Saving money on your grocery bill Many people pass over the coupon pages of the Sunday newspaper without even giving it a thought. If you found a dollar bill …
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The Rent-to-Own Trap You see a TV set at the rent-to-own center that you like. It's a big-screen version, complete with high-definition capabilities and a remote …
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Secured credit cards are for people who have poor or no credit. The bank that issues your secure credit card will require that you open a savings account with usually at least the amount (and sometimes up to twice the amount) of your credit card's limit. The money sits in that account as security in case you don't pay your bills.
There are two reasons for a secured credit card. You can have the convenience of a credit card when you normally wouldn't be able to be approved for one. You can also demonstrate your ability to pay your bills. The secured credit card bank reports to the credit bureau, and in theory, you can repair your credit.
The danger of a secured credit card is that interest rates and fees are generally much higher than unsecured cards. You can end up with late fees and interest fees that are much higher than your purchases. If you find yourself unable to pay your bills, your original savings account might not cover your balance, and you will end up even more in debt with worse credit.
Credit Card Basics You no doubt know the basics about credit cards. You get to buy stuff now and pay later. We're going to get a little more specific than that so you can understand why these great little cards end up being the financial downfall of so many people!
You get a credit …
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Debit Cards Debit cards are basically electronic checks. They are directly linked to your checking account. Newer debit cards have the Visa or Mastercard logo, so they can be used as a credit card to make purchases. When the store electronically contacts your bank, instead of checking a credit limit (as with …
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Credit card interest rates And finally, we need to talk about interest rates. We left interest rates for the end because interest is the least understood and usually the most dangerous part of your financial dealings.
Mathematical equations aren't necessary to understand interest. You simply need to understand a few key facts about credit card …
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Leave home without credit cards For Joe, the power of suggestion is an awesome thing. Or perhaps he just watches too much television. Whatever it is, Joe finds that each time he's in the mall, he ends up spending more than he intended. Joe blames it on the influence of TV commercials that persuade him …
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