We have helpful finance management advice on debt, loans and credit cards

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Did you get an easy credit card in college? Or, are you someone who got one for the convenience of being able to pay without cash? Not aware of other easy ways to borrow money?

Millions of us do this thanks to the unavoidable advertising of the credit card industry. Few people realize just how many alternatives to credit cards there are. There are others ways of using credit without finding yourself swimming in credit card debt.

Lets take a look at a few.

Debit Cards.
Debit cards are often used in many European countries but are relatively unheard of elsewhere. Basically, theyre just like credit cards and are accepted everywhere credit cards are accepted. The only (and big) difference is that they take any money you spend directly from your bank account instead of you getting a bill at the end of the month. You also avoid the accumulation of credit card debt using these types of cards. Be aware though, that you arent as well-protected from fraud with a debit card as you would be with a credit card.

Pre-Paid Credit Cards.
These are cards that work just like credit cards except that you cant have a negative balance and you have to put money on the card before you can spend it. This card is great if you want to know how much you are spending not to mention that you have no recurring credit card debt each month. Theyre also safer than debit cards since someone who stole the card can only spend whatever money is on it at the time.

Bank Overdrafts.
A good bank overdraft, used together with a credit card, can be a far better way of borrowing money than using a credit card alone. Your overdraft limit is set by the bank according to how much you deposit into your account each month plus you dont need to pay it off until you want to.

Basically, it just gives your account the ability to go into negative numbers. Many banks charge relatively high interest rates for overdrafts but rarely are these rates as high as a credit card. They will give much better rates for good customers.

Real Loans.
When youre buying one big item at a fixed price (like a car) or spend all your money on one type of thing (home improvements, for example), its worth budgeting it all out and going to a bank or a loan company. Theyll be able to lend you the money at a much better rate than a credit card would simply because they know why youre taking the loan. They can set regular monthly payments for you to repay it.

Credit Unions.
Credit unions are like banks, only more local. They are cooperatives, that is, owned by their members and run by the community. They are a great place to borrow money because there are limits in law on how much interest credit unions can charge. They also dont need it to make a profit for owners or shareholders, because they dont have any. They are well worth checking out if there is one in your area.

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Prepaid credit cards have been growing in popularity over the past few years. But despite the ‘credit card’ name, no credit is actually involved. Heres how it work’s.

When a standard credit card is used, you pay for the convenience of being able to purchase items without saving the money up first. The issuing bank is basically lending you money , to be repayed on a regular basis. But with a prepaid credit card, there is no line of credit or loan. Instead, the user will make deposits to their bank account, and then use the credit card to withdraw that money for purchases. Why would you use a prepaid credit card if you don’t actually get any credit?

A prepaid credit card is a excellent choice if you want to be able to make purchases online without taking the risk of giving unknown merchants your credit card information and access to your credit line. Lots of people today are sensitive to online credit fraud, and this is one of several ways around it. But be aware though, many merchants that require you to make monthly payments will not accept a prepaid card for purchases.

A prepaid credit card is also an great way to provide a weekly or monthly spending allowance to a child away from home, let’s say, at college. The student has the convenience of being able to charge different items on the card, and you can easily have control over the amount that the child spends by the amount of the deposits made to the account. This will go a long way in teaching them how to manage their money.

If you have decided that a prepaid credit card is the right choice for you, there are a lot of options available that can offer you varying benefits. Perhaps you’re looking to repair or restore your credit. Could be you want a way to give your away-from-home student a monthly allowance. No matter what your reason, why not choose a prepaid credit card that allows you to earn income at the same time?

Prepaid Credit Cards That Help You Restore Your Credit

Not every financial institution that issues stored value credit cards makes reports to credit agencies about your spending history. If part of your reason for applying for a prepaid card is to repair your credit history, make sure you choose a company that does make reports. There are also a number of issuing companies that offer credit reporting as an add-on service for an additional fee.

