Top 5 Mistakes People Make With Their First Credit Card

by Kaylie Phelps

Source: business-commerce-237675/

The new Credit Card act that came in to force in 2010 was set to provide protection to users. It made it hard for those less than 21 years of age to get a credit card and now many in college or leaving college are getting cards and committing the same naïve mistakes kids in high school did.

Getting your fist credit card marks advancement to new responsibility levels rather than just achievement. To make through it without being laden with a crippling debt and poor credit scores, here are five mistakes by first time cards holders you should avoid.

1. Failing to do a thorough shopping for best rates.

This is a common mistake people getting their first card do. Going for the first offer you get is a desperate move and denies you a chance to shop through different card rates in the market. The interest rate is the biggest factor to consider when getting your credit card and it affects the ease with which you get to pay the debt.

2. Going for rewards instead of looking through all factors in a credit card

Many credit cards will advertise placing their rebates and rewards like travel points at the front. You have to be wise to go beyond this because while all these rewards are great, they only make send and you only maximize them if you can make full monthly payments and at a low rate.

3. Failing to read the fine print

The savvy and smooth talking sales guys and bright adverts will harm sly give you time to get to the fine print. This is your major responsibility when going through credit card selection. Before getting one look at the fine print to determine factors like the total fees of getting and using the card, interest fee, minimum payment, when your first payment is due, interest rates on cash advances, penalties etc. All these factors will give you the real cost of using the credit card and help you know the better deal.

4. Making late payments

Making late payments results in late fees and even higher interest rates. It also leads to a poor credit rating score affecting future terms and amounts of loans you can get.

5. Making minimum payments

This may appear as a survival tactic but it hurts both your credit score and builds up a credit burden in the long term leaving you tied with a huge debt. Pay of your monthly balances in full and to make it easier you are advised to at least keep your balances at below 30% of your credit limit.

This way you build up your credit rating which is determined by how you and pay up your credit.

Author Bio:

Patrick Ward is a legal researcher specializing in finance, loans and debt analysis, and bankruptcy law in Carson Firm. He has a decade of experience in analyzing the legalities involved in the dynamics between local and global financial institutions. He is also passionate in helping individuals overcome their financial challenges. Follow on twitter @blgbankruptcy


Online Instant Loan Providers Growing Popular in Finland Steadily

by Kaylie Phelps

You may have a growing business or a rewarding job and financial worries may not be in the mind. However, that does not guarantee that you will never get into cash crunch! On the contrary, people from all walks of life face monetary hardships in life, often when they are least prepared. Now, everyone may not have cash saved for such emergency situations. For people in Finland landing in monetary hardship, there are different loan options. If you land in such situations, the idea of getting bank loan may flash across the mind. However, a more practical idea is approaching the online Finnish instant loan entities.

Instant loans vs bank loans

If you have not sought services of instant loan services in Finland, you may have doubts in mind. However, your doubts will resolve once you compare the services of these online instant loan companies with typical banks for loans.

  • When you need the fast supply of money, would you prefer lender that makes you wait for assessment and clearance? Well, that can happen when you contact banks for personal loans. But, the top Finnish online lending companies approve loans very quickly, mostly on the same day of application. In fact, most applicants get money transferred into their accounts within a few hours of submitting applications.
  • Not everyone has the stellar credit score, as it is. You may have average or poor credit score owing to certain reasons. While banks can deny you loans on this ground, the online instant loan entities will not do that. As long as an applicant fulfills their criteria, poor credit score is not a problem for them for loan sanctioning. This actually makes things easier for those laden with credit card debt history or similar situations.
  • Extensive documentation is another hiccup associated with bank loans nowadays. But this is non-existent with Finnish online instant loan companies. They only need basic documents like proof of income and age of applicants.

Simplicity and flexibility

When you contact online instant lenders in Finland, you will like the simplicity and flexibility offered by them. You can apply online which means you need not extract time from your work schedule. The online loan application gets done in a jiffy. You should not face problems but if you do, the lenders are always willing to resolve woes of applicants. The good thing is these companies offer loans for small amounts too. In fact, you will find some lenders who may agree to adjust repayment duration.

Analyze and proceed accordingly

While Finland-based online lenders are preferred by thousands of cash-strapped individuals, you need to find the most apt lender. You will have to compare offers and terms of some such lenders at first. This analysis and comparison will ease your task as it is. Aspects like the rate of interest, duration of repayment should be analyzed. The cooperativeness of their customer care section also needs to be assessed. You may also check the reputation of these Loan services in Finland in popular social media sites before approaching them.

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