now, and everyone will be able to obtain a free credit report by September of this year. Those seeking a copy of their credit report should watch out, however, as not everyone who promises a "free" credit report is actually delivering one. Balance Transfers Can Help You Stop Putting Money Down The Drain! As you probably know, interest rates are at all time low right now and if you aren't getting the best deal from your credit card company then they owe it to you to either lower your rate, or you owe it to yourself to find a better deal. You see, credit card companies need your business in order to succeed and if you refuse to pay a penny more than you have to then you'll be doing yourself and others a big favour indeed. By doing this, you'll avoid paying more than you should and the companies will stop treating its clients inappropriately. Credit Trap: What They Dont Tell You About Credit Cards In College In industrialized nations, going into debt starts early. It's easy for an eighteen-year-old to get credit cards and fall into debt, especially if they're headed for college. Read and Understand Your Credit Card Statement Have you ever looked at your credit card statement and ended up just scratching your head in frustration? Well join the club! But don't take any comfort in the fact that you have plenty of company, because lack of knowledge can cost you?.right on your credit report, and once there can stay with you a while. Different Ways to Borrow Money There are many different ways to borrow money. Outlined below is a useful guide to some of most common ways of borrowing money. Rate Tarts Losing Ability to Cherry Pick A "rate tart" is someone who switches from one zero per cent introductory credit card deal to another to avoid paying interest; however they may be set to become something of the past. Recently a number of the major credit card companies, including Egg, Barclays, the Royal Bank of Scotland and MBNA have introduced transfer charges for people who want to shift their outstanding credit card balances to a new card to take advantage of a zero per cent introductory rate. Figuring Out the Ever Nebulous Numbers Called Credit Scores Credit Score Factors How Do I Establish A Good Line of Credit? A line of credit, roughly defined, is the amount of credit that can be given to a borrower from a lender. Usually a contract or note of promissory is exchanged between the two parties, in which both parties agree to the line of credit amount, as well as the annual interest due to the lender at the end of the term. Have You Ever Opened a Checking Account? Maybe some of you are saving it in your trusty piggy bank, under your mattress or way back in a sock drawer. Although I'm glad that you are saving, your money is not doing anything for you locked up in your house. Consider a checking account where you can make some interest on your money. And for those of you who already have a checking account, after reading this article you may want to change banks. Choosing The Best Credit Card To Apply For Always shop around to get the best deal when choosing which credit card to apply for. If you don't do your due diligence you could end up with a card that has too high of an interest rate, that has an unnecessarily high annual membership fee, etc. Here are some things to look for when checking out the different credit card offers you may receive in the mail. The FICO Score Misconceptions There are many misconceptions about credit scores out there. There are borrowers who believe that they don't have a credit score. There are others who think that their credit scores don't really matter. These sorts of misconceptions can hurt your chances of gaining employment, obtaining preferred interest rates, and even your chances of qualifying for renting an apartment. Identity Theft ? How Can You Prevent It Happening to You? The nightmare of identity theft strikes an estimated 750,000 people every year. How can you keep from being one of them? While there is no guarantee that you won't become a victim, there are some steps you can take to decrease the risk and protect yourself. Learning the Disturbing Facts about Credit Card Debt When I received my first credit card in the mail at age 18 I was ecstatic, I said to myself, wow now I'm getting somewhere in life. This credit card company thinks I'm worthy of 500 dollars in credit. So I made my monthly payments like a good consumer and watched my credit limit grow. I thought boy this company must think alot of me to take such a risk. I however had no idea how the money came into existence. All I cared about was that as long as when I slapped the plastic down I was approved. Like most young people I had no idea what an interest rate even was much less how it effected my monthly payments. I was like a lot of kids in America today, my parents were not a big part of my early adult life and so I really didn't have much guidance when it came to making financial decisions. The lessons I learned were hard and I continue to learn as each day passes. Useful Tips On Avoiding Credit and Charge Card Fraud Credit and charge card fraud costs cardholders and issuers hundreds of millions of dollars each year. While theft is the most obvious form of fraud, it can occur in other ways. For example, someone may use your card number without your knowledge. 19,178 Identity Theft Victims Per Day - Are You One Of Them? Identity theft statistics are shocking. And we are told that it will only become worse, before it gets any better. Are you likely to be affected? Credit Card Benefits and Drawbacks Credit cards have both benefits and drawbacks. It is wise to consider both before applying for a credit card. While they can be very useful, credit cards can also be risky. Even people who are usually good with their money get into trouble with credit cards. A credit card can be useful, but may also end up putting you in a difficult financial situation if misused.
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