Prepaid Credit Cards That Pay You Back

Some major financial institutions will offer you a prepaid credit card with an opportunity to make income. They offer a rebate on spending, or a referral program. If you don’t need to build your credit, and believe that your income through spending rebates and referrals will exceed the annual
membership fees, then these types of cards might be a excellent choice for you.

What ever your reason for choosing a prepaid credit card, be sure that you shop around to get the best deal, and that you check out the financial institution to make certain that they are a reputable business.

Observers in the lending industry have estimated that there may be at least 50 million Americans who are not able to qualify for credit. These consumers are usually young, often members of the minority groups and unbankedand they are faced with the long-standing dilemma of credit: how can I build my credit record if no one will give me any credit at all?

One of the answers offered by credit card companies is a variety of prepaid credit cards, designed for use by specific segments in the market. The prepaid credit cards are meant for that significant portion of the population that cannot meet the qualification criteria for regular credit cards, or who qualified before but have since lost their credit due to repeated defaults and other reasons.

Advantages of Prepaid Credit Cards For those who do not have enough credit history or have had it blemished, prepaid credit cards are an effective way to build or slowly rebuild credit. That may not happen immediately, but it is something to work on over time. The banks that issue prepaid credit cards are also prepared to extend normal credit the moment you are able to show that you have become a worthy credit risk.

For the moment, you may have to make do with prepaid credit cards. You can use prepaid credit cards as you would any other regular credit card to purchase airline tickets, reserve hotel rooms, or order items online.

Prepaid Credit Card for Students

There is a special prepaid Visa credit card for students, which offers a lot of convenience not only for the students but also for their parents. These reloadable prepaid credit cards offer parents several options on how to reload. Parents can add money to reloadable prepaid credit cards by depositing money, by arranging an automatic transfer of funds from their account (a deposit account or their own credit card account), or by online transfer. Using the prepaid Visa credit card is no different from giving the regular allowance to their child, only they do so by electronic means and there is no more cash that changes hands.

The big advantage of the prepaid Visa credit card is that the student is limited to spend only as much money as there is in the card. The parent is thus able to control to some extent the spending behavior of their child. They can use the prepaid credit card anywhere that the credit card brand is accepted.

Prepaid Credit Cards as Gift Certificates

Some prepaid credit cards function like gift certificates. You buy the prepaid credit card for a certain amount, and your recipient can purchase items with it at any of the brick-and-mortar stores or online merchants, and also for mail order items, that accept the particular credit card brand. Your recipient can use the prepaid credit card only up to the amount of money that you loaded on it. This particular version of prepaid credit cards is non-reloadable.

Like any gift certificate, recipients of prepaid credit cards can buy whatever it is they want at any time they want. Unlike a gift certificate that, when it gets lost is lost forever to the recipient, prepaid credit cards may be replaced if it gets lost or is stolen.

Prepaid Credit Cards for Travel There is a prepaid credit card designed for travel. These reloadable prepaid credit cards can be purchased in lieu of travelers checks or cash. In a way, it combines the best features of a credit card and a travelers check because of its convenience and security features. Should you lose the prepaid credit card while you are on travel, you can easily obtain an emergency replacement, both for the prepaid credit card and some cash.

Prepaid credit cards for travel are accepted all over the world, and also allow you to obtain currency from ATM machines. When you need to reload and you are already traveling you can arrange for the reload by phone or online. Apart from the fact that it is a prepaid credit card, you can use it exactly like a regular credit card. That also means you enjoy other benefits just like a regular card reimbursements for lost luggage of up to $1,000 per cardholder if your luggage is lost; zero liability if your prepaid credit card is used fraudulently after you lose it or have it stolen from you; purchase security up to $500 per claim for any items you buy with prepaid credit cards, which subsequently gets stolen or damaged for certain reasons.

Generally, you can purchase prepaid credit cards of all the major credit card brands at their participating retailers. You dont have to worry about not having acceptable credit because prepaid credit cards are made available without need of a credit report or a bank account. The only qualifications you need to have are that you have reached 18 years of age and that you must be able to present a valid identification issued by government.

