STOP SPENDING MONEY (Major Changes To ALL Credit Cards)
What is the Concept of Credit Card?
A credit card is a payment card issued by a financial institution to a customer, allowing the customer to borrow funds that can be used to purchase goods and services. Credit cards typically have an associated credit limit, which is the maximum amount of money that can be borrowed at any one time. Credit cards typically also have an associated interest rate, which is the rate of interest that must be paid on any borrowed funds that are not paid back within a certain period of time.
Credit cards are one of the most popular methods of payment in today’s society. They are accepted at most merchants and provide the convenience of not having to carry large amounts of cash. Credit cards also provide a form of financial protection, as customers are not liable for unauthorized transactions if their credit card is lost or stolen. Credit cards are also convenient for online shopping, as users can easily pay for items without having to enter their financial information each time.
The concept of credit card is based on the principle of credit. This means that a customer can borrow money from a lender, such as a bank, and use it to purchase goods or services. The customer is then obligated to repay the borrowed funds, plus any interest that may be due, by a certain date. The customer is also obligated to pay any applicable fees or charges, such as an annual fee or a late payment fee.
There are several types of credit cards available to customers. These can include standard credit cards, rewards cards, and specialized credit cards. Standard credit cards are typically used for everyday purchases, while rewards cards offer customers the chance to earn rewards points for their purchases. Specialized credit cards may be offered for specific types of purchases, such as travel, gas, or retail stores.
When using a credit card, customers should be aware of the terms and conditions associated with the card. This includes the interest rate, annual fee, late payment fees, and any other fees that may be applicable. Customers should also make sure they understand the payment terms and due dates, as missing payments can result in late fees and higher interest rates.
In addition to the financial benefits of a credit card, customers may also be able to take advantage of other benefits, such as rewards points and cash back. Rewards points can be redeemed for a variety of items, including travel, gift cards, and merchandise. Cash back rewards can be used to purchase items or put towards paying off the balance of the credit card.
Key Points
• A credit card is a payment card issued by a financial institution to a customer, allowing the customer to borrow funds that can be used to purchase goods and services.
• Credit cards typically have an associated credit limit, which is the maximum amount of money that can be borrowed at any one time, as well as an associated interest rate.
• Credit cards provide convenience, financial protection, and rewards points or cash back.
• Customers should be aware of the terms and conditions associated with their credit card, including the interest rate, annual fee, and payment terms.
• Rewards points can be redeemed for a variety of items, while cash back rewards can be used to purchase items or put towards paying off the balance of the credit card.
People Also Ask
Q: What is a credit card used for?
A: A credit card is typically used to purchase goods and services. Credit cards can also be used to transfer balances from one card to another and can be used to withdraw cash from an ATM.
Q: Are there different types of credit cards?
A: Yes, there are different types of credit cards available. These can include standard credit cards, rewards cards, and specialized credit cards.
Q: What are the benefits of using a credit card?
A: The main benefits of using a credit card include convenience, financial protection, and rewards points or cash back.
What is the concept of credit card? – How to Choose
Let’s discuss the personal debt crisis, why The Buy And Hold Strategy isn’t working, and why Auto Loans continue falling behind – Enjoy! Add me on Instagram: GPStephan | Follow out my newsletter for even more detail: http://grahamstephan.com/newsletter
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THE PERSONAL DEBT CRISIS:
The fact is – over “80% of middle-income households cut down on their savings or pulled money from existing savings to make ends meet in the last three months of 2022” – and, the more time goes by – the worse these numbers are looking.
Just take Credit Card Spending for example: Unpaid balances recently increased by 6.6%, bringing the total amount owed to $1 TRILLION DOLLARS – which means we saw the largest increase on record since 1999. On top of that, this is ALSO what’s being called “Triple Trouble” for Credit Card users, with balances up, during a time that rates are higher, and, more people are carrying debt.
THE NEW DEBT PROPOSAL:
In 2009, late fees were capped so that a person CANNOT be charged more than $29 on their first late payment or, more than $40 for each subsequent late payment. Now, a new proposal aims to change that:
The WH is suggesting that late fees be LIMITED to a MAXIMUM OF $8, and BAN fee-amounts above 25% of the consumers required payment. That means – under these new rules – you would NO LONGER get a $29 late fee when you miss a $10 payment, and a Credit Card issuer CANNOT charge more than $8, UNLESS they can reasonably prove that their collection would cost more.
THE BUY AND HOLD STRATEGY: FOLLOW BEN CARLSON: https://awealthofcommonsense.com/2023/02/buy-hold-is-dead-long-live-buy-hold/
All of this starts with a survey that found that – the average holding period for an individual stock in the United States is now just 10 months, down from 5 years in the 1970s. As Ben explains, this is because of three factors: Low Trading Costs, Easier Trading, and No Barrier To Access. This causes people to trade much more than in the past. Fortunately, not only is stock market investing more accessible than it’s ever been in the past – but, all the information that you need to get started is right at your fingertips, 24/7, for FREE.
THE USED CAR BUBBLE:
As of now, it’s reported that almost 10% of auto loans “extended to people with low credit scores were 30 or more days behind on payments at the end of last year.” On top of that, getting OUT of those payments could be increasingly difficult, with JP Morgan expecting used car prices to fall by as much as 20% in 2023 – especially if the borrower can no longer afford the payments, at the same time the loan is higher than the car is worth.
THE BEST WAY TO SAVE MONEY:
First: Find out EXACTLY what kind of debt you have.
Write EVERYTHING DOWN, including the balance and interest rate.
Second: Track ALL OF YOUR SPENDING over the next 30 days.
I think it’s going to be a VERY eye-opening experience to see the effects of your spending, and exactly where it’s going without you being consciously aware if it.
Third: Cut EVERYTHING you don’t ABSOLUTELY have to spend money on.
Fourth: Depending on how much debt you’re in – look into debt consolidation to lower your interest rate.
In addition to this, you could also look into getting a 0%-interest credit card – and transferring the credit card balance to THAT card to save on the interest.
Fifth: With the extra savings – Use The ‘Dave Ramsey Debt Snowball’ Or Avalanche Method.
Sixth: If you’re still not saving enough to pay off your debt and you’ve cut back as much as you can, you’ll need to pick up a part time job, or increase your income to bring in more money.
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*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. This is not investment advice. Public Offer valid for U.S. residents 18+ and subject to account approval. There may be other fees associated with trading. See Public.com/disclosures/
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