The Faster Way to Paying off Your Credit Card Debt

You have probably read a lot of articles and material on how you can pay off your credit card debt. But the truth of the matter is, it all really boils down to common sense. The hard part in all of this is how you should put all of the tips you have read about to practical use. And what is even harder is keeping your resolve to stick with the plan. Just so you have a firmer grip on what you should do, here are some tips that can greatly help you.

First, you need to stop using your credit card. If you have more than one, then stop using all of them. Face facts ?if you cannot pay your credit in full every month, then stop using it. Remember that there was once a time when credit cards were not in existence and people were able to cope with their expenses without having to use any of these. This does not mean credit cards are the enemy here because these are indeed useful. But when you are already in debt, then credit cards can be your worst enemies.

Second, do not go for just the minimum payment required. Let us say your debt amounts to $10,000 and your interest rate is pegged at 20%. If you make just the minimum payments, then you will be paying your debt off in roughly 9 years. By then, you will have incurred an excess of roughly $21,000 ?and this is money you could have spent on something or some things more important! Thus, it is indeed better and wiser to pay more than just the minimum.

Third, try to renegotiate so as to lower your current interest rates. Yes, this can indeed be done! Remember that credit card companies would rather that you make some payment because you could very well make no attempt to pay them off at all. Thus, they would consider the option of lowering your interest rates. Try calling your lender and get the ball rolling.

The first two steps are actually the difficult ones. This is because these require a whole lot of discipline, especially if you have become used to the convenience of using your credit cards. Remember that such convenience is temporary for you do have to pay your debt off one way or another. And this is something you cannot forego at all.

What to do With Old Credit Card if Moving to a Better Card

If you’ve decided to move your balance from one credit card to a new credit card with better terms, you should think about what to do with your old card. Cutting it up with scissors isn’t going to cancel the account or ensure you can wipe your hands clean of responsibility from the old account. Here are some tips for handling an old credit card when you get a new one:

* If you haven’t moved an entire balance from the old card to the new card, call the credit card company to obtain the accurate pay off balance. Make the final payment, then determine if you want to leave the account open as available credit or close it completely.
* If you’ve decided to close the account, listen to the offers presented to you by the representatives when you call to cancel the account. They will most likely attempt to keep your business with better offers and deals. If they don’t offer anything better than the new card, or the offer just isn’t that great – continue to cancel the account and ask for a written confirmation that the account has been canceled.
* I f you decide to keep your old account open but unused – don’t forget to pay attention to the statements that come in the mail. Even though you won’t have a payment due, keep an eye on it to make sure that no one has compromised the account and made unauthorized transactions.

Reality Bites Super-Hacker

If you thought tales of espionage, double agents and multi-million dollar fraud operations were the stuff of movies then think again. In a plot more complicated than anything Danny Ocean or any of his thirteen cronies could dream up the super hacker, Albert Gonzalez, planned to pull off the biggest credit card information theft in history by stealing a staggering 130 million credit and debit card numbers.

Gonzalez dubbed his audacious scheme “Get Rich or Die Trying” and the 28 year old will certainly no doubt be praying the latter part of his prophecy doesn’t come true. The hacker is set to spend the next 35 years behind bars and faces a fine of $1 million.As if the plot wasn’t sensational enough, the web deviant was reportedly a former government informant advising them on security issue until he as found to be working as a double agent selling vital information to prominent hackers. If this wasn’t reality it would almost be too far fetched to believe but unlike many of the popular Hollywood movies it is unlikely that Gonzalez will see a happy ending.

For those of you who are worried about your financial security then here are some quick tips to prevent you falling foul to criminal like Gonzalez:

Be Vigilant – routinely check your credit card statements each month for any anomalies. The faster you can spot then and inform your credit company the better.

Save Receipts – Make it a standard practice to save all receipts from credit or debit card purchases. That way you can always back-up your claims.

Use Common Sense – Never give your card number out to strangers over the phone (the bank would never need to call you to ask your card number). Use ATMs at banks rather than convenience stores if possible (the security is likely to be better at the bank). Only shop on secure websites with the code “https” in the address bar.

Protect Your Credit Online with This One Step

If there was a single task you could perform to help keep your credit card information safe online you would do it, right? Think about all of the programs and offers that you hear about everyday that try to get your money. They have their place and can help keep you safe. But you should not use them unless you are first doing this one thing that can help you just as much – and it does not cost a dime.

Change Your Password

That’s it. This one simple task can help keep you from trouble by making it much more difficult to hack into your account. And that goes for all of your online banking activities and accounts.

Changing your password helps if it ever falls into the wrong hands from being used against you. A password is the lock on the front door to your account. It is the most basic of security tools (like the keys that you use on your home).

Change it often. Make it a priority to change your password at least every three months. This will require you to go in to each and every account and change them, but schedule a time just as you would do for an appointment and get it done.

Make your passwords hard to hack. Use a combination of letters and numbers (usually you cannot use symbols). Mix them up and make it very difficult to guess or piece together with information about you. Use a small paper journal with a pen to keep your passwords written down and safe.

That’s all it takes to strengthen your security, your credit and your life. Do it today.

Card-Skimming Crimes on the Rise

Credit card skimming is a crime on the rise. Simply speaking, card skimming is when someone other then you obtains your pin and your card number and then uses it to withdraw the money in you account or makes purchases with your card number and pin. These type of crimes generally rise with a bad economy. The worst part is that you can be victimized by someone in another country, and they don’t actually need to have physical possession of your card to use it.

Generally speaking there’s multiple ways to get this information, although most involve literally watching you type in your pin and seeing your credit card number. Sometimes cameras are put above ATMs to spy on you will you enter the info, but most often the person is peeking over your shoulder.

Online purchases may also be the target of these thieves, however in ever case you essentially give them the information, and that’s what makes it so scary. Vigilance is going to be the key here. Keep an eye on your card the entire time the transaction is going on, and keep any receipts you receive and destroy them properly.

So a few tips on how to stop yourself from being a victim:

First and foremost, get your money from a teller whenever possible. If your going to use an ATM, use only one you trust, for instance, the grubby looking one in a convenience store, may not be your best choice. Hunch over the screen, cover the key pad with your free hand, and take and destroy your receipt. Look carefully at the swiper on the ATM before sliding your card through, to ensure it’s the one that belongs on the machine and not one installed by a card skimmer.

If your going to be making a lot of purchases online or in a few stores, then you might use a “disposable” credit card you can purchase at gas stations and banks. Load those up and use those online, that way even if it gets skimmed it’s limited to the amount of money you put on the card, and they don’t have access to your actual bank account.