Welcome to Home Mortgage
Base Business Home Mortgage Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
You may also listen to this article by using the following controls.
Why Credit Cards are a Bad Idea
from: Randy G. Hutchings
When you shop on the Internet or over the phone, it’s the only good way to do it – what else are you going to do, post a cheque? Like anything convenient, though, credit cards have a flip side – in fact, they have lots.
Can You Keep Track?
When you walk into that shop and hand over the card, the money is taken from the card, and the card goes back into your wallet. You still have all the things you started with – there’s no less money in your purse or wallet to remind you of what you’ve spent.
Everyone has a tendency to underestimate what they spend, and smaller amounts can add up quickly on a credit card without you even noticing. It’s like taking the way phone bills work and applying it to everything you buy – and that can’t be a good idea.
Money For Nothing.
Using credit cards is a great way of losing a percentage of your income to a credit card company in exchange for nothing. The moment you run a balance, you’re paying them interest. Not only that, but you’re paying your credit card bill as soon as you get your wages, so you don’t have the chance to earn any interest on them from your bank. When you think about it, you’re losing out twice over – and for what?
Designed to Keep You in Debt.
Your credit cards are trying to keep you using them and paying interest. You will find it very difficult to pay off all your credit cards once you have them. The company will do everything they can to stop you paying before you’ve paid them lots of interest. The more debt you show you can pay back, the more they’ll try to offer you, until they get you to the point where you can’t pay.
The Lie in the Name.
Credit cards are called credit cards to avoid saying what they really are: debt! You will do much better in all things connected to credit cards if you always remember this simple mantra: credit cards are debt cards. Use the word debt as often as you can whenever you talk about credit cards.
But Sometimes You Can’t Avoid Them.
When you need money in an emergency and you just don’t have any, there’s no doubting that credit cards can be useful. They are also a very useful way of proving to credit rating agencies that you can handle debt, and this will be taken into consideration when you apply for car loans or a mortgage.
Just remember that whenever you handle credit cards, you’re playing with fire. Do everything you can to keep your use of them to a minimum, and you’ll have a much better financial life.
About The Author
Randy G. Hutchings
Know the Truth about Credit Repair and NOT the HYPE! Finally the Truth is Told at the Online Mortgage and Credit Repair Resource!
(c) Randy G. Hutchings - All Rights reserved
http://www.Home-Mortgage-Refinance-4u.com
Base Business Home Mortgage News
National business briefs for Feb. 9 - Richmond Times Dispatch
National business briefs for Feb. 9 Richmond Times Dispatch New York and California have agreed to sign the proposed settlement between US states and the nation's biggest mortgage lenders over foreclosure abuses, according to a source close to the negotiations. Bank of America, JPMorgan Chase, Wells Fargo, ... |
Inside the world of business Ratings agency in no mood for personal insolvency ... - Irish Times
 Irish Times | Inside the world of business Ratings agency in no mood for personal insolvency ... Irish Times The inclusion of mortgage debt write-offs in out-of-court settlements has left the banks cold about the possible damage to their well-replenished capital bases. Moody's included an alarming statistic in its report on the proposals, saying that it ... |
American Banks Prove Inferior to Canadian Banks Led by TD - BusinessWeek
American Banks Prove Inferior to Canadian Banks Led by TD BusinessWeek The Birmingham-based bank wrote off more than $3 billion in loans during the financial crisis, mostly tied to developers, home builders and mortgage borrowers in Georgia and Florida. Its shares have fallen about 84 percent since 2007. |
Bank of England holds base rate at historic low of 0.5% as it prepares for new ... - Daily Mail
 Daily Mail | Bank of England holds base rate at historic low of 0.5% as it prepares for new ... Daily Mail Continued pressures on living costs are likely to drive the figure back up this year, the Council of Mortgage Lenders said. The body put 2011's lower-than-expected results down to interest rates, as the Bank of England maintains the base rate at a ... Shadow MPC - February |
TEXT-Fitch upgrades Textron to 'BBB-'; outlook stable - Reuters
TEXT-Fitch upgrades Textron to 'BBB-'; outlook stable Reuters Fitch estimates debt/EBITDA at TXT's manufacturing business was approximately 2.0x as of Dec. 31, 2011 compared with 2.35x at the end of 2010. Since late 2008 when TXT decided to exit its non-captive portfolio, the size of the non-captive managed ... Fitch Upgrades Textron to 'BBB-'; Outlook Stable |
ING Profit Misses Estimates After Impairments, Hedge Loss - BusinessWeek
ING Profit Misses Estimates After Impairments, Hedge Loss BusinessWeek Net income rose to 1.19 billion euros ($1.58 billion) from 130 million euros a year earlier, the Amsterdam-based firm said today in a statement. That missed the average 1.89 billion-euro estimate of 10 analysts surveyed by Bloomberg. |
2 Sectors With 9 Stocks For Outstanding Potential Results - Seeking Alpha
2 Sectors With 9 Stocks For Outstanding Potential Results Seeking Alpha Annaly Capital also invests in Federal Home Loan Bank, Federal Home Loan Mortgage Corporation, and Federal National Mortgage Association debentures. The company has elected to be taxed as a real estate investment trust (REIT). |