Prepaid debit cards tend to have a negative stigma associated with them because they are usually used by people who have black marks on their record so dark that they can’t get a bank account. Sometimes, prepaid debit cards are also associated with horrendous fees too, and anything that is rumored to take 20% of the money you put on it in fees is something most people avoid. But really, prepaid debit cards can be excellent tools in the world of today, especially when you choose the right one and use it wisely.

Money Control

One of the most obvious reasons a prepaid debit card is good is because you simply can’t overdraft one. When the money’s gone, the money’s gone, and there’s no bank backing it so they can lend you a few bucks when you drop below $0 in your account because you decided to get a morning coffee. This can help you avoid hundreds of dollars in overdraft fees and extended overdraft fees, but the most important thing it does for you is that it teaches you how to manage your money. If you only have $50 on your card and you’re between gas in your tank and partying with your friends for a night, the decision becomes pretty obvious because there’s no one to bail you out when you can’t get to work the next morning because you’re out of gas.  But when money control isn’t an issue for you, there are other things to consider, too.

Keep your Data Safe

When you sign up with a big bank, they typically get every little piece of information on you that they can and they store it in their files. Sometimes you’ll see a new story about how a number of folks got their data stolen through unconventional means, and that data was all stored at a bank. Data theft is, unfortunately, much more common these days than it used to be as times become more difficult for people.
But with a prepaid debit card, there’s hardly any information about you linked to it at all. Your name is, but not your bank account data – since you don’t have any – and definitely not your social security information, either. Even when you use your card online, you can protect yourself against consumer fraud since even if someone does hack into the system, all they get is the card number and your name – which isn’t enough to steal your identity.

Teach your Kids

Anyone can have a prepaid debit card – even your teenager. There’s a lovely website called BillMyParents.com that lets a parent get a prepaid, reloadable debit card that will track teen spending and allow parent control for when money goes back on the card. This is great for two reasons, the first being that when your child makes an irresponsible purchase, you can talk to them and discuss why it was something they shouldn’t have done. The second reason is that the website provides services such as the ability to emergency load in case your child needs money for something immediately. The fees are low enough, and being able to teach your kids something important while being able to provide for them in need are both important things, not to mention being able to monitor your teen’s spending may encourage them to be more responsible with their purchases so there’s no embarrassing conversations with mom later.

Whatever the reason, you and your family can benefit from the right prepaid debit card that has no or low fees – check out places like Walmart for great prepaid card programs – even if you can have an open bank account in your name.

Author Bio: Elizabeth Roque is an in-house writer for Franklin Debt Relief. She presents information about debt relief programs, credit card debt reduction and getting out of debt on a variety of financial sites online.

Best Balance Transfer Offers

This following guest article is from: FranklinDebtRelief.com

Few can deny that credit card debt can be a real drag. The monthly payments on credit cards can eat away at your income each month and prevent you from spending cash on things you really want to spend it on. Yet high account balances on your credit cards is more than just a drag to have to deal with. For many people, the monthly payments can be difficult to pay even at the minimum required payment. It is not uncommon for people to feel torn between paying credit card payments or putting food on the table. The stress of such a situation can be on-going, and in fact it may even seem to build as the months drag on. If you have come to the realization recently that something needs to be done to eliminate this debt from your life, you have made a life-changing decision. Now it is time to act on that decision.

Your Budget

First, you will want to take a closer look at your budget. If you cannot afford to make more than the monthly payments on your balances today, you must trim expenses to free up cash. The more money you can trim from your budget, the faster you will see results for your efforts. You can completely eliminate frivolous spending such as watching movies at the theater, dining at restaurants, and shopping at the mall. You can also make other budget changes by shopping for lower insurance rates, reducing home energy consumption, opting to stop driving your car so often so you can save on gas, and so much more. In fact, you may find that you can figure out ways to cut back on most of your monthly expenses in some way.

Stop Using Credit Cards

The fact is that you will never be able to eliminate credit card debt if you keeping making charges to your accounts. Each charge that doesn’t get paid each month becomes more costly to you as interest charges will apply. So take the credit cards out of your wallet. Adopt the philosophy of only buying what you can afford to pay cash for. Further, use some of the money you have saved through your budget cuts to establish a savings account. This can be used for emergencies so you never have to rely on credit cards again. Even if you can only contribute $20 or $40 per month to a savings account, this will build over time and become a nice nest egg for you to rely on.

