MoneyWisdom Blog

Balance Transfers 101: How to Lower Your Credit Card Debt

Posted by MoneyWisdom Newsletter on Jan 17, 2020 10:32:01 AM

Here’s what you need to know before you consolidate credit card debt.

A balance transfer is exactly what it says it is: the movement of a credit card balance over to another card. Borrowers like balance transfers because they can transfer higher interest debt to a lower interest card.

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Topics: Credit Cards, Debt

How to Protect Yourself From Mobile App Fraud

Posted by Monica Parks on Jan 15, 2020 11:29:22 AM

I love burritos, but I had to delete an app developed by a chain restaurant that allowed me a convenient way to get my burrito fix. I’ve been putting it off for months, but I finally decided that the convenience wasn’t worth the risk. Let me explain.

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Topics: Security, Credit Cards, Scams

3 Tips to Boost Your Credit Score Quickly

Posted by Diana Burrell on Dec 27, 2019 9:01:11 AM

If you're thinking about buying your first home or a new car but are worried your credit score will prevent you from making these purchases, we have three pro tips to help you boost your credit score quickly, which may help you qualify for a better rate on your mortgage or pay less for those dream wheels.

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Topics: Auto, Home, Credit Cards

How to Handle Debt Collection Harassment

Posted by Dawn Weinberger on Dec 26, 2019 7:00:00 AM

Earlier this year, I set up a payment plan with a medical provider. But the billing office made an error and the next thing I knew I was receiving threatening messages from a third-party collections agency, informing me that I needed to pay the $2,500 debt immediately … or else.

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Topics: Credit Cards, Personal Finance

How to Deal With Credit Card Debt on a Fixed Income

Posted by Hanscom Federal Credit Union on Dec 16, 2019 7:00:00 AM

Living on a fixed income is hard for anyone, but for senior citizens, it’s especially challenging. Rising health care costs, insufficient retirement benefits, and longer life expectancies make a fixed income even more difficult. With limited dollars stretched in too many directions, many retirees have turned to credit cards to cover the shortfall. As a result, an increasing number of seniors find themselves having to repay large balances while still needing to cover necessary living expenses. However, if this sounds like you, don’t worry. You can take steps to relieve the pressure.

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Topics: Credit Cards, Personal Finance, Life Changes

3 Good Reasons to Consider a Higher Interest Credit Card

Posted by Diana Burrell on Dec 15, 2019 8:52:25 PM

Ok, you're muttering to yourself: What could possibly be good about a credit card with a higher interest rate?

But hear me out. There are actually 3 good reasons a high-interest credit card can work to your benefit: 

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Topics: Credit Cards, Personal Finance

Should You Add Your Child to Your Credit Card?

Posted by Diana Burrell on Dec 2, 2019 3:00:00 PM

When my son was 16, I made a decision that many of my friends with teenagers thought was a little "out there": I let him have his own credit card.

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Topics: Credit Cards, Life Changes, Credit Score

5 Good Reasons to Use Your Credit Card

Posted by Sandra Quadros Bowles on Nov 20, 2019 7:30:00 AM

Credit cards could use a good publicist. The media rarely reports about their positive attributes.

On the other hand, we read a lot about the dangers of credit card use and the debt they can rack up quickly. Fifty-five percent of Americans with credit cards carry debt on them. Racking up too much debt can drag you into a dangerous area that can harm and even cripple your financial situation.

But credit cards have plenty of value when you use them wisely. Here are five ways a credit card can be a smart move.

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Topics: Credit Cards

5 Surprising Ways You Can Hurt Your Credit

Posted by Sandra Quadros Bowles on Nov 14, 2019 7:45:00 AM

Even when you practice good fiscal fitness, your credit score can suffer a knock-out. Sometimes the steps you think make financial sense can actually harm you, even if you pay your bills on time, keep your debt to reasonable levels, and make purchases that are responsible, not frivolous.

That’s all good stuff and goes a long way toward establishing a solid financial footing. But there are things you may be doing — often with the best of intentions — that you could hurt your credit score.  

Check out these five ways your actions could hurt your credit score.

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Topics: Credit Cards, Personal Finance, Credit Score

Free Electronic Credit Monitoring for Military Personnel is Here

Posted by Diana Burrell on Nov 3, 2019 2:05:00 PM

Active duty military and National Guard members take note: effective October 31, 2019, the three major credit reporting agencies — Equifax, Experian, and TransUnion — will provide you with free electronic credit monitoring services to help you spot and combat identity theft.

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Topics: Security, Credit Cards

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