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One of the ways creditors compute is the double billing cycle method. This is one of the most costly ways your finance charge can be calculated.
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Take the Quiz and Learn How to Avoid Credit Card Debt
Are you a credit junkie? Millions of Americans are, including our favorite relative, Uncle Sam. We think of junkies as drug addicts or drug peddlers, but a junkie is any person who derives inordinate pleasure from or who is dependent on something.
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While you are a student, the only way to make ends meet may be through the use of a credit card. However, before you indulge in the business or charging, there are three things that you should know about student credit cards.
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Imagine if someone suddenly took away all of your plastic. Credit cards are so much more convenient and safer than carrying cash, it's hard to imagine life without them. As the credit card industry has evolved, new products and features make using credit cards even more appealing -- if you know how to play the game.
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We think nothing of pulling out our credit card for these and hundreds of other transactions every year. That's not necessarily a bad thing. Credit cards can be a convenient and safe alternative to cash. But too often, before you know it, credit card purchases spiral out of control (to the tune of more than $8 trillion a year) with a simple swipe of the card.
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I often get asked what is safer to use, a credit or debit card? Even if I could provide you a cut and dry answer, it is likely that from time to time circumstances will require that you use both a credit and debit card. The key isn't so much in the answer of which one is safer, but rather in understanding the risks that each of them present and taking some steps in mitigating those risks.
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Your credit score is an important number. It's how creditor and lenders quickly decide if you are creditworthy. Find out which actions hurt your credit score so you can stay away from them.
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It's easy to make mistakes when it comes to your credit. Some mistakes are so detrimental; you'd never want to appear on your credit report. Since future creditors and lenders use your credit report to make decisions about you, there are some things you'd never want to show up on your report.
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The Fair and Accurate Credit Transactions Act of 2003 (FACTA) made it possible for you to get a free copy of your credit report. Through FACTA you can order a free copy of your credit report from each of the three major credit bureaus - Equifax, Experian, and TransUnion - each year. You should take advantage of this privilege by ordering your credit report and using it to monitor your credit history.
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Your credit score is a numerical representation of the information that's in your credit report. Think of it as a GPA for your credit. It's a good idea to know your credit score, especially if you plan to apply for credit cards or loans. You can use a credit score estimator like the one found at myFICO.com to estimate your credit score.
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