credit card

My First Credit Card Buy Now-Pay Later

Credit cards offer you so many advantages. With a credit card, you can purchase several things you need to make yourself more comfortable. But despite all the benefits that come with holding a credit card it can create a lot of problems for you if you are not careful.

It creates a lot of problems for some people if you are not careful you can end up incurring high finance and interest charges that will make it almost impossible to repay back your bill and thus, lead you to massive credit card debt you may never get out. However, it’s possible for you to stay clear of debt if you can follow a few tips provided in this article and that of your finance consultant.

Consulting your financial advisor is very important when you are thinking of applying for credit card. You can both reasons together on your financial needs.

When you get the card make sure you keep every receipt and compare them with your monthly bill, there may be discrepancies which can drown you in debt if you don’t discover it. Once you find out any, report to your credit card company immediately.

Giving your credit card to friends and family is one of the ways to incur more debt. So, keep your credit card away from friends, families, and strangers.

Make sure you don’t owe then you can repay at the end of the month as it can damage your credit and hurt your chances of getting credit in the future. See credit cards as a loan you must pay back. You can avoid this by paying your bill on time, if possible, pay it every month.

One of the mistakes most cardholders make is paying off one credit card with another. It’s a complete bad habit. It will inevitably lead you to more debt, and you may find it difficult to get out of it.

We hope this information was beneficial. You can have anything you want if you are enthusiastic about putting in the time, effort and plans to get to your goals. Discover the secrets why the rich stay rich and the poor stay poor. Click Here to view a video with more life tips!

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Christian Debt Reduction May Well Bring You Relief

Christian debt reduction is fast becoming a concern within many Christian families. Monthly repayments on consumer debts account for a more significant percentage of disposable income than ever before. This can lead to some families suffering through financial difficulties as they try to keep up.

The stress of keeping up with payments on credit card bills, personal loans, medical bills, and other unsecured debts can often cause some Christian families to worry about their ability to save for the children’s education or pay off the family home.

There are some excellent Christian debt reduction options available, offering great choices to help you reduce your levels of unsecured debt. Reducing your balances on consumer debts can give you the financial freedom you’ve been seeking to work on those bigger financial goals.

There are Christian financial ministries and non-profit agencies willing to offer you solid financial advice to help you work through your financial difficulties and find ways to help free up your monthly income. After all, if you didn’t have to see the cash every month to make repayments on those credit card bills or personal loans, you’d have more of your own income left to put towards the family’s benefit.

Christian debt reduction options can include financial education, showing you how to realign your priorities and teach you how to get your current spending patterns back under your own control again. If your credit situation is a little more severe than counseling can correct, then you may want to consider consolidating some of your debts, which will reduce your monthly payments and help free up some of your monthly cash flow.

Debt consolidation is where you roll the balances of some outstanding unsecured debts into one convenient consolidation loan. In most cases, your new loan will have a much lower interest rate than the high-interest charges you’re paying on credit cards or store cards, so you should notice an instant reduction in the amount you’re required to pay each month. This alone could help you get your finances back under control.

Many Christians are initially embarrassed to ask for financial help. Never feel ashamed that you dare to work through a problem to find a better solution for you and your family. Everyone has moments in their lives where accidents happen, illnesses occur, and jobs aren’t as stable as you believed.

No matter how bad you might think your situation is, Christian debt reduction companies are able to help you find real solutions even if you have bad credit. The object of these companies is to work with solutions that suit your individual circumstances and needs.

If your financial situation is dire enough, then you may qualify for a debt settlement program. This is where a Christian debt reduction company may be able to negotiate with your creditors on your behalf to accept a reduced settlement figure as payment in full for your outstanding balances.

Christians should take a little time to research the options available to them regarding Christian debt reduction programs to be sure you’re receiving the right services to suit your individual situation.

Ways to Repair Your Credit in The Future

There was a time in the country when having a credit card was as common as having a pair of shoes. It ultimately resulted in millions of people dealing with debt, and now it looms over the heads of its victims like a black cloud for the rest of their lives, or until they take the necessary steps to repair their credit. The following are tips that have been proven to reverse your credit.

Perhaps the most important tip you need to understand when repairing your credit is to know where your credit score comes from and how it is computed. This way, you will realize what areas are affecting your credit score the most and which areas you can improve in to help raise your score.

An excellent tip for people is trying to repair their credit is to get a free credit score. By law, you can receive one free credit report every year. Make sure you take advantage of this and request your free copy so that you can see what your credit report reveals.

An excellent tip for people who are trying to improve their credit score is to develop an action plan. Once you see what your credit report looks like, you can begin to create a strategy that will help raise your score. Focus on the areas that affect your score the most and find ways to rectify those problems.

One of the best ways to improve your credit score is to pay your bills on time. It is straightforward to do, and you really should be doing this anyway. Your payment history makes up 35% of your total score, so make sure that you never miss a payment.

A great tip to improve your credit score is to avoid excess credit. Having multiple lines of credit and racking up massive debt on that credit is a recipe for disaster. It shows that you have more obligation that you can deal with and will significantly lower your credit score.

Speak to a debt counseling company to see how they can help you out. They may be able to help you repair your credit and get it back on track. Usually, you must have a certain amount of debt before they consider assisting you with getting it paid off.

Perhaps the best way to improve your credit is by paying down your debts. Having a lot of debt dramatically impacts your credit score, so make an item in your budget that is dedicated solely to paying down your obligations are each month. It may take a while but lowering your debt is the best way to improve your credit.

Avoid using credit cards. It is helpful when you are in debt and can’t pay back what you already own. It is also good to avoid charging things to a credit card that you can’t immediately pay off. It will help you from acquiring any other debts that you can’t pay.

