Go Easy On Your Spending

It is very easy to get an online credit card quote, and secure a credit card, but you have to pay many charges also for using the facility. Interest – Interest on a credit card is usually 18% or more. It is compounded on a daily basis. This is the main source of income for the suppliers of credit cards.

Annual fees – Most of the credit card companies charge annual fees from the consumers. This membership fees is usually $75 or higher.

Cash advance fee – If you have a credit card, which gives you a facility to withdraw money, you have to pay a fixed charge on the amount you withdraw with the help of the card.

Transaction fees – If you transact with the credit card company to reduce the interest, change your payment date, transfer money etc. you have to pay a transaction fee.

Late fees – If you pay your credit card debit balance later than the due date, you pay late fees from $28 to $ 36. Over limit fees – Lender companies usually allow you to withdraw money and purchase goods just above your credit limit. This is to check your credit worthiness. However, you have to pay similar fees like the late fees if you decide to overdraw.

Consequences Of Unpaid Debts

In case you do not pay your dues on time, you may have to face a difficult situation. In case you have taken a secured loan, you can lose control of your collateral to the creditor. In case of an unsecured loan, you stand to lose your credit charging facility. The creditors may damage your credit rating by reporting your non-payment status to the credit bureau. Finally, the collection authorities may sue you for not making your payments on time. To avoid this unwanted situation make use of a credit card debt consolidation program. ]]> http://www.debtx.info/2007/05/15/manage-your-debt/feed/ http://www.debtx.info/2007/04/02/jimmy-carter-sees-subprime-mortgage-stress/ http://www.debtx.info/2007/04/02/jimmy-carter-sees-subprime-mortgage-stress/#comments Mon, 02 Apr 2007 04:40:08 +0000 Mario Baslur Finance http://www.debtx.info/2007/04/02/jimmy-carter-sees-subprime-mortgage-stress/ By Lisa Baertlein

LOS ANGELES (Reuters) - Former U.S. President Jimmy Carter and Habitat for Humanity officials said on Saturday they expect stress in the subprime mortgage market to boost demand for housing for low-income families.

“I think (with) the subprime market being so fluctuating and uncertain, and making it more difficult to own homes, it will be even more important for Habitat to expand its program,” Carter, the 2002 Nobel Peace Prize winner, said at an event announcing the nonprofit group’s plan to build more homes in the Los Angeles area.

Default rates on U.S. subprime mortgages made to borrowers with poor credit histories have jumped in recent months, compounded by a cooling domestic housing market that is forcing down prices and making it harder to quickly sell a property.

California has the most subprime mortgages of any state. At the end of December, those loans accounted for just over a fifth of all mortgages in the nation’s most populous state, according to First American LoanPerformance.

Separately, homeowners lured by very low initial interest rates on so-called “teaser” loans are seeing or will soon see their interest and payments rise, stoking fears there are more foreclosures to come.

Housing analysts predict between 1 million and 3 million U.S. homes will be foreclosed upon in 2007.

“We have more people that are going to need our program, and the need is just going to grow even greater,” said Erin Rank, chief executive of Habitat for Humanity of Greater Los Angeles, where the average cost of a home is now $550,000.