What can be wrong with saving 10, 15 or even 20% on your purchases? Well, a lot can be wrong with using your credit reports and scores like store coupons. Here’s what can go wrong and why you should avoid opening new store credit cards at all costs.
Millions of Americans are in danger of falling in debt over the holidays, if anything, because of the sheer pressure to buy, buy, buy. So this week, we decided to focus on just the opposite: let’s talk about reducing debt and managing credit wisely. Below, we feature four debt questions from the Mint Answers community, along with some of the responses from members like you.
Last month, a company debuted a new technology they’re calling Card 2.0. Each credit card has a fully functional computer inside, controlled by touch-sensitive buttons on the card surface. Card 2.0 plastic works with all of those 10 million stripe readers in the wild, and merchants don’t even have to know you’re using a special card. To answer your next two questions: the battery lasts years and you can bend it, sit on it, and run it through the washer without breaking it.
There’s a 50% chance that you may have to go through the process of separating yourself from your ex-spouse’s credit. And while it’s really easy to co-mingle debt, it’s next to impossible to de-mingle it.
Whether it’s a mortgage, a student loan, a car loan — or the good (bad) old credit card debt, most Americans at some point in their lives borrow. And when that time comes for you, it pays off — literally — to understand how much that debt truly costs you. That means you shouldn’t just look at your monthly payment or the original amount you’ve borrowed.
If you’re vigilant about your finances, chances are you are intimately familiar with the contents of your wallet. But aren’t you curious to find out what your personal finance gurus and favorite celebrities carry in their wallets? Check out our new series, starting with an interactive infographic of the wallet contents of Mint.com founder Aaron Patzer.
Times are still tough, and many of us need an inspiration to start a budget, or to keep working on one. Some of us also need to change how we spend our money, or take stock of how we use our credit cards. Truth is, a good number of families get into debt because of misusing their credit cards. For this week’s roundup, we have eight stories of frugality and budgeting that should get us into thinking about our spending habits.
One of the main reasons many people use credit cards is getting freebies. Free flights, concert tickets and retail discounts are just a few of the rewards promised by major credit card companies. What’s less obvious, though, is how much money you must spend to get any of this stuff.
Rate hikes have been in the news frequently in the past year, not to mention limit cuts, fees and account closures. What hasn’t been making headlines nearly as much? The fact that there are still some banks out there offering credit cards with single-digit interest rates, some as low as 6%.