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What to do when you lose both your job and your health plan

18 Nov

Health insurance has become a hot issue in US politics. With Washington making some progress in healthcare reform, this leaves Americans divided into three camps. Although estimates vary, it seems up to 50 million cannot afford private health insurance. The middle ground is help by those who do earn enough to pay for some private health coverage, and then there’s the comfortable group whose employers provide health coverage. Movement from one camp to another can be painful. It’s the difference between peace of mind and security on the one hand, and struggle and worry on the other. Because it can be a serious shock to a family to lose the health cover provided by an employer, Congress introduced the Consolidated Omnibus Budget Reconciliation Act in 1986.

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Cash Back Credit Cards and Other Desirable Offers

12 Sep

Cash back credit cards can be a really fun way to get a little something extra out of your credit cards. There’s also the bonus that, the more you use your card, the more cash back you get; which also equates to the fact that the more you use your card, the more credit you are building in your name. Having good credit is so much more than the ability to get great rewards from your cards. Ultimately, it is also about being able to live the life you want to live, without wondering how you are going to come up with the money to feed your family, find a place to live, a car to drive, etc.


If that last sentiment seems a bit extreme to you, think about it. Your ability to rent an apartment, buy a home, take out a mortgage, get a loan, buy a car, etc, is all predicated on your ability to pass a credit check and seem like a safe investment for a loaning institution. If you have bad credit, your options are extremely limited, and sometimes non-existent. If you take a look at the bad credit credit card offers out there, it will become even more clear how hard it can be to rise up from the gutters of bad credit. Such cards usually have high interest rates and low limits- great for helping people learn to be more conservative with their spending, but not so great for making large purchases.


Other great credit card offers to take advantage of- when appropriate, of course- are the balance transfer credit cards. There are several reasons why such a card would be desirable but the main reason is that if you can transfer your existing balance onto a card that has a grace period of six months to a year before you owe interest on it, you can pay off an existing debt interest free. Of course, in order to do that you’ll need to be able to use some pretty good self control, as building up more debt to pay off after your grace period ends really would defeat the purpose of the card.


Regardless of of what kind of credit cards you have, or how you use them, fiscal responsibility cannot be stressed enough. Set financial goals for yourself. Don’t just coast along hand-to-mouth, using anything extra for luxuries and fun. Save money, both in long term savings as well as in short fund goal-driven savings. Want to go play in Costa Rica? Save up for that trip, while still putting some money aside, either for retirement or for investments. Use your credit cards as tools to gain better credit ratings, as well as for tools to use in terms of their benefits, be it cash back, travel discount or a points system that gains you any number of prizes.

Written by Kacy Suther. Browse through balance transfer credit cards, cash back credit cards, low interest credit card offers. Dozens of bad credit credit card offers available at CustomerCreditCards.com .

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Will You be Transferring Your Credit Card Balance After Christmas?

12 Sep

With Christmas just around the corner many people have already started purchasing their Christmas gifts and items, and despite the global credit crunch and the difficult financial climate many people have indicated that they will still be spending around the same amount that they did last year on Christmas.

Much of the spending that will take place in the run up to Christmas is likely to be on existing credit cards, as consumers will find it very difficult to get any other finance in the current financial climate and many do not have savings to throw at Christmas this year given the increase in living costs and bills. In fact, officials from the Association for Payment Clearing Services (APACS) estimate that around eleven billions will be spent on credit cards in the run up to Christmas.

If you have a credit card that charges high rates of interest but you find that using your credit card is your only option at present, then it is worth considering the fact that by transferring your balance to a 0% balance transfer credit card once the festive season is over could prove very lucrative, as it could save you a fortune in interest, making Christmas far more affordable.

For those of you that do decide to take this option there are a couple of things that you need to bear in mind. Firstly, recent reports have shown that the number of 0% balance transfer deals has been falling, and this makes it more important to do your research as early as possible and to compare credit cards and apply for your card early on to avoid disappointment.

Another thing to remember is that you should use the new credit card for balance transfers only and not to make purchases. One industry official has advised: “It’s a good idea to be prepared for January by taking out a good credit card deal. But don’t use it for purchases because your payments will always go towards the cheapest debt first. Though some cards with 0% deals extend them to purchases, this is usually only for the first few months.”

