Tag Archives: Credit and Loans

Author : Peter Kenny

Some credit card users may begin to notice what are called opting out policies on the back of their credit card statements These opt out notices are being delivered to some credit card users who are in jeopardy of having their interest rate increased by the credit card issuer There are several reasons why a credit card issuer may decide to increase the interest rate on a consumer This article deals with a few of them

Some consumers may be surprised to learn that if their credit score should drop, for any reason at all, some credit card companies will use that as an indicator that the consumer is more at risk of defaulting on credit obligations and will increase the interest rate for that consumer in turn The US Congress is looking into this practice, but as of yet there are no restrictions in place to keep credit card companies from using it

However, the majority of credit card companies who are using this policy must notify the customer in advance that they are planning to increase the interest rate They must also give the customer a chance to pay off the balance and to opt out of the credit card altogether What is not always clear to consumers who get these notices is the reason why they are being moved up into a higher interest rate category The language of the notice may state the “additional information” or some other vague term has led the creditor to decide on the increase The notice will usually contain some type of instructions that the consumer can follow to get more insight into the cause In some cases, the consumer is simply led toward the credit reporting agencies

Those consumers who get these types of notices should read them carefully Of particular importance is the policy that the company will use on the balance if the consumer does not opt out Some credit card companies have decided that the entire previous balance will be charged the new, higher interest rate, even if new purchases are not placed on the card In other words, for those consumers with a balance of, say, $1000 at 18 percent would have a new bill for a balance of $1000 at 29 percent, or whatever percent the company decides to increase to This can mean a huge increase per month for a balance that has not changed

Two important issues concerning opting out from these plans are first, consumers only have a certain amount of time to do so before the company will assume that the consumer does not want to opt out and they will begin assessing the higher interest rate In other words, silence is not golden The other issue is that some credit card companies have strict rules on how the consumer must follow up should he or she decide to opt out Usually, this means a written letter sent to the company Those individuals who receive one of these notices and wish to opt out should follow the instructions to the letter in order to avoid future problems

Peter Kenny is a writer for The Thrifty Scot, please visit us at Credit Cards and Homeowner Loan
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Author : Jesse Whitehead

Identity theft has been a hot topic in recent years We’ve all heard the news stories about large banks, businesses and government agencies that have had thousands – if not millions – of personal identities stolen from their databases Perhaps you have been the victim of identity theft yourself, or you know someone who has been You are not just a minor statistic The Federal Trade Commission (FTC) estimates that more than 9 million Americans each year will have their Identities stolen or compromised in some way

Personal ID crimes take on many faces and various forms, and are not always easy to immediately discover It’s possible you won’t find out about it until you review your credit card or bank statement and notice charges or withdrawals you did not make You might not even find out about it until you get contacted by a debt collector demanding a payment Worst case scenario might even include a warrant for your arrest for a crime you didn’t commit (but someone else did commit using your name and personal information)

The FTC, in its Consumer Fraud and Identity Theft Complaint Data Executive Summary, breaks down the percentages of identity theft crimes as follows:

25% – Fraudulent credit card activity

16% – telephone and utilities fraud

16% – bank fraud

14% – Child support issues, medical identity fraud, and law enforcement evasion

14% – Employment-related fraud

10% – Fraud related to government documents or benefits

5% – Loan fraud

Source: FTC, Executive Summary: Consumer Fraud and Identity Theft Complaint Data, January – December 2006

As you can see, there are many faces of personal ID fraud that are not easily recognized It’s prudent to check your credit card and bank statements regularly, as well as checking your credit report for signs of unauthorized activity You can request a free credit report at AnnualCreditReport (dot) Com, which is maintained by all three national credit reporting companies Keeping a vigilant eye on your personal information will help you quickly spot any suspicious activity on your accounts and take immediate action to minimize the damage to your credit and your good name

Jesse Whitehead lives in the San Joaquin Valley of California where he enjoys writing articles on a variety of different subjects. His latest interest is in Fluke Digital Multimeters. Come visit FlukeDigitalMultimeter.org for more information about Fluke digital testing products.

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Author : Debbie Ray

During an early morning baby feeding, I realized that the night light was out, but there was still enough light to navigate through the house by Why? The array of clocks, displays, and power on indicators looked like Christmas tree lights on our entertainment center Though the TV was off and some of the items were in sleep mode, they still required power to show me that twinkling little light in the night And guess what, all that power costs me money!

