Credit Cards and Other Loans
Credit Card and Other Credit Tips:
What is the difference between an unsecure credit card and a secure credit card?
An Unsecure Credit Card:
Is set in accordance with your credit history. There is no security deposit required for this type of card. As your history changes so will your credit limit. A Secure Credit Card:
Means that a security deposit is needed to secure the card. The security deposit will equal your credit limit. This allows a person to build his or her credit history while enjoying all of the benefits of a credit card. Annual Credit Card Fees:
Most of the major credit card companies charge an annual fee for the privilege of using their card. The annual fee is generally somewhere between $15 and $100 a year. Sometimes this fee can be temporally waived if you use your card frequently, or if you transfer a balance from another credit card to their credit card.
Of course the best credit card is the one with no annual fee and low interest rates.
Credit Cards for people with less than perfect Credit or No Credit:
There are many out there, be very careful and make sure you read the fine print when applying for one of these cards as they all come with a price tag in the form of processing fees, setup fees and many others.
Personal Loans:
Keep in mind that banks are a business and they are in business to make money, so do your due diligence and shop around for the best deal.
Auto Loans:
Be a smart shopper or hire a personal car shopper to find the lowest rates. Boat Loans: again do your homework or hire a professional to shop the loan.
PayDay Loans:
Are instant loans for people who are in the need of immediate cash. The catch here is that payday loans are nothing more than legalized loan sharking. The way it works is that as long as you can show a recent pay stub you can get a short term loan up to about $1,500.00. The finance rates on these types of loans can be anywhere from 150% all the way up to 1800%. And repayment is generally set at one week to one month.
Mortgage Refinance Loans:
Watch out for those (ARM) Adjustable Rate Mortgage Loans while they may initially seem like a good deal, in the end they can cause you to lose your home when the finance rates start climbing and you can no longer keep up with your mortgage payments.
Consolidation Loans:
It's a good way to lose your home. If you are tapped out financially and you need money fast a consolidation loan can certainly reduce your high interest bills and help you get a grip on payments to your creditors. unfortunately there is a down side, and that is that with a consolidation loan a lien is placed on your home by the lending company and if you fail to pay back the loan they Can and Will take your home.
Home Equity Loans:
Remember, if you do not pay back the loan the lender Can and Will take your home.
