Category: Credit-cards
Suze Orman: 5 Savvy Strategies for Managing Your Credit Card Debt
Personal finance expert Suze Orman advises that the worst thing you can do when facing credit card debt is to give up. In the fourth quarter of 2023, Americans’ total household credit card debt increased by $50 billion, reaching $1.13 trillion, according to the Federal Reserve Bank of New York. Researchers from the New York…
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Struggling with Over $200 Monthly in Credit Card Interest: Lessons Learned the Hard Way
Credit cards can be essential for building credit and helping those who live paycheck to paycheck, but they can also lead to significant debt that’s hard to escape. Many people don’t pay attention to the fine print on credit cards, missing the actual interest rate. Others don’t understand how interest accrues or whether their payments…
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Exploring Your First Credit Card: Steps and Considerations for Beginners
Credit cards can be really useful financial tools. They can help you build or repair your credit, making it easier to get loans with better rates. They also offer protection when traveling and against fraud, and you can earn rewards points or miles. If you don’t have a credit card, you’re not alone. A recent…
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Strategies Baby Boomers Use to Maintain a Debt-Free Lifestyle
Most baby boomers aren’t dealing with credit card debt. A recent survey by GOBankingRates found that 52% of Americans aged 65 and older reported having no credit card debt at the time of the survey. Additionally, 53% of this age group said they hadn’t accumulated any new credit card debt in the six months prior…
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Choosing Between Cash and Card: Insights from Financial Experts
Our spending habits are significantly influenced by how we choose to make purchases. Whether we opt to pay with cash or a credit card can reflect our broader financial tendencies. According to Forbes, about 70% of people prefer using a card over cash, while 22% mostly use cash. Fourteen percent prefer cash because it helps…
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Diverging Perspectives on Credit Card Points: A Debate with Dave Ramsey
Credit card debt for American consumers hit a record high of $1.13 trillion in the last quarter of 2023, according to the Federal Reserve Bank of New York. As Americans grapple with this debt, there’s ongoing debate about the use of credit cards for rewards. Some personal finance experts are against credit cards, while others…
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The Importance of Your Credit Score for Major Purchases in 2024
Credit is a big part of your financial life, so when thinking about building your credit, should you use it for big purchases? Let’s dive into why credit is important. FICO scores range from 300 to 850, and a score between 670 and 739 is considered “good.” Good credit can help you get lower interest…
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Evaluating the Benefits and Drawbacks of Gas Rewards Credit Cards
Are gas credit cards the best option for improving your credit score? Here are some things to think about before applying. **Pros of Gas Credit Cards** **Accessibility**: Gas credit cards are easier to get than traditional credit cards, especially if you have poor or no credit history. While standard credit cards often require a good…
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Maximize Your Benefits by Using Credit for All Purchases: Here’s Why It Works
While many finance experts advise limiting credit card usage, there are situations where using your credit card for most purchases can be beneficial, provided you manage your payments responsibly. **Maximizing Rewards** Credit cards that offer rewards can provide benefits like airline miles, discounts, and cash back, encouraging their use. GOBankingRates interviewed individuals who use their…
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Securing Approval: The Essential Credit Score for Retail Store Cards
When you need a healthy credit score for a loan or apartment application, having a solid credit history is crucial. However, getting a credit card initially can be challenging, but things have evolved over the years. So, what credit score do you need to qualify for most retail store cards today? **FICO Credit Score Ranges**…
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