It’s no surprise the credit and debit cards are so popular. They’re simple, easy to use, and accepted almost everywhere. But this popularity has also made them a common target for thieves and fraudsters. According to the FTC, in 2020 alone, nearly 400,000 people fell victim to credit card fraud. The consequences can be serious, from financial loss to damage to your credit (not to mention the stress).
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Every horror movie has a moment where one of the soon-to-be victims does something foolish like saying the killer’s name in the mirror three times, going upstairs to investigate, or saying the infamous phrase, “I’ll be right back.” As audience members, we groan at these mistakes and shake our heads as each character meets a grisly fate. But when it comes to managing finances, too many of us make terrifying mistakes that can cost us money, hurt our credit and impact our financial future. In order to survive, we offer this brief list of financial terrors. Avoid them, and you may get out alive.
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A credit card balance transfer makes a high-interest credit card balance (or balances) more manageable by transferring that balance to a new credit card with a lower interest rate. For added savings, some balance transfer offers include a lower introductory rate for a limited amount of time or sometimes even the life of the balance. Balance transfers can help you get out of debt faster and make multiple payments easier to manage.
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Whether you’re managing your day-to-day finances or preparing for the future, loans and credit cards may be an important financial tool to support your personal goals. The process of comparing your financing options and choosing the right one can sometimes feel overwhelming—especially with all the financial jargon and concepts associated with loans and borrowing. Fortunately, many of these concepts are less complicated than they seem. Here’s a quick overview of some of the most important borrowing terms you should know. Learn them now, so you can make smarter borrowing decisions later.
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When you’re looking at a big-ticket purchase, one question always comes up: Should you pay with your savings or finance it? Or, if it’s a new home or car, how much of the purchase price should you pay up front, and how much should you borrow? There is no simple answer. On the one hand, paying in cash can keep you out of debt. On the other hand, large cash purchases could wipe out much of your savings, while borrowing can help ensure you have more savings available for emergencies. There are many factors to consider. Ask yourself these eight questions to figure out whether you should pay cash or use financing for your next big purchase.
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Sometimes, we get lucky and are offered a 0% interest rate promo for a specific term. This rate is frequently seen with auto loans, mattress stores, furniture stores, and for credit card promotions. For these big-ticket items, paying no interest could mean a massive savings on each payment. For loans that have an interest rate above 0%, paying them off early (provided there are no pre-payment fees) is a no-brainer: you’re saving money on interest payments and contributing more to the principal each month.
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Credit cards are a valuable tool for building credit, making large purchases, or earning rewards. Still, a tool this powerful must be used carefully to prevent avoidable or unmanageable amounts of debt. If you ever find yourself in deeper than expected, don’t worry – there are several ways to tackle credit card debt, one way being debt consolidation. If your debt is spread across multiple credit cards with varying rates, that debt could potentially be consolidated on one new, lower rate card.
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If you’ve been declined for a loan, don’t worry—you’re not alone. The average American household has an estimated $20,221 in carried credit card balances according to a 2023 Nerdwallet study, so it’s no surprise that many of us need help with large expenses. Unfortunately, some loans get declined. If you’ve recently applied for a loan and didn’t get the answer you were hoping for, your best tool is education.
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