Avoiding Credit Card Traps

Written by James Dimmitt

The next time you open your credit card statement, take a closer look atrepparttar small insert titled “changes to your credit card agreement”. You knowrepparttar 138487 one I’m speaking about. It’s that small, folded paper written in legalese that you promise to read some other time (but of course that time never comes) or you just discard it withrepparttar 138488 other “junk” inserts.

First and foremost you must understand that using your credit card after you’ve received this notification results in your automatic “agreement” torepparttar 138489 new terms inrepparttar 138490 notice. To prevent these new terms from affecting your account you must stop using that credit card immediately or byrepparttar 138491 date given inrepparttar 138492 notification statement.

The most common modifications to credit card agreements include new APR’s (annual percentage rates), new fees and/or changes to existing fees, or a change torepparttar 138493 grace period on your account. The grace period isrepparttar 138494 number of days during which any credit used for purchases may be repaid in full without incurring a finance charge.

Not knowing or not keeping track ofrepparttar 138495 dollar amount limit on your card is another trap you should avoid. Credit card issuers will allow you to charge a small amount overrepparttar 138496 limit set on your account. However, don’t be surprised when you get hit with an “over limit fee”, usually around $35.00 or higher, on your next statement. Also, be prepared for your APR to be increased if you go over your credit limit.

You’ll also trigger an increase to your interest rate if you miss your payment due date. Some companies consider your payment late if not received by noon or 1 p.m. onrepparttar 138497 date due. Along withrepparttar 138498 higher rate, you’ll also pay a “late fee” of $29 on up. Be sure to userepparttar 138499 company’s preprinted envelope when sending your payment. These envelopes allowrepparttar 138500 pre-printed bar code to be scanned byrepparttar 138501 post office so that it can be delivered more efficiently.

How To Make Your Raise Really Pay

Written by James Dimmitt

Were you lucky enough to get a pay raise recently? If so, what are you planning to do with it? Here are 4 tips on how to make your raise pay real dividends for you now and intorepparttar future:

1) Open a savings account

Baby boomers can probably remember parents or grandparents making regular deposits to a savings account atrepparttar 138459 local bank. Our current savings rate is a measly 2.5 percent – down significantly fromrepparttar 138460 7 percent average 30 years ago.

For example: If you saved an

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