Debt Payoff Plan

While some of your extra cash from budget cuts may be going towards a savings account, you do want to put the rest of the cash you have available towards credit card payments. Rather than toss money at your accounts haphazardly, you want to develop a smart plan of action for paying off your debts. Some experts will tell you to pay off the account with the smallest balance first while others will say to focus on the account with the highest interest rate. Both methods have logic behind them, but the bottom line is to pick one account to focus entirely on. Then move on to the next account. Never decrease the amount you are paying on the accounts each month. You will find that as your account balances decrease, the minimum monthly payments decrease, too. To see the greatest results, always maintain paying the same amount towards your debts.

Depending on the amount of debt you have to pay off, you may be able to be debt free with just a few months of effort or it may take you several years. The fact is that paying off your credit debt consolidation is one of the best things you can do for your financial future, and so the effort will be well worthwhile in the long run.

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Debt is becoming an ever increasing problem for people today and more are looking for help. The good news is there is a way you can both help and make money at the same time. Your website can become a money maker and a source of hope for your visitors by joining a debt relief affiliate program.

If your company is related to finance and you have a decent amount of website traffic, you are in a great position to earn a lucrative income in the debt business. Essentially you would be referring your clients to companies that provide credit counseling, debt settlement or other credit-related assistance services.

There are three ways to earn money with an affiliate program:

1. Lead generation
2. Referring potential clients
3. Marketing and sales

Online Lead Generation

If your company website has a lot of traffic, lead generation is an easy way to earn revenue. You earn money by referring people to the company from your website. Often this is simply done through banner ads and requires no additional work by you. Usually the client must enroll in a debt settlement program and you would receive payment for the lead after they make their first payment to the company.

Referring Potential Clients

You can earn additional revenue from your current clients by referring them to the debt relief service. This requires a bit more work to determine if the clients qualify for any of the programs the service provides. You would earn income if the referred client enrolls in the program and after they make their first payment.

A referral program is a great option not only for the potential to earn more money from your existing clientele, but also as a way to gain additional business by helping your clients settle their financial problems thereby making your company’s services more affordable. If a client is able to settle their debts, they now have extra income to engage your services.

Marketing and Sales

If you are great at sales, marketing a debt relief service to your clients is an excellent way to bring in added revenue. Most affiliate programs offer training to help sell the service and you are able to expand your business to provide a needed service to your clients. While this option does require quite a bit of knowledge and marketing skill on your part, once the client is enrolled the debt relief company will handle the processing and additional support the client may require.

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Having a low credit score can impact many areas of your life. It can make it difficult to secure certain jobs, rent an apartment, and obtain a loan. Poor credit can also impact your ability to obtain a credit card. Although finding a credit card with bad credit is not an easy task, it is not impossible. When you shop for a credit card, though, you will need to consider several factors to avoid getting burned.

Credit cards for people with bad credit are the same as traditional credit cards in many respects. You can use them virtually anywhere to pay for groceries, hotel rooms, car rentals, online purchases and more. They can free you from having to carry cash for everyday purchases, so you won’t have to risk losing your cash or having it stolen. These cards typically also offer a grace period, during which you can pay your balance without incurring interest.

Credit card issuers that work with bad credit consumers report your payment history to at least one of the three major credit reporting bureaus. As long as you make all of your payments on time, this can help you rebuild your credit, increasing your ability to obtain loans and other types of credit in the future.

There are also several differences between credit cards for credit challenged consumers and traditional credit cards. You will likely have a low credit limit, usually $500 or less, when you receive your card. It is important to know your credit limit, because if you carry a balance near your limit, transactions that would put you over the limit might be declined. If interest or purchases put your balance over the pre-set limit, you can expect to pay hefty fees until you reduce your balance.

Credit cards for bad credit borrowers usually carry higher interest rates than cards available to people with high credit scores. This is because the issuer assumes more financial risk by providing cards to credit challenged borrowers. Depending on the severity of your credit problems and the issuer’s guidelines, the interest rate may be 20 percent per year or higher. Be cautious about applying for a card with a high interest rate. The interest charges can add up if you carry a balance, and can make it difficult to maintain your monthly payments.

Find out about late fees and penalties when looking for a credit card for bad credit. No one gets a credit card planning to pay their bills late, but circumstance can cause even the most careful planners to miss an occasional payment. Late fees on these cards can be exorbitant, so you should know the fee amounts before you ever complete a card application. Also, a late payment or two might cause your interest rate to rise, which can make it even more difficult to pay down your balance.

