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Do you have any idea just how common credit cards are? Lets take a look at a few statistics from the USA.

The average family carries a balance of between 5,000 and 8,000 on all their credit cards, depending on which figures you believe. Over 1,000 per family goes on interest every year. And thats just the average some people owe much more! Overall, Americans spend over 1 trillion every year on their credit cards, and owe more than 500 billion of it.

If debt continues at the current rate, then one family in a hundred will be forced into bankruptcy. Over 90% of Americans disposable incomes are spent paying back debts. Whatever happened to saving?

Debt Costs Everyone Money.

Literally billions of dollars are being used up on expenses that are only created because of the existence of the credit card industry. The weight of the calculations, administration and marketing needed to support the industry is immense the average American gets at least one credit card offer in the mail every day.

Thats before you take into account the burden bankruptcies put on the court system, and the cost to the government of providing subsidised debt counselling. You might also note that consumers with more debt have less to spend and when money isnt flowing, it hurts the economy. There are very few industries or people that arent hurt by debt, at least in the long run.

Debt is Much More Common Than It Used To Be.

Its not so long ago that being in even a little debt was considered to be absolutely terrible. When you wanted something, you saved up for it, and bought it once you had enough money. If you had bad credit, you couldnt get a credit card at all. Go back fifty years and consumer debt figures were absurdly low, the same way they are today in most of the non-Western world.

In the West, though, the art of saving seems to be a lost one almost no-one is saving enough for their retirement, and banks are having to offer ever-higher interest rates to get people to put money anywhere near a savings account. We have an I-want-it-now consumer culture, and were willing to pay more than we can afford to fund our lifestyles.

Spending Isnt To Blame.

Now that Ive said that, dont think that the reason youre in debt is that you havent spent your money cautiously enough. According to statistics, it is very rare for people to get into debt because they spend their money frivolously. Far more people get buried in debt because they lose their job, or get sick they take out credit cards to pay for basic expenses, and fall into the interest trap. Their debt spirals out of control from just a few thousand dollars borrowed to pay for essentials.

Most people have a reasonable sense of what they can afford, and wont go out and use credit cards to buy things that they wouldnt usually be able to pay for. The problem is simply a matter of people leaving their balances on credit cards for too long, not realising just how high the interest really is.

A credit card is a small plastic card used for borrowing that involves some charges. There is a hike in the use of credit cards that in turn has led to the biggest debt problem known as credit card debt. It happens when you have many credit cards and store cards whereby you are unable to pay your creditors in due course of time.

Credit card debt consolidation is the solution to all your credit card debt related problems. Many companies and online websites provide free credit card debt consolidation. There are many reasons due to which it is beneficial for you if you switch over to a credit card debt consolidation.

1.You have to pay multiple creditors but when you consolidate your all credit card debts carrying high interest rates into a single credit card debt with less interest rate, you get financial benefits as such.

2.Credit card issuers asks the consumer to pay an annual fees for the use of credit card and when you own multiple credit cards you have to pay high annual fees. When you consolidate your credit card debt, you are saved from paying such annual fees because the card issuer knows that might get new customers.

3.If you dont know how to spend on credit cards. You might think that it is necessary to spend the whole amount of money in the specified period of time and indulge in more debts. By consolidating all your outstanding credit card debts you can later pay them as monthly installments. So if you feel that it will take more than one year to pay your outstanding credit card debt you can consolidate your credit card debt as personal loan.

4.The reason when you are building up with all your credit debts and unable to pay off your monthly credit card debts i.e. you have a bad credit rating.

5.Credit card issuers also pay you if you consolidate all your credit cards debt into one credit card debt consolidation.

For more information we recommend our website www.credit-card-debt-consolidation-guide.infocredit-card-debt-consolidation-guide.info

We are living in the 21st century and one of the prime things that is totally getting reduced day by day is the use of liquid cash for the day to day business as well as domestic transactions. Cash has been replaced by credit cards and other means to facilitate transactions, which we also call the paper money.

