Paying Up

Hello guys:
This is Bob-bee flying around again with some fresh information about handling credit correctly.  Those of us with credit cards sometimes fall into the got- yah trap.  It seems that when you need money on the spot in the mail comes checks from the credit card company encouraging us to spend more money than we have.

They tell us we can transfer our interest balance from other cards into a low interest bearing credit card.  The banks know when you get that check in your hand you will think of other things you rather be doing with the money.  Some companies give you low introductory rates for a limited period of time.

The point I would like to spot light is with many of the offers in the fine print it states, that any payment you make will apply to the lower interest portion of the purchase. If you think about this closely, you will be paying interest on interest until you pay off the low interest purchases. We call this compound interest.

Before you become a victim, read the fine print closely.  The fine print is design to get you to commit to clauses you would not otherwise enter into if you think about it.  My advise to you is don’t use those credit card checks if you are disperate.  Secondly sent the back of your documents to me at bparri01@netzero.net and I point out tricky clauses and suggest the best action to take.  Chat with you next time.  

Consumers:

Credit is a major issue for your financial health. Product prices are shy rocketing and won’t get any better in the future.
Your credit will be more important in the future than in your pass. The new model now used by lender is the FICO extended model. This new model takes in to account many of the debt not previously used in calculating your FICO score.

Bounced checks, cell phone bills, and many of the bills not considered before are aken into account.  Many young adults feel that they can get around the system by using others credit or borrowing money from friends. Times are changing and situations are going to get rough.  Some of you probably feel that you are going to continue to smooche off of your parents.

Someone is going to pay for your bad credit in high interest rates. You may someday think about getting an apartment.
you won’t be able to get that apartment without a cosigner. you may have a car and you may not get car insurance for it. Which is more you may not be able to get the job you want because of bad credit. Are you feeling me yet?

Credit will now dictate your financial sucess. This is a serious matter. Please wakeup. You can correct your credit situation. It only takes time and I will help you. Why struggle when you don’t have to? Your credit will catch up with you. Don’t let lenders think twice about lending you money.  Remember this, Knowledge is power but ignorance will cost you.

Holla back!