Finally, watch out for maintenance fees. Some issuers that specialize in working with bad credit consumers charge periodic fees just for keeping your credit card account open. These fees can add up, especially if your credit card issuer charges a maintenance fee every month.

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Many people who are considering filing for bankruptcy for debt relief prematurely. It is not uncommon for those who are carrying a significant amount of credit card debt as well as other debts like student loans, a mortgage, and auto loans, to feel saddled down with debt. It can be a struggle to pay even the minimum monthly payments, and you may feel like you simply will never be able to repay the amount you own on your credit cards. While bankruptcy is one option that can provide debt relief, it is not the only solution available to you. Other options for debt relief may allow you to better manage your debts without the long term credit effects associated with bankruptcy.

Credit Counseling

Your first step before considering bankruptcy further should be to contact a credit counselor and explore other options available to you. A counselor will review your current debt structure, and he or she may suggest several different options that can help you to reduce the amount owed and that can help you to pay your outstanding balances off more quickly. Often, working with a professional counselor can help you to establish a repayment schedule that may help you to pay off your credit cards within approximately two to five years.

Debt Settlement

One option a credit counselor may suggest to you is debt settlement. Through this option, your counselor or a professional negotiator may work with your credit card companies to negotiate a reduction to your outstanding balance as well as different repayment terms. Many creditors who learn that you are having trouble making ends meet and are considering bankruptcy will agree to a reduction in balance. Keep in mind that if you file for bankruptcy, they may not recoup any of the outstanding balance, and so a settlement is in their best interest. If a reduction in debt is agreed to, you should be aware that this may appear negatively on your credit report. However, it is often viewed more favorably than a bankruptcy would be viewed on your credit report.

Credit Card Consolidation

You can also consider the option to consolidate credit cards into a single loan. When you consolidate credit cards into a single loan, often you will obtain a fixed interest rate that is lower than what you are currently paying, and this often reduces your monthly payments. Further, this type of loan can be obtained with a fixed term, so your outstanding debts are repaid within a certain number of years.

As you can see, there are several options available to you for repaying your debt and making your debt more manageable before you consider bankruptcy. If you are considering bankruptcy as a possibility today, you should first talk to a credit counselor about some of the other options available for managing your debt.

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If your business is in debt you may be wondering what is an IVA and could it help you in repaying the debt? If you want to continue trading and do not wish to declare bankruptcy then a business IVA (individual voluntary arrangement) may be appropriate for you. You may wish to consider however how this would affect your business.

What is an IVA for businesses?

A business IVA generally takes into account the profits and expenses of the business and its potential to repay any debts in the future. Some creditors may prefer to accept an IVA for business rather than see the company enter into bankruptcy proceedings.

If you declare bankruptcy then the creditors may not recoup as much of the debt as they may do if you choose to enter into an individual voluntary arrangement. You may wish to consider however that if you apply for a business IVA the creditors may be able to use the alternative of bankruptcy if they do not accept your application.

Applying for an IVA

If your business is simple and the problems are not too complex then applying for an IVA for business may be appropriate for you.

This may help you to carry on trading. You may wish to seek advice from a specialist debt advisor before you apply to ask any questions or help you calculate how much you may be able to repay.

Seeking advice

If you are looking for further advice on what is an IVA and the terms of applying, you may wish to seek further advice from a specialist debt website. A confidential debt advisor may be able to take details you and your business and help you decide whether an IVA is appropriate for you. They may also be able to help you to calculate how much you owe and what you may be able to afford to repay against your debts on a monthly basis.

Best Balance Transfer Offers

Stock market crash for the businesses means that there will be lowered investment and financing opportunities. This may create problems for the business as they won’t have enough money to pay off their debts. As a result, the businesses may have to opt to get debt help from the debt relief companies. Other than this, the businesses can also try to pay of the debts of their own. There are various debt relief options that can be used to minimize debt payments and become free of debt.

What are the debt payment options?

If the stock market crashes, most of the businesses will have to face down sales and lowered profits. The investors too will be scarce and the banks will show minimum interest in offering loans to the businesses. So, the businesses will have to try and pay off the debts of their own and the different debt pay off options are:

1. Debt snowball – Debt snowball is that type of payment form where you start to make payments on the smallest balance first along with making minimum payments on the other debt accounts. This helps you to gradually become free of the debts that you had incurred through your business. Once the smallest balance gets paid off, you will have to follow the same process along with the remaining debts.
2. Debt avalanche – Debt avalanche is the totally opposite method from that of debt snowball. In debt avalanche, you are required to start making payments on the debt with highest interest rate first. However, just like debt snowball, here too you are required to make minimum payments on the other debts.