Sometimes what happens is that people who use credit cards get into debts when they use multiple credit cards for their day to day expenses. It is easy to get into the quagmire of debt and difficult to get out of.

A person who finds himself in this condition can use debt card consolidation to take out all his problems at once. The principle of credit card debt consolidation is similar to that offered by any creditor in case of multiple loan borrowings. The idea is to take all the accumulated payments that have to be made and then let a professional lender make it for us. What the borrower in this case needs to do is to take a loan and pay off that loan on agreed terms.

Reasons as to why any one should go in for credit card debt consolidation may vary from person to person but the primary reasons are:

People generally find it easier to pay off one single creditor than to deal with different requirements of different creditors.
Any sort of delay in payment of dues to the credit card banks would bring about hefty fines and sanctions for the credit card holders.
A credit card holder can easily get loan at lower interest rates than the one paid out on credit cards.

These few benefits go a long way in helping the people who have credit card debts to meet.

After a borrower decides to take the Credit Card Debt Consolidation loans, it is imperative that the loan chosen should be the best and perfectly appropriate. In this regard the customer can choose between a secured credit card debt consolidation and an unsecured one. All depends on the need at that particular time. Other steps may include choosing between many lenders, taking advice from the counselors and using quotes to determine the best option. These steps help the borrower in getting the best loan available.

After all the thinking is done all is needed for a loan is an application for the loan and that can be made online or personally to a local lender to get a deal and start afresh with your credit cards.

Because credit is something that is so important, but also sometimes confusing, we are going to lay everything out for you, in simple terms.

We’ll also show you how to get the credit you deserve, how to make the most of your credit, and ways to improve your overall credit rating, no matter where it is now.
For years, the conventional financial wisdom was “credit cards are bad.” We were told that cutting up our credit cards was the only way to free ourselves from debt-ridden indentured servitude. People needed to “live within their means,” and if credit cards were ever to be used, it should be “only in the case of an emergency.”

This conventional “wisdom” turned out to be not only untrue, but hurtful to those who listened to it. The truth is that credit cards are our friends. They are our allies in building credit. How easy do you think it is it to qualify for a home loan when you’ve never even had a credit card? Responsible credit card usage shows potential lenders that you’re able to manage your finances. What’s more, an intelligent credit card user turns the interest game on its head, and actually uses his credit cards to give himself interest-free loans.

Use Your Credit Cards to Earn Money For You

In order to get the most out of your credit cards you need to use them, and use them frequently. If you have two cards with 500 limits, you might want to nearly max them out each month. Set one card up to pay your recurring monthly bills (cable, cell phone, auto insurance, etc.), and use the other one for gas and grocery purchases. If you have cards with much higher limits, say 5,000 or 10,000, then maxing them out each month probably isn’t a good idea, but you should use your credit cards to the fullest extent possible – and you should pay them in full every month.

Say you have a 90 cable bill due on the 3rd, a 110 cell phone bill on the 12th, and 150 in auto insurance premiums due on the 15th of each month. You “pay at the pump” using your credit card on the 4th, 11th, 18th, and 26th, spending a total of 165. That’s a total of 515. But here’s the beauty – your credit card company sends your statement on the 1st, but doesn’t require payment until the 15th. This means that the charges of 515, some of which date back to the third day of the previous month, aren’t due until the 15th of the next month. Since interest is only charged on the unpaid portion of your monthly balance, this represents a month-and-a-half interest-free loan! If you have a 1,000 credit limit (or two 500 credit cards), you can continue charging on the card into the second month before ever paying for the first month’s charges.

What’s the big deal? Well imagine you had 1,000 sitting in a money market savings account yielding 5 percent. Your money would be earning interest for you. In essence, you would be earning money each time you used your credit card.

