Michigan Couple Honored for Paying off $ 92000 Credit Card Debt
News from Fox Business:

The U.S. government can learn a lot about shedding debt from Jerry and Sue Bailey.

The Jackson, Mich., couple paid off $ 92,000 in credit card debt in 5-1/2 years. “I still can’t believe it when I hear the amount. I don’t wish this on anybody,” Sue Bailey says.

The couple’s massive debt reduction earned them the Clients of the Year award from the National Foundation for Credit Counseling, a nonprofit association of credit counseling agencies that help consumers manage their finances and get out of debt. The winners were announced this week at the group’s annual meeting in San Francisco.

17 credit cards
How did the Baileys end up in such a predicament? From 1992 to 2005, they ran up bills on 17 different credit cards. During that time, they paid for two weddings for their daughters (at a cost of $ 5,000 each), replaced the transmission in their car when it blew out, made numerous repairs on their home and replaced the roof when it started to l…………… continues on Fox Business
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Figuring Credit Card Promo Rates

Posted by administrator | 28/09/11 | Tagged Credit Card

Figuring Credit Card Promo Rates
News from Fox Business:

Dear Credit Card Adviser,

I will need to temporarily add a few thousand dollars to my credit card balances for repairs and staging costs to sell my condo. My card has an existing balance currently at zero percent through February 2012 and then goes to 12.99% after February 2012.

I’m considering a balance transfer to take advantage of the credit card’s offer for zero percent through January 2013, after which the annual percentage rate will jump to a higher rate in 2013. Which balance will the bank be required to apply payment to first?

In other words, if you have two different promo balances on the same card, with both at zero percent currently, is the bank required to apply the payment to the balance that has the promo ending first?

— Dorothy

Dear Dorothy,

The scenario you’re describing involves a key provision of the Credit Card Accountability, Responsibil…………… continues on Fox Business
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Can you build credit by paying off card after every use? By Erica Sandberg
News from CreditCards.com:

By Erica Sandberg

Dear Opening Credits,
If I buy whatever I want on a credit card then pay it off the next day, is that a way to build my credit up? — Christopher 

Dear Christopher,
Boy, I admire a credit strategist! Someone who looks at the world of borrowing and banking and wonders, “Hmmm, how can I make this system best work for me?”

And the answer is yes. You can make as many purchases on your credit card as you would like to (up to the account’s set credit limit, of course), and pay off the balance at any time you wish. Why wait for a statement to arrive in the mail once a month? You certainly don’t need to.

The benefits of prepaying are multifold. Send in the cash before it’s due and you’ll never be assessed a penny in interest. After all, the credit card company will only apply finance fees to what you spend after the gr…………… continues on CreditCards.com
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Tommy Hilfiger Stockton Black Lambskin Credit Card Organizer Wallet. This card organizer wallet measures at approximately 3.3″ x 4.7″. Features : The organizer/billfold design provides a lengthwise pouch for bills, five credit card slots on the inside right and left side, an ID flap in the center and hidden slots on the left and right sides. Each wallet comes in a Tommy Hilfiger Valet Gift Box.

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The 7 Commandments of Credit Card Interest

Posted by administrator | 28/09/11 | Tagged Credit Card

The 7 Commandments of Credit Card Interest
News from Credit Card Guide News:

High credit card interest charges can take a significant bite out of your hard-earned money. To protect yourself, follow these seven commandments of credit card interest:

1. Know your APRs.
Most people are familiar with a credit card’s purchase APR, which is the interest that accrues on purchases charged to the card. Most have also heard of promotional APRs, such as 0 APR offers on balance transfers or purchases.

However, there are several other members of the APR family, which you ignore at your own risk. These include:

Cash Advance APRs. A cash advance APR is the interest you pay on cash taken out at ATMs or banks using your credit card.
Overdraft Advance APRs. Overdraft advance APRs are charged by some card issuers on balances resulting from over-the-limit charges.
Penalty APRs. continues on Credit Card Guide News
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Cigarettes, videogame among credit card charges after Red Bank slaying
News from Chattanooga Times Free Press:

  • Three teenagers and one 27-year-old man have been charged in connection with the fatal beating of 27-year-old Jordan Collins over the weekend.

The life of a 27-year-old Red Bank man was taken for less than $ 1,000 spent on cigarettes, clothing and an Xbox game, according to police reports.

Jordan Collins was discovered inside his home Saturday morning, lying in a pool of blood after he was beat-en four to five times on the head and face area with a crowbar. Authorities have charged his former roommate, 19-year-old Zachary Hughes, with criminal homicide in connection with his death.

Two others — Markel Mitchell, 16, and Jeremy Sean Reinig, 27 — also are charged with criminal homicide. All three and another man, 19-year-old Lorenzo Bell, have been charge…………… continues on Chattanooga Times Free Press
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