Loans & Credit Scores : How Is My Credit Score Calculated?

A credit score is calculated through considerations of payment history, duration of credit history and how much new credit has been assumed. Discover how to calculate credit scores, and how much things like paying on time factor in, withtips from a financial consultant in this free video on personal finance and credit scores. Expert: Carrie Kukuda Contact: www.wearehdtv.com Bio: Carrie Kukuda has a business administration degree, and was branch manager of a community bank. Filmmaker: Christopher Rokosz

Comparison of the Credit Card is Important

Each and every person wants to have the pleasure of credit card and want to take the benefits provided by the credit card companies. There are different types of cards available today with totally different features, shapes, sizes, and validity. The terms and conditions of every card is also different depending on the company. So it is better that before choosing a credit card you should search and compare all these factors from one another.

The first feature of credit card when you compare it with another is that you should check and compare its hidden fees, which is connected with the use or acquisition of every credit card. Hidden fees referred to the cost that is indicted to the holder of the card annually or it is rely on the use of the card by the credit cardholder. They are known as hidden fees since they are generally summarized in the finer paper of the agreements and terms signed via cardholder. So the credit cardholder must read these hidden fees conditions and terms on the card and if possible they must talk about these conditions and agreements with the customer's representatives of the company.

Annual charges, delayed payments fees, over bound fees, and bounced verify fees all are the fees examples that should be analyzed during the process of comparison of credit cards. If you are well aware of your spending and expenses strength as well as weaknesses than you will be able to choose the right card for yourself that will not affect you at all. You should compare the card limit before purchasing the credit card. Apart from hidden fee the card limit is also a great factor that you must consider.

Before purchasing any credit card that the card you are going to purchase should have high limit, it becomes very tough sometimes to access the limit of your card when you are applying for a new card, this is because the limit of your credit card is based up on the credit card income as well as history. If you tell the credit card customer service representative that you want to compare the card limit of the company than they will help you in choosing the one that has the higher limit and in this way you will get the best card limit.

The third and the most important comparison that you need to make is the interest rate comparison of the cards. You should see the interest rates of each and every card. Interest is that money which you have to pay to the company accompanied with the money that you have spent on the purchase of credit card. You wish to keep that cost as less as possible. These comparisons are very important before you make a purchase for the credit card; all this comparisons are done to avoid any kind of future inconvenience.

Understanding Integrated Payment Solutions

Integrated payment systems are those that allow you to safely accept many different forms of payment, either on location or online. These systems are a great asset to any sized business. They provide convenience to your customers while protecting you from the loss associated with inadvertently accepting checks, debit or credit cards from accounts that have been compromised.

Credit And Debit Cards

Integrated payment solutions allow your business to safely accept credit, debit and check cards from your customers either in person or through the internet. On location, you will be provided with a machine that you can physically run the cards through. The magnetic strip on the back of the cards gives all the account information to the system where is is processed rapidly and accurately. If the account has been compromised or there is not enough of a balance to cover the charge, the card will be declined.

The system works the same way online, except that the account number is manually entered by the customer. This information is then processed in the same way. Whichever way the information is entered into the system, the fact that the account can be checked almost instantly protects your business from financial loss and may protect your potential customers from suffering a loss through the use of a stolen or hacked account.

Checks

Checks are not as easy to verify as cards are, and because of this, many businesses will not accept them. However, integrated payment solutions does make it possible for you to quickly and easily verify that the account exists and that it is currently in good standing. This will not protect you from forged checks or those that may bounce, but it does at least keep you from accepting checks that are little more than worthless slips of paper. Some system even have the ability to treat a check like a debit cards and remove the funds from the users account the same day.

Increase Your Profits

Using integrated payment solutions not only saves your business from losses, but it can help you to increase the number and value of the sales you get. We live in a world where very few people carry large amounts of cash. Having the ability to safely accept other forms of payment will not only generate more customers, but it may make them spend more as well.