Balance Transfers – Another Way to Turn the Credit Card
Game on its Head

If you have a higher credit limit, credit cards can be used for the short-term financing of larger purchases. Say you had a 10,000 credit limit and you wanted to buy a new sofa for 2,500. The financing options at furniture stores are normally rip-offs, so why not finance the purchase yourself? You could have an interest-free loan for up to 45 days (maybe 60, depending on your credit card’s “grace period”), during which time you could save the money to pay off the entire amount, or at least a portion. And the best thing about your mailbox being constantly flooded with credit card offers is that oftentimes you can transfer existing credit card balances to new cards with introductory interest rates of 0 percent!

For example, imagine you purchased a used car for 9,000 – completely on your credit card. Conventional wisdom would say this was a terribly foolish thing to do, but you know better. You have already been offered and approved for an additional card with a 10,000 credit limit, and an introductory interest rate of 0 percent for one full year. After making one payment on your existing card’s balance, you transfer 8,500 to your new card, where you can pay it off in full with 12 payments of 708 – all principal, no interest. After that, you’ll own the car, debt-free.

If the 708 was too much for you, you could pay less each month, of course. An even riskier, but potentially rewarding strategy would be to pay as little as possible on the new card, and then hope for another 0 percent introductory offer coming in the next year. There’s nothing illegal or even unscrupulous about playing the credit card game this way – it only makes financial sense. Credit card companies exist to make money from your mistakes, but if you’re a vigilant consumer, you can invert the game and make money for yourself! What’s even better, if a bit strange, is that the credit card companies will find you all the more desirable. So the next time you read an article in which the financial guru tells you to tear up your credit cards, do yourself a favor and tear up the magazine instead.

Sincerely,
James
http:www.CC-YES.com

And remember, don’t forget to visit our site for the best selection of cards on the Internet. No matter what your credit picture is like, we have the perfect card for you: http:www.CC-YES.com

Which Low Interest Credit Card Is Best – Variable or Fixed Interest Cards?

When applying for low interest credit cards, you may think you know what you are looking for. After all, it seems pretty clear. The lower the APR, the less money you will have to pay, right? In reality, this is not always the case. In fact, one factor you will need to take into consideration is whether the APR is variable or fixed. Then, you can make a far better decision when choosing from among the available low interest rate credit cards on the market.

Low Interest Credit Cards with Variable Interest Rates

Low interest credit cards with variable interest rates are those that fluctuate with the prime rate. The prime rate is the rate top United States banks pay to borrow money from the Federal Reserve. Therefore, you will often see interest rates written as the prime rate, plus an additional percentage APR in order to provide the bank with a profit.

When the prime rate is in a downward swing, as it has been in the past few years, these cards can be quite attractive to the consumer simply because the APR is lowered. On the other hand, these cards can have skyrocketing interest rates when the prime rate is soaring. In addition, many credit card companies place a minimum APR on the cards. This means the APR will never fall below a specific rate, regardless of where the prime rate stands. At the same time, your interest rate will increase as the prime rate increases – and you won’t see credit card companies placing caps on how high these rates can become.

Low Interest Credit Cards with Fixed Rates

Low interest credit cards with fixed rates are those with interest rates that do not fluctuate or change. For example, if a credit card offers a 7.99% fixed interest rate, it means the interest rate will not become higher or lower that 7.99% – no matter what the prime rate may be. A word of caution, however: credit card companies have the right to change a fixed rate to a higher fixed rate by simply sending you a 30 day written notice. These notices can be very unassuming and in small print, and simply slipped in with your monthly billing statement. Therefore, it is important for you to read all paperwork included with your bill and to keep an eye out for changes in your fixed rate.

The Introductory Rate

When you shop through the numerous cheap credit cards available, you most likely pay the majority of your attention to the introductory rate. Usually, introductory rates on low interest rate credit cards are minimal and fixed. In fact, it is not unusual to see cheap credit cards with APRs of 0.00%. What you need to look at, however, is the APR after the introductory period is complete and whether it is variable or fixed. This is particularly important if you do not foresee yourself being able to pay your balances in full after the introductory period is complete.