Disadvantages of Prepaid Credit Cards

There are a few things about prepaid credit cards that may not be as convenient as the regular credit cards. For one thing, you load only so much money onto it. You will need to keep track of the balance on the prepaid credit card because not all of the merchant terminals where you use the card may be able to help you determine it. However, there are procedures that tell you how to determine your balance, and you will these detailed on the back of the prepaid credit card and in the instructions accompanying it.

The process of reloading your prepaid credit card may be a little inconvenient to some. If youre using cash, you would have to visit the participating outlet where you bought your reloadable prepaid credit cards. The more convenient way will be reloading online.

There are also the charges. Prepaid credit cards impose an application fee, the amount of which varies with the issuer, and there is also a service charge that you have to pay monthly. You also have to pay for transaction fees, charges when you transfer funds to top up the balance, when you replace your prepaid credit card, and many other fees. To be sure about the fees, you should read closely the fine print on the prepaid credit card account.

Prospects of Prepaid Credit Cards

Prepaid credit cards do not provide credit; it is your money that youre using. You are asked to pay other charges, so it is not for free. You are paying for the convenience and security of carrying plastic instead of large amounts of cash. People with bad credit will be able to act as if they had a regular credit card and enjoy the convenience of one.

Issuers of prepaid credit cards realize that it is a good way to monitor the credit behavior of the cardholder. A prepaid credit card would be a source of information that indicates to the credit bureaus and issuing lenders about how you as the individual cardholder use the card to pay your bills such as utilities. If these consumer data could be formatted in such a way as to provide the basis for a statistical model on probable future behavior in spending, then this could become the foundation for building a credit history.

You would benefit, because by using prepaid credit cards you are rebuilding your credit. The prepaid credit card issuers would benefit, too, because they would be making previously unproven customers bankable. More people could then qualify for regular credit, and that would mean tremendous incremental revenue for the lenders.

A new credit card can be used to help you eliminate some of that debt that you have from other credit cards, and other sources of debt, too. As long as you are able to get another credit card, then you have a great tool available to reduce your monthly payments rather quickly. Here is how you can do it with a new credit card.

Look For 0% APR Interest

Here is one option that can really help you to cut down on the amount of interest that you pay each month on your credit cards. Get a credit card that has 0% APR interest, and make sure that this benefit will last for at least one year. Some cards will only give you as little as three months on this, and others will give you up to 15 months. By putting your credit card debt on the new card, you can literally reduce your interest payments to zero – as long as the introductory offer of 0% stays in effect.

Balance Transfers

This is the feature that allows you to take the debt from one credit card and put it on another. Watch out for a card that has balance transfer fees attached to it, especially if you are trying to reduce your debt – you don’t need another 3 or 4% interest charged for the transfer. It is common for a credit card to have balance transfer fees, but also, many do not have it. In addition, some credit cards will charge a specific amount of interest on balance transfers, but not on other purchases during the introductory offer period. You should know, though, that when you get your new card, you may need to list all transfers that you are wanting to put on it, and that you may not be able to transfer anything else to it. Find a credit card that will give you more flexibility.

Make Big Payments

A credit card, apart from adding a little convenience to your life by making it so you do not have to carry cash, is a great tool. But if you pay a regular late fee, plus high interest each month – it becomes more of a great inconvenience, rather than the help it should be. It will help if you can reduce your debt as much as possible by making as large a payment each month as possible. By having the 0% APR interest rate, you should be able to make larger payments and reduce the principal amount rather quickly – as long as you pay on time.

No New Purchases

Consolidating your credit card debt can really profit you once you get it down to where you can pay off each month’s transactions – each month. While this goal may be down the road for some, still, it is a goal that all should seek after. This means cutting down on your extra purchases that you really do not need until your credit cards are manageable in the way they should be used. Instead of looking at the card as a “buy all you can and max out the card as quickly as you can” approach, look at it simply as a way to handle finances better.

Rebates And Rewards

In order to save even more money, you will want to purchase your regular things, like gasoline, prescriptions, and food on the card, too. With some credit cards, you have the opportunity to save anywhere from 1% to 3%, and you receive it as a rebate or a reward – money subtracted from what you owe, each month.

