Wealth Building
In this day in time your personal information such as your address, credit card number, checking account number, and even your telephone number, is at an all time high of theft. Telemarketing companies and marketing companies will pay top dollar for your personal information depending on the type of information collected. Identity theft and other related crimes are also at an all time high.
There are a couple things that you can do to help reduce the risk of having your phone constantly ringing day in and day out with a telemarketer on the other end and to keep your personal information secure from theft.
1) The number one mistake and the easiest way for a person to steal your information is actually in a very accessible place known as your trash. Most criminals of identity theft find your bills, check stubs and other personal info in your trash. Make sure you discard your personal info in a proper way, shredding is one way to cut down on this.
2) The internet is the number one source of information distribution in the world. When buying, applying, or signing up for something on the internet make sure it is a reputable company and they have a secure online certificate, otherwise known as a SSL cert. This scrambles all the information on the page into a code so others cannot see what is being typed into the screen.
3) Beware of scams either via phone or on the internet. If you haven’t heard of the company before or are unsure of what they are telling you don’t give them any information.
4) Never give your credit card information to companies that call you asking you to pay a bill. Most of the time they are legit companies but the other half are scams. Ask them to send you a bill in the mail.
There is a common misconception that high income shoppers do not use coupons which is proved wrong. All levels of shoppers use coupons to save more on their monthly budget. There are many sources for finding coupons.
Local Newspaper
Subscribe to your local newspaper and search for useful coupons everyday. Generally the Sunday or weekend edition paper will often have a wide collection of coupons.
Magazines
Almost all the magazines will feature coupons with in their industry. It is advisable for you to check in your library to find magazines featuring useful coupons for you.
Newsletters
Sign up the newsletters of your favourite companies on their websites or at your local store. It is common for companies to include coupons in their newsletters. When you get a discount shoppers card, naturally some companies will put you on their newsletter. A discount shopping card is another useful source for saving money.
E-newsletters
Sign up the email news list of your favourite company and utilise the benefits of coupons or special deals just as in paper newsletters.
Online Coupon Sites
There are number of online sites on the internet that has archives of online or printable coupons. If you visit these sites, you can find money saving coupons that allows you to save more.
Local Coupon Sites
There are many local websites issuing coupons for businesses in your local area. Usually these sites are listed in your yellow pages.
Shopping Newspaper
Many shopping newspapers and daily papers will usually contain number of coupons and advertising from many retailers.
Grocery Store
Your grocery store is the greatest source for coupons. Some stores print coupons on the back of your receipt, whilst some have coupons in various places through out the store.
Online shopping sites
More and more deals are to be found online nowadays. By shopping online, you are more likely to get better deals and save plenty of time.
If you are new to the world of loans, then all the jargon and terminology can seem very confusing. There are so many different terms to understand, and unless you know some of them you will not find the best loan deal to suit your needs. If you want to know more, then here is a guide to some of the basic loan terms you might need to know.
Advance
When you borrow money in the form of a loan, the money you receive is called an advance. The more money you want to borrow, then the bigger your loan advance. It is called an advance because you are getting the money in advance of paying for it.
APR
The APR, or Annual Percentage Rate, is the amount of interest you are charged on your loan amount. This amount is written as a percentage, and refers to the total you are charged each year. APR is one of the primary features for comparison between loans, as it is a standard measurement for all loans. The lower the APR, then the cheaper the loan interest will be.
Credit scoring
Credit scoring is a method that lenders use to determine your eligibility for a loan. They ask a series of questions about your earnings and financial situation. Each answer you give is scored, and the better your score then the more likely you are to be accepted for a loan. If you score badly then you might be declined for the loan you want.
Secured loan
A secured loan is a loan that is backed by some form of collateral. Collateral is basically a high-value item that you use to secure the loan, so that if you cannot make repayments the lender can use this item to get their money. For secured loans, the collateral tends to be your home or other property. Secured loans have lower interest rates than unsecured loans, but you risk losing your home if you do not keep up with the repayments.
Unsecured loan
An unsecured loan is the opposite of a secured loan, and requires no collateral. Instead of collateral, your credit rating and earnings are more fully taken into account. The risk to the lender is greater, so the interest rates tend to be higher. That being said, they are less of a risk to the borrower and they are usually quicker to get hold of than a secured loan.
Loan term
The loan term is the agreed time over which you will repay the loan. You will repay the loan monthly over this period until the loan and interest is fully paid back. Loan terms on personal loans usually range from about 1 to 10 years, with mortgage loan terms being longer at around 15 to 25 years. The longer the loan term, the less your monthly payments will be, but the more you will have to pay back in interest over the years.
Oh, what a wonderful and terrifying time going off to college can be. Moving away from home and making it on your own is a huge step. You have taken all of the right classes to prepare you to succeed as a college student. But, you need the proper education outside the classroom in order to succeed. That includes knowing how to handle your student credit cards.
Keep Your Head On Straight!
One of the first things you will notice when you arrive on campus is that there are student credit card vendors everywhere. It makes sense, really. The credit card companies want to establish relationships while their client base is young. This relationship can lead to car loans and mortgages down the road, not to mention finance fees generated by the exuberant spending of American youth. Before you embark on this smorgasbord of credit consumption, you ought to consider a few things.
Consider, for instance, that the average student ends their college career with just under $3000 in credit card debt. An astounding ten percent of all students graduate with more than seven thousand dollars in credit card debt. I know, I know, you hear this statistic all of the time. It seems abstract and it is easy to tell yourself, “Well, I’m not the average student; I won’t fall into that trap.” That’s good. No, really, that is a great frame of mind. The (difficult) trick is to keep that perspective so you don’t get seduced by your newfound spending power.
Some Quick Tips
Here are a few quick tips to keep your finances in order:
1. Keep your card count low – Have you ever seen John Q. Consumer with 39 credit cards in his wallet? Absurd. Since you are just starting to build your credit history you shouldn’t need more than a couple of cards. Choose wisely.
2. Shop Around – Don’t grab the first credit card offer you see. There are a ton of options out there, and a little patience will get you settled into the card you need, and possibly save you much money and stress over the long run.
3. Pay Your Balance!!! – It’s the cardinal rule for developing superior credit: keep your balance low, and pay it off completely when it’s appropriate. If you do this now, you will get far better credit card offers in the future.
4. Tell Your Parents – Yeah, yeah… it’s the last thing any college student wants to hear. “Tell your parents.” Um, yeah… right. Well, in spite of your new independence you should let your parents know about your credit cards. They are a good resource for not just emergency financial support, but more importantly, for financial advice.
“In Conclusion…”
Finding the right student credit card can make all of the difference. Two of the most popular student credit cards are the Citi Platinum Select for College Students, and the Discover Student Clear Card. The Citi Platinum Select Card is an all around solid choice for first time card owners. It is an essentially bulletproof option for any student looking to establish credit history without having to worry about a minimum income, or a co-signor on the card. For those students looking for a little extra, they should start with the Discover Student Clear Card. The Clear Card has a lot of extra features, including up to 5% cash back on specific purchases. Both cards share a six month introductory APR of 0%.
When you arrive to college it is a good idea to get a student credit card or two, but it’s a better idea to use them wisely. You will quickly find that the right card is an extremely useful tool for your purchasing habits and developing a stable credit history. You shouldn’t be afraid of credit card ownership; rather you should realize that this is an early step to develop a happy financial picture in the long run.