The post-introductory period rate is often referred to as the “go rate.” With most low interest credit cards, the go rate is variable and based on the prime rate. The go rate is not always the same from customer to customer because credit card companies generally offer better APRs to the customers with the best credit history.

Deciding Which is Best

Determining which of these types of low interest credit cards is best for you depends on your financial situation. If you pay your balance in full at the end of each billing cycle, it really doesn’t matter if your rate is variable or fixed. On the other hand, it can be incredibly important if you do carry a balance. The perk to a fixed rate is that you are always sure of what your interest rate will be from month to month, so long as you make sure to read all information inserted along with your bill each month. This makes it easier to plan a budget and keep a closer eye on your finances. At the same time, you might save money in the long run by taking advantage of low interest credit cards with variable APRs when the prime rate is low. If you are disciplined enough to keep an eye on the fluctuating market and to take advantage of cheap credit cards when the rate is low, variable APR cards may be your best bet.

There are so many credit cards out there. They offer different rewards, different points, different interest rates, and different ways to use them. So which is the right one for you? For many people, having a credit card is a necessity, but having too many can be detrimental. Use this article as a resource to help guide you though this decision.

First, consider the interest rate on your credit cards. Shop around to see if there are cards that offer lower interest rates. You may save a lot of money by switching over. And if they are balance transfer cards, they may offer even lower rates of interest! Once you have a low interest rate card, get rid of your higher interest rate cards. Theyre just not worth it!

Second, you should think about getting a reward card. Unlike regular credit cards reward cards offer the same purchasing ability as regular credit cards but also allow you to enjoy rewards from points earned or immediate discounts on purchases at select retailers. The secret to finding the best reward card for you is to get a card that offers rewards from a vendor you normally shop at anyway. For example, if you buy a lot of petrol, get a card from a vendor that gives you points for filling up your car with petrol. Theres a lot of cards out there that have partnered with various vendors so find one or two from vendors you normally shop at.

Once you have found some credit cards that offer low interest rates as well as rewards on purchases you are ready to face the world again with a high-powered wallet. Even though you have increased the money you’ll keep (because of lower interest and the discounts available on purchases) you may have carried over some debt that you would like to get rid of.

One option to do this is with debt consolidation loans. A debt consolidation loan is one where you gather together all of the debts you have and put them under one umbrella. By gathering many small loans at varying interest rates and due at varying times of the month, and putting them under one roof, you are effectively lowering your average interest rate and consolidating your payments into one fixed payment once a month. And, because you are gathering your debts from many vendors and giving it to one vendor, you may be able to get a lower interest rate.

Congratulations! You will have just taken your powerhouse wallet from good to great!

Credit cards, as part of the financial industry, use a massive array of jargon. You cant be expected to recognise all these technical terms, and some of them are quite important so heres a quick guide, in alphabetical order.

Affinity card. This is a credit card that gives a certain amount to a charity of your choice, depending on how much you spend. It is generally best to avoid any charity that wants you to sign up for such a card dont let guilt lead you to a high interest rate.

APR. Annual Percentage Rate. This is your overall interest rate, calculated yearly, and given as a percentage of your balance.

ATM. Automated Teller Machine. A cash machine. It will give you money when you put your credit card in, but will probably charge an extra fee.

Balance transfer. This is when you transfer your debt (balance) from one credit card to another. The usual reason for this is to try and keep as much debt as possible on a lower-interest card.

Credit limit. Your credit limit is the maximum amount you can spend or withdraw from your card. Going over your credit limit will result in your card no longer being accepted, and you being charged an over-limit fee.

Fixed rate. A fixed rate card is one where you are given a rate when you sign up for the card and that rate, at least in theory, stays the same for the whole time you have the card. In practice, though, interest rates can be changed for almost any reason.

