As the housing boom peaked, consumers saw credit limits raised and lines of credit on their homes offered at attractive rates. Banks and lenders offered new card accounts at record rates, then enticed consumers to transfer card balances to equity lines of credit.
Ads in magazines and on television offered up a lifestyle that was inviting and exciting – all paid for on credit. You could buy whatever you wanted, go on exotic vacations if you only had the right credit card, which lenders were happy to provide. Talk of a …

Credit card companies seldom teach first timers the proper way to use a credit card.  Why would they?  They make more money from people who don’t know exactly how to be responsible with a credit card.  In all the excitement of receiving your first credit card, there are some common mistakes that you can avoid to ensure your credit remains favorable.
One of the most common mistakes that beginners make with credit cards is charging more than they can afford.   At first, a credit card seems magical.  You can purchase almost …

Many people get in trouble with credit cards because they don’t fully understand how the card works.  Most people only know that they get a piece of plastic in the mail that they can use to swipe in stores and pay the bill later.  Understanding how credit cards work can help you use them responsibly.

Credit card companies make money when you pay interest.  The company determines the amount of interest you pay each month by using the annual percentage rage, or APR.  There are two basic kinds of APRs: fixed …

A good credit history is essential in today’s society. Traditionally, you only had to worry about having a good credit history for credit cards and large purchases such as home and automobiles. However, good credit is vital in even the smallest financial transactions, like getting your utilities turned on or establishing cellular phone service. When you don’t have good credit, these service providers require you to pay a deposit to establish service. Start building a good credit history as early as possible to avoid paying hefty …