In addition to the above two, you can try to negotiate settlement or consolidation with the creditor sin order to pay off your business debts.

1. Debt consolidation – If you had used mostly credit cards for your business transactions, you may see that you have several credit cards with high interest rates. In that case, you can opt for debt consolidation. This is one of the debt help options that can help you in lowering the interest rate on your credit cards and reduce the number of debts you have.
2. Debt settlement – Debt settlement helps in lowering the outstanding debt amount. So, if you have extremely high outstanding unsecured debts in regards to your business, you can pay those off easily enough.

Other than the above discussed debt help options, you can try to pay off the secured debts like the secured loans through refinancing or loan modification.

It is the stock market that is considered to be the indicator of a country’s economy and thereby the economy of the organizations functioning in that country. So, if the stock market is low, it is quite obvious that the businesses too will be suffering problems. But, the businesses will have to try and find out debt help options that can help them become free of their financial obligations.

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For every reputable debt relief agency, there seems to be another one who does not have your best interests at heart. This is just a simple fact and it need not discourage you from seeking help to pay off credit card debt. You just need to do your research ahead of time so you can feel secure that the debt relief agency you choose to work with is really interested in helping you.

How to Check Out a Debt Relief Agency

The most reliable indicator of a company’s reputation is their report with the Better Business Bureau. You can access the information for free by doing an Internet search of the name of the company followed by the state where they do business. The BBB will list any formal complaints filed against the debt relief agency by dissatisfied customers. It will also give you more general information about the company, such as size and how long they have been in business.

The Rip Off Report is another resource for detecting disreputable companies, although it may not be as unbiased as the BBB since anyone can file a negative report. This includes competitors and former employees. However, it can still give you an overall impression of the company you are considering doing business with.

Three Signs That You May Be Dealing with a Dishonest Debt Relief Agency

If the agency only wants to include some of your unsecured debt, this is a definite red flag. All unsecured debt should be included in order for you to get the best possible rate and terms. They may not want to bother with some creditors for fear they will not be well compensated for any amount collected from you.

The second indicator of a disreputable company is one that promises you a very low repayment rate like one percent. An amount this low would be insufficient to repay your debts and they will likely raise it once you are enrolled in their program.

Finally, if a company won’t explain their terms to you until after you have enrolled in their program, don’t even consider doing business with them.

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What Is A Balance Transfer Credit Card?

Simply put, a balance transfer credit card allows you to transfer your card balances over from your other credit cards. Through this transfer you can save money on the APR. If you can consolidate all your balance to a single credit card, you can easily keep track of your debt.

Why Should I Transfer My Balances To A New Credit Card?

Balance transfer credit cards, when used correctly, can help you save money. Most people keep a balance on one credit card, a separate balance on yet another, and pay a high APR to maintain both of them. Balance transfer credit cards have outstanding introductory APR’s and the very best balance transfer credit cards will have a comparably lower ongoing APR as well.

Some of the best balance transfer credit cards offer an introductory APR of 0% for an extended period. Those people who are in a debt trap can take advantage of this offer. There are even some balance transfer credit cards which prolong the introductory ARR of 0% until you have paid off all the balance that you have transferred. Certain balance transfer credit cards have a fixed rate and the rate remains the same until you pay off the balance transferred. This type of card, often times lacks the introductory 0% APR offer.

Things to Remember

It is not difficult find a balance transfer credit card, and in fact, you might have already been receiving solicitations from several credit card companies. But finding the best balance transfer credit card can sometimes be a murky affair. Understanding certain key elements regarding these cards can help you to choose the best.

Most people fall for the introductory offer given by the balance transfer credit cards. But this is only for a specific period of time. The period of time offered on these introductory APR balance transfer cards is often times determined by your credit history. So while selecting a balance transfer credit, keep a close eye on the introductory offer. Make sure that the introductory offer will work in your favor.

In some instances, some credit card companies will require an initial balance transfer along with the application for the card. Some people might not be comfortable with such a demand. The best balance transfer credit cards provide flexibility on balance transfers that will allow you to transfer balances at anytime during the introductory period.

