Credit cards can be the most amazing credit tool even created but it can also be the worst b*&$h you have ever seen. In order to make credit cards friends of yours, we will show some of the major mistakes to avoid on credit cards: Don’t look at your interest rate Do you know that [...]
Every Saturday, The Credit Toolbox does a review of good read around the blogosphere. Here’s what caught my attention this week: PFR from Personal Finance Reviews shares some tips on what to do when your credit cards are closed due to inactivity. Len from Len Penzo shows you why paying off your mortgage is a [...]
Do you know what NSF means? NSF is a banking industry abbreviation for “insufficient funds.” If you write checks without having the money in your checking account to balance the checks you write, your checks will be NSF. NSF checks may not be bounced checks. The bank may pay them then hit you with some [...]
Are you considering taking out a mortgage to buy property? Here are some terms you may encounter when you read your mortgage contract. Adjustable Rate Mortgage (ARM) This is a loan with an interest rate that can change during the term of the loan. Payments tend to increase or decrease with the interest rate, which [...]
In one of our previous post, we outlined the pros and cons of fixed mortgage rates. Today, we will look deeper into the variable mortgage rates and its variation. You should know upfront that there are two types of variable mortgage rates: The home equity line of credit (HELOC) and the conventional variable mortgage rate. [...]