Some of these options are only good if you learn to say “No” to unnecessary purchases. These credit card tips will help you consolidate your debt from other credit cards if you pay off the debt each month, and pay all that you can to get the debt down to a more comfortable level – and then you can start saving for those other things you want.

You can think of a prepaid credit card as a loaded gift card that is good just about anywhere. The functionality of a prepaid credit card is really quite simple. It acts just like a normal credit card except it has a limit to it. Once you load up your card, it will be good anywhere the brand is accepted. Each purchase will deduct from the overall total until you finally run the card out. Some prepaid cards are able to just be reloaded, but others will just be used up.

In this case you just have to buy a new one. There are many instances when it is just going to be far more convenient to use a regular credit card. Everyone should know that purchasing gas is much quicker if you can just pay at the pump. It is also not exactly a wise idea to carry hundreds of dollars in cash around with you.

The real question then just comes to why you should use a prepaid version. A prepaid credit card can be particularly handy for a wide variety of people. First, a prepaid card is great for a teenager who really needs to learn proper spending habits. Every parent should want their child to develop healthy spending habits that will greatly benefit them throughout their adult lives.

Unfortunately, the power of a credit card is sometimes too great and debt can build up very quickly. Before you know it, their credit is damaged and they have to pay high interest payments on a bunch of worthless purchases. In this case, they could have just been given a prepaid credit card. This card would have locked them out at the amount that the parents gave them while still giving them the convenience and freedom of a credit card.

Second, it will come in handy for any person who wants to stay within their budget. A good financial planner will be able to set aside how much money he is going to need on their credit card throughout the month. In order to forcibly stay within their budget they can choose to just buy prepaid credit cards. By doing this, they will be able to avoid the high interest costs and fees incurred from using a credit card.

Third, it can be very good for someone who has bad credit. A prepaid credit card just requires money in a bank account. A person who has made bad credit decision in the past will have great difficulty in getting a good credit card in the present. Prepaid cards are the perfect go between for convenience while they wait for their credit to recover.

Finally, it is perfect for someone who wants to keep their information safe online. If information from a prepaid credit card is stolen, they will only be able to use the money on the card. This greatly limits one’s potential loss. Anyone who wants to make a few purchases online should greatly benefit from a prepaid card.

A prepaid credit card is a great blend of function and convenience for just about anyone who wants something different from the standard card.

Excessive credit card debt
Excessive credit card debt

Most people advocate the case of credit cards, quoting the benefits and convenience that arises from them. However, there is another group/line-of-thought that strongly opposes credit cards. The reason being Excessive Credit Card Debt, which is one of the most serious problems faced by the credit card holders and credit card industry. However, you cant pull the shutters on the credit card industry just because of a few irresponsible people (or even if its more than few). That is not a solution for beating excessive credit card debt. Moreover, you cant overlook the benefits associated with the credit cards.

The issue of excessive credit card debt can be looked at from 2 angles. First is addressing of the excessive credit card debt problem at the industry level and second is the addressing of the excessive credit card debt problem at the individuals level i.e. at the credit card holder level. The first method involves increasing awareness of the excessive credit card debt problem to the masses. This is more or less being done currently too. However, there should also be an effort to tackle this problem of excessive credit card debt at an even deeper level. This means trying to devise a mechanism to nip the problem (of excessive credit card debt) in the bud. This mechanism should actually be a part of the overall system. A lot of thought needs to go into devising such a mechanism. Case studies should be taken up, statistics gathered and a proper forum formed (with representatives from the credit card holders and from the credit card suppliers). As of now, the credit card suppliers just seem to be engaged in coming out with new products and getting customers enrolled to those products. There is little attention paid towards addressing the problem of excessive credit card debt in the real sense. Something like attending mandatory seminars on the root causes of excessive credit card debt could be made part of the credit card application process. Another way of dealing with the problem of excessive credit card debt could be: developing a system for calculation of applicable credit card limit at the individual level i.e. no standard/product-based credit limits. Then there could be mechanisms for proactively warning the users about excessive credit card debt (based on their credit card usage) or even imposition of early restrictions on noticing the first signs that lead to excessive credit card debt At the individuals level, the treatment of the problem of excessive credit card debt would include following of best practices (on credit card usage and avoidance of excessive credit card debt) by the individuals themselves. A checklist or a set of questions could be provided to individuals for recognising the first signs of excessive credit card debt.