Reno Charlton, award-winning writer, shares her financial expertise as a contributing columnist for Credit Card Compare, where you can compare 0% balance transfer credit cards and read the latest news on 0% balance transfer deals.

 
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Benefits Of Balance Transfer Cards

12 Sep

If you need help keeping track of all your credit card balances and you are tired of all your monthly payments being swallowed up in interest, then a balance transfer credit card is for you.


With the balance transfer card you would be able to transfer your various debts onto one account and reduce your monthly credit card payments. The benefit of this is that more of your money would be used to pay off your capital as the interest is consolidated as well.


In order to make the most impact on your debt, you would need to make sure you know exactly what your new card offers you as this could determine if transferring your balance is worth it or not.


Your new card should carry a 0% APR on balance transfers so that you would not face a charge at this point. Some cards also carry a 0% APR on all new purchases which means you do not have to worry about paying interest in the introductory months. If there is a balance transfer fee, be sure to factor this into your monthly payment and see if you would be better off.


The length of the introductory period is important; the longer this period is the better. Most balance transfer introductory period averages at about 12 months, but look around as there are many deals on the market.


As spending on everyday items contributes to your increasing credit card balance, look for cards that have added benefits to you. If you use your credit card for gas purchases, look for balance transfer cards that give you cash back on gas and auto maintenance purchases. This could provide a hefty savings on your monthly automobile expenses.


Cash back on normal purchases are available on named cards and this would be another saving you would benefit from. Most of these cards have unlimited cash rewards that do not expire, but do not take it for granted, always check the small print.


When deciding on your balance transfer credit card, look for one with no annual fee and pay close attention to the reversionary APR. No annual fee means that is one less charge you have to pay at the end of the introductory period. The last thing you want to do is pay all the money you saved in interest over the introductory period towards an annual fee.


Likewise the reversionary rate shouldn’t be higher than any of your current credit cards; you should search out the lowest rate possible, the less interest you have to pay on a monthly basis the faster your card balance would go down.


When you add up all these benefits, they provide with you with great savings as you are able to spend less on interest and earn cash back on your necessary purchases. And the more you save on expenses the more cash you have to spend or pay towards your balance in order to reduce your credit card debt.

 
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Lifetime Balance Transfer

12 Sep

The majority of people with a large credit card debt either stick their head in the sand, ending up paying hundreds in interest, or they pay a fee to move their debt to one of the popular 0% balance transfer credit cards on offer.

However, many of those people who switch to one of these cards don’t actually clear their balance before the six or 12 month introductory offer expires. This leaves them in the same situation as before – paying an average of 17.27 per cent interest (CreditAction.org, 2007)

There is an alternative

Compare balance transfer credit cards before availing one. Choosing a lifetime balance transfer credit card offers you a way to really make a dent in your debt without a six or 12 month constraint.

Despite their name, most of these cards don’t actually offer a “lifetime” rate. Rather, they offer around five years at a very low rate on your transfer – between around 3.9 per cent and seven per cent if you shop around.

Remember though, just because you have a low rate doesn’t mean you’re not paying interest – you still want to clear you debt as quickly as possible. Undertake research to find the best balance transfer credit cards.

Will it work for me?

These cards particularly suit people who have a large debt that they won’t be able to clear before the end of a promotional period on a zero per cent credit card.

Also, banks have long been wise to those people who continually switch to avoid paying off their debt and any interest. This means that you’ll not only have to pay a fee of around three per cent every time you want to transfer to a new card, you might also find yourself being refused your next card as the crackdown on consumer credit hits the high street.

Don’t use it for spending though

While these cards are great for clearing hefty debts, they shouldn’t be used for spending. Payments against all credit cards are tiered so that you pay off the “cheapest” debt first.

This means that if you make a transfer but then go on spending on that card, any payments you make against your debt will go towards paying off the balance transfer first, and only once that is cleared will you be able to start paying off all those things you’ve bought.

