| |
| |
|
Kellys Credit Information |
|
|
|
Saving Money: Quick Cash, High Cost
I didn't think it was possible. But it is. Folks, there is something worse out there than putting everyday expenses on a credit card, then carrying the balance. The guys I'm going to tell you about make the credit card people look downright benevolent. Meet your smiling neighborhood cash advance parlor. These legal loan sharks go by names like EZ Money, Cash 'N Go, Red E Cash, Cash in a Flash, the Money Tree, and others. Here's how it works. You want cash now. Payday isn't for another two weeks. So you head on down to the loan shop. Just show them your driver's license, bank statement and pay stub. Write a check dated two weeks from now for, say, $200. A minute later, you're back on the street, $170 making a comforting bulge in your wallet. Two weeks later, the loan shop deposits your check. Pretty cool, huh? What's that? You say your check was for $200, not $170? Do you recall when they mentioned a "small convenience fee"? That's the missing $30. What would you say if I told you that "small convenience fee" amounted to an annual interest rate of 416%? How do these lenders get away with rates this high when the credit card companies are limited to 24% or less (cry me a river)? Because, technically, you don't pay any interest. Just that flat fee. So what are the alternatives? Just try going into a bank and asking to borrow a couple hundred for a few days. I can still hear the loan officer giggling. Not a pretty sound. One great alternative goes by many names. My bank calls it "Ready Reserve." It's a revolving line of credit tied to my checking account. If I write a check for more than my account balance, good ol' Ready Reserve transfers in money to cover the check. Next payday, I cover the reserve by telling the bank to apply part of my deposit to the reserve account. There's a small annual fee (around $10), plus credit card rates are applied to any standing balances. If your need for cash is truly occasional, for unforeseen emergencies (are there foreseen emergencies?), try being your own quickie lender. Hold a garage sale, auction off some stuff, or take on part-time or temporary work in order to put a few hundred dollars in a war chest. Take the cash and buy traveler's checks. Put them away; just don't forget where. When you need the money, write out a check, put it in your stash, and take out the traveler's checks. Next payday, buy more traveler's checks and "redeem" your check. If you don't do it this way, most of you won't pay back the stash. (Note: Some traveler's checks expire. Make sure you redeem them for new checks before the expiration date.) If you find yourself short of money month after month, you need to make more money. Taking a $200 cash advance 10 times a year will cost you $300 a year or more. John McCabe's Web Guides show you how to find more and better success in all facets of your life. For more articles on living an abundant, vibrant, joyous life, come to http://Web-Guides.com
MORE RESOURCES:
Google News |
|
|
|
RELATED ARTICLES
What is a Credit Card? A credit card allows you to buy things even though you might not have the money to pay for it right away. The company that gave you the card lets you spend up to an agreed sum and then makes additional money available to you as you pay off what you've spent. 10 Tips To Prevent Credit Card Fraud Imagine opening your credit card statement one morning and discovering to your horror that you suddenly owe thousands of dollars - on purchases that you never made.Impossible?Credit card fraud on the rise, so you need to treat your card and its information with extreme care. Triple AAA in 30 Days Have you ever wonder about how to get good credit with spending alot of money. Well here is a little secret I used to get my credit back up to par. Dealing With A Collection Agency Step I - Selecting A Collection AgencySelecting a credit collection agency is perhaps the most important and difficult task. Some factors you must consider while selecting a collection agency are:- Experience and professionals - Geographical presence - Expertise - Fees and charging model - Customer references - Collection Agency Services has covered this topic in depth through various free collections reports and articles on this site. Choosing A New Credit Card 1. Choosing A new credit cardThere are many reasons for choosing a new credit card. Why Americans Find Predatory Lending Offensive "Menis - the author translates as "indignant rage" - It is the kind of rage arising from social betrayal that impairs a person's dignity through violation of "what's right." (p21), Achilles In Viet Nam - Combat Trauma and the Undoing of Character, Jonathan Shay, M. How to Improve Your Credit Rating So you got into debt, had problems but you got yourself back on your feet through hard work and sacrifice and how are you rewarded? A Bad Credit Rating.You would be forgiven for thinking thats not fair and why did you bother sorting yourself out if your hands are still tied when it comes to applying for anything financial? There are ways to improve your credit rating and get back on track completely. Fair Credit Reporting Act: What You Should Know About It? The Federal Fair Credit Reporting Act (FCRA) is designated to promote accuracy, fairness, and privacy of information in the files of every "consumer reporting agency" (CRA) or Credit Bureau. Learn what the law says and repair your credit today!Most CRA are credit bureaus that gather and sell information about you, such as if you pay your bills on time or have filed bankruptcy. Bailiffs & Council Tax - Knowing What To Do This article is about bailiffs who may call trying to collect Council Tax or Community Charge (Poll Tax) arrears. If a bailiff has contacted you to collect another sort of debt the law might be different. Credit Cards - A Blessing or a Curse? Owning a credit card can be quite an advantage. Whether making online purchases, booking an air ticket or a hotel room on the phone or simply being in need of some emergency cash, having a credit card can be a big help. Credit Card Dirty Tricks There are many of us that have been badly stung by credit card companies that have charged exorbitant fees to use their credit cards. Several years ago an APR of 25% to 29% was common place which in simple terms means that if you borrow £1,000 your interest on that money would be £250 to £290 a year. Credit Card Is Adding The Silver Lining To Your Pocket In the new millennium plastic money or credit cards has rendered a new zing factor to your pocket. This has not only made you economically more flexible but subsequently added glamour to your financial image as well. Which Citi Mastercard Is Right For You? You've decided to apply for a Citi MasterCard, but with so many different cards to choose from, how do you know which one is right for you? Here is a brief guide to the different types of MasterCard available from Citibank.A great MasterCard program is the Citi Platinum Select Card. Different Ways to Borrow Money There are many different ways to borrow money. Outlined below is a useful guide to some of most common ways of borrowing money. Credit Report - Check Yours Regularly - and for Free In the twenty-first century, there are few documents that have a greater impact on the lives of Americans then their credit report. Credit rating determines one's ability to buy a home, a car, or to obtain a credit card or a job. Credit and Loan Help for Mortgage Loans Mortgage loans are some of the most difficult loans to receive if you have bad credit because lenders focus heavily on your credit score and history of making payments on time. However, there is credit and loan help for individuals interested in home mortgage loans. Understanding Credit Card Penalties Because most of us have one or two credit cards and we use them every day, understanding credit card penalties and fees is a significant issue since one time or another we have paid a penalty for some reason. Every user of a credit card must first understand that every charge on the credit card represent a loan which must be repaid. Can Credit Search Entries Affect Your Ability to get Approved for a New Loan in the UK? About Search Entries:Every time a lender checks your credit history from your credit file (i.e. 10 Dirty Tricks Credit Card Companies Play The credit card companies make billions each year in legitimate interest charges and fees, but are under constant pressure from the shareholders to increase their earnings. To make this extra money the credit card companies sometime adopt some dirty tricks to make this money. How You Can Avoid Becoming A Victim Of Identity Theft To reduce or minimize the risk of becoming a victim of identity theft or fraud, there are some basic steps you can take.The most important one is to ask periodically for a copy of your credit report.
|
| home | site map |
| © 2006 |