So, the problem of excessive credit card debt can surely be dealt with by putting together some serious thinking at a broader level together with discipline at the individuals level.

Excessive credit card debt
Excessive credit card debt

Most people advocate the case of credit cards, quoting the benefits and convenience that arises from them. However, there is another group/line-of-thought that strongly opposes credit cards. The reason being Excessive Credit Card Debt, which is one of the most serious problems faced by the credit card holders and credit card industry. However, you cant pull the shutters on the credit card industry just because of a few irresponsible people (or even if its more than few). That is not a solution for beating excessive credit card debt. Moreover, you cant overlook the benefits associated with the credit cards.

The issue of excessive credit card debt can be looked at from 2 angles. First is addressing of the excessive credit card debt problem at the industry level and second is the addressing of the excessive credit card debt problem at the individuals level i.e. at the credit card holder level. The first method involves increasing awareness of the excessive credit card debt problem to the masses. This is more or less being done currently too. However, there should also be an effort to tackle this problem of excessive credit card debt at an even deeper level. This means trying to devise a mechanism to nip the problem (of excessive credit card debt) in the bud. This mechanism should actually be a part of the overall system. A lot of thought needs to go into devising such a mechanism. Case studies should be taken up, statistics gathered and a proper forum formed (with representatives from the credit card holders and from the credit card suppliers). As of now, the credit card suppliers just seem to be engaged in coming out with new products and getting customers enrolled to those products. There is little attention paid towards addressing the problem of excessive credit card debt in the real sense. Something like attending mandatory seminars on the root causes of excessive credit card debt could be made part of the credit card application process. Another way of dealing with the problem of excessive credit card debt could be: developing a system for calculation of applicable credit card limit at the individual level i.e. no standard/product-based credit limits. Then there could be mechanisms for proactively warning the users about excessive credit card debt (based on their credit card usage) or even imposition of early restrictions on noticing the first signs that lead to excessive credit card debt At the individuals level, the treatment of the problem of excessive credit card debt would include following of best practices (on credit card usage and avoidance of excessive credit card debt) by the individuals themselves. A checklist or a set of questions could be provided to individuals for recognising the first signs of excessive credit card debt.

So, the problem of excessive credit card debt can surely be dealt with by putting together some serious thinking at a broader level together with discipline at the individuals level.

Comparing payday loan companies online saves you time and money. By researching rates, fees, and terms, you can find the best cash advance company. According to federal law, payday loan lenders must post their rates and fees so you can make comparisons.

Researching Rates

Cash advance companies are required to post their rate by an annual percent rate. In other words, they list the lending rate for the whole year. Payday loans are intended to provide a cash advance for a short period, usually just until your next pay period. But if you find you need more time, you can arrange that with your lender.

Listed APRs do allow you to make quick comparisons of rates since all lenders have to follow this standard. With a quick check of the numbers, you can find low interest rates. However, that is not the only factor to consider.

Identify Fees

Fees are another way cash advance companies make money. They may come in the form of an application or processing fee. Some lenders will waive this fee if it is your first time using their services. You can also find lenders who dont charge any fees. These lenders usually charge higher interest rates.

Look for a company that charges low fees. Fees can sometimes cost more than the interest charges. When choosing a payday loan lender, be sure that the interest rates are also low.

Consider Other Factors

You should also consider the convenience of the application process and minimum requirements. There are two types of online applications, fax and no fax. Faxed applications require copies of your picture id, usually a drivers license, past bank records, and pay stubs. A person will then review your application for approval. A no fax application simply requires you to fill out an application online, which is verified through databases. There is no credit check involved and you can receive a virtually instant approval.