Even if your card carries a 12 month interest free offer on purchases, by the time you start paying for those purchases you’ll probably be back on the standard rate.

Is it for me?

You’ll still be paying interest – so you’ll be less likely to ignore your debt – but it will be at a much lower, more affordable rate.

So if you’ve been weighed down by the burden of your debt for too long, a balance transfer credit card could be just what you need to finally be debt-free.

Stephanie Wendy writes for CreditChoices.co.uk that offers price comparison tools and consumer guides for balance transfer credit card, best balance transfer credit cards, 0% balance transfer credit cards and savings accounts.

 
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All That you Wanted to Know About 0% Credit Cards

12 Sep

Making 0% balance transfer credit cards work for you

If you’re carrying around a large credit card debt, shouldering the burden of all that interest, it’s probably time to switch to a zero per cent credit card that could save you hundreds of pounds in unpaid interest.

How do they work?

Zero per cent credit cards offer you a break from your interest payments, allowing you to transfer an existing balance and make a real dent in your debt. You’ll have to pay a fee to move your money – typically of between two and three per cent of the total balance – but by choosing the right card, you’ll still be able to save loads.

Find the longest offer

The length of the promotions on zero per cent balance transfer cards vary, usually from between nine and 15 months, and you should look for a card with the longest possible offer. Rather than just taking the card that’s offered by your bank, use a comparison site to find the longest interest free period for the lowest transfer fee.

How much will it cost me to transfer my balance?

When they were first launched, interest free balance transfers didn’t charge customers for moving their money, but as increasing numbers of people took to being ‘rate tarts’, moving their debt from card to card without ever paying it off or paying any interest, banks began charging balance transfer fees.

But even if you have to pay a three per cent fee on a balance of £2,000 – which would work out at £60 – you would still save much more than that by taking a year off from the average APR of 17.31 per cent (CreditAction.org).

Make it work for you

Interest free balance transfers are great, but you need to make sure that you don’t get caught out, ending up in even more debt than you started with.

Your interest payment holiday is a great way to clear your credit card debt once and for all. However, many people end up using it as an excuse to build up new debt on their cards.

But balance transfer credit cards shouldn’t be used for spending. If you still want to shop on a credit card you should use a different card, preferably one that offers interest free purchases or cash back.

Tiered payments

Credit card companies allocate your repayments to different “segments” of your debt. This means that any repayments you make will go against the “cheapest” debt – your interest free balance transfer – and any spending you’ve done since transferring the balance will continue to accrue interest at the standard APR until you’ve paid off all the “cheaper” debt.

Other traps

You also need to look out for things like minimum monthly spending, higher interest on instant cash transactions and make sure that you clear your debt before the promotional period ends or you’ll find yourself back where you started.

Stephanie Wendy writes for CreditChoices.co.uk that offers price comparison tools and consumer guides for balance transfers credit cards, 0% balance transfer, 0% balance transfer credit cards and savings accounts.

 
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Credit Card Transfers: When Should You Use Them?

12 Sep

Credit card transfers allow you to move the balance of one credit card to another. By doing this, you can save money and help to pay down debt faster. But you have to use them correctly to avoid digging yourself into a financial hole. You will see more benefits by making the move in specific situations, but not every situation will warrant the use of a credit card transfer. If you do qualify for this type of offer, you should consider ALL of the determining factors in how you can best utilize them to save money.


Using Them When Rates Are Lower


One obvious time to consider using balance transfers credit cards is when the interest rate on your current lines of credit are higher than the ones you will pay on the new credit card. It makes sense to consider this type of move for any situation in which rates are higher on your existing card balances. This is particularly beneficial when the interest rate is an introductory 0 interest offer.


In some situations, lenders will offer six months or even more as an introductory 0 APR period in which balance transfers do not incur finance charges. During this time, moving your balance will help you to pay it down faster and without any additional finance charges accruing all the while.


Consolidating Balances


Another reason to consider using balance transfers credit cards is when you need to consolidate several high interest card balances. If you have a larger credit line on the balance transfer credit card, consolidation of several lines of credit, assuming the interest rates are the same or lower on them, will undoubtedly help you save money, and in some cases, that savings can be significant. Doing this will allow you to pay down your debt more aggressively each month without having to swim through the head wind of significant finance charges piling on your obligation. Having only one payment to make is nice too, helping to make monthly bill payment a much easier process.


