Credit card consolidation has been catching on as a popular and smart way for consumers to reduce their debt levels. The way that credit card consolidation works is like this: you obtain a new credit card with a nice size credit line and then transfer many of your outstanding loan balances over to the new card. Instead of paying 17.9%, 21.6%, or even 24% or more on credit card balances, a new low interest rate credit card can allow you to reduce your monthly payments and pay down your debt faster. Please keep reading for examples on how you can take charge of your debt.
Out with the old, in with the new
Much of the debt owed by consumers is through credit cards. If you have 1, 2, 3, or more cards, you probably are paying high interest rates on several of your outstanding balances. Your JC Penney, Macys, even your regular Visa or MasterCard can be charging you interest rates in excess of 20%! You can get out from underneath these burdens by selecting a new card with a low APR and transferring your balances over. In effect, you have created a credit card consolidation with your new card. Just don't use your old cards again as you might find yourself with more debt than you can possibly manage!
Lower monthly payments, low APR
By transferring your high balances, you can save several hundred dollars per year in interest payments. With some cards, you can even get an introductory APR of 0% for the first twelve months. After that your variable rate is likely to be lower than what you paid for your store cards, bringing home big savings for you. In addition, you will have more money to pay off your existing balances faster. In effect, a credit card consolidation can help you get out of debt quicker. Less debt, better credit rating
By paying off your debt faster, your credit rating will improve. An improved credit rating can have a positive effect on future borrowing, especially if you are considering purchasing a new car or a home. All of this good stuff happens because you made the smart decision to go the credit card consolidation route to attack your debt.
Is everyone eligible for a credit card consolidation card?
Unfortunately, that answer is no. If you have very bad credit you likely will not be eligible. Still, unlike a debt consolidation loan done through your bank's lending department, there are no application fees to apply for a credit card. So, go ahead and apply and you just may find yourself selected to carry a little piece of plastic that can go a long way toward helping you to achieve credit card consolidation.
2008-11-29
Credit Card Consolidation: Important Facts About Credit Consolidation
2008-11-28
Christmas Shopping - Black Friday, Cyber Monday, and Beyond
Today is Black Friday, which means the Christmas shopping season has officially begun. With the current economic downturn, stores are working overtime to get you to spend your hard earned dollars in their stores. There will surely be some good deals, but in order to take advantage of these deals and save money, you need to do it the right way.
Make a budget. The quickest way to get into financial trouble is to spend more money than you can afford. When you are making you Christmas shopping lists, first determine how much money you can afford to spend (and be sure to add a little extra for those people you may have left off your list!). If you can’t afford it, don’t spend it.
Shop with a plan. Get organized and shop for specific items; don’t just buy something because it is discounted 50%. Use your budget to construct a shopping plan that will get you to the stores you need to visit to get the best deals.
Get there early. If you are looking for exceptional deals, get to the stores early - especially if the advertisement announces limited quantities.
Know the limitations of the deals. Most stores this time of year will advertise a few loss leaders to get customers into their stores. Read the fine print - many stores only offer these items in limited quantities. The theory is that if you are already in the store, you will spend your money on something else.
Shop online. Shopping online is a great way to avoid the crowds and save money at the same time. That’s a winning combination in my book! Here are a few things to look out for when shopping online:
Some stores may offer a few deals only at their brick and mortar stores in order to get customers through the doors. If you set foot in the store you are likely to spend more money than if you only buy online.
Take advantage of online savings through programs like Ebates, MyPoints and Upromise.
Find online deals through sites like slickdeals, Ben’s Bargains, and Fatwallet.
Shop with online discounters such as Amazon, Buy.com, and Tiger Direct.
Consider gift cards. I know a lot of people don’t like to give gift cards and gift certificates because they can be impersonal and there is always the chance that if the store folds, the cards will be worthless. But there are several ways to save money on gift cards, which can make them a more attractive gift option. Sending gift cards is a good way to avoid high shipping costs and can be a great gift for college students, people just starting out in a new home, or people who are difficult to shop for.
Use your rewards credit cards. If you plan to pay your credit card off in full, then take advantage of cash back rewards cards and put some of that money back in your pocket. If you aren’t sure you can pay it off in full, then be sure to pay cash or don’t spend it.
The holiday season is a great time of year, but that doesn’t mean you should go broke buying gifts for your friends and family. Spend some time planning before you go shopping and only spend what you can afford to spend. That way you won’t get hit by any nasty surprises when the credit card bills come in the mailbox in January.
