One of the biggest hurdles that many individuals and families face on the path to financial independence is digging out from credit card debt. It doesn’t take long for the balances on multiple credit cards to climb to the point where just the interest charges can amount to several hundred dollars per month. When the first few hundred dollars you pay each month do nothing to reduce your indebtedness, it’s time to come up with a plan to reduce that credit card debt. While it’s generally not difficult to come up with a plan to lower the credit card balances,...

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Not all unexpected financial developments are bad things. For example, you may find yourself the recipient of a cash windfall. A windfall can come from a number of different sources, including larger than expected tax refunds, inheritances or even winning a contest or sweepstakes. Since a windfall is not money that you planned on receiving, the amount won’t already have a place within your budget. This means that you have options for what to do with the money. You could spend it all on indulgences, of course, but there are more productive uses that you should consider first. One great...

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Many people view having a credit card as a requirement in order to function in today’s consumer economy. For example, you need a credit card to rent a car, shop online or reserve a hotel room (or be prepared for significant hassles and headaches if you try to do any of those things without a credit card). But what do you do if you have a low FICO score? With a bad credit rating it can seem like it’s virtually impossible to get a credit card. While it’s not impossible, it will take some work and creativity on your part. Here...

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With online banking and bill pay services, it’s become easier than ever to pay bills without having to write a single check or address a single envelope. But sometimes this convenience has a downside. Some people have gotten out of the once common ritual of sitting down at the kitchen table, checkbook in hand, to pay the monthly bills – and this can lead to missing a payment. Missing any bill payment is a bad thing, of course, but missing a credit card payment can be especially problematic. A single missed payment could result in your credit card interest rate...

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Even if you don’t plan on buying a home or car or making any other significant financial purchases in the coming year, it’s important to make sure that your credit score is as high as possible. Improving your credit score can help you save money in the form of lower interest rates on your current credit cards, and help you get approved if you want to apply for new credit cards. Having a better credit score could even help you when applying for a new job, as employers in some industries (as well as certain types of jobs functions in...

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We all have a lot of important numbers in our lives, but when it comes to borrowing money, your credit score is one of the most important. Credit scores are something of an enigma to the average consumer, because we don’t have free access to them like we do our credit reports. But you can find out your credit score by paying a small fee, and there are also online calculators that will help you estimate it based on your credit history. In order to borrow money from many lenders, you’ll need a credit score of at least 620. And...

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The credit card is one of the most popular inventions of the 20th century. It made it possible for consumers to buy what they wanted when they wanted it without worrying about paying for it right away. But with that convenience comes a price. The longer it takes you to repay the amount you borrowed, the more the credit card company makes, and the more money you pay for that convenience. Credit card companies are laughing all the way to the bank, because many borrowers tend to take their sweet time paying off their balances. That means more money for...

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Are you challenged with excessive credit card debt? Don't despair! While credit card debt can feel difficult, it can be overcome with a little work and planning. You can take action today, and achieve mastery over your finances! Whichever of these strategies you use, avoid the common mistake of running up the balance on your credit cards again. Then you'll potentially have a loan and a credit card balance to deal with. Cut up those cards you don't need (yes, literally!), and move forward with your life on a cash-only basis. Here is some advice on how to reduce and eliminate...

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Sometimes bad credit is a result of poor money management. Others, it’s due to job loss, illness, or other circumstances beyond one’s control. But whatever the reason may be, having bad credit can make life a lot more difficult. Those who wish to rebuild their credit may have a hard time doing so because they won’t qualify for most loans and credit cards. Fortunately, there are credit cards out there designed for those with bad credit. Their interest rates and fees are often higher, but once you’ve established a good record with them, you’ll be more likely to qualify for...

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The world has gone mobile. In fact, according to a recent CBS news report there are approximately five billion mobile devices worldwide. All of this mobile activity has led to an increase in the functionality of cell phones. You can now play games, take video, write documents and manage your finances all from a small device that fits into your pocket. Using your mobile device for your finances – whether it’s a cell phone, smart phone, iPod or tablet – is fast and efficient. It makes it easy to stay on top of your credit card payments and transactions....

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