Grace period. Your grace period is the amount of time between when you spend money and when you start paying interest on it. Good cards can have a grace period of up to two months bad ones might not have one at all.

Minimum payment. A minimum payment is the absolute lowest amount you can pay back to the credit card company each month you should pay more, but you dont have to. Minimum payments are usually around 2% of your balance.

Sub-prime. This is a phrase used in the industry to describe customers who are a bad credit risk, but are seen as worth lending to anyway. If you are identified as sub-prime, youll start getting offers for loans secured on your property they know that if you cant pay, theyll get their money anyway.

Teaser rate. A special offer low rate, usually written in enormous letters. You will see many offers with LOW 4.9% APR in inch-high letters, followed by for first six months, 21.9% thereafter in microscopic ones. Teaser offers can sometimes be worth taking, but not if they tie you in for longer than the period of the offer.

Variable rate. This is an interest rate that is worked out by adding a certain amount to the current base rate. Taking this option will allow your credit card to be affected by changes in national interest rates a good idea if you think they might go down, and a bad one if theyre on the way up.

Platinum credit cards are generally offered to those individuals with good credit ratings and an income of around 20,000 per annum or more. Platinum credit cards have many benefits and features compared to a standard or gold credit card. Conventional school of thought would find platinum credit cards to be a status symbol. However, relaxed rules and upper limits have brought them within reach of the average person too.

A platinum credit card can be a good choice if you frequently use credit card for your routine and high purchases and pay back the whole credit at the month end. You get a high limit of credit and sometimes no limit at all if you show a high earning power of annual income 25,000 or more. However the actual high level of credit youll get depends on your income and credit rating.

Platinum card owners are privileged because they do not have to pay the usual high interest rates on credit. Generally there is a low or no annual fee. You can get a number of benefits and rewards such as free air miles, discount points, reward points for purchases and cash back. If you cannot make the most of platinum card deals it is better to opt for standard credit card. Since, maintaining a platinum credit card can prove to be a costly affair in the long run if not used and managed properly.

A number of credit card companies offer special facilities such as:

Protection against accidental injury, sickness and involuntary unemployment
Protection against card theft and loss
Online credit card fraud protection
Travel insurance and special travel services
Flexibility to share it with friends and family

Platinum Card Guidelines

There are certain things you must never overlook while signing up for a platinum credit card. Make sure you spend only that much amount that you can easily payback because even if you fail to pay one monthly payment it will account for a negative credit rating. Bottom line is that the benefits should always amount up to more than you pay.

Using a Business Credit Card to Take Control of Your Business

A business credit card can be a great way to take control of you business and ensure your business stays financially secure while still moving forward and growing. The trick is knowing how to use a business card to help make your business a success rather than a failure.

Consolidating Debt

Once of the great aspects of business credit cards is that you can keep all of your business expenditures on just one card. This makes it easier to keep track of what you have spent on your business when it comes to paying taxes. In addition, receiving a monthly bill helps you see just how much money you are spending on your business each month. This ability to monitor expenditures makes it simpler for you to make modifications as necessary. In addition, most business credit cards provide end of the year summaries that make it much easier for you to analyze your annual expenses.

Many business credit cards also provide special introductory offers with low APRs. Some even waive balance transfer fees, making it possible for you to transfer all of you business expenses from other credit cards on to one card. The lower APR can save you money a great deal of money in the long run, particularly if you are unable to pay the bill in full at the end of each billing cycle.

Investing in the Future

A business credit card provides you with a revolving line of credit that makes it easier for you to expand your business whenever necessary. Many business owners, particularly those that are just starting out, need to have money available to them quickly. After all, the only way to grow a business is to invest in it. A business credit card allows you to bypass long loan application processes, thereby making it possible for you to make investments quickly and keep the momentum rolling in the growth of your business.