Make a budget. The quickest way to get into financial trouble is to spend more money than you can afford. When you are making you Christmas shopping lists, first determine how much money you can afford to spend (and be sure to add a little extra for those people you may have left off your list!). If you can’t afford it, don’t spend it.
Shop with a plan. Get organized and shop for specific items; don’t just buy something because it is discounted 50%. Use your budget to construct a shopping plan that will get you to the stores you need to visit to get the best deals.
Get there early. If you are looking for exceptional deals, get to the stores early - especially if the advertisement announces limited quantities.
Know the limitations of the deals. Most stores this time of year will advertise a few loss leaders to get customers into their stores. Read the fine print - many stores only offer these items in limited quantities. The theory is that if you are already in the store, you will spend your money on something else.
Shop online. Shopping online is a great way to avoid the crowds and save money at the same time. That’s a winning combination in my book! Here are a few things to look out for when shopping online:
Some stores may offer a few deals only at their brick and mortar stores in order to get customers through the doors. If you set foot in the store you are likely to spend more money than if you only buy online.
Take advantage of online savings through programs like Ebates, MyPoints and Upromise.
Find online deals through sites like slickdeals, Ben’s Bargains, and Fatwallet.
Shop with online discounters such as Amazon, Buy.com, and Tiger Direct.
Consider gift cards. I know a lot of people don’t like to give gift cards and gift certificates because they can be impersonal and there is always the chance that if the store folds, the cards will be worthless. But there are several ways to save money on gift cards, which can make them a more attractive gift option. Sending gift cards is a good way to avoid high shipping costs and can be a great gift for college students, people just starting out in a new home, or people who are difficult to shop for.
Use your rewards credit cards. If you plan to pay your credit card off in full, then take advantage of cash back rewards cards and put some of that money back in your pocket. If you aren’t sure you can pay it off in full, then be sure to pay cash or don’t spend it.
The holiday season is a great time of year, but that doesn’t mean you should go broke buying gifts for your friends and family. Spend some time planning before you go shopping and only spend what you can afford to spend. That way you won’t get hit by any nasty surprises when the credit card bills come in the mailbox in January.
2008-11-27
Happy Thanksgiving!
Happy Thanksgiving, everyone, and thank you for helping make this year so wonderful for my family and I. This little blog has grown into much more than I ever thought it would and I have you, the readers, and other bloggers to thank. Thanks.
This year has been a great year in many regards and there are many other things I am thankful for.
Family. The most important thing in life is family, and I have been lucky to spend a lot of time with my family this year (I live over a thousand miles away from my brothers and parents).
I went to see my sister graduate high school earlier this year, and we had a memorable afternoon when we all went skydiving to celebrate. It was a blast! I also had the opportunity to take my wife on a hot air balloon ride this summer, which was a wonderful experience. My wife and I also took several visits to her parents and other relatives this year, and recently returned from a vacation.
Friends. Just like family, the friends you have make life much more enjoyable. I have met many wonderful people this past year - both in real life and through my website. Thanks to all of you for being who you are.
Career. I resigned from my old job this year. It was bringing me down and was not an enjoyable place to work. The new job I accepted not only resulted in a higher salary, but is a much better environment and I am much happier there than my previous job.
In the end, it all about the memories you make, and in this regard, my wife and I have been blessed. My parents and sister are here for Thanksgiving, so I’m off to visit. I wish you all the best.
This year has been a great year in many regards and there are many other things I am thankful for.
Family. The most important thing in life is family, and I have been lucky to spend a lot of time with my family this year (I live over a thousand miles away from my brothers and parents).
I went to see my sister graduate high school earlier this year, and we had a memorable afternoon when we all went skydiving to celebrate. It was a blast! I also had the opportunity to take my wife on a hot air balloon ride this summer, which was a wonderful experience. My wife and I also took several visits to her parents and other relatives this year, and recently returned from a vacation.
Friends. Just like family, the friends you have make life much more enjoyable. I have met many wonderful people this past year - both in real life and through my website. Thanks to all of you for being who you are.
Career. I resigned from my old job this year. It was bringing me down and was not an enjoyable place to work. The new job I accepted not only resulted in a higher salary, but is a much better environment and I am much happier there than my previous job.
In the end, it all about the memories you make, and in this regard, my wife and I have been blessed. My parents and sister are here for Thanksgiving, so I’m off to visit. I wish you all the best.
