In short, a Bitcoin can be explained as the first world-recognized, de-centralized digital currency. You pay with traditional forms of currency that gets converted into this digital currency that’s sent over the internet. Enjoy the following lists to get a better understanding of this topic.

How Bitcoins Works

As mentioned, traditional currency is transferred into Bitcoins using a free application that generates bitcoins, called a bitcoin miner. This works by adjusting the valued amount at a predictable and limited rate (using a Bitcoin algorithm). Bitcoins are then stored in a digital wallet, similar to how online banking works. Bitcoins can now be transferred from person to person via the internet. During the transfer, an electronic signature is added that will be verified by a miner, which is then anonymously stored in the network. The software is an open source code, which means that anyone can review the code.

Benefits for Individuals

• Lower cost (no processing fees)
• No prerequisites or arbitrary limits
• Peer to peer transactions (no governmental regulation and no identity attached to your payment)
• Secure (the more miners, the more complex the algorithm becomes)
• Accounts can NOT be frozen
• Very transparent in that it works everywhere
• Semi-anonymous purchasing. A purchase is tracked online for all to see, but the owner is not associated with the Bitcoin address. It is suggested that you change your Bitcoin address often, if you value anonymity, as your IP address is still attached to the purchase (I can imagine a slew of online purchases where this would be highly valued)

Benefits for Businesses

• Free for all businesses to accept Bitcoins
• Faster processing than credit cards and PayPal
• The network makes transactions secure
• No fees for processing
• No chargebacks, which puts an end to non-delivery claims and account hacking issues
• Additional business can be acquired from the limited Bitcoin community

Potential Issues with Bitcions

No matter how beneficial may be, there are still some issues to worry about in the Bitcoins world. They include:

• Unidentified flaws: Like all things new, mistakes are bound to happen and problems will arise. (Why do you think Google changes their algorithm over 500 times per year?)
• No regulation: As already mentioned, unregulated virtual coins can be a good thing. That also means it can be a negative, in that purchases aren’t associated to a name or account.
• Instability: The value of a Bitcoin fluctuates daily, even hourly, just like in the stock market. It would be great if the value sky-rockets after the exchange, but if it plummets, you’re kind of stuck. Sure you can hold off making purchases with Bitcoins until you see a rise in value, but what if you have to purchase something immediately?
• Limited acceptance: It’s still being considered among countries as people are skeptical to accept it as a form of payment. There’s a higher acceptance in European countries and America is just beginning to accept it.
• QR codes: In-person Bitcoin purchases can only be done with a QR code. (I was hoping QR codes would eventually prove to be more useful)
• Prices: Usually not available in BTC Form. When and if the time comes for a wide-acceptance of BTC, price-tags will need to display the amount in BTC in order to expedite the buying process. Since the value of one Bitcoin fluctuates, it wouldn’t be logical to price an item at 10 Bitcoins, for example. It would have to be in-terms of a stable value.

Helpful Links:

Want to learn more about Bitcoins? Check out some of the links below. These should answer any questions you have about how Bitcoins work and introduce you to new ways to use them.

• Shopping Cart Interfaces
• Bitcoin Store
• Answers to Commonly Asked Questions
• Digital Wallet
• Things you Need to Know
• Places that Directly Accept Bitcoins
• BTC Payment Processor
• Where to Trade
• Where to Buy
• Food Items
• For your convenience, positive and negative viewpoints

A few people have tried to depend solely on Bitcoins for a short amount of time. One brave soul, Kashmir Hill, challenged herself to live on Bitcoins for a week, and survived just fine. Check out her day-by-day struggles, starting with day 1. What is your opinion of this new-age currency; will it come and go or linger for centuries to come?

Before you jump on board with the idea of using a credit card overseas, you have to make sure your card in particular will work there. Here is a look at some of the factors you will need to keep in mind.

Differences in Credit Card Technology

Sometimes, you’ll receive a rejection when you swipe your card abroad.  Why?  In Europe and in other countries they use a different technology for their cards.  EMV enabled cards or “chip and pin” as they could also be known are popular throughout Europe.  Basically, the way they work is that each card has a microchip with a pin associated with that microchip.  When a cardholder uses their card, they will slide the card into a machine and from there, the machine will ask the user for a pin.  Enter the correct pin and you can use the card.