Some of balance transfer credit cards might have a fixed rate introductory offer which is not a 0% APR on balance transfers, but is very low, remaining constant until you pay off the balance.

Most balance transfer credit cards have a transfer fee. Make sure that the transfer fee does not negate the financial advantage you are trying to get from the whole process. This aspect should be considered seriously by people who are planning to transfer balances from two or more cards. There will be no transfer fees incurred with the very best balance transfer credit cards.

You should compare your existing cards interest rate with that of the balance transfer credit card. While comparing include all the fees associated with each card as well. And if you are planning to use your balance transfer credit card for ongoing purchases, make sure to get the complete details, including ongoing APR’s on purchases, penalties, late payment fees and any miscellaneous surcharges that might be incurred when using the card in this manner. Make absolutely sure that there are no hidden charges.

Article Source: http://www.articlesbase.com/credit-articles/balance-transfer-credit-cards-an-overview-29481.html

About the Author

For more on balance transfer credit cards, Robert Alan recommends that you visit CreditCardAssist.com

Best Balance Transfer Offers

A lot of credit card companies are now offering low interest balance transfer credit cards to provide solutions to people in debt. Interest rates could get as low as 0% to lure people to transfer their balances and create an account with them. Other companies offer other promotions to attract more clients such as assign-up bonus, or rewards that clients can get when they sign up with their company. Signing up with such companies may be such a great idea at first, but if you think about it, these companies don’t do a lot of things for free. If you are considering transferring your balances to low interest balance transfer credit cards, you should first be certain about the company’s profile, its processes and guidelines.

What You Need to Know About Low Interest Balance Transfer Credit Cards

The phrase “low balance transfer” already tells us that these credit card companies offer to transfer the balance of your recent credit cards to a new card under their company. What are the reasons why you should transfer your balance dues? Certainly, it would have to be for cost cutting purposes. The low interest rates that these companies offer is a very effective strategy to lure in new customers.

People’s expenses have grown over the years, leading to the popularity of the credit card. Most credit care companies get their earnings from interest charges. These companies vary according to how high their rate is—sometimes even reaching 16%. These high rates are constantly being charged leading to even higher balances that can only be paid off easily through low interest balance transfer credit cards. When your interest charge is lower, it becomes easier to pay these monthly charges and it allows you to save up on what you used to pay those high interest credit card companies. Bonuses and incentives usually come with signing up with these companies.

Are There Any Advantages In Using Low Interest Balance Transfer Credit Cards?

There are a lot of benefits and advantages when you sign up for low interest balance transfer credit cards. A lot of money is saved since you no longer have to pay large interest rates every month. If you know the right techniques, great deals will not be so hard to find.

Where Can I Find Credit Card Companies that Offer Incentives upon Signing Up for Low Interest Balance Transfer Credit Cards?

When looking for a low interest balance transfer credit card, you should first consider the bonuses offered upon signing up. The best way to do this is to make a comparison between many different credit card companies that offer low interest balance transfer credit cards and compare what each has to offer. Make sure that the information you have gathered is correct and that you will be able to pay off your new interest charge every month.

Why Do Credit Card Companies Offer Low Interest Balance Transfer Credit Cards?

Every business has a catch, and companies offering low interest balance transfer credit cards are no exception. When you sign up, it means that you need to follow the rules of promotion and incentives of that particular company. Your credit standing is also one of the most important things they consider in their clients. If your credit standing is not that good, then the interest offered may not be as low as promised.

Getting low interest balance credit cards may also have an effect on your total credit score. For example, if your balance is 30% above your credit limit, the company lowers your credit rating every time it happens. Another instance when your credit rating can drop is when you transfer your balance dues to a low interest balance transfer credit card but the available credit balance is not enough for your credit to be transferred.

Debt is not something we can totally get rid of during financial crisis. Consider transferring to low interest balance transfer credit cards only if you know with certainty the rules and promotions offered.

Article Source: http://www.articlesbase.com/credit-articles/the-fact-about-low-interest-balance-transfer-credit-cards-how-to-spot-the-good-and-the-bad-3149490.html

About the Author

Alessandra Mendez is a financial adviser who has helped consumers around the globe with useful information on how to manage credit wisely. Her expert advice tackles the low interest balance transfer credit cards and other topics related to credit card management. She maintained a website providing relevant information and useful tips at http://www.creditnbalance.com

Best Balance Transfer Offers