Cheap Living Tips

Credit Card Eradication

Take a pair of scissors and do the needed to eradicate your additional/ unwanted credit cards. The temptation of plastic cards has become so severe, that consumers must “trash” the additional cards to secure his or her financial situation, and avoid falling prey to debt.

More Cards=More Debt

Many people have the ability to control and manage their finances though they have a number of credit cards. However, this is not the case with all. In reality, many people struggle with monetary issues due to abundance of credit cards. Only due to this, many people no longer able to stay ahead of payment obligations. This problem can be easily resolved just by reducing the number of credit cards.

One Low Cost Credit Card

Consumers are always advised to opt out a single credit card that has a low interest rate. Is it really necessary to have a bunch of credit cards? Financial experts say “no” and ask consumers to apply for a single credit card that has a low interest rate. According to financial experts, if a consumer holds a single credit card, he will be able to manage his monthly payments in a better way.

Keep Accounts Open

Even though consumers are advised to lessen the number of credit cards, it is vital to keep all accounts open. By closing an account, a consumer’ credit will be adversely affected. The consumer has to eliminate the usage of the additional cards, and not needed to close the accounts.

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There are many numbers that are critical in out life that we want to keep as low as possible like our bad cholesterol count and golf score but our credit score is more like our bowling average, the higher the better.  In fact, ideally both are closest to perfect if they get in the 800 range.  Your bowling score is base on a total score for three games.  You credit score on the other hand is calculated from the data collected on your payment history from all your creditors, banks and credit card companies.  This number is used when you apply for a loan or credit card to determine your likelihood of being able to pay it back.  If you have been turned down for a loan or credit card it is most likely that you have a low credit score. If you have been slow in paying your bills or failed to pay off an old loan this will affect your credit score and your chances of getting a loan or favorable interest rates are weakened.  A high credit score will qualify you for the best interest rates and deals.  When money is tight, a low credit score may keep you from getting a loan or credit card or if you do get a loan it will be at a much higher interest than someone with a high credit score and remember A low credit score may even keep you from getting a phone or cable service installed.

You can however take several steps to improve a low credit score.

So it is easy to see why improving your credit score is important.ickly.

1. The first step to improving your credit score is to know what it is.  You are entitled to a free copy of your credit report and all three of the main credit reporting agencies that re primarily used in the US will provide you a copy once a year if you request it in writing.  There are a number places you can obtain a free credit report online.  Get a copy from each of these credit reporting agencies and compare each report.  You are looking for mistakes or errors on the report  that may be damaging your credit score.   Mistakes do happen and you may find that they show a bill as unpaid when in reality you did pay it off.  If this is the case you can get the error corrected by providing the credit agency proof that the bill was paid.  Credit reporting agencies are legally responsible for crediting errors when you bring them to their attention and supply them with proof of payment.
2. The next thing you can do to improve your credit score is pay down the amount of debt you have.  You should strive to never owe more than half of what they call your available credit at any time.  These means if you have credit cards with a total available balance limit of $10,000 you should not have a balance owed of more than $5,000.  In fact, if you have credit cards that you are not using but they have a large available balance this may count against you when looking to borrow money elsewhere.  You can request that these cards be closed out or the limits be lowered.
3. The last and most important thing you can do to improve your credit scor is to pay your bills on time. Timely payments weigh heavily in your favor when your credit score is calculated and developing a habit of paying your bills before the pay due date is. the quickest way to improve your credit score.



Should you consider debt counseling, debt settlement, or self-help credit report books? There are advantages and disadvantages to all of these options and the best way to decide which one would be best is to evaluate yourself and your total debt situation. By being totally and completely honest about your situation and whether you are ready to take a self directed or directed approach, you can make the best decision for you.

Your first step is to sit down and evaluate all of your current, past due, and delinquent accounts, how much percent and penalties you are paying for each, etc. Then, understand what each option entails and figure out which option is best.

Debt Counseling

Debt counseling is when you work with someone who is knowledgeable about finance (specifically budgeting and debt reduction). They may have even experienced debt problems in the past and gotten themselves out of debt. His or her expertise will give some invaluable insight on how to settle or pay down your outstanding bills with various payoff methods. This process will not erase your debt but will teach you how to budget your money so you can afford to pay off your debts over a period of time. This method is best for someone that doesn’t have much confidence in the self-directed approach and needs accountability and guidance.

Debt Settlement

Debt settlement or debt negotiation is when you or someone you hire, works with your existing creditors to settle your debt for less than you owe. This option is typically only available for individuals who are already delinquent on their payments as their creditors are more likely to settle the debts so that they can recoup some of their losses. Keep in mind that the fees collected from debt settlement attorneys can be extremely high – as much as 15%.  In addition, your credit rating will likely receive a ding as a result of debt settlement. Plus, not all states allow for debt settlement, and you cannot use this option for secured debts like auto loans. This method is best for someone that doesn’t care as much about a lower credit rating but just needs help paying down debt. Although one could take the self-directed approach, it may be better to work with a professional that is versed in negotiation to receive the real benefits. If you do, just be prepared to pay extra.

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Self-Help Credit Report Books

Self-help credit report repair books are guide books purchased to teach yourself how to get out of debt. The cool thing is that there are quite a lot of self-help credit books that are available for a small one-time fee. Popular authors include Suze Orman and Dave Ramsey. In these books, they teach you step-by-step how to get out of debt. However, you will have to input the ideas and really take action if you want to get out of debt using self-help credit reports and books. This method is really good for someone who is drowning in despair, debt, and constant hounding of creditors. Someone with commitment and someone that can take action all by themselves.In conclusion, determining which method is best for you, is really a personal decision. By carefully evaluating your options and then taking immediate action – you too can get yourself out of debt, whether alone or with the help of a specialist. Good luck to you!

For individuals with no credit or those who have experienced a negative credit event like divorce or foreclosure, establishing credit history can be a real challenge. Without proper credit, everything from a car loan to an apartment or even a job can be denied.

When faced with problem credit, many people rely on prepaid cards to manage their daily expenses. However, prepaid cards simply provide access to your own money, not credit from a lender. These cards do not report to credit bureaus and do not help re-establish credit history. People need to demonstrate on-time monthly payments on a credit card in order to rebuild that important credit history.

So how can someone who cannot get a credit card rebuild their credit?

The Public Savings Bank Secured Visa offers people with low credit or no credit the opportunity to re-establish their credit history and work towards improving their credit score. Individuals make a deposit into an FDIC-insured account that acts as a security deposit. They can then make purchases anywhere Visa is accepted or take cash advances up to the deposited credit line amount, currently between $300-$2000. Payments are reported to all three major credit bureaus (TransUnion, Experian and Equifax) so customers can begin to establish credit immediately.

The Public Savings Bank Secured Visa does not require a credit check or even a checking account to apply. Customers can fund their account via Western Union, ACH, wire transfer, check or money order. The card has no annual or monthly fees, and offers 0% APR for 6 months. Rush shipping is available so customers can begin using their card just days after funding their account.

Building good credit is critical at a time when credit is getting harder to obtain. This card allows the customer to build good credit while enjoying all the benefits of a Visa card at very favorable terms.

Prospective cardholders can apply at www.publicbankcard.com and be approved within a few hours.