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3 Reasons to Check Your Credit Report Today

Most people don’t have a great deal of sophistication with credit. Sure, they might have a card or two (or ten), but all of the fine print on those agreements, as well as the complex terms in credit theory – it’s just a little much to deal with. The problem is, if you don’t have knowledge about how credit works, you’re liable to use it in ways that will set you up for failure in the long term. We’ll assume for the purposes of this article that you aren’t badly in debt. If you are, fix that first. But if you are in fairly good shape with regard to debt, it’s time to get serious about your credit history. You can get a free credit report once a year. The government allows it. That report will show all of the credit cards you have, all of the times you were late on payments, and all the other times you messed up or used credit too much. Maybe you’ll see the opposite problem – you don’t have enough credit history to support a good credit score. One great course of action is to get a credit card specifically for people with ...

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How to Use Credit Cards to Your Advantage

How to Use Credit Cards to Your Advantage

The advice you get from some finance blogs is to use extreme measures to avoid running up credit card debt. They may suggest things such as cutting up your credit cards or placing them in a container of water and freezing them to prevent you from using them – at least until they thaw. But I know that credit cards can be used to your advantage if you are able to use them with self control. Like anything else, they are a tool. It’s you that determines if they will be an asset or detriment to your finances. Here are some ways you can use credit cards to your advantage. Pay Your Balance off Each Month Don’t run your credit card balance up so high you can’t pay it off each month. Doing so will allow you to eliminate paying interest on your balance and giving away your hard earned money to credit card companies for free. In addition, you potentially have the ability to use that same money to earn interest for yourself for the same time period. If you aren’t able to pay the balance each month, always make the minimum payment and make a larger payment whenever possible. ...

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The Pro’s and Con’s of Using Your Credit Card for Major Purchase

No matter how sincere you are about cutting your budget, no matter how frugal you become, there will come a time when you have to make a major purchase using money that you don’t have. There is no avoiding it in this current age of financing. We don’t live in a gold-based economy. We live in a credit-based economy. At some point, your good credit will be the difference between failure and success. There are some things you should never be a cheapskate about. Your attempts to save money on things like shoes, mattresses, and technology too often end up being penny wise and pound foolish. As distasteful as you might find the prospect, you are going to have to use a credit card for something, somewhere down the line. Still, there is no denying the downside to credit cards. Here are a few of those pros and cons of using credit cards for major purchases: Con – Interest In almost every situation, borrowing money means paying it back with interest. The typical way to make money by loaning money is to require the borrower to pay back more than they borrowed. If it is a low-risk loan, the interest ...

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Kaiku Prepaid Visa Debit Card Review

using a prepaid debit card instead of a bank account

Are we coming to a time when there is no need for traditional bank accounts? The creators of Kaiku are certainly encouraging that trend with their new prepaid Visa debit card. The card is targeted toward millennials (ages 18-34), but there is no law that says older folks won’t get some use out of this type account. Here is my review of the Kaiku Prepaid Visa Debit Card. What Is Kaiku? Kaiku is a prepaid Visa debit card that can be used any place Visa is accepted. The Kaiku card comes in several trendy colors like Shark Bite Teal or Ninja Black and is meant to be a simple, fast way to manage money for those on the go who don’t want tons of rules and red tape. Money can be loaded to the card by using their online site or through direct deposit of paychecks. Cash can be added to the card with Redilink or MoneyGram at any location that offers those services.  If you work for an employer who still uses paper checks, there is a handy mobile app that allows deposits by taking a picture of the check. When in need of cash, the Kaiku card can ...

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Should Kids Have A Credit Card?

giving kids a credit card

It’s pretty safe to say that we won’t get giving our daughter a credit card for her 8th birthday next month. I can’t believe how fast eight years have passed, and I bet the next eight will go by even faster. While I’d like to bury my head in oblivion, we are getting to the point where financial and life education are very important. Hopefully, our daughter will be as smart as possible about the real world before we turn her loose to become a productive member of society. Part of that will include learning about debt and credit cards. The question today is, should kids have a credit card? Pros of Giving Kids A Credit Card Hands On Financial Education By giving kids a credit card while they still live at home, parents can keep tabs and set limits. The first credit card would likely be a joint venture between child and parent, which would allow family discussions about credit limits, interest rates, purchases, payments, and how to decipher a credit card statement. Building Credit Many pros suggest giving kids a credit card to build credit, but I don’t agree with that. Kids will have plenty of time to ...

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