If a customer is only carrying $100 in cash and you do not accept alternate payments, then your customer is limited in how much they can spend. However, if they can whip out their credit card or wrote you a check, they may be encourage to make that impulse sale. Impulse sales can make the difference between a season spent in the red and one where your business sits comfortably in the black.

If you run a small business, take the time to look into integrated payment solutions, especially if you do any part of your business online. Having one of these systems working for you can give your business the edge it needs to rise above the huge number of options available to the customer in the internet age.

General Credit & Loan Information : How to Obtain Credit

In order to obtain credit, people must be in good standing with a credit card company or build credit by getting and maintaining a number of low-ceiling cards. Find out how to establish good credit standing by improving your credit card payment history with the advice in thisfree video on personal finance from a licensed mortgage broker. Expert: Adriel Torres Contact: ultimatecredittoday.com Bio: Adriel Torres has been in the mortgage business for over a decade. He has owned two mortgage companies and is a licensed mortgage broker. Filmmaker: Christopher Rokosz

Credit Card Processing and Merchant Services at Wholesale Rates

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How Can Any New Business Accept Payments Online?

Many businesses have begun to accept orders online. The 24/7 availability of an online store, combined with the many advantages of an online marketplace, allow many new businesses to make sales they would otherwise not be able to take in. There is a problem, though, in that since there is no physical storefront, electronic banking is required. This is most commonly done through the use of a charge card, however not all businesses are set up to take online credit cards. Luckily, any new business can quickly and easily be set up to take credit card payments online, and many services have cropped up to assist companies in taking in revenue.

Originally, card payments were taken manually. A person entered their information into an online form, and then a physical person would run the card through an old-fashioned credit card machine to have it checked by a bank. This option is still available for persons who do not take many online orders and do not anticipate they will have much need for it. It is, however, primitive and not automatic and does not allow a merchant to immediately deny credit card information that was not typed in correctly or is fraudulent.

More commonly a business will have an integrated secure platform which will run the information on the bank and the charge card issuer and ensure that the card number is legitimate and that it's use is not fraudulent. Most large companies have complex, in-house coded programs integrated with those of the credit card issuers and banks, however this is not an option for new or small businesses. Luckily, there are a number of credit card processing services which will, for a fee, process the information.

One of the most common processors on the internet today is actually PayPal. Originally intended as a virtual money transfer system for eBay users, the versatility of PayPal has made it a preferred system for many thousands of small businesses. PayPal has been in the business of taking charge card information via the internet for years, and as such they have developed simple storefronts which allow even those who are not computer literate to take online orders. They have the disadvantage of high fees, however, and all processing is done through their system.

Persons looking for a smaller fee system or a no fee system of running credit card numbers online can purchase simple software packages, often ones which are custom designed for specific types of virtual storefronts. There are many options in this regard, and customers should pick one with a good reputation and technical requirements that they can meet. A good way to find out which services are of high quality is to talk to other small business owners, along with banks and card issuers. Not all credit card services are alike, after all!

There are a great variety of options when a new business looks to take payments online, from PayPal and virtual processors to old-fashioned pen-and-paper based order forms. In any event it is important for an online retailer to pick a system they are comfortable with and which has a good reputation and fees they feel are appropriate. The best way to find out which payment system is best is to contact card issuers and small business services and see which ones they recommend. Odds are that most new businesses will need to contract out their card processing, but there are a great variety of high quality services in this regard. It's simply a matter of finding out which one is best for each new business.

Minimum Payment Due

If you take the Minimum Payment Due as displayed prominently in your credit card statements seriously you are likely to be in serious trouble.

Minimum Payment Due (MPD) is at the most only 5% of your total outstanding balance on the card meaning that your total dues are twenty times to that of what you are asked pay a month. If you decide to pay only that you enter into a never ending cycle of revolving credit. The interest charges per month will eat up nearly half of your MPD payment depending on the size of the balance and so your payment will cover only about 3% of total dues. As you have to continue using your card for necessary purchases every month your total dues are likely to increase every month despite your MPD payments and so are the interest charges.

