Why You Should Reject Most Credit Card Offers

A lot of credit card companies want you to think that their offer is a good
one - without really offering you good features. For instance, this morning,
a credit card offer came in the mail. After looking it over, it was rejected
- because it lacked the "right features." It would have been unwise to sign
up for that card. If you are thinking about getting a credit card - or maybe
another one, there are some reasons why you may not want to fill out the
next application that comes to you in the mail. Here are some things you
need to look for to see if it really is such a good deal.

The Interest Rate

The first reason that this credit card was not a good one was because there
were no introductory interest rates on the card at all. It was just for one
rate - 9.9%. All purchases came into that interest bracket. Many cards will
give you a 0% interest rate as their introductory offer for up to 15 months.
That means that you pay no interest on your purchases for up to one whole
year, unless your payments are late, or if you allow a balance to be carried
over to the next month.

This particular interest rate, while not bad, is certainly not the best,
either. Some credit cards go as low as 6.9% interest, and others may go as
high as 17.9%. After the first year, though, your interest level becomes the
regular amount of the card. Interest rates can change for many reasons - one
of them being late payments. One of the things that will effect what
interest rate you are able to get is your current credit rating.

Reward Options

Another reason why you should not accept just any credit card offer is
because it may not give you the greatest opportunity to benefit from the
rewards. Applications sent to you, or ads on the Internet may not cater to
your particular needs. Find a card that offers rebates and rewards on the
products and services that you use the most. Things like gasoline, air miles
if you travel a lot, groceries, discounts on hotels, etc., will benefit you
much more if you use these things on a regular basis. Things like air miles
can actually help you to get enough air miles to make that trip that you
have always wanted
- just remember to find out how long they are good for - there is usually an
expiration date after a couple of years.

Other Fees

This is one area where some credit cards can really take away a lot of your
benefits. Look for things like processing fees, yearly fees, balance
transfer fees, and fees for cash advances.
The best cards, if you can get one, often will not have extra fees - or,
possibly a minimal one.

In addition to the above, you need to know that things like only one late
payment can remove your desired benefits and put you into the regular
interest rate for the card. Other cards may require you to have a minimum
balance in order to get their benefits.

Every credit card offer will always have some nice feature in bold print
that will get your attention. That's not where you should look, though.
Instead, focus on what is in the small print - that's where the nitty-gritty
details really are, and you will want to read these first.

About The Author: Joe Kenny writes for the UK personal finance sites
http://www.ukpersonalloanstore.co.uk and also http://www.cardguide.co.uk

Short-Term Loan Options

Although many people see loans as a long-term financing option, there are
some short-term loan options available as well. These short-term options
range from a year to just a few weeks. If you are in need of money fast in
the short-term, then you should look at the short-term loan options
available to you.
Here is some information about those options and help they can help your
finances.

Why short-term loans?

Although there are other forms of borrowing that might be more appropriate
for the short-term, loans are also an option for short-term borrowing. If
you have had unexpected money problems and need some money fast but don’t
want to be paying the amount back for years, then a short-term loan might be
a good options.

Short-term unsecured loans

One of the short-term loan options available if you want to borrow a fairly
large sum of money is to get a regular unsecured loan over a short period.
You can borrow a few thousand pounds and pay it back over a year. Although a
year isn’t a very short time, it might be cheaper than using a credit card
and be quicker to pay off. If you require a larger sum of money, then this
is one of the best short-term options available to you. Although you have
longer to pay back the loan, the interest will be lower than other
shorter-term loans.

Payday loans

Perhaps the most short-term loan available on the market these days is the
payday loans. Payday loans or cash advance loans are given to people who
need a little extra cash until their next payday. Loan terms are very short,
and range from 1 week to a month or two. These loans can be got hold of very
quickly, and you can usually borrow up to £500 depending on your
circumstances. Of course, this convenience is at a price, and the interest
rates are very high. You usually pay around 10% of the loan amount to get
hold of the loan, and pay this amount again every time you cannot pay. These
loans are great if you need a little cash injection until you get paid, but
if you do not pay the loan back then you could find yourself paying as much
in fees as the loan cost in just a few weeks. However, for very short-term
lending these loans are the best option.

Alternatives

Of course, the major alternative to short-term loans is the credit card.
Credit cards have fairly high interest rates, but they are convenient and if
you already have one then you can use the money straight away. For
short-term borrowing, they are one of the best options around. However,
because there is no real time limit on paying the money back, they can drag
you into debt quickly. If you need small amounts of money over the
short-term, then you should consider loans as an option, because you have to
pay them back in a definite period. Some have lower rates than credit cards,
and can help you to stay free of debt.

About The Author: Peter Kenny is a writer for http://thriftyscot.co.uk,
please visit us at http://www.loanwize.co.uk and
http://www.thriftyscot.co.uk/Loans/

Home Refinancing And The Mortgage Moms

In many households, financial decision-making is closely tied to the
nation's economy, which, in turn, fuels a majority of our social and
political issues. Industry analysts recently identified an important
demographic whose voting clout could be crucial to upcoming political
campaigns, the so-called "mortgage moms." When it comes to major purchases
or home refinancing decisions in today's economy, the female
head-of-household (or
co-head) plays a key role and should not be taken for granted.

According to a recent article in the Washington Post, "Flat wages and rising
debt nationally have converged to leave millions of middle-class households
feeling acutely vulnerable to bumps in their financial planning. The most
visible of these are rising energy prices and a softening housing market. A
less obvious but powerful variable is the interest paid by people carrying
credit card debt or mortgages whose monthly payments vary with interest
rates."

Mortgage moms are committed to finding financial solutions that address
their current challenges without ransoming the family's future. A common
solution is home refinancing, which enables them to consolidate personal
debt, access cash from their home's equity, and trade their adjustable-rate
mortgage (ARM) for the stability of a low fixed rate.

With more home loan options widely available, homeowners are using
traditional home refinancing for a variety of purposes, including avoiding
the interest rate hikes associated with an ARM. While their monthly mortgage
payments may increase slightly, they will enjoy affordable fixed payments
for the duration of the loan. Even swapping an ARM for another adjustable
rate mortgage can provide substantial savings, provided the new loan has
more attractive lifetime caps on the interest rate.

Home refinancing can also be used to obtain cash from the home's equity that
can be used for just about any financial need. Many homeowners use the cash
to pay off higher interest credit card debt, potentially saving themselves
thousands of dollars in interest each year. Of course, this radical approach
to debt consolidation only works if the family sticks to its budgeting guns
and does not return to its old spending habits.

With so much riding on their decisions, mortgage moms can benefit most if
they spend time researching and comparing their loan options, prior to
making a decision. Home refinancing is just one potential solution, but it
is certainly not the only route to stabilizing "the nest egg" in a
fluctuating economy.
As politicians gear up for the next round of campaigning, it seems likely
that they will listen carefully to the mortgage moms and their concerns, as
they play a key role in determining so many financial decisions in
middle-class homes.

About The Author: Need lower monthly payments? Extra cash? A fixed mortgage
rate? Refinancing is an easy and convenient.
VisitHome Loan Center for great rate on a mortgage refinance.
http://www.homeloancenter.com/