| |
| |
|
|
Credit Information |
|
Saving Money: Quick Cash, High Cost
I didn't think it was possible. But it is. Folks, there is something worse out there than putting everyday expenses on a credit card, then carrying the balance. The guys I'm going to tell you about make the credit card people look downright benevolent. Meet your smiling neighborhood cash advance parlor. These legal loan sharks go by names like EZ Money, Cash 'N Go, Red E Cash, Cash in a Flash, the Money Tree, and others. Here's how it works. You want cash now. Payday isn't for another two weeks. So you head on down to the loan shop. Just show them your driver's license, bank statement and pay stub. Write a check dated two weeks from now for, say, $200. A minute later, you're back on the street, $170 making a comforting bulge in your wallet. Two weeks later, the loan shop deposits your check. Pretty cool, huh? What's that? You say your check was for $200, not $170? Do you recall when they mentioned a "small convenience fee"? That's the missing $30. What would you say if I told you that "small convenience fee" amounted to an annual interest rate of 416%? How do these lenders get away with rates this high when the credit card companies are limited to 24% or less (cry me a river)? Because, technically, you don't pay any interest. Just that flat fee. So what are the alternatives? Just try going into a bank and asking to borrow a couple hundred for a few days. I can still hear the loan officer giggling. Not a pretty sound. One great alternative goes by many names. My bank calls it "Ready Reserve." It's a revolving line of credit tied to my checking account. If I write a check for more than my account balance, good ol' Ready Reserve transfers in money to cover the check. Next payday, I cover the reserve by telling the bank to apply part of my deposit to the reserve account. There's a small annual fee (around $10), plus credit card rates are applied to any standing balances. If your need for cash is truly occasional, for unforeseen emergencies (are there foreseen emergencies?), try being your own quickie lender. Hold a garage sale, auction off some stuff, or take on part-time or temporary work in order to put a few hundred dollars in a war chest. Take the cash and buy traveler's checks. Put them away; just don't forget where. When you need the money, write out a check, put it in your stash, and take out the traveler's checks. Next payday, buy more traveler's checks and "redeem" your check. If you don't do it this way, most of you won't pay back the stash. (Note: Some traveler's checks expire. Make sure you redeem them for new checks before the expiration date.) If you find yourself short of money month after month, you need to make more money. Taking a $200 cash advance 10 times a year will cost you $300 a year or more. John McCabe's Web Guides show you how to find more and better success in all facets of your life. For more articles on living an abundant, vibrant, joyous life, come to http://Web-Guides.com
MORE RESOURCES:
Credit - Google News |
|
|
|
RELATED ARTICLES
Debt Collection Agencies Debt collection agencies are often a viable option for receiving payment on overdue bills. Here you can earn how debt collection agencies work and what to look for in reputable debt collection agencies. Credit Reports Inside and Out The Credit Report is like your scorecard in the lending world. Every time you prepare yourself to acquire or purchase something that requires financial assistance from a lending institution, your credit report will be your "presentation card". Credit Education Having credit education is like knowing how to read. It will be necessary throughout your life. Credit Cards or Store Cards - Which Is Better? Introduction In this article, a presentation is made of the differences between major credit cards and credit cards offered by specific stores to their customers. The purpose of this article is to provide a general overview of major credit cards and store cards to aid consumers in making decisions regarding which lines of credit lines would be the best for them in a given set of circumstances. 10 Tips To Prevent Credit Card Fraud Imagine opening your credit card statement one morning and discovering to your horror that you suddenly owe thousands of dollars - on purchases that you never made.Impossible?Credit card fraud on the rise, so you need to treat your card and its information with extreme care. 5 Surefire Ways To Eliminate Credit Card Debt Do you have enormous credit card debt? You are certainly not alone. According to research, the average family in the United States has $7000 in credit card debt and pays about $1000 in interest each year! Throw in a late payment or two, or an over-the-limit charge, and that number skyrockets. How To Use Your Credit Cards Wisely Are you one of the thousands pulling your hair out trying to figure out how you're going to pay your credit card bills? Using your credit cards wisely and sensibly will help you avoid financial problems and establish a strong credit rating, so here's some information to help you get your credit card problems under control.Credit cards are convenient for buying things now and paying later. Credit Repair Companies and Credit Counseling Let's be crystal clear, right up front. Paying someone to "fix" your credit is a waste of your time and money, since the negative issues that are temporarily removed from your file will only reappear again in a couple of months. Triple AAA in 30 Days Have you ever wonder about how to get good credit with spending alot of money. Well here is a little secret I used to get my credit back up to par. 5 Steps You Can Take to Get Paid! There are always some companies that have past due invoices and can't seem to get them paid. They might be quietly waiting to get paid not wanting to contact the client for fear of appearing "desperate". 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. How To Protect Yourself Against Credit Card Fraud In the high tech world of today, credit card fraud is an ever increasing problem.By 2005 it is estimated that the online payment industry will capture $12. Credit Reports: Find out why you have been refused Credit. You may already have 2 or more credit cards in your purse or wallet and you have just applied for a third and been declined. This can be very frustrating considering you pay off your other credit cards regularly and you are continually having your credit limit raised. Learn About Prepaid Credit Card Prepaid credit cards also called stored value card can be ideal for individuals who are unemployed, have bad credit or difficulty obtaining an unsecured credit card. Prepaid credit cards are also excellent for individuals who have a hard time controlling their spending and prevent the individual from overspending and getting into credit card debt. Dont Fall For A Scheme When Trying To Rebuild Your Credit History For people with a spotty credit history or bad credit, getting approved for a standard credit card can be difficult, if not impossible.There are a number of credit card options that are aimed specifically at people who have bad credit and are trying to rebuild or repair it. Four Tips How Homeowners Can Rebuild Their Life After a Foreclosure Let's face it, if you are facing the possibilities of losing your home due to a foreclosure and you think that you may never be able to purchase another home anytime soon. Keep reading. It Takes Credit To Build Credit Using a credit card wisely is an important step in building a good credit rating. If you're trying to re-build your credit or if you're young and just starting out, pay close attention the next time you receive a new card offer in the mail. Identity Theft - Dont Think You Are Immune As identity theft becomes more prevalent, the need to regularly check your credit report is very easy to see and understand. Two big headlines in the news recently point to how closely tied your credit report and identity theft are. Looking for that Low interest Credit Card? If you have been shopping around for a Low Interest Credit Card you will notice that the UK market is awash with Credit Card companies offering low rates to entice you to apply for their Cards.There has never been a better time to consolidate your credit cards and get a far better interest rate. How to Get Credit Reporting Agencies to Help You The process of clearing credit can be laborious and frustrating. Understanding your rights empowers you and saves you time and effort.
|
|||||||||||||||||