Credit card issuing banks know too well how to lull you into a cycle of revolving credit. They tell you to pay only the MPD because they know you can always afford to pay that paltry amount.

You have to get over that feeling of euphoria of being able to pay the MPD every month. You must focus on your total payment due and ponder over how to go about it. If you clear the full amount nothing like it because that way you can avoid paying any interest and if you time your purchases just after the date of your card statement you can get an interest free period of up to 50 days. If that is not possible then you should decide the maximum amount you can pay. One nice thing about credit card payment is that you can choose any amount of payment every month. If you clear a sizeable amount of your outstanding dues you immediately save interest charges on that amount.

You need to do some more calculations. If you go for a personal loan to clear your card outstanding dues you may, in fact, be paying more interest. For example, let us assume your outstanding is 1000 bucks and your rate of interest is 10%. Your equated monthly installments (EMI) will be arrived at by taking the loan amount plus the interest charges for the period. If you go for 12 months you EMI will be about 92 bucks. So, in effect, you have prepaid 100 bucks for interest. Now, if you clear that amount through 2 or 3 credit card monthly payments you can immediately see the interest amount you can save though credit card interest rate is higher. You have to remember that though interest rates are higher on credit cards these rates are calculated on daily reducing balance and so you can always try for optimization. You can also see that personal loan repayment tenure is never less than 6 months.

If you aim to manage your credit cards efficiently never even look at the Minimum Payment Due. Else it's only MAD(Minimum Amount Due)ness!

ICICI Bank Ads - iMobile Bank Account Services - Demo

Description iMobile is a breakthrough innovation in banking where practically all internet banking transactions can now be simply done on mobiles phones. Customers can now transfer funds to ICICI and Non ICICI Bank accounts just with the click of their mobile. The application covers Savings bank, Demat, Credit Card and Loan accounts. Customers can also pay their utility bills and insurance premium through this facility. ICICI Bank offers this facility free of charge to customers. Banking Services offered : After sucessful activation, you can avail while lot of ICICI Bank's Banking services such as check bank account balance, Last 5 Tranaction, Stop your ICICI Bank Cheque Issued, Check ICICI Bank issued cheque status, Place cheque Book Request. You can also transfer funds to your family and friends with this application, whether or not they are ICICI Bank customers. Also you can fund your one linked ICICI Bank account with another ICICI Bank account.

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Ukash - easy, safe and clandestine online casinos acquittal solution

How does Ukash work? What are the benefits of using Ukash? Ukash is a simple and secure payment method for online gambling uses, which does not require credit card, debit card or any financial information, rather operating like cash.

Credit and Debit Cards

www.retrievernpc.com Credit and Debit Cards - Retriever NPC can set businesses up for credit and debit card processing as well as electronic checks and can also assist them in staying in compliance with PCI DSS. Accepting credit and debit cards and electronic checks is a must for todays businesses. The cost of not accepting these types of payments is simply too great. There are lots of payment processors. At Retriever, we cover your payment processing, but we also keep you compliant and help you reduce fraud. Non-compliance costs businesses millions of dollars every year in fines that few can afford. Protecting cardholder data is crucialwe help make sure youre covered. For more information on our Credit and Debit Cards visit our website. www.retrievernpc.com

Credit Card Merchant Account - Get Yours Today

Today if you are trying to keep your business successful, you absolutely must offer online payments to your customers as a valid method of payment. If you are not sure how this can be done, the answer is quite simple - by using a credit card merchant account. This method of payment is very popular, and considered the newest trend. Without doubt, it will be very popular with consumers.

This merchant account has become the foundation for numerous businesses offering services and online purchases. Another reason to consider this as a payment method on your site is that once a web site visitor finds out that he CAN NOT pay online with his favorite credit card, he will often opt to skip that purchase and go somewhere else. And that, most certainly, is something you don't want.

