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How To Pay off Credit Card Debt

in My Money
Credit Card Debt

High Borrowing Rates Generate Compound Interest

Credit card users who find themselves in debt for large amounts of money need to take action to pay off the cards.

Large balances have multiple negative impacts on consumers:

  1. Interest costs mount up quickly due to high interest rates.
  2. Consumers have difficulty saving for large purchases, such as a down payment on a home or vehicle.
  3. Large balances lower credit scores, which may result in higher rates on other loans.
  4. Balances owed count toward debt ratio calculations when financing a home.

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How to Correct a Credit Report Error

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Correct Credit Error

Present the Proper Information to the Credit Bureau

Mistakes on a credit report can be devastating if not corrected in an appropriate fashion. Learn what information is required by the credit bureau.

When a consumer’s credit report contains an error, it’s imperative the individual take the necessary steps to correct the mistake. Here are some basic tips on what is required when disputing an inaccuracy. Keep Reading

Credit Card Terms and Definitions: Credit Card Basics

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Credit Card FAQ

What are Credit, Debit, Charge and Store Cards?

Not all credit cards are the same. Read how credit, debit, charge and departmental store cards are different from one another.

  • Confused by the many credit cards offered by banks and financial institutions?
  • What are the differences between credit, prepaid credit, debit, charge and store cards? Plenty.

To make the best of these cards and determine which cards are more suitable, it’s important to have some basic understanding on how these cards work. Keep Reading

3 Reasons Why Your Credit Score Is Important

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Credit Score

Your credit score is more important than you might realize as it can stop you securing future credit, and even impact on your chances of getting a new job.

Are you concerned about your credit score?

If not, you probably should be. This three-digit number can reveal more about you than you might think, and can affect more than just your attractiveness to lenders.

Here are some reasons why you should pay close attention to your credit score. Keep Reading

Marketing Strategy for Retail Sales

in Make the Sale
Baby Boomer retail marketing

Considering Spending Habits

Retailers who are looking to sell their innovative and modern products should consider marketing their products to the empty nesters.

Baby Boomers, the people born between 1946 and 1964 are one of the largest consumer groups in the U.S. This group, aged 45-63 years old, is characterized by big spenders and users of credit cards.

Due to an inadequate social security system and a failure to save money, they are experiencing economic uncertainty. Many are supporting their aging parents. Keep Reading

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