Think Twice Before Co-signing For Anything!

Written by James Dimmitt

A few years ago a friend asked me to co-sign on an apartment lease for him. This friend didn’t have perfect credit and couldn’t getrepparttar apartment without a co-signer onrepparttar 138572 lease. He assured me that he was cleaning up his credit; in fact,repparttar 138573 manager ofrepparttar 138574 apartment told him he could resubmit his application and probably wouldn’t need a co-signer afterrepparttar 138575 first six months ofrepparttar 138576 lease.

He pleaded with me to help him this one time and promised me that nothing could go wrong. So, believing in my friend and that six months downrepparttar 138577 road I could have my name taken offrepparttar 138578 lease agreement, I took a chance and co-signedrepparttar 138579 contract for my friend.

Three months later my friend lost his job, couldn’t afford his rent payments, and wound up moving back in with his parents. Complicating matters worse, my friend wound up owing additional fees for breaking his lease. When he couldn’t afford those fees, guess whorepparttar 138580 management company came after? That’s right - his co-signer, me!

Convenience Can Be Costly - Understanding Cash Advances

Written by James Dimmitt

You’ve just opened your credit card bill and attached to your statement you find a “convenience check” included. It may already be filled out with a dollar amount such as $300, $500, or even $1,000. Your mind fills with ideas of what you could buy with this “instant” money. A new summer wardrobe, a nice dinner and tickets to a concert, a weekend getaway. But before you go off on a shopping spree, you should be aware that your “convenience check” is nothing more than a cash advance on your credit card. Cash advances on credit cards carry many extra fees, often overlooked or misunderstood by consumers.

Here’s a quick look atrepparttar types of fees most card issuers charge for a cash advance:

1) Upfront fee of 2-4% ofrepparttar 138503 amount advanced. On a $1,000 cash advance your fee will range from $20-$40 in addition torepparttar 138504 interest charges.

2) Higher interest rate than on purchases. Many credit card companies charge 18% or more on cash advances. In addition, most companies apply only a small percentage of your monthly minimum payment towardrepparttar 138505 cash advance.

Some require that you pay downrepparttar 138506 balance on your purchases first before applying payments torepparttar 138507 higher-interest advance. In other words, you’ll be paying fees and interest on your cash advance for a long time, especially if you only payrepparttar 138508 minimum payment.

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