Even though you will need to carry out some research and comply with various requirements, in the end you will see -- gaining a merchant account is a very good solution for your enterprise. The first step is to decide which type of account is best for you. It is a good idea to check with several banks or service providers. This way it is easier to figure out the winning solution for you. Once you see all the possible accounts available, you will be in the best position to choose. And more often than not, this will be with the one whose payment rate matches their service!

Besides handling credit card payments, it is a good idea to also accept bank/wire transfers and offer a choice of other payment methods. That way your customers will have a good variety of payment options to choose from. Which means you will probably be offering an acceptable option for them, enabling them to easily pay for their products online.

When making a transfer through a bank account, the customer may incur a fee. And so might you! So always double check how much those amounts will be -- it varies from bank to bank and merchant to merchant. Pick the most reasonable one for the sake of your customers... and for the sake of your business.

In order to see if you are eligible for opening a credit card merchant account, you must first make an application. Then wait and see! However, there is one basic and fundamental rule. If your business is not a risky one, you will usually be approved. (Retail shops for instance, always get the much needed approval). A merchant account is normally offered by banks. So, you can be assured to get all the ancillary financial help you need once you have joined. Keep in mind that it is one more way to satisfy your customers. And, without doubt, they will certainly appreciate it!

Changing the Ink in the First Data™ FD200 Credit Card Terminal

www.paymentmax.com www.paymentmax.com In this video we will show you how to change the ink in the First Data™ FD200 Credit Card Terminal. PaymentMax is a registered ISO/MSP for Wells Fargo Bank, NA Walnut Creek, CA. Powered by First Data Corporation. All trademarks, service marks and trade names referenced in this material are the property of their respective owners.

An Introduction to the Net+ Virtual Prepaid Card

An Introduction to the Net+ Virtual Prepaid Card. Learn more by visiting these sites: www.netpluscards.com www.netpluscards.com

Credit Card Debt Settlement

HIDDEN TRUTHS ABOUT THE CREDIT CARD Business! 1) Ever heard of the illustration that the house for eternity wins? The credit card companies make the smallest amount payments so extremely low because the longer you recompense hre more they make. The interest you disburse onyour credit cards compounds Day by day! That means that every month yur interest fees compound and your debt load increases. Pathways Financial will lend a hand you credit card debt settlement! 2) Making bare minimum payments or paying a few dollars more will not get you out of debt hasty enough! With credit card companies charging intererest rates as above what is usual as they perhaps can, some as high as 32%, it be able to take you decades to pay down the balance. If you keep on to use the card as you make minimum payments it will take that much longer. most individuals are oblivious that to effifiently start off paying down the balance of your credit cards, they have got to double or triple the minimum payment vital. you one stop for credit card debt settlement 3) Legally recognized Loan sharks! If you attempt tom pay off your credit cards as speedily as likely, bear in mind for all $1000 you have a loan from, you will be paying back roughly $4000 We can help you with credit card debt settlement! 4) The troublesome phone calls can discontinue! Credit card companies and collection agencies can be cruel on the cell phone. Numerous customers are intimidated by coercionof lawsuits if payments arent sent ...

Co-Signer and Co-Borrower and Your Credit - What You Don't Know Can Hurt You

Before agreeing to be a co-signer or co-borrower with ANYONE, including family, friends or acquaintances, be aware that doing do obligates YOU to pay the account on the loan, bill or whatever it might be, if the BORROWER doesn't pay. That's what being a co-borrower or co-signer means. Any number of times in my collection days or interviewing potential mortgage customers when an account came up as past due or as a collection, the co would say, "That's not my bill. I just signed so they could get the money." Now, either a loan officer didn't do a very good job of explaining exactly what it meant to be a co-signer or the customer chose not to understand the ramifications of agreeing to sign a loan with someone else.