2008-11-26
Abundance of Fundamental Reports from U.S. Causes EUR/USD to Correct
Abundance of Fundamental Reports from U.S. Causes EUR/USD to Correct
EUR/USD declined today after rising for three consecutive days as many macroeconomic reports were released in the United States. EUR/USD is currently trading near 1.2939 after reach as high as 1.3080 yesterday.
Durable goods orders decreased by 6.2% in October after declining by 0.2% in September (revised down from the 0.8% gain). The orders were expected to decline by no more than 2.5%.
Initial jobless claims declined to 529,000 last week after being reported at 543,000 (revised up from 542,000) a week before. They declined by a little more than the analysts expected.
Personal income rose by 0.3% in October after gaining 0.1% in September (revised down from the 0.2% increase). It was expected to gain 0.1% in October. Personal spendings decreased as expected — by 1%, following the 0.3% decline in September.
Chicago PMI fell to the lowest level since April 1982 in November — from 37.8 to 33.8. According to the median forecast by the market analysts it should have risen to 38.5.
University of Michigan consumer confidence index slid from 57.6 (revised down from 57.9) to 55.3 in November — only 3.6 index points above its absolute minimum level recorded in May 1980. Forecasts show that the traders expected the index to go up to 58.0.
New home sales decreased to an annually adjusted rate of 433,000 in October down from 457,00 in September (revised down from 464,000). Market participants expected a decline to 450,000.
EUR/USD declined today after rising for three consecutive days as many macroeconomic reports were released in the United States. EUR/USD is currently trading near 1.2939 after reach as high as 1.3080 yesterday.
Durable goods orders decreased by 6.2% in October after declining by 0.2% in September (revised down from the 0.8% gain). The orders were expected to decline by no more than 2.5%.
Initial jobless claims declined to 529,000 last week after being reported at 543,000 (revised up from 542,000) a week before. They declined by a little more than the analysts expected.
Personal income rose by 0.3% in October after gaining 0.1% in September (revised down from the 0.2% increase). It was expected to gain 0.1% in October. Personal spendings decreased as expected — by 1%, following the 0.3% decline in September.
Chicago PMI fell to the lowest level since April 1982 in November — from 37.8 to 33.8. According to the median forecast by the market analysts it should have risen to 38.5.
University of Michigan consumer confidence index slid from 57.6 (revised down from 57.9) to 55.3 in November — only 3.6 index points above its absolute minimum level recorded in May 1980. Forecasts show that the traders expected the index to go up to 58.0.
New home sales decreased to an annually adjusted rate of 433,000 in October down from 457,00 in September (revised down from 464,000). Market participants expected a decline to 450,000.
2008-11-24
The Day Trade Forex System
If you are still searching for the right Forex trading strategy, then you’ll probably like the free ebook that I added to my site today: The Day Trade Forex System by Erol Bortucene and Cynthia Macy. The strategy, which is offered in this book, is for intraday usage and won’t probably fit the more long-term trading style. The strategy is an indicator-based one: moving averages, Bollinger bands, parabolic SAR, MACD histogram, RSI and stochastic are the components of this system. All the necessary conditions for the entry/exits and other market situations are described with the provided examples. Trading in trends, breakouts and swings is also explained. All examples given in this book are made on the Visual Trading platform from CMS Forex broker. The book itself also promotes this broker, but that doesn’t really matter if all you want is to learn a new potentially profitable day trading system.
2008-11-23
Thanks for the Joomla!
This past week, I have been working on setting up the website of a new non-profit start-up I am part off. We chose to use Joomla. One week ago I did not know any Joomla. I, therefore, figured that maybe, given that I have close to 1000 readers — at least that is what the stats say — yet only “know” about a dozen online and have only met one IRL (Hey A!) that such a large number must mean that I, oh say, have almost a thousand lurkers, which is a huge resource, whence someone was bound to know something about it. Indeed, a few people did and I thank you for your assistance.
So now this got me wondering what else do people know that I don’t(*). I’d like to draw on the collective wisdom. You see, before I die, there are many things I want to do, so my question to my readers is:
Does anyone practice kendo?
Has anyone ever piloted a glide plane?
So now this got me wondering what else do people know that I don’t(*). I’d like to draw on the collective wisdom. You see, before I die, there are many things I want to do, so my question to my readers is:
Does anyone practice kendo?
Has anyone ever piloted a glide plane?
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