When Not To Use Them


There are some situations in which credit card transfers may not be beneficial and even outright detrimental to your financial well-being. For example, if you are working on paying down a big chunk of debt, it might seem counter intuitive to be opening yet another line of credit. But the thought of a 0 APR introductory rate for 6 months is just so tempting. Opening another credit line is not necessarily perilous, but making the mistake of not paying off the balance within the time frame of the introductory period can very well be.


Some card issuers will even retroactively charge you an exorbitant interest rate on the balance that you carried over the introductory period, if the balance is not paid down entirely. Most card issuers will merely charge you a higher APR on the remaining balance, but be absolutely sure that you know what the terms and conditions are for the balance “pay down” before applying. In those instances, accidentally missing a payment or not paying down the balance can be outrageously expensive. So, buyers beware!


When using any type of balance transfers credit cards, make the smart move for your situation. In many cases, the right credit card transfers can save you money and help you to simplify your life. With some excellent offers available currently from card issuers, it makes sense to work towards using these options especially when there is no fee or nominal fee charges for making transfers. Yet, each situation should be considered carefully and individually.

Robert Alan is an editor for www.CreditCardAssist.com and frequently contributing writer on various credit card-related topics. Find more free information, tips and advice from Robert on the http://www.creditcardassist.com/balancetransfer/creditcards.html “>credit card transfers page at CreditCardAssist.com.

 
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Personal Finance Guidelines for Stretching Your Paycheck

12 Sep

In this post, I would like to present personal budget guidelines, and hopefully, point out some potential holes or problems in your budget. The goal here is of course, to help you find ways to increase your disposable income, or the amount of money left over after all bills are paid. After reviewing this post, I hope to ignite some ideas in your mind about ways to cut expenses, and the things that are really eating holes in your budget. The following chart is a mixture of what other personal budget experts think, and my personal opinion of how to allocate your money:


Percentage of Income


Expense Description

10% God / Church

25% Housing

10% Utilities

18% Transportation

10% Food

2% Clothing / Attire

5% Misc. (eg Phone, Internet)

5% Medical Expenses

5% Other Debt

6% Savings

4% Entertainment


In the above table, I have listed the expenses in order of importance (to me, anyway). There are a couple of key things I want you to notice in reference to the above table:


Taking God Out of the Equation


The absolute worst budget mistake you can make. Without God and his blessings on your life, you are doomed. Do not cut your budget here!


Housing


This is where many people make a huge mistake. Many lenders will allow you to borrow up to 50% of your monthly income towards a house. This is ludicrous! Buy something within your means, or wait, and offer on several different houses at a discounted price to fit into your budget.


Transportation


Most people will not be able to fit into the 18% allocation for transportation, because they have a car payment that is 10-20% of their monthly income already. By the time you add the cost of gasoline and general maintenance, you are well above the 18% mark.


Miscellaneous


Cable TV, Long Distance Service, House Alarm System Service, Incredibly High-Speed Internet Service, etc. are budget killers. Stick to the basics in every service, and do without as many of them as possible!


Food and Entertainment


Do you need fillet mignon, caviar and two nights and the Weston 2-3 times a month? Do you have to have name brand cereal, Netflix, and StarBucks? Count up the cost of these and you will be shocked. Stay with off brands in the grocery store, and limit or cut back the high dollar, high frequency entertainment, I guarantee it will come back to haunt you. On a personal note, buying movies at Walmart in the $5.50 bin is a much better bargain than paying $3.99 at the rental store for only 5 nights of viewing.


I think you will find it remarkable how implementing just one or more of these personal budget guidelines and suggestions can make a difference in your family budget. The main thing is to group and count the cost of all the various expenses in your budget, and start trimming the fat. I track all expenses in my budget (except for entertainment) to make sure I do not overextend myself. If you are wondering why I do not track my entertainment expenses, it is because I hate wasting money, thus I have no budget for entertainment. This forces me to think twice about any entertainment expense, because I know it will put me over my total personal budget!

