Finance Globe

The consequences of a credit card delinquency are too serious to ignore. Not only could you have to pay a late fee, your interest rate might increase to the highest default rate. Late payments past 30 days are reported to the credit bureaus monthly until you catch up again. The more serious the delinquency, the worse it is for your credit report.You only have a certain amount of time to correct a credit card delinquency before...

Financial mistakes are bound to happen. Some are worse than others. According to a poll from the National Foundation for Credit Counseling, the biggest financial regret is habitual overspending. More than 2,200 people responded to the poll and 53% agreed with the top pick. Other responses: Inadequate savings, 18%Insufficiently preparing for retirement, 14%Not having a house, 10%Having purchased a house, 5%. A Few Consequences of Overspending One of the problems with overspending is that it keeps...

You can use your credit card free, but it requires you to “color inside the lines” so to speak. Make a mistake and it could cost you. Paying on the due date. Normally, internet and phone credit card payments take a day or two to post to your account. Which means that if you make an internet or phone payment on the due date, it would actually be late. You can speak to a representative to...

Even with a great credit score, you’re not guaranteed to have your credit card and loan applications approved. Lenders consider a few other factors outside your credit score like your income and employment history. If you’re not a good candidate in all areas, your application could be denied. While being denied is disappointing, especially if you were hoping to be approved for a mortgage or car loan, the good news is that a denial won’t affect...

It’s hard to keep your credit intact when you’re going through a major life change like divorce, job loss, medical illness, or relocation. Your credit score can suffer in the process of these big changes, especially if you get behind on your bill payments. Foreclosure, repossession, bankruptcy, and debt collections are often the result of those big life changes that affect your finances and your ability to focus. The credit system may not always seem fair,...

Several major banks now offer a short-term loan product similar to payday loans. If you have a checking account in good standing with direct deposit, you may qualify for a checking account advance or direct deposit advance. You avoid the stigma of going to a payday loan store and the advance is repaid automatically with your next direct deposit or with 35 days. If your bank offers the service, you may find a link to request...

If you have (or have thought about) a savings account at a traditional bank, odds are you aren’t getting a great rate. Savings accounts have one of the lowest rates of all types of investment and savings vehicles with rates as low as .10%. Put $1,000 in an account earning .10% annually and you’ll only earn $1 by the end of the year. In the past several years, a better type of savings account has become...

Your credit report contains a record of most of your financial decisions. It impacts more of your life than you’d imagine – some parts that aren’t directly related to your finances. If you want to get a credit card or a loan, your credit report will be considered. That means your ability to buy a house or car is influenced by your credit report. Some prospective employers use credit reports to screen job candidates. Your current...

Of all the types of information that can be stolen, thieves steal credit card numbers the most. According to an Identity Fraud Report from Javelin Strategy & Research, most data breach victims in 2011 had their credit card numbers stolen – 43%. And only 22% of debit card numbers were stolen. Fewer people had their social security numbers compromised – 16% - and only 9% of checking account numbers were compromised. Credit card numbers could be...

Paying your credit card balance in full each month is the ideal way to use your credit card. You don’t risk getting into debt and you never have to pay interest on the balance (as long as the card has a grace period). However, many of us have fallen into the habit of carrying a credit card balance because it’s easier. Even if you carry a balance, do it the smart way. Avoid carrying a balance...