Randy, an assistant manager with a grocery store, had co-signed with a route driver for a bottling company, just trying to be "helpful" to someone going through a rough time financially. Imagine the surprise of the collection manager when Randy informed them he had filed Chapter 13 Bankruptcy and any further discussion of the account needed to be done with his attorney. When a debtor says the word BANKRUPTCY, the caller, whether from a collection agency, bank, finance company or whatever, cannot call the debtor again. And they cannot call the co-signer if there is one, to let them know what is going on. The only way a co-signer will know if they apply for credit themselves and the lender asks them about it or tell them they need to get a copy of their credit report to see why they were denied credit. It doesn't sound fair but it's the law and going against it can land a lender, collector or whoever in a lot of trouble.

If for any reason one should agree to be a co-signer or co-borrower on a loan, make a point of calling periodically to check the account payment history. Whatever the payment history, good or bad, on time or late, it will show on the credit report for both co-borrower and borrower.

In business, if partners sign a payment agreement of any kind and only one person in the partnership pays their part, the other partner will be held responsible for the remaining part of the bill. A mortgage loan was held up because of legal action was taken against two partners even though one partner had paid "his part" of the account. In order to close his mortgage loan, the "good" partner had to pay the rest of the bill plus court costs, interest and filing fees.

On other types of contracts, even if everyone agrees to split the costs, if one party doesn't pay their share, it will fall to the others to pay even if they have already paid their part. One family found themselves in court over the funeral expenses of their late Mother when one of the siblings decided not to pay their part. All were sued over the remaining balance.

Ex-girlfriends, ex-boyfriends and ex-spouses have found themselves in credit trouble because they trusted the other person to do the right thing and pay the bill. Because they never followed up, their credit scores have been wrecked due to late payments or nonpayment of loans, credit card balances and/or mortgages. Never take anything for granted. Call, follow up until the account(s) are paid off and closed. Your credit depends on it.

Credit Cards and Minimum Payments - Living in Debt

Many people love their credit cards. It's a fact of life and the figures bare this up. If you look at the rate at which UK credit card debt is rising it is quite amazing. Millions are being spent all day every day in an endless frenzy of spending. Pretty soon, three quarters of all adults in the UK will have credit cards and if you were to ask any of them to give theirs up, you can bet their answer would be no. The convenience and security of carrying a credit card is so great that once people experience it, they rarely go back.

One of the favourite features of credit cards for many people is the minimum repayment option. This is usually in the region of five pounds or two per cent. This means that even if you spend a thousand pounds on a shopping spree, your bill at the end of the month could be as low as twenty pounds if you choose to make the minimum payment. And this is what people do. It is what credit card providers want you to do, as it is how they manage to rake in billions in profits every year.

If you do have a significant outstanding balance, then making the minimum repayment is one of the most dangerous habits you can get into. Most minimum payments will barely cover the interest and finance charges that are due on the balance. This means that you are really just servicing the debt. This is what many third world countries are forced to do with their national debts and most people do not want to be the personal equivalent of sub-Saharan Africa do they? Servicing debt means you pay the interest due, but pay nothing against the principal debt. So all those monthly payments that you make are doing absolutely nothing to reduce the amount you owe.

If you continue spending on the credit card, the minimum amount, required simply to service the debt, will grow and grow each month. And all the while you are paying back nothing. If you aspire to becoming debt free, then you really have to pay a good deal more than the minimum payment level. Also, if you are serious about clearing your credit card debt, but recognise that it is going to take you more than just a couple of months, you may wish to consider consolidating the debt.