Lowering your debt to credit cards can be a way to repair your credit. Having too much debt in comparison with your earnings can be a red flag as far as your creditworthiness is concerned. Lowering your obligations are on your highest interest credit cards first can also save you a lot of money down the line.

Never think that you cannot work your way out of bad credit. By following the advice, you learned here; you can begin to take the steps necessary to get those creditors off your back and to finally be free and clear of that encompassing burden, that is a bad credit score.

In closing, we invite you to share your comments on this and our other posts. If you find the information useful, please Like & Share us and subscribe to this channel for an update as we reveal new strategies. Remember to keep an open mind and Shift 4 Freedom.

How Your Credit Scored Is Calculated

Getting approval for any loan depends on your credit rating. If you have an average credit rating, you will find it almost impossible to get approved. It’s possible to obtain an excellent score or even improve your credit rating. Most companies almost use the same rating system, and if you can know more about it, you should be able to have a better credit score.

Your age is the first factor which it’s almost impossible to do anything. Yes, it’s possible to lie, but don’t because it will make things more difficult for you in the future if the creditor gets to know. If you are between 24 to 64 years of age, you will get one point. Any age below or above that will score you zero points.

If you are married, you have a chance of adding an extra point to your score. If not, you still score zero as most creditors see you as a higher risk. Also, if you have no dependents, you will score zero. But if you have between one to three, you will add to your points. Here is how it works – if you have no dependent creditors believe you can skip town and not pay off your credit.

Creditors will also want to know more about your roots. They will want to know where you live. Owning a home with a big fat mortgage or even without a mortgage will give you more points. How long you stay in your present, or the previous residence also adds more points to your score. If you’ve moved so often, you will score zero points. However, if you’ve stayed up to 5 years before moving, you will surely get more points. It shows you are an excellent risk to them.

Other factors that will add to your points are your years on the job (the longer, the better), kind of situation, your monthly income, present debt status, previous credit history, and your saving or checking account(s).

Your credit score is usually rate between 350 and 850. The lower your score, the more difficult it will be to get a loan. Scoring 800 or above should be the goal of every consumer. Below is a list of short tips on how to achieve 800 credit score or above.

Limit the number of credit cards you sign up for at a time. The more cards you carry, the more debt, the credit issuers will have to consider. If one card is not enough for you to make sure you don’t sign up for more than three cards. Also, make sure that you don’t go out with more than one card in your pocket. That way you will limit your purchases when you are outside.

Make sure that you make your payment on time, if possible before the end of the grace period if it’s part of the service. Late fees will affect your credit score adversely.

Whenever you want to apply for credit make sure that you don’t ask for too much credit often. Credit reporting agencies may score you low as it means that you can’t live without credit.

Another thing that reporting agencies consider in scoring you is outstanding balances on your credit account. If you are the type of consumer that often exceeds their limit you are risking your credit score. So, make sure you don’t exceed 30-35% of your available credit. It doesn’t make sense financially always to spend all your credit at a time.

Debt Reduction Planning Is the Key

Did you know Benjamin Franklin said, “We don’t plan to fail, we fail to plan”? Spending some time on debt reduction planning could increase your chances of success.

If your finances are in a mess and you’re struggling with a mountain of debt, then you need to create a plan of attack to help you get rid of your debt correctly, which means reducing your balances and working on your spending habits at the same time. So you don’t end up back in the same situation in the future.

Step 1: Evaluate

Write a list of your current consumer debts. If you have credit cards, store cards, payday loans, car loans, personal loans or other consumer debts, include them here. More significant debts like mortgages or student loans generally have lower interest rates, so for your debt reduction planning, you will be working on those debts with higher interest charges.

Include the names of your creditors, how much interest charged, your total balance and your monthly repayments.

Step 2: Budget

When you have a list of your total monthly repayments, write down how much income you have come into the house each month after taxes. Then write down all your living expenses. It’s easy to remember the more significant costs, like rent or mortgage payments, groceries, fuel, child care, utilities, insurances and any other living expenses you have.

Deduct the total amount of your living expenses from your after-tax income. This figure is the amount you have left over to put towards debt reduction. From this amount deduct the figure you worked out in step one for your total monthly repayments.

Many people get a surprise at this stage to see that they spend more than they earn each month. If you have a negative amount after you’ve worked out your figures, then you’re in pressing the need for a debt reduction plan.

Step 3: Create Your Debt Reduction Plan

When it’s time to create your debt reduction plan, begin by circling the debt with the highest interest charge. This debt is costing you the most money, so it makes sense to get rid of this one first. Work down your list of debts from most expensive to least expensive. This method is the order you’ll be working on repaying them.

Change all your other repayments down to the bare minimum amount due on your list and put any extra money from these towards the most expensive debt first. Any extra money you have, either from bonuses or pay rises or even just if you hold a yard sale, put it towards paying off your debt.

Step 4: Negotiate

Take a careful look at the amount charged in interest. It’s outrageous! Call your creditors and ask if they’re willing to negotiate for a better rate or if they have an alternative product to offer you that is cheaper. If the representative is unhelpful, immediately ask to speak to the customer retention department. Lenders are more willing to negotiate if they think they’ll lose a customer.

Reducing how much you pay in interest can often reduce your monthly payments as well, which gives you more money to put towards debt reduction.

Step 5: Follow Your Plan

Once you have your debt reduction plan in place, do your best to follow through with it. Update the list you made as each of your balances begin to drop and don’t give up on your efforts. Be patient and work through your plan until you succeed.