Lenders also vary in their minimum requirements. You may be required to have been employed for two to four months. Other lenders just require you to have a regular income, which could be a social security or pension check. Some lenders check if you have any outstanding checks or payday loans. Others just check that you have an open checking account. So before you sign for your cash advance, check to see that you meet the requirements.

To view our list of recommended cash advance lenders online, visit this page: http://www.abcloanguide.com/paydayloans.shtml.

Bad debt credit card
Bad debt credit card- whats that?

Bad debt credit card is basically a credit card that the credit card suppliers offer to the people who have bad debt. Did that astonish you? Well, dont let your thoughts run just yet.

You can classify bad debt credit cards into 2 categories based on what you understand by bad debt credit card. The first category of bad debt credit cards is those credit cards that are secured (and are also known as secured credit cards). These bad debt credit cards require a security i.e. you have to open (and maintain) a bank account with the bad debt credit card supplier. The credit limit on your bad debt credit card is calculated as a percentage of the balance you hold in the bank account you have opened with bad debt credit card supplier. Generally, this is 50-100% of your bank account balance. So, this bad debt credit card enables you to spend the amount you hold in your bank account; only the way you spend it changes (i.e. instead of spending that as cash you spend it using your bad debt credit card). So bad debt credit card lets you enjoy the convenience and other benefits that are associated with credit cards, even with a bad debt. This security is as such important for the bad debt credit card supplier; after all how can you trust someone who has a bad credit rating.

The other category of bad debt credit cards are nothing unusual, they are the same cards that we know of most commonly; the only difference is in the way you get them and the objective behind getting them. Here, we are talking about the credit cards that you use as a debt consolidation mechanism i.e. consolidating bad debt (as such any debt is bad). So we can call them bad debt credit cards too. These operate by transferring of the balance you owe on your current, high interest credit cards to these bad debt credit cards that have a lower APR (at least for some initial period). Hence, these bad debt credit cards help you in consolidating your debt and getting some relief from the higher APR that you were experiencing on your current card.

Some people accept both of the above categories of credit cards as bad debt credit cards while others tend to go with one or the other. So, what you regard as a bad debt credit card is really a matter of personal choice.

Bad debt credit card
Bad debt credit card- whats that?

Bad debt credit card is basically a credit card that the credit card suppliers offer to the people who have bad debt. Did that astonish you? Well, dont let your thoughts run just yet.

You can classify bad debt credit cards into 2 categories based on what you understand by bad debt credit card. The first category of bad debt credit cards is those credit cards that are secured (and are also known as secured credit cards). These bad debt credit cards require a security i.e. you have to open (and maintain) a bank account with the bad debt credit card supplier. The credit limit on your bad debt credit card is calculated as a percentage of the balance you hold in the bank account you have opened with bad debt credit card supplier. Generally, this is 50-100% of your bank account balance. So, this bad debt credit card enables you to spend the amount you hold in your bank account; only the way you spend it changes (i.e. instead of spending that as cash you spend it using your bad debt credit card). So bad debt credit card lets you enjoy the convenience and other benefits that are associated with credit cards, even with a bad debt. This security is as such important for the bad debt credit card supplier; after all how can you trust someone who has a bad credit rating.

The other category of bad debt credit cards are nothing unusual, they are the same cards that we know of most commonly; the only difference is in the way you get them and the objective behind getting them. Here, we are talking about the credit cards that you use as a debt consolidation mechanism i.e. consolidating bad debt (as such any debt is bad). So we can call them bad debt credit cards too. These operate by transferring of the balance you owe on your current, high interest credit cards to these bad debt credit cards that have a lower APR (at least for some initial period). Hence, these bad debt credit cards help you in consolidating your debt and getting some relief from the higher APR that you were experiencing on your current card.

Some people accept both of the above categories of credit cards as bad debt credit cards while others tend to go with one or the other. So, what you regard as a bad debt credit card is really a matter of personal choice.