Free Debt Consolidation Help

www.debtconsolidationcare.rbgwiki.com Free Debt Consolidation Help. Debt help - How to get rid of debt and reorganize your finances If you have racked up a lot of bills and you wish to get your finances back in order, you may either go for free debt help or take professional guidance in paying off your bills. A counseling session with a debt help online company will enable you to find the best way to repay your dues and restore your finances. Depending upon the type of bills you owe, debt help online companies may offer you any of the relief programs explained below. * Credit card consolidation: This is a debt help program which enables you to get rid of credit card bills that have gone out of your control. It helps you to get low interest rates on your cards. You can thus consolidate several cards into one affordable monthly payment and clear your dues through fewer monthly checks. * Payday loan consolidation: Such a program offers you debt help against payday loan problems. It helps to consolidate payday loans into a single monthly bill that suits your budget. * Credit counseling: This debt help program can assist you in managing payments on multiple bills such as store cards, medical bills, student loans etc. A credit counselor will guide you on how to keep up with your bill payments and manage your daily expenses as well. * Debt management (DMP): When credit counseling services aren't enough to help you out of money problems, a DMP can be a better option. Such a plan ...

How to Order from Online arcade barrow with Captions HD

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Riot - Thundersteel (w/ solo)

IF YOU WANT A FREE TAB OF THIS SONG follow these steps: 1. Go to my page www.unfoldmusic.com 2. Purchase my album ($10) with any Credit Card, Debit Card or Paypal. 3. In the "Review Payment Page" click on "Add special instructions to the seller" and specify the tab that you want by "Artist Name" and "Song Title". 4. Check out. Note: You will receive 3 tabs of your choice and the cd in the same package. The tab includes the complete solo as well as the second guitar in the classical interlude. If you buy the album in mp3 format, we'll send the tab to your email. *For any questions or comments you can email us at: info@unfoldmusic.com this is one of my favorite metal songs. Mark Reale is just a genious! many people have asked me to do the whole song, so here it is. the beginning of the video looks a bit blurry, don't worry, the image will improve a few seconds after the video has started. check out the AMAZING solo! Lineup: Tony Moore Mark Reale Don Van Stavern Bobby Jarzombek

Debt Consolidation Credit Counseling - Lower Payment & Lower Debt

If you have been struggling with debt, then you might have heard some of the excellent solutions that exist for people in your situation. For folks who have the constant worry of debt, there is a way out. It takes a little bit of time and it takes you considering something a bit outside of the box, but debt relief is only a phone call or a click away. What are these services and how do they work? They are debt consolidation credit counseling services and they work in a simple way. These are counseling services that set people up with a long term solution for their debts.

What is the process like?

When you figure out that you are in over your head and you need some relief, you have to get in touch with a consolidation counseling company. From there, they will start the consultation. The best companies will have someone talk with you about your situation. They will find out about your current debts, what you are able to pay, and what your financial freedom goals are. This is a nice situation because it gives you the ability to speak with someone who is on the outside looking in. That person will be able to provide some perspective and let you know that people have made it out of debt in the past.

How can they help people get out of debt?

The credit card counseling consolidation services are interesting because they have some very distinct and direct ways to work people out of debt. If you have been struggling, then chances are you are the slave to high interest rates. What consolidators do is they take your debts and pay them off, giving you one new loan. That means that they get to set the interest rate on your loan. This will provide a lower rate that will provide you with a greater ability to pay down the principal of your debt, instead of just paying the interest like you are probably doing at this point in time.

How are lower payments possible?

Since the consolidator is giving you an entirely new loan, he has the power to extend your loan term to something that is more reasonable. Maybe you want to stretch it out over five or ten years so that you have a lower payment? This is something that the companies will talk with you about and it's something that you can consider, depending upon how much money you make. This can take a huge burden away and give you a chance to succeed financially.

Expert Advice on Credit Card Queries(Part 1)- Harsh Roongta

www.apnapaisa.com Expert Advice on Credit Card Queries(Part 1)- Harsh Roongta

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The Benefits of Using 0% APR Credit Cards

Understanding how 0% APR cards work and the fine print of card agreements is the first step in making the most of any offer.

