Understanding the APR Calculation
Posted on July 27th, 2010
APR is an abbreviation for Annual Percentage Rate, which is basically another phrase used to describe a credit card‘s interest rate. Every purchase made with a credit card gathers interest that must be repaid eventually. For example, a purchase made with a card that has an APR of 5% would cause 5% of that purchase to accumulate in interest.
Thus, a $100 purchase with such a card would cause a debt of $105. Some credit cards offer grace periods that give the cardholder a specific period of time before any interest is charged on a purchase. B
Vacation Smart Contest Winner!
Posted on July 26th, 2010
Thanks to everyone for participating in this month’s Vacation Smart with Credit.com contest! The contest was simple; follow us @CreditExperts on Twitter and then retweet the daily travel tips. Each tweet counted as an entry to the grand prize drawing for a $250 Visa Gift Card. There were a total of 84 entries but only one grand prize winner:
Congratulations Debbie! Yo
When Bankruptcy and Foreclosure Go Hand-in-Hand
Posted on July 26th, 2010
Earlier this week, a woman asked me whether bankruptcy could help her with her underwater mortgage loan. She lives in California and bought her home a few years ago and the value has since dropped by more than 50%. With the prospect of building no equity in the foreseeable future, she’s now essentially renting her home from her lender.
“Are you current on all your payments?” I asked. “Yes,” she replied. “Do you have other debts?” “Not really.”
Since she makes a good income, is able to make her payments, and doesn’t have any other debts to speak of, bankruptcy wouldn’t likely provide her with any relief. But there are times when bankruptcy can help struggling homeowners get back on their feet.
First,
Avoiding High Interest Rates and Hidden Fees
Posted on July 26th, 2010
Credit cards can be used in many ways to improve an individual’s living situation, or enhance the investment capabilities of a small business. However, there are also many negative financial consequences that can transpire as a result of using a credit card irresponsibly.
Unfortunately the line between negligence on behalf of the cardholder, and trickery on behalf of the credit card company, is becoming increasingly narrow with each passing year. Credit card companies generate profits by charging exorbitant fees, penalizing cardholders whom are entirely unaware of the impending fee in most cases. F
Home Improvement Loan Adds Value To Your Dream House
Posted on July 25th, 2010
Everyone wishes to make improvements in their homes but for low income people this becomes a dream. Many low income individuals are unable to convert their dreams into reality. However, the existence of home improvement loans is a great solution for all such people to fulfill their dreams. If one wishes to make changes in the infrastructure of their house. Home improvement loan is the best preference in order to help finance the improvement, renovation and necessary repairs in one’s house.
With the help of home improvement loan people can easily revamp their homes into the latest trends, styles and techniques. P
First Time Home Buyer FHA Loan
Posted on July 24th, 2010
FHA loans are insured loans issued by the United States Government with the purpose of acquiring or refinancing residential properties. There are a number of home loans to choose from. According to the guidelines of the FHA, it is an ideal deal for the borrower’s who would be buying a house for the very first time, however there is no restriction and it can be used by anyone who qualifies under FHA guidelines. F