American cards use a magnetic strip with information on them to be read.  While many EMV-readers can read the magnetic strip, especially in countries that are often populated by American tourists and visitors like Canada, there are many that will not.  Many issues will arise when card users go to swipe their card at kiosks similar to ATM machines overseas.  These machines are ill-equipped to read your card, unfortunately.  Other types of machines that have these types of issues are tollbooths, parking meters, and garages.

Using a Credit Card Overseas

Overseas markets are often the playing ground for lots of fraud using these magnetic strip cards.  The result is many owners turning away card users that own magnetic strip cards.  This means, you need to be careful at all times.  Here are some tips to use when overseas and using your card:

• Have your card but always carry some cash. Be careful in carrying too much cash around though, as that could also lead to trouble. As mentioned, overseas markets and touristy areas are filled with people wanting to use your information for fraud and steal your money.  Having petty cash on your is great so you can be flexible.  No need to pay for that street food with your card every time.  Make sure your cash is secure and in a safe place on your person, like in a pouch tucked under your shirt.
• When using a card, speak up.  Inform the vendor you own a magnet strip card before your purchase so you can make sure they proceed with their policy and procedures on their end.
• Be aware of your logo.  If you are a MasterCard owner, make sure you recognize the logo not only on your card, but the sticker on the outside of the merchant you are going to purchase from.
• Inform your bank you are going to make an international trip.  Be aware that your bank is looking out for your best interests.  So, when you make that first purchase overseas, it may be rejected without having the technological issues listed above.  Why?  Your bank may cancel any overseas charges in hopes to prevent fraud.  Let them know ahead of time to avoid any hiccups during a purchase.

So, Will My Credit Card Work Overseas?

As you can see, the answer to the original question isn’t easily answered.  Will your card work overseas?  Well…yes, but only under the right circumstances.  Technology is becoming more and more homogenous around the globe, but it is not all there yet.  You will run into some areas where you won’t be able to use your card.  The best way to avoid issues is to be ready and prepared.  Do some research before your ventures to see what places accept what cards and what areas you should bring some cash.

The tornado wiped out 30 square miles of a highly populated Oklahoma City suburb, leveling everything it touched to the ground. Many compared the storm to the devastating tornado that hit Moore on May 3, 1999, resulting in $1.1 billion in damages. Reporters estimate the damages for this one to be three to four times that much.

Why am I posting this information on CompareWallet.com of all places? Because the people of Moore need our help. It will take months – possibly even years – for the town to get back to the way it was, and it’s our job to help them rebuild as quickly as possible. Read on to learn more about the storm and ways your contributions can help. Simply sharing this post with other people will be a sign of support.

Important Highlights from the Storm

• 24 confirmed fatalities as of 5-21-2013
• 2 elementary schools were demolished by the tornado
• 7 children drowned in a school basement while trying to survive
• The storm barely missed a high school and middle school still in session
• Internal winds reached over 300 mph inside the tornado
• The debris cloud was over 2 miles wide during parts of the storm
• The twister went from nothing to an EF5 in a matter of an hour – as fast as the atmosphere could make it
• The tornado was on the ground for over 40 minutes, taking out 30 square miles of land and houses

Follow the Relief Efforts

If you want to learn more about the Moore Tornado, you can read updated news at KFOR.com, home of News Channel 4 in Oklahoma City. You can also watch a live stream of the news here. The Weather Channel and most national news channels are airing frequent reports about the storm as well, so keep an eye on your local news. For residents in Oklahoma, this may be all you see on TV for quite some time.

How You Can Help

If you want to help with the Moore tornado, there are several ways you can do that.

For locals:
The Salvation Army will have a truck at KFOR-TV taking donations starting 10 a.m. Tuesday.
444 E. Britton Rd
Oklahoma City, OK 73114

Red Cross is also accepting volunteers. You must go through brief orientation before helping. Call 405-228-9500 for more info.

To donate money:
Salvation Army – Text “storm” to 80888 to make a $10 donation, or donate here

Red Cross – Text REDCROSS to 90999 to make a $10 donation, or donate here

United Way – Donate here

Moore and Shawnee Tornado Relief Fund – Donate here

Pet Food Pantry of OKC (giving out leashes, pet food, etc) – Donate here

Learn about other ways to help through this post on KFOR.com.