Introductory Periods
Credit card companies that offer an interest-free period do so as a way to encourage you to use their card and typically limit it to a period of six to twelve months. Look for the longest period of time to save the most money.

Purchasing Power of a 0% Card
Go ahead and make that large-ticket purchase and take several months to pay it off - interest free. At the same time, keep your cash in the bank earning interest and allow the credit card company to fund your purchase for free.

Balance Transfer Offers
Some 0% APR credit card offers are only for balance transfers but still can offer big savings. If you owe $5,000 on your current credit card with 18% APR charged to the balance, you could save over $500 in interest payments over twelve month's time! However, these offers usually include a one time fee of up to 3% of the transferred amount.

Standard APRs after the Intro Period
When the introductory period is over, your APR will revert to the agreed upon standard rate. Search for the lowest standard APR possible. If you accept an offer with a high APR and cannot pay the balance in full each month, you will be paying a substantial amount in interest to use the card.

Once approved for a money-saving 0% card, here are five things that you need to do to take the most of the benefits:

Pay on time!
If you miss or are late in making a payment, your remaining balance will be subject to a much higher interest rate and penalties. Pay on time or lose your 0% APR rate!

Understand how payments are applied.
Your credit card payments are applied first to the debt that carries the lowest APR. For instance, if 0% APR applies only to transfers, the payments you make will be applied to that balance first; purchases made that carry a higher APR, will be paid off last. Also, keep in mind that when the introductory period is over, the entire balance will revert to the agreed upon standard APR.

Avoid credit card 'convenience services.'
There is nothing convenient about a cash advance or a 'convenience' check. Included in your monthly statement, lenders appear to be lending a helping hand. But beware of services that are offered to make borrowing more convenient or easier. These services carry the highest fees and APRs.

High credit limit needed for transfers.
Be sure that the credit limit is high enough for your needs, especially if you're choosing to transfer a balance. If the limit is too low, you may not be able to transfer the entire balance which defeats the purpose of consolidating your debt to a lower APR card.

Be prepared to pay off the balance.
Borrow only as much as you can pay off over the introductory 0% period. Be prepared to pay off the balance once the intro period is up. The benefit of carrying a balance on a 0% card is over when the intro period ends.

Clearly, a 0% APR credit card has big advantages for the person seeking to make new purchases, as well as for anyone who wants to transfer their high APR balances. With careful planning, a 0% APR credit card can help you put more of your own money back in your pocket!

Canadian Payment Processing | Merchant Accounts

www.Canadian-Merchant-Account-Services.com Choose the right payment processing provider by avoiding these 3 common mistakes made by small business owners. It is difficult for Canadian Small Business Owners to know what questions to ask when setting up Merchant Accounts. Not knowing the "right" questions to ask about Debit & Credit Card Processing can be costly. This video will focus on empowering and arming Small Business Owners with quality information to help them make educated decisions when comes to choosing a Payment Processing Provider for their business. For More Info www.Canadian-Merchant-Account-Services.com

Tips on Eliminating Credit Card Debt

I read recently that the average family has at least $10,000 in consumer credit card debt. Being one of those 'average' families, I've been there, and know how difficult it can be to make any headway in getting out of debt. For many years now, credit card companies have been making it SO EASY for all of us to get into debt by offering credit cards to practically anyone regardless of creditworthiness or ability to pay. I have a family member who lives on a disability income of about $700 a month, and he carries a couple credit cards in his wallet! Easy credit has been one of the major factors behind the looming financial crisis we now face as a nation. While there is not a lot that we can do about the mortgage meltdown or collapse of the dollar, there are steps that we can take to get our own financial house in order, and one of those is eliminating credit card debt.

