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Here’s the latest personal finance news, how it may impact your financial plan and what you can do to maintain your financial well-being. U.S. Credit Card Debt Reaches $1 Trillion for the First Time According to data from the Federal Reserve Bank of New York for the second quarter of 2023, Americans owe more than […]
The Latest Personal Finance News for September 2023 Read More »
A positive balance on a credit card means that you owe the credit card company money. But in some cases, the reverse may also be true. Yes, you can have a negative balance on your credit card. Here are some of the situations where that can occur and what you can do about it. What
Can You Have a Negative Balance on a Credit Card? Read More »
A debit card looks just like a credit card, and it may even sport a Visa or Mastercard logo on its face. But make no mistake—a debit card is not a credit card. Adding to the confusion, when you make a purchase with your debit card, you typically have the choice to pay for the
What Happens if You Use Your Debit Card as “Credit”? Read More »
Reviewing the credit card statement you receive at the end of each billing cycle can help you better understand what’s happening with your account. However, credit card statements have so much information that you might find them overwhelming and confusing at first. Here’s a breakdown of what you can expect to find, how to read
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There are several acceptable ways to pay your credit card bill. However, it may not always be obvious which payment method is the best one for you. You can generally pay a credit card bill online, by phone, by mail or, in some cases, in person. Here’s a rundown of the choices before you and
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In general, it’s best to pay off credit card debt first, then loan debt, since credit cards often have the highest interest rates. When you prioritize paying off credit card debt, you’ll not only save money on interest, but you’ll potentially improve your credit too. That’s because reducing credit card debt directly impacts your credit
Should I Pay Off Credit Card or Loan Debt First? Read More »
If you’re considering closing a credit card account, it’s important to make sure the account is ready before you call your credit card company, and also to confirm that your request has been completed. These steps can help you navigate the process of canceling a credit card smoothly and effectively. Should You Close a Credit
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You may be able to switch between credit cards from the same card issuer without having to apply for a new card. Sometimes this is called upgrading or downgrading a credit card, depending on whether the new card has more benefits or fewer. More broadly, people refer to this process as a product change. Switching
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If you have an unloved credit card lying forgotten in the bottom of a drawer, it could be canceled by the credit card issuer. So could a credit card account that you simply didn’t pay. But with a little planning, you can keep your credit card account active and in good standing. Recurring payments, occasional
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To avoid common credit card mistakes, like missed payments and lingering balances, set up autopay and aim to pay off your whole balance every month. Think of your credit card as a tool to build credit and to occasionally afford larger purchases that you can pay off within your grace period. Used thoughtfully, credit cards
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Here’s what’s happening in the personal finance space this month, how it might impact you and what you can do about it. Inflation Rate Hits Its Lowest Level in Nearly Two Years In April, the Bureau of Labor Statistics (BLS) reported an increase in prices of just 0.1% for all items in the consumer price
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Interest rates are rising, which means your credit cards are likely to get more expensive. The average credit card debt as of the third quarter of 2022 was $5,910, according to Experian data. That debt comes at a cost when you consider the average annual percentage rate (APR) for revolving credit accounts is 20.92% as
How Will Rising Interest Rates Impact Credit Cards? Read More »
Think of all the differences in personal finance that Generation Z will soon encounter as they enter adulthood. Even setting aside the economic and social disruptions the pandemic caused for everyone, the generation coming of age today is encountering a dizzying array of new financial offerings. On top of the age-old milestones like a first
Generation Z and Credit in 2023 Read More »
If you get a notification that your credit card payment is late, you may encounter a late fee―but you’re not doomed to get an automatic credit hit. You can reduce the impact of a late credit card payment by paying immediately; in some cases, you could even have the late fee waived. Read on to
Late Credit Card Payment? Here’s What to Do Read More »
For better or for worse, debt is a common part of life. Borrowing can make it possible to buy a home or car, attend school and finance other large purchases. And while debt can be useful for achieving all types of financial goals, it can also become a large burden if you take on debt
What Are the Different Types of Debt? Read More »
Bank accounts can help you manage your money and keep it safe, but banking activity is not reported to credit bureaus, so it won’t help you build credit. That said, keeping a healthy balance—or an emergency fund on hand—can indirectly help protect your credit by ensuring that unexpected expenses don’t result in missed payments. In
Can You Build Credit With a Bank Account? Read More »
Discover takes the top spot for credit card mobile app satisfaction, according to the 2022 U.S. Credit Card Mobile App Satisfaction Study by J.D. Power. Here’s how the top five credit card mobile apps ranked and why they’re the best. 1. Discover The Discover mobile app was the highest-rated app in J.D. Power’s study, earning
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Over the course of 2022, the Federal Reserve raised its key interest rate seven times, from a rock-bottom 0.25% in March to 4.50% by the end of December. Average credit card balances increased by 13.2% to an average balance of $5,910 in 2022, according to Experian data, as both credit card interest rates and spending
Average Credit Card Balances up 13.2% to $5,910 in 2022 Read More »
When a credit card purchase or billing issue is problematic, you may request a chargeback from your card issuer—in other words, ask them to refund the charge on your account. But if the issue resolves after you have already initiated a chargeback, it is possible to cancel cancel the chargeback. This may be preferable for
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You might have several options for paying down credit card debt, and some people have had success taking out a personal loan—sometimes also called a debt consolidation loan—to pay off their credit cards. Borrowing from one lender to pay another doesn’t always make sense, but consolidating debts might result in a lower monthly payment and
Should I Get a Personal Loan to Pay Off My Credit Card? Read More »