Final Thoughts

I’ve lived in Oklahoma my entire life, and I have seen countless tornadoes in that time. Around here, we almost become numb to the idea of a twister touching down in the state. This storm was a breed all its own though. It formed so fast and caused such devastation that even the most jaded of Oklahomans have started taking notice. I cannot imagine what the victims are going through.

Our hearts go out to those families who have been affected by this storm and those who still don’t know the true extent of the damages. For those of you reading who made it to the bottom of this post, thanks for taking the time to understand this tragedy for what it really is. Spread the word, help if you can, and cling close to your loved ones tonight. You never know what kind of terrors may be roaring in the wind.

Even though this process seems easy to understand, there are some important steps you have to take within it in order to keep your credit score where you want it to be. Here is a look at how to pay down your credit card balances and raise your credit score.

Find out the Report Date

One of the most important elements in paying off your credit card balance is finding out what day of the month your credit card company reports your balance to the credit bureaus. Often times this can be a few days before your account’s due date. Armed with this information, you will want to ensure your balance is paid down to zero just prior to them reporting the balance. Otherwise, even though you have good intentions, they may report the balance on the account just before it’s paid off. This can then have a negative impact on your credit score since it will appear that you are carrying a balance for an extra month.

Make Sure Your Balance Is Current

You must also take into account what the current balance is at the time of payment and not at the end of the billing period. Typically, there can be days or weeks that pass between when you receive your credit card statement and when the payment is due. If you are like most consumers, you usually continue to use your credit card during that time. As a result, by the time you make your payment, a balance will remain from the new charges because they have not shown up yet. If you forget about this leftover balance, you could end up in default very quickly.

To combat this, you can call your credit card company or check your account online prior to making your payment to accommodate any new or pending charges that arise after receiving your statement. You could also keep a log of your charges at all times so you know what to pay and when. Furthermore, you could subtract your available balance from your overall credit to see how much money is owed on the account. If this is more than the billed amount, you know that you still have lingering charges.

Example

• Total line of credit: $1,000
• Billed amount: $300
• Available balance: $500
• Actual amount owed: $1,000 – $500 = $500

In this case, you would have $200 in charges that have not shown up on the account yet.

Check back on the Card Each Month

Before your credit report date each month, make sure to check back for a balance you might not know about. This is usually the case if you have an annual fee or monthly fee that you don’t remember. You should keep an eye on your accounts anyway, just in case your identity is stolen. This will also let you watch for a phenomenon known as cramming, where a credit card company puts small fees on your account for no reason at all. it is easy to see this happen when you have no balance, and then you can call to inquire about the charges. Hopefully your balance remains zero until you use the card again.

If You Can’t Pay in Full…

If you can’t pay off your balance in full, at least try to get it below that 30% mark. This will do little damage to your credit score, and it will give you money to use however you need to. If you need  a few months to pay everything off, try to pay down as much of the card as you can quickly. Then keep this in mind the next time you make a big purchase on your credit card.

Final Thoughts

Paying your credit card balance in full every month is the responsible thing to do. Just note that if you’re not paying before your credit card company’s reporting date or paying more than the amount due to accommodate any new charges, you may wind up hurting yourself financially. Make a schedule for your payments that you can stick to, and you’ll be able to maintain your credit score.

With over 30 million American’s having debt with a collection agency ($909 billion of delinquent debt), it’s important we understand how to get out of debt. One practice is debt consolidation. That’s the act of combining all debt into one payment with the goal of paying on a lower interest rate. You will end up saving more this way in the long run and possibly save you from late payments. Debt consolidation is good for those who are having trouble making payments on their various debts and only work as long as you make payments and cut your bad habits that got you where you are to begin with.

Here are a few ways to consolidate and manage debt.

Debt Consolidation Programs

They’re everywhere! You work with a consultant at a company who will actively try to consolidate your loans while also providing tips and advice on how to maintain and manage payments, narrowing your dependence on credit cards and loans in general. You are typically locked into a form of contract, about 2-5 years in length. Payments are made to the consultant or the company and they negotiate with your debtors and send your payments into them. Watch out for faulty programs though by staying on top of your progress and documenting your payment history. Some have hidden fees similar to the hidden fees in the terms of your credit card.