What can you do in the face of so many electronics sipping power? Here’s a few tips to start:

1 Turn off the TV when not in use If in doubt, or in a house with young children, use your pre-programmed timer to turn off the TV after a set time

2 Use a smart power strip for your entertainment center and your home office When you turn off the TV, it will automatically turn off the DVD player, VCR, DVR and all the other three letter acronyms connected to the TV When you turn off the computer, it can be set up to turn off the printer/copier, router, and other peripherals as well

3 Put a surge protector on the same smart power strips for your entertainment center and computer power strip All it takes one surge from a lightening strike or electrical problem to fry an expensive set of electronics

4 Replacing all your main light bulbs with LEDs is becoming mandatory Don’t forget to replace the night lights with LED night lights, too They’re reported to use only a few cents (as compared to several dollars) of electricity per year The added benefit is that if a child’s run around toy smashes into it, there is no bulb to break

5 Are there lights that you leave on in your house for light at critical junctures? If so, install night lights there

6 Make certain that if there are items that run throughout the night that you turn them off when you wake up This can range from children’s entertainment devices next to the crib to humidifiers to extra air filters used in an adult’s bedroom

7 Make certain that your computer is set to go to sleep after a short period without use Even better, turn it off when done for the night This has the added benefit of making sure you don’t wake up to work on it when you have a flash of insight late at night

8 Do you have a TV in your room? Don’t watch it while going to sleep Otherwise you may leave it on late into the night, gobbling power while it is not even providing entertainment Better yet, take it out of the bed room all together which has been shown to improve the quality of sleep we can all enjoy

If you just use a few of the tips above you will see a difference in your power bill and if you used them all, just imagine how surprised you’ll be with those end of year savings Take the time to really keep track of them and I’m sure you’ll be very happy with the results Saving power will save you money in the long run Just look out and about and you can find places to save power and money all over

Thinking of buying a new home? Need more land? Find real estate and bid on it now: www.allcreditrealestate.com

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Author : Maxine Clarke

British Gas The very name can elicit mixed emotions in customers up and down the land Unsurprisingly, the company has once again excelled in alienating themselves from their customers

The latest financial reports, published by owners Centrica, detail that six monthly profits stand at a figure of just GBP992 million, down on the same period last year when profits stood at nearly GBP1 23 billion For any company the size of Centrica this, of course, represents a significant drop Equally as obvious is the fact that British Gas will be looking to correct this shortfall The solution? Raise the cost of gas by a record 35% and electricity costs by 9%, both with immediate effect

As the UK’s biggest energy supplier – providing gas and electricity for over 15 million homes – the widespread impact of the rising prices is certain to have a negative effect upon its reputation; this from a company whose customer relations have been somewhat strained for months

Such an unprecedented rise in gas prices may well make up the difference in profits, but at a time when certain sectors of employees are being told that take-home pay over the next 12 months will essentially be put on hold, the expectation that customers of British Gas will foot the cost for this loss is startling in the least

Yes the credit crunch is continuing to hurt companies and individuals everywhere, yet for those on low wages, the unemployed and the elderly all to manage annual gas and electricity bills exceeding GBP1,000 is incredulous What’s more, how can a 35% price rise be a fair compensation for a 20% drop in profits?

Those with only a rudimentary knowledge of finance can see that the figures don’t quite add up Of course there are rising oil costs and wholesale gas costs which need to be taken into account for the gas providers Then of course there are the dividends for shareholders who may have sunk the entirety of their savings into a reputable company But a difference of 15%? These factors may well only be the tip of the iceberg, but even still

In defense of British Gas, they are not alone in pumping up their prices News of their price hike came just days after EDF Energy increased gas tariffs by 22% and electricity by 17% For customers everywhere, the bite of the credit crunch may well only be outweighed by the bite of the winter cold

Talk to people on the street and there seems to be a consensus that, come the winter, the central heating will be switched off and extra jumpers will make an appearance to fight off the seasonal chill Should that be the case and more and more of us limit our gas usage to a bare minimum, surely next year’s profits for Centrica will dwindle Any guesses to the probable solution?

Interesting to think then that, although it is 2008, millions of people in Great Britain will be reduced to huddling around a single heat source like our caveman ancestors

Still, perhaps global warming will keep us all warm!