Growing up as a child, I recall that my parents owned neither a house or a car. While my father worked his entire life, he had a large family, and never seemed to be able to save enough money to buy a house. In those days, in order to be able to buy a house you had to be able to either pay cash, or put a very large down payment on it. There wasn't a whole lot of 'credit' available. People back then basically had to live within their means. Unfortunately, easy credit has enabled most of us to live well beyond our means. I once had a friend say to me, "Bill, you can afford anything you want, you just have to stretch the payments out longer". While exaggerating a bit, the truth is most of us live as if we can afford anything we want. In order to get our financial house in order, we first need to see where we stand.

I have an acquaintance who could not seem to make any headway financially. He was always complaining about his wife's spending habits saying that she was constantly spending, keeping them both in debt. I asked him if he had ever sat down with her and made a comparison of income versus expenses. After gazing at me for a few minutes with a blank expression on his face, he admitted that he had never done this. After much prodding, and a few arguments with his wife over money, he finally sat down with her to do an examination of their finances. To his surprise, he found that their fixed monthly bills were larger than their income! After several apologies to his wife, they agreed that they had to make some changes, and for them that was his wife getting a full time job, and cutting back on spending in a couple of areas. One of the first things you should do is take some time to do an evaluation of your finances to see exactly where you stand. Are you spending more than you are making? If the answer is yes, than you need to make some changes, specifically spending less and/or earning more.

Once you know where you stand financially, be determined to eliminate debt by using a systematic approach. Increasing your monthly payment will reduce your debt and pay it off faster because the extra amount goes to paying off the principle. Always try to pay more than the minimum payment. Credit card debt will come down much faster by making payments in large chucks as opposed to making the minimum payment. Be determined to increase the payment amount by again either reducing spending in other areas, or if necessary, increasing income. Even a part time income that allows you to make an extra $200 a month payment will reduce your debt much faster.

There are some specific strategies you can use to help eliminate credit card debt. First, make certain that you make all credit card payments on time. Having just one late payment on a credit card can make your interest rate jump 500%! How is this possible you ask? Say you're paying 4.99 percent interest on a credit card. Have a payment arrive late, and your rate can jump all the way up to 25%, or in some cases more! That's 5 times what you we're paying and that will make a huge difference in how much interest you pay. One of the best ways to make certain that you don't experience this shocker is to make your payments online. Making your payments online is usually done in real time, as opposed to putting your faith in snail mail. I once mailed a letter from a post office 2 miles from where the credit card office was located, and had a late payment because the letter arrived two weeks after it was mailed! Save yourself this potential headache by setting it up to make your payments online.

One tactic that credit card companies like to use is luring you in with 'teaser' rates. This is where you get a promotional rate for a specified period of time. While you can save money taking advantage of these rates, you have to make certain that it's worth your while to transfer balances from another card because of 'transaction' fees. With recent changes in the credit card industry, you can be assessed hefty amounts for transferring balances from one account to another. If you are going to transfer from an account with a high interest rate to one with a lower one, make certain that the promotional period lasts long enough to make it worthwhile. It should be for at least a year, and if possible longer. Again, remember that if you make a late payment your rate will shoot up to a much higher rate. Avoid late payments like the plague!

Another thing to watch out for is opening up too many accounts. If you are in the habit of constantly opening up new accounts to take advantage of promotional rates, be aware that this can impact your credit score by sending 'red flags' to credit agencies. You might be better served to find a credit card with a lower fixed rate that remains the same until the balance is paid off. While you may pay a bit more in interest this way, you won't be constantly paying transaction fees and possibly harming your credit score.

Another recommendation advocated by many financial 'experts' is to consolidate your balances into one account. This strategy has several advantages including some listed in the previous section, but also it is much easier to manage one payment than trying to make numerous payments to various credit card companies. You will not only find it easier to avoid late and missed payments, but you'll experience less stress making one payment as opposed to five or six spread out all over the place.

As we watch the upheaval in the financial markets, it's hard to say where it will all end, but the smart bet says that it won't be a good thing for most of us. Now more than ever, it's imperative that we get our own house in order by getting our spending and debt under control. Your financial health depends on it!