Debt Consolidation Loans

These are loans you take out that traditionally offer a lower interest rate than what your currently paying (that’s the point, right?), allowing you to save money in the long run and actively pay down your debts that are all managed in one place. These don’t necessarily hurt your credit score, but it does take a few points off since it requires a hard credit check. Options include loans from:

• Mortgage Lenders - Known as a home equity line of credit loan (HELOC), these are provided on the basis that your home is used as collateral. These will generally have a better interest rate than other loan options, but you’ve a lot more to lose; your home.
• Credit Card Companies - This works similar to a loan because you transfer other credit card debts to a new card, traditionally with a 0% introductory interest rate (usually between 6-15 months), which lowers the overall amount you would be spending over time. This is best achieved if the balances are paid off before the intro rate ends and if you miss one payment, you lose your great interest rate, making the balance transfer pointless to begin with. Check out this post from earlier this year to better understand the process. We recommend the Discover It Card, Chase Slate and the Citi Simplicity Visa Card.
• Peer-to-Peer Lenders - Like all other options, the interest rate will be lower than what you’re currently paying and you aren’t likely to find any hidden fees anywhere. The length of the unsecured loan tends to be shorter and more beneficial in comparison to a loan through a bank. Keep in mind that these companies have to make a profit somewhere, so this is more costly than being disciplined enough to manage and negotiate payments yourself. We recommend Lending Club (named one of America’s Most Promising Companies in 2011 & 2012 by Forbes), handling over $125 million in loans per month as of early 2013.
• Banks - Through a traditional bank, you can obtain a personal loan, business loan, mortgage loan, etc. This should be used more as a last resort only because the interest rates will be slightly lower, not significantly lower, than what you’re already paying.

Debt Settlement

This is a program through a company, like a debt consolidation program, that ends collection calls and allows you to negotiate with your creditors. Creditors agree to accept less than you owe, usually for one (sometimes 2 or 3) lump-sum-payment in return. The main difference between a debt settlement and debt consolidation is that you stop paying your bills and instead pay the settlement company. With this option, your credit score will take a large dip in the short-run, but it’s a step-up from filing bankruptcy.

Why Debt Consolidation Fails

Many people are always on the lookout for additional lines of credit. That is NOT what a debt consolidation program should be used for or you’re going to find yourself in a bigger bind than before you sought a consolidation solution. The top reasons why debt consolidation fails:

• You use your new line of credit from a loan to pay off your cards, but then keep spending on your cards.
• You pay more interest over time, making the consolidation pointless to begin with.
• Use an expensive consolidation service that charges not-so-hidden and hidden fees.
• You look at it as a solution to your debts by not learning anything from your mistakes, and going right back to making unnecessary charges and following reckless payment schedule.

Remember, debt consolidation is only beneficial if you have a hard time managing all your payments, need a lower interest rate to avoid late fees and getting farther into debt, and you aren’t using the loan as an additional line of credit. Later this week we will go over the best debt consolidation programs out there and consolidating student loans.

Disclaimer:  This content is not provided or commissioned by the credit card issuer. Opinions expressed here are author’s alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through the credit card issuer Affiliate Program.

In this article, we will go over the right way to pay off bad credit card debt so you can improve your score and get your finances back to normal. Read on to rid yourself of financial burden.

Look at the Big Picture

First, you need to sit down and face the reality of your debt.  An honest sit down with all of your credit statements and current debts is needed.  Analyze each credit situation you find yourself in.  Once you have a clear understanding of the debt you are in, you will be better prepared to pay it off.

Call the Credit Card Companies

After gathering all of this information and looking it over, the first question always is, “What credit card should I pay off first?” What often happens is the cardholder will attempt to pay off all of the debt at one time.  That is not the way to go about beating down debt.  This kind of approach is going to take the longest time and as a result will cost the most money.  Attacking your debt takes strategy.  You want to pay off the debt as fast as possible while spending the least amount to do so.  So, first things first: call each credit card company.

