Avoiding College Credit Card Traps

Written by James H. Dimmitt

Avoiding College Credit Card Traps Copyright 2005, http://www.yourfreecreditreportnow.com Author: James H. Dimmitt

Congratulations college freshman! You’re about to embark on one ofrepparttar most exciting times of your life. By now your parents, siblings, and friends have offered you all kinds of advice on how to make your transition to college smoother - how to get along with your roommate, what classes to take and which ones to avoid, where to findrepparttar 150081 best off-campus food, and how to stay safe on campus.

One thing they may have not warned you about is how quickly you’ll be bombarded with credit card offers. You’ll find them in your textbooks, in your mailbox, and on every campus bulletin board. You’ll be offered free DVD’s, t-shirts, music downloads, and more in return for completing an application for credit.

Why all this fuss over you for a stupid piece of plastic? Because they love to recruit new borrowers, especially in your age bracket. They know, from numerous studies, that college students tend to be impulse buyers. And even though your impulse purchases tend to be small - pizza, coffee, beer, CD’s, cigarettes, books, etc. - those small purchases can add up quickly.

Fifty-four percent of freshman students and 92 percent of sophomores have at least one credit card. A recent study showsrepparttar 150082 average college student graduates with between $1,500 - $3,000 in credit card debt.

Here are 7 tips to help you manage your college credit card needs:

1) Look for a card withrepparttar 150083 lowest fixed percentage rate and a low or no annual fee. Readrepparttar 150084 fine print carefully - many low or 0% introductory rate offers expire in 6-12 months.

Home Equity Loan – Good Choice for Luxury Purchases?

Written by Charles Essmeier

Home equity loans or lines of credit have increased dramatically in popularity in recent years. One ofrepparttar reasons is that interest rates are at or near historic lows; borrowing money has rarely been more affordable. Another reason is that Americans are enjoying record amounts of equity as home values have skyrocketed in recent years. Given thatrepparttar 150068 loans are affordable andrepparttar 150069 equity is available, many homeowners are wondering if a home equity loan would be a good way to finance expensive lifestyle items. Would borrowing against your home be a good way to purchase that Dodge Viper you’ve always wanted? How about that aroundrepparttar 150070 world cruise you have always dreamed about? Is taking out a home equity loan for luxury purchases a good idea?

As with any financial transaction, there are good points and bad points to borrowing against your home to buy luxury items. The good points are numerous. Unlike a credit card or standard auto loan, a home equity loan offers deductible interest on your tax return, provided thatrepparttar 150071 loan does not exceed $100,000. If you pay taxes inrepparttar 150072 28% tax bracket, you are effectively getting a 28-cent rebate on every dollar you pay in interest. That is certainly appealing. The fees associated

Cont'd on page 2 ==>
ImproveHomeLife.com © 2005
Terms of Use