Max Clarke is a copywriter for holiday services company, Holiday Extras

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Author : James Copper

Credit finance is about understanding credit and knowing how to use it wisely Many people jump into credit without ever getting to understand it This is why there are so many people suffering from credit problems The key to finance is taking credit seriously and being responsible with it

There are many different types of credit Many people do not even realize that some things can affect their credit For example, utilities are a credit based expense While they do not report positively to a person’s credit, they do report negatively should a person not pay a bill Besides that type of credit there are credit cards and loans All these types of credit need to be used wisely

A person’s credit report is a record of their credit history Every new line of credit is reported there The credit report will tell if a person makes payments on time to if they don’t It will tell about the types of accounts a persons has and their credit limits It will also show who has been looking at the person credit All of these things factor into what is called a credit score The score is a huge factor in lenders deciding if a person is credit worthy

Most people do not give a thought to the terms and conditions of their lines of credit Except for interest rates, most people do not understand about the fees and penalties they can be charged This can be a huge mistake Part of credit finance is understanding these things and taking the time to figure them out

The extra fees and hidden costs of credit is often what get people into trouble One missed credit card payment can be very costly and most people do not even know that until they get their next bill It is things like this that create credit problems This why reading all information before signing a credit agreement is essential

One of the most important aspects of credit finance understands limits It is common for persons to want to gather up all credit that is available to them, but this is not necessarily a good thing Credit in moderation is best Having a few good standing accounts is far better then having a lot of accounts, even if they are in good standing This is because many lenders figure credit worthiness based upon debt to income ratio What they want is someone who has a low debt to income ratio When a person has a lot of accounts that means their debt is high, so no matter what condition the accounts are in will not matter

Credit is something that is very wonderful and something that people need Most people, for example, could never dream of buying a home without credit However, credit can be very bad Many people get themselves so far into credit card debt that they begin to suffer from it, being unable to even meet necessary needs financially The bottom line with credit finance is aprons must get informed They must understand it and use wisely if they want to stay in control of it

James Copper is a writer for http://www.any-loans.co.uk/no-credit-check-loans.shtml where you can find information on no credit check loans

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Author : Peter Kenny

Using an ATM is something that most people do on a regular basis, and most of the time they are perfectly safe However, there are dangers if you use an ATM, and unless you are careful you could end up having your card or PIN stolen If you want to remain safe and secure whilst using an ATM, then here are some tips on what to look out for when using an ATM

Driving to an ATM

If you are driving to an ATM, make sure that you always lock up your car whilst you use the ATM, and that you have your keys to hand so that you can quickly and easily get back into your car afterwards

Shield your PIN

When using an ATM, make sure that you always shield your PIN as you type it in so that no one can read it Also, make sure that you look behind you to make sure that no one is trying to read your PIN

Keep your distance

It can be unnerving to use an ATM if someone is standing very closer behind you when you enter your details Make sure that the person behind you is keeping their distance, and that when you are waiting in line you do the same for other people This will help to keep your PIN and account details secure

Be ready

Before you get to the ATM, have everything ready that you need Have your card in your hand and any other paperwork that you need Fumbling around at the ATM for your card will not only delay other people but will make you more vulnerable because you will be distracted

Never keep your PIN

If you have a new card or find it hard to remember your PIN, do not make the mistake of writing down your PIN and taking it with you to the cash machine By having your PIN written down near your card you are making it easy for potential thieves Simply remember your PIN and never give it out or write it down

Take all receipts

Many people are in a rush when they go to an ATM, and forget to take their receipts Always take receipts with you as they could contain information that can be used to commit fraud against you If all of your paperwork is secure then you are much less likely to lose money to fraudsters

Look out for devices

Fraudsters are now using small cameras or electronic card copying devices to steal information from cash machines If you see anything suspicious at the ATM at all, then do not use the machine and report the problem immediately

Check your statements

Even the most careful person can become a victim of theft or fraud Whether you think your card has been copied or stolen or not, you should check your statements regularly to make sure that all ATM use is in order If you are careful and take these precautions then you should be safe and secure whilst you are using an ATM

Peter Kenny is a writer for creditcards-gb.co.uk Please visit us at Credit Cards and Low Interest Rate Credit Card

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