By doing this, you are letting each company know your current financial status. When you do that, it opens up a few doors you may not expect to be there.  You’d find it very shocking that these credit card companies, as long as you are in good standing, are open to working with you.  By calling each, you should look for two things up front.

1. Is there a settlement amount they’d be willing to make?
2. Is there a way to lower your interest rate?

Sometimes, card issuers will offer you a settlement amount that will clear your debt for potentially a fraction of your current amount.  This doesn’t often happen, but before you attempt to knock down your credit, you need to know the options available to you.

The opportunity is to lower your interest rate.  This will help slow down the amount of interest that builds on your account and will allow more of your monthly payment to go towards knocking down that balance. This is the option most credit card companies are willing to do to help work with you.

Prioritize Your Payments

Once you’ve exhausted all of your options in the preliminary processes of analyzing your debt, it is time to look at all of your credit cards.  Two simple things to look for are:

• Your total debt on each card
• Your interest rates on each card

Simply put, the card you need to pay off first is the card with the highest interest rate.  Higher interest rates lead to more money owed. To pay these off, you have two options.  The first option is to simply throw as much money you can at the card until the balance reads zero.  Having a monthly budget is a great way to see just how much money you can put towards paying down this debt.  The second option is to apply for a balance transfer credit card.  Odds are your credit score isn’t going to be super high, but there are plenty of credit cards on the market today that offer a solid balance transfer offer.

Along with your high interest yielding cards, try and knock off the low balance cards as well.  Dave Ramsey was made famous by his debt snowball approach where consumers feel emotionally invigorated when seeing debts disappear.  It’s not the best mathematical approach in certain situations, but in most cases, it works really well.

Focus on Your Goals

Overall, the biggest key to paying down credit card debt is to stick with your plan.  That is why the assessment period is so important.  You need to exhaust all possible avenues before you even start, as to give yourself the best plan.  Once you confront the debt, the rest is easy.  Come up with a payment plan on your own and tear that debt down!  You will find that with a lot of hard work, being debt free is an achievable dream.

As each week passes, we learn more about the credit card industry than we thought possible. This week was no exception. Read on to see the surprises and excitements lurking in credit cards in the news for the week of May 12-18, 2013.

You Can Now Send Money through Gmail

If you have ever questioned Gmail’s ability to stay ahead of the game, wash those doubts away. Google’s email client has announced that it will allow users to attach money to their emails in the near future. If you have a Gmail account and you are over the age of 18, you will soon be able to click a button and send money to someone through Google Wallet, all in the same effort it takes to attach a picture or anything else. Transferring funds just changed completely. Read more…

Visa Pushes for Chinese Credit Cards

Visa is pushing to issue a credit card available in Chinese yuan. It will be only the second financial institution to do this, as recent changes in foreign policy have finally allowed new banks into Chinese borders. With 30% of Visa’s income already coming from Asia, a card like this could surely be a success for the company. Until now, China UnionPay Data has had a monopoly over the market. Read more…

Chase Introduces the My New Home App

Buyers looking to get a good deal on a new home might be able to do so with the help of Chase Bank’s newest smartphone app. Known as My New Home, this app guides users through the process of buying a home, from assessing the funds to signing the loan papers. With this app, you can compare the cost of your home to similar ones in the area to ensure you’re paying the right price every time. Read more…

The Standard Chartered Visa Infinite Card

People in the UAE will now have a new credit card option to look forward to. The Standard Chartered Visa Infinite Card is supposed to be the most exclusive offer on the market, guaranteeing users a slew of luxurious privileges like never before. The card features chip and PIN technology, and it offers full red-carpet treatment for those who like to travel. This might be something you want to get your hands on. Read more…

Western Union’s Price Cuts Are Paying Off

Last fall, Western Union decided to cut prices by 5% across the board in the hopes of bringing in new customers for 2013. It seems as though that effort has paid off as the company is beginning to see growth in the second quarter. While profits are still depressed, they are higher than what industry analysts were expecting them to be. There is hope for this money transferring mogul after all. Read more…

Rather than buying a home without any preparation, it’s best to understand how the process works and try to act like you’ve been through it before. This way, you will avoid common mistakes with home buying while finding a house you can feel proud to own. Here is a buying guide for first time home owners to help you ensure that you’re getting a good deal.

