Finance > Credit and Debt

Canceling Credit

You don’t need to give the card issuer a reason for closing the account. It’s your right to choose not to do any more business with them. They may offer a lower rate if you stay. And, if that’s attractive, you can leave the account open.

Low Interest Balance Transfers

According to Credit Cards Magazine, credit card profits in 2004 were the highest they’ve been since 1988. Experts believe that the credit card market is ‘saturated’. So on average for every new account an old one is closed.

Should I Declare Bankruptcy?

Just because debts are eliminated doesn’t mean that the slate is wiped completely clean. Debts discharged in bankruptcy will appear in your credit history. In Canada they will remain for 6 years. In the U.S. the bankruptcy will appear for 10 years.

Putting A Leash On Debt

Have you met the Going-Broke-Saving-Money monster? I sure have. The item on sale is just “too good to pass up”. The bottom line is simple—you can be in control of your finances. But you must first be in control of your choices. Here are some steps to help you get control of your finances, and dig out of debt.

Smallest Bill? Or Highest Rate?

Which debt should you pay off first? Paying the debt with the highest interest rate will reduce the total debt quicker. The reason is clear. The higher the interest rate, the more interest is added to the balance you owe each month.

Unemployed Bill Crisis

My husband has been out of work for 5 months and the income he did bring in when he was working was double what I currently bring in. Needless to say, my checks and the unemployment are not paying the bills. I am starting to panic because bill collectors are calling daily. I cannot tell them when I can make payments so they continuously call at home and work. I feel like I am going to lose my mind because of this!

Credit Report Errors

It’s important to have accurate information on your credit report. Negative comments could make a big difference on the interest rate you pay for mortgages, car loans and even credit card balances.

Credit Card Payment Pinch

The credit card companies don’t want you to pay off your balance. Those balances led to $50 billion in finance charges last year.

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