Finance Globe

The past several years have been rough for consumers and credit card issuers. Prior to the Credit CARD Act of 2009, credit card issuers were cutting credit limits without notice, raising interest rates to the default, and charging consumers interest on balances that had already been paid. Fortunately, things are starting to settle and, according to a study from J.D. Power and Associates, consumers are more satisfied with their credit cards than they were six years...

Identity thieves will use any means available to trick you into your giving up your personal information. You may be familiar with phishing scams where scammers email you seemingly legitimate messages from your bank or other business. The email includes frightening language, e.g. your account has been compromised, that bait you into going to a fake website where the scammers capture your password, bank account information, and other personal information. Then, they use whatever information they’ve...

Self-employment can be risky, especially from a financial standpoint. Managing your money is especially important given the potential ups and downs that come with being your own boss. Being smart with your money is critical to longevity in your career as an entrepreneur. Build a substantial safety net before taking the leap. If you’re still employed and know you want to move to self-employment in the future, start stashing some money away now. Save up as...

Every debt instrument has an interest rate, typically expressed as an annual percentage rate, or APR. The interest rate the annual amount you pay for borrowing $100. For example, if your APR is 5%, you’d pay $5 in interest annually for every $100 you borrow. The interest rate isn’t an arbitrary number that banks set up. In fact, you indirectly control the interest you pay when you borrow because your credit score is one of the...

Some people can expect to have a hard time getting approved for new credit cards and loans. You might be one of those people. You have a low credit score. Credit scores are designed to predict the likelihood that you’ll pay back a loan or credit card balance. Since your score is based on your past payment habits, banks trust it. If you have a low credit score, indicating that you haven’t always paid on time,...

Truthfully, a charge-off is one of the worst things that could happen to your credit report and score. Charge-off happens after your account has become 180 days delinquent. By the time a creditor decides to charge-off your account, you’ve been late for six months. All those months of late payments take a tremendous toll on your credit score. But, you may be able to take advantage of a charge-off. Typically, creditors no longer allow you to...

Bankruptcy is hailed as one of the most catastrophic of financial events. Fortunately, it’s not the end of the world. In fact, bankruptcy, in many ways, is more like a new beginning. It’s a time to start over without all, or at least most, of your debt. Of course, starting over means getting new credit and rebuilding your credit score. Your access to credit it limited after filing bankruptcy. You don’t want to spend precious time...

Consumer confidence rose slightly in July after declining for four straight months - but consumers still remain cautious due to the job market, a private research group reported on Tuesday.The Conference Board reported that the consumer confidence index rose 65.9 in July from 62.7 the previous month, surprisingly higher than the 61.5 that economics had predicted. The index that measures expectations rose improved to 79.1 from 73.4, but the present situation index fell slightly to 46.2...

Banks and consumers have a conflict of interest. Consumers want free checking accounts and to pay as little as possible for services. Banks, on the other hand, want to make millions and billions for their shareholders. Your basic checking account may be free, but watch out for services that could cost hundreds of dollars a year. Monthly maintenance fees Most checking accounts are free, but with stipulations. For example, it may be free only if you...

In the past few years, big banks have become so unattractive that many consumers switched to local banks and credit unions. Not everyone who dislikes their bank was willing to go through the trouble of moving their money elsewhere. According to a recent ConsumerReports.org survey, 63% respondents considered switching but didn’t go through with it because of the trouble it would take to transfer payments and deposits.Sure, switching banks is tedious, but in the end, you’ll...