Get more great finance and investing tips at Jeffry Evans’ personal finance blog. Personal Budget Guidelines is just one of many great articles you will find at Personal Finance Resources.

 
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Balance Transfers Primer

12 Sep

Are high credit card fees giving you sleepless nights? Think smart: balance transfers could be an intelligent short-term solution. The following article can be used as an introductory guide and a primer on the use of balance transfers that discusses the intricacies of balance transfer details. Transfer the weight off your shoulders and get a balance transfer credit card with a lower rate of interest. However, make sure to run through the terms and conditions of the new balance transfer card, to make sure you win in the long run.


If you are not really keen on getting a new card, tell your existing company that you want to transfer your balance to another card that offers a much lower rate. Your existing credit card company just might offer you a better deal. If not, then go ahead and call the competition!


So what is so great about balance transfers? Balance transfers to a card with a lower rate can significantly cut down your interest and fees. The most common rate of interest offered by companies on balance transfers is 0% for 3 to 12 months. If you are fortunate and your credit is good enough, you might qualify for a 0% interest card for 12 months on balance transfers and purchases. Be aware, however, that some cards, will link the introductory annual percentage rate (APR) to the billing cycle of the card.


There could be some additional perks available on your balance transfer card as well:

1) Your new card may charge no annual fees.

2) The grace period on payments might be longer.

3) Rewards like cash back on purchases might be available.

4) Discounts from certain retailers, identity theft protection, and even car insurance can be thrown in as well!


How Do I Get One?


You will be required to go through some basic application procedures and paperwork on a balance transfer. You could write a balance transfer on one of the convenience checks that the card issuer will provide after getting approval on the card. These function just like normal checks but there are some things to be aware of, such as expiration dates. Time can cost big money, in this case, with the old interest rates snapping at your heels. How much you can transfer will depend entirely on the credit limit of your new card.


The fees for balance transfers are similar to that of cash advances, but often times, fees will be waived for the very best card offers. If there are associated transfer fees on the card, it is advisable that you avoid transferring small balances, as the transaction fees might undercut your potential savings. Some additional fees on these cards might include:


1) Late Fees: Once the introductory period on your balance transfer ends, you will start incurring finance charges on the remaining balance. Late fees on these card offers are particularly expensive. In order to avoid these exorbitant fees, make sure that you mail payment well in advance of the due date. If you are using an ATM deposit, stay informed about the processing time of your payment. Banks either charge a flat fee, such as $10 or $15, or a percentage, such as 5%, of the minimum payment due, for example


2) Over-Credit Limit Fees: Each time you charge your card beyond the credit limit, the bank has the ability to impose a fee. It is possible that many of these aforementioned fees will gather simultaneously (in addition to interest charges) during the same billing period! Banks usually charge $10 or $15 for this fee or up to 5% of the amount on the exceeded limit amount.


3) Lost Card Replacement Fees: If you ever happen to lose your card, some banks might charge you anything between $5 and $10 for a replacement.


The most important thing to remember regarding balance transfer credit cards is to make all your payments on time and pay off the outstanding balance within the introductory time frame. Usually, there is no grace period offered up for balance transfers and unless you have snapped up an introductory 0% APR, interest will begin to accrue immediately. The calculation can get a little tricky too. Your initial repayments will first go towards clearing the balance transfer amount before making a dent in any outstanding balance created from recent purchases with the card. So if you want to avoid this mess, keep a separate card for balance transfers and another one for regular purchases.


When the Joyride Ends


You should be keenly observant of the expiration date of your promotional offer. Once it ends, you will be charged the normal rate of interest. All remaining purchase and balance transfer amounts will be subject to a much higher APR and significantly higher finance charges.


Your credit history will determine your post introductory APR on your balance transfer credit card. So if this APR is higher than the rate on your old balance transfer card, you could incur more expensive finance charges if you carry a balance from month to month. Just make sure that you transfer your balance to a new card that offers both a lower promotional rate as well as a lower ongoing APR.

Robert Alan recommends that you visit CreditCardAssist.com for more information on 0% balance transfers.