Look Professional

With business credit cards, you can often get your company logo in addition to its name on the card. There is no doubt this makes your business look more professional. A business credit card is a sign that you are an established, serious business. In addition, just using a business credit card is a great way of marketing your business. As cashiers see your business logo and name, word slowly spreads about your business. It’s one of the easiest marketing strategies you can utilize!

Perks of Business Credit Cards

Many business credit cards provide extra perks that are nice to have as a business owner. Take the time to compare business credit cards to discover what each has to offer and whether or not the benefits are helpful for you and your business. For example, some provide special travel benefits to business cardholders. But, if you do not need to travel frequently for your business, this benefit may not be too attractive. On the other hand, some business credit cards provide discounts at certain office supply stores. If you frequently purchase office supplies for you business, this benefit could potentially save you a great deal of money. Of course, be sure the business credit card you get provides discounts to a store you actually use. Otherwise, you are once again failing to take full advantage of your business credit card.

If you take the time to compare business credit cards, you are guaranteed to find one that offers benefits or rewards programs that will be beneficial to you and to your business. Make sure you weigh all of the benefits and stipulations, including APRs, annual fees, rewards programs, and other perks before deciding on which business credit card is best for you.

When looking into the different types of reward credit cards, it is important for you to understand that there are a wide variety of reward credit cards to choose from. The type of reward credit card that is right for you is largely dependent on your own personal lifestyle and needs.

Airline Miles Reward Credit Cards

Airline miles reward credit cards are usually offered in partnership with a credit card company and an airline company. There are, however, some airline miles reward credit cards that have partnerships with multiple airline companies. Regardless of how the partnerships work with the credit card, the basic idea is the same.

Airline miles reward credit cards allow you to earn points or miles for every pound spent with your card. In addition, many of these cards provide you with bonus miles for spending money at certain stores or on specific types of purchases. Most commonly, bonus points or miles are earned when making purchases through the applicable airline.

After earning a certain number of points or miles, you can then trade them in for free or reduced air travel with the applicable airline. With some airline miles reward credit cards, you might get to choose from a number of airlines. With other cards, you might only get to receive free travel from a specific airline. Therefore, it is important to choose your airline miles reward credit card in accordance with your preferred airline.

Some airline rewards credit cards also allow you to combine your credit card miles with frequent flyer miles. Often, it takes several credit card points to equal one mile in the frequent flyer program. So, you want to check into the conversion factor before you take advantage of this aspect of the program.

Airline miles reward credit cards also often offer other special rewards. For example, some provide free upgrades or companion tickets. In addition, they generally provide more travel related benefits then other credit cards, such as a higher amount of travel insurance coverage.

Cash Back Reward Credit Cards

Cash back reward credit cards are similar to airline reward credit cards, except the points you accumulate work toward providing you with monetary rewards. Sometimes, a point system isn’t used with cash back reward credit cards. Instead, you receive a certain percentage of your spending back. Just like airline miles reward credit cards, cash back reward credit cards may provide extra points or higher percentages to for certain purchases. For example, some provide more rewards for purchases made at grocery stores or drug stores.

The way you receive the cash back varies from card to card as well. Some cash back reward credit cards provide you with a check after you have earned back a certain amount of money. Others add your cash back directly to your credit card and help you pay off your balance. Still other cards may put the money into special savings accounts or interest-yielding accounts, such as college-savings plans or special accounts for purchasing a car.

Miscellaneous Reward Credit Cards

In addition to airline mile and cash back reward credit cards, there are also a number of other plans associated with these cards. Again, they generally involve accumulating points in order to earn rewards. With some reward credit cards, these points can be traded in for things such as gift certificates to stores, restaurants, or service providers. Some even have catalogues of items you can purchase with your rewards points. Yet others allow you to choose form cash, airline miles, or other types of rewards. These are generally the best reward credit cards because of their variety and flexibility. But, ultimately, it is up to you which type of reward credit cards is best for you.