Are You Financially Ready to Buy a Home?

A lot of people question whether or not they want to buy a home because of the costs involved with it. We recently did a study that compared the true cost of buying versus renting a home, and we discovered that buying is always more affordable in the end. Just because it’s more affordable doesn’t mean it’s right for you though – at least not right now. Make sure you have enough money saved to put at least 10%-20% down on the home (depending on your credit worthiness), plus an additional $10,000 or more for repairs and inspections. This seems like a lot, but it is better to have that as a backup then get into a home you cannot use right away.

On top of saving money, you also have to think about your income stability. Have you been on the job a while, or did you just start? You might be making a lot of money now, but what happens five or ten years from now? You’ll still have the same house loan to pay. Will you still have the same income? Don’t get caught up in maxing out your budget. Focus on getting a steady job first, and then you can commit to this long loan.

How Much Can You Afford to Pay?

If you feel that you can handle mortgage payments, figure out how high those can go. Team NRS National Real Estate Specialists say no more than 50% of your income should go toward your “must-haves.” That includes your mortgage payments, utility bills, car loans, insurance, and more. Think about what your current bills are and what they are expected to be in a larger home – if you upgrade. Then determine how much money you can confidently spend each month.

What Do You Need, Not Want?

It is important to know the difference between your wants and needs when buying a home. You might have dreams of a three story house with a pool in the backyard, but you only need two bedrooms and a patio. You have to keep your needs in mind more than anything because that will get you out of fantasy land. Never look at homes out of your price range because that will make you think you need more than you actually do. Just focus on the must-haves so you don’t end up searching for forever.

Is Now the Right Time to Buy?

Once you know that you are financially stable, you need to consider how stable the housing market is. Talk to a few realtors in your area to determine if it is a buyer’s market or a seller’s market. This will vary by location, economic conditions, and months of the year, so you have to find the setup that works best for you. If homes are selling at really good prices, a realtor is going to tell you that right away. Her goal is to sell homes. When you feel that it is a good market for buying instead of selling, make your move and secure a good price on your first home.

Is the Home Priced Well?

If you’ve ever watched an episode of Property Virgins or Property Brothers on HGTV, you know one of the first parts of the negotiation process is checking the comparables. That means looking at other homes that have sold in the area to determine if the one you want is well-priced. If it is priced right at market value, you might not want to place a very low offer on it. If it is priced well above market value though, you can use that information to get a better deal than the asking price. You can also see if a home is undervalued, as that may be an indication that the homeowner wants to start a bidding war. You’re going to have to fight to get that home.

If you want to check comparables on your own, use a site like Zillow or Homegain to see what homes are selling for in your area. Then you can figure out what the right offer will be for the one you want.

Do You Have a Good Realtor?

Some first time buyers don’t see the point in hiring a realtor to buy a home. You can just look on your own, right? By using the right realtor, you will gain access to homes that aren’t yet on the market, and you will have someone by your side to tell you what a home should logically be priced at. This person will also do the negotiations for you so you don’t get suckered into a bad deal. If you have the money to afford it, hire a real estate agent to be by your side. He or she will significantly improve your first home buying experience.

Is This the Right Home for You?

Above all else, you have to determine if the home you’re set on is indeed right for you. Is it in the location you want? Is it priced well? Does it have the basic amenities you need it to have? Have you hired an inspector to make sure it is structurally sound? Keep all of these thoughts in mind when you go to choose a home, and then pursue the one you want wholeheartedly. If that happens to be the first one you see, go for it.

In this article, we will give you a few quick tips for choosing a new credit card. You may need to learn more to officially choose the card for you, but this will get you off to a great start.

Know What You’re Working With

First and foremost, you have to take a careful look at your own credit worthiness. That is what card issuers will do before they provide you with their plastic. You can sign up for a variety of free trial credit report offers to see what the company sees. If your credit isn’t strong, you know not to apply for an excellent-only credit card. If your credit is strong, you will have a lot more options.

After you’ve found a good source for your report, check it for any mistaken information. Then get your credit score from at least one – if not all three – of the major credit reporting agencies. With your credit report in hand and the knowledge of what kind of credit you have, you can identify a card you will logically be able to get.

