I’m sure we’ve all heard stories of young adults who got their first credit card and got into all kinds of debt. Luckily I never got into that mess. Instead I blew a bunch of cash from student loans and summer jobs on partying. If I was into shopping, it could’ve got a lot uglier.
When young people suddenly have access to credit there is sometimes just too much temptation. They likely didn’t have a whole lot of spending money earlier in their lives. They were also probably more accountable to their parents in the past. The new-found freedom is just too much to resist.
Beyond the temptation, a lot of young adults just don’t realize the downsides of using credit cards and the trouble they can cause. They simply start charging thinking they can pay that money back whenever they want. Somehow they justify the interest charges as a small price to pay for not having to wait. Continue reading
The following is a guest post. If interested in submitting a guest post, please read my guest posting policy and then contact me.
A credit card can give you access to money in an emergency, and if you’re looking for a way to establish a credit history, getting a credit card can help you achieve this goal. However, not all credit cards are the same. While you may be thankful for a credit card that offers a generous credit limit, your focus shouldn’t be on how much you can spend, but rather the annual percentage rate or APR.
Credit card APR is the annual interest you pay for using a credit card. This is how your credit card company gets paid. And the more you shop with your credit card, the more interest you pay. Continue reading
For a while now I’ve had a second blog on the back-burner. Due to time restraints and partnership logistics, the blog sat untouched for far too long.
I keep trying to make online business partnerships work, but it is always much more difficult to manage than anticipated. Both sides usually have a lot of other responsibilities on their plates and splitting work evenly is nearly impossible. Then throw in the complications of wanting to invest some money into the business and that partnership really gets tested. So in the end my business partner and I decided that it was best to disband the partnership.
Now that the blog is completely mine to do as I wish, I figure it’s finally time to do an official launch. Even if I’m not posting much early on, it’s best to start building up the stats as soon as possible. It’s not doing any good just sitting there.
So without further ado, I’d like to announce the launch of my new blog Airline Miles Experts. Continue reading
The following is a guest post. If interested in submitting a guest post, please read my
guest posting policy and then contact me.
One of the cornerstones of personal financial management is building responsible credit through the use of credit cards. Many people recognize credit cards as an important test of responsibility, while other users can overspend themselves into unmanageable debts and pay more money in interest as a result. Therefore, it’s important that you negotiate the lowest credit card interest rate that you can leverage.
Traditionally, the credit card application process required a constant back and forth consultation between you as a borrower and credit card suppliers as the lenders. This process required you to spend more of your personal time negotiating with providers, and likely cost more money than necessary because providers often dictate what they feel is a fair credit card interest rate plan. If you are young or new to Canada and haven’t yet acquired credit history – you are more susceptible to strict dictations of terms from credit card companies. Continue reading
In the past I’ve written about irresponsible credit card usage and how it benefits other cardholders. Used without proper care, a credit card can be quite dangerous.
I’ve also written about how personal loans aren’t always bad debt. Just because something can be used irresponsibly, it doesn’t mean that they should be avoided at all costs. Instead you should learn how to properly use it to your advantage.
So when other financial writers are proclaiming that credit cards are the spawn of Satan, I just don’t buy it. When they make such absurd claims, they are just letting people deny any responsibility for their mistakes with credit cards. Continue reading