Credit cards are the bane of society. Yet, ironically, without some type of credit it may be difficult to get a loan, purchase a home or a car. It’s a catch-22 situation in that the FICO score on your credit report is determined by the amount of credit you have. The higher the score, the better positioned you will be to buy the house or the car. Too much credit and you become a risk; not enough credit and you’re still a risk. What’s the alternative? Cut up those credit cards; pay with cash. (more…)
Posts Tagged ‘credit’
Credit Cards Catch 22
Friday, July 11th, 2008Don’t Cancel Your American Express Credit Card
Tuesday, June 17th, 2008An indispensable part of today’s life is a credit card. It’s no joke trying to order tickets for the theater without your American Express card, if like me you have canceled it. Just ordering some clothes over the internet wasn’t possible and how basic is that in today’s world. I remember when using cash was the preferred way to buy things.
It’s all very well using your Mastercard, Visa or American Express Card anywhere in the world but it is often for things you don’t actually need and with money you do not have. You cannot escape though, as the price is high when using your American Express credit card and buy it now, pay tomorrow philosophy. (more…)
All About Loans, Creditors and Debtors
Monday, June 2nd, 2008A person or body that provides another with a sum of money (loan) is called the creditor and the person borrowing the sum is called the debtor; this is usually finalized in a binding and legal written agreement that ensures the borrower repays the lender. Whilst just about anything, product or service can be lent out; the information below focuses on financial arrangements only. Loans are required to be paid back and this is normally within a period set at the commencement of the contract; the usual repayment method is based around monthly installments but this period can be longer. (more…)
Is Bankruptcy Right for you?
Wednesday, May 21st, 2008Bankruptcy is a financial practice that allows you to officially declare that you cannot repay your debts now and do not see how it will ever be possible in the future. Declaring Bankruptcy is a big step. For some people, there are other ways to get out of debt, like debt consolidation or negotiating with your lenders. However, if your best option for getting out of debt is bankruptcy, than you should take steps to make this financial situation work in the best possible way for you. (more…)