 
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Important Things to Consider When Taking Advantage of 0% Intro Apr Credit Card Balance Transfer Offers

12 Sep

All across the United States, consumers who are smart with their finances are taking advantage of zero percent credit card offers, and for good reason. By signing up for a 0% intro APR credit card deal, consumers with credit card debt and a good credit score can literally pay no interest on their lingering credit card debt for 12 months or more.

Here are some important things to remember when taking advantage of zero percent intro APR offers:

1. Many credit card companies will offer you an interest free period as a way of introducing you to their credit card. It is very important that you know and understand what the interest rate will be once that free period is over. If you are forced to pay a significantly higher interest rate after the free period you will likely wind up with a much worse deal than you had intended. If at all possible try to pay off your total credit card balance before the interest free period comes to an end. Try to find a balance transfer deal that gives you at least 6 months 0% introductory APR so that you don’t wind up making balance transfers too often.

2. Be sure that you read through all the fine print very carefully. A lot of the 0% balance transfer credit card offers include a catch: if you use the new card to make a purchase while you are in the interest free period, the APR or Annual Percentage Rate can often be quite high, even as high as 25%! Additionally, payments that you make on your new credit card with a low or zero percent intro APR will be applied to the transferred balance first, which often means you’ll get hammered with high interest charges for purchases and cash advances. A balance transfer can be a really good way to help you save money over the long term, but if you need to make new purchases you will be much better served by using cash, a pre-paid credit card, or your bank debit card.

3. Try to avoid using the convenience checks. Many credit cards will include convenience checks along with your regular credit card statements. A convenience checks is usually equivalent to a cash advance, and cash advances almost always carry the highest interest rate. Sometimes a credit card will give you a good interest rate if you use their convenience checks for making balance transfers. Just be sure that you read the fine print thoroughly so that you fully understand the terms before using their convenience checks.

There is good news about convenience checks. Some credit card companies will provide you with blank checks that are covered under their 0% intro APR balance transfer offer. These blank checks can be very useful as you can use them for whatever you want. A lot of consumers use these blank checks as a method of obtaining an interest free loan, but they can also be used to open a high-yield savings account or to purchase a certificate of deposit. Keep in mind that once the 0% introductory APR period is over interest charges will begin to accrue so it is recommended that you pay off the balance before, or as soon as, the interest-free period ends.

If you are not absolutely certain as to whether the checks you receive are included in the 0% introductory APR offer then take a few minutes and call the credit card company to ask. Whenever you call your credit card company, be sure to jot down the name of the person you speak to in case the representative makes a mistake.

4. Don’t get carried away with your credit card applications. Regardless of whether or not you are approved or rejected, if you file too many credit card applications within a short time period your credit rating could suffer a downgrade.

5. Many credit card companies own multiple credit card brands. Before submitting an application for a balance transfer, be sure that you are dealing with a credit card company that is different from the one you want to transfer a balance from. If you try to transfer a balance from one account to another, and one bank controls both credit card brands, then your application will almost certainly be rejected. Remember that inquiries into your credit report may have a negative effect on your credit rating; this is especially true if the inquiry results in an application being rejected.

If you already have two different credit cards that have been issued by the same bank or credit card company, you can usually consolidate the balances into one credit card account. If you have questions about this call your credit card company to discuss consolidating your credit cards.

6. It is very important that the account to which you’ll be transferring your balance has a high enough credit limit so as to avoid getting into trouble with fees. Some credit cards charge a fee for transferring balances, and if your new account’s credit limit isn’t high enough, you may get hit with an over-the-limit fee after e.g. the balance transfer transaction fee is added in. When shopping for a zero APR offer, try to find one that doesn’t charge a fee for transferring balances. If you go with an offer that does charge a balance transfer fee, then do your best to find out what your new account’s credit limit will be.

7. Always pay all of your bills on time. This may sound obvious, but it is very important. Credit card companies will offer the best terms to applicants with the best credit rating scores. Having a high credit score will also minimize the chances of having your application for a credit card rejected.

All the best 0%

APR credit card offers can be found at www.BalanceTransfer.cc. Information

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