No Credit or Bad Credit

If you have no credit history or poor credit, there are still solutions available to you. You can get a prepaid card or secured card to start with, or you can pay higher interest to use a conventional credit card that is designed for people in your financial situation. Don’t bother applying for cards that require excellent credit because you will be declined quickly. That will hurt your already low score.

Traditional Credit Cards

If you are eligible for a traditional credit card, decide what you really plan to do with the card. If you are interested in travel rewards, for instance, then a card that offers free gasoline rebates may work fine. That’s only if you plan to travel by car though. Otherwise, you may be better served by an airline miles card or even a hotel rewards card. Think about how you’ll use your card and the rewards associated with it. Then find the one that is right for you.

Bonus Offers

Look for offers and special bonuses. There are tons of them out there and you can get a really sweet deal as a new card member from lots of credit card companies. Avoid department store credit cards, because they tend to cost more while being limited in their usefulness. Make sure that whatever card you choose will work for you in the long term, as it is easy to lose sight off that with the bonus offers. If you can get a good intro deal and still enjoy a credit card for years, you know it’s a good one.

Final Thoughts

One thing to remember is that each time you apply for a card it can have a negative impact on your credit score. A better approach is to use resources like our credit card fee engine to do your research and narrow down you search. Choose just one or two cards to apply for based on your credit and their credit criteria, and that will give you the best options while also helping to preserve your good credit.

In this article, we will look at simple ways to take control of your finances once again. Read on and see how you can get back on track.

Start Paying with Cash

One of the first ways to curtail credit card debt is to use cash for many of those monthly credit card purchases. That way you avoid accidentally amassing too much debt that you then have to carry over to the next month while paying high interest rates. In our study of why people use credit cards, we found out that much of the reasons had to do with perspective. By using cash instead of a card, you feel more connected to the money you spend. Therefor you are less likely to overspend when the time comes. Perhaps that emotional connection is what you need to control your debt development.

Categorize Your Spending

Reserve credit card buying for specific items, like rental cars when you travel or online purchases of items you really need. This will let you know when to use the card and when not to use the card. Set limits on how much you can put on your card each month, and actually abide by them. Once the card has been used up, put it away until you pay the balance off. This will keep you from getting overwhelmed by debt and depending on your card to make it through each month.

If you want a more advanced option, use an online credit card account and set your preferences to alert you when you are approaching your self-imposed credit line limit. You might even want to put a cap on your card so that your charge will be declined for anything over a certain amount of money. Credit card companies offer these programs to help people control their spending habits. You just have to take a moment to use them.

Clean up Your Debt

start paying down your outstanding balances, even if that means applying an extra $10 or $20 per month. If you are paying 5% of the balance each month, it can take 10 years to get it all paid off. By simply increasing that payment to 20%, you can potentially pay it off in just 2-3 years. This may take a little re-budgeting, but once you get out of debt, you will feel much more accomplished. Just don’t use this as an opportunity to build up more debt for the future.

Watch for Traps

Avoid debt traps, like teaser introductory rates, high-cost rewards programs, and free offers with long-term contracts. Those will always get you into trouble. You need to look beyond the first six months to a year that you’ll have a card and see if it will really work for your life. Compare credit cards based on their overall rates and terms, and get the one that will lead you to the best situation possible. If you have a chance to transfer your balance to a card with a much lower permanent APR, then do so. Just be sure you keep up with your monthly payments on the new card to avoid triggering a higher rate plus fees and penalties.

Secure Your Finances

If you are really in a credit card bind and lack discipline needed to avoid running up monthly charges, consider getting a secured credit card. This is a card that you put money onto to create your initial line of credit. It’s not like a prepaid card where you make deposits, spend money, and then make new deposits. You load money one time and then use it just like a credit card. With a secured card you are not allowed to charge more than you can support with a prepaid cash deposit, so that will force you to stick to a budget. One great example is the First Progress Platinum Prestige MasterCard, which offers a low 11.99% APR with a $44 annual fee. Deposit up to $2,000 on the card, and you can use this while you pay off your other unsecured cards.

Follow the tips above, and you’ll be independent of your credit cards in no time.