Comments for War On Credit Cards http://www.waroncreditcards.com Credit cards are waging a war, you just don't know it yet. Wed, 23 Jul 2008 21:32:28 +0000 http://wordpress.org/?v=2.6 Comment on Using Bumpage To Improve Credit Score by 111th carnival of personal finance - glastonbury edition : plonkee money http://www.waroncreditcards.com/using-bumpage-to-improve-credit-score.html#comment-14813 111th carnival of personal finance - glastonbury edition : plonkee money Mon, 01 Oct 2007 18:55:44 +0000 http://www.waroncreditcards.com/using-bumpage-to-improve-credit-score.html#comment-14813 [...] using bumpage to improve your credit score @ war on credit cards, if you don’t know what bumpage is, you can find out here [...] [...] using bumpage to improve your credit score @ war on credit cards, if you don’t know what bumpage is, you can find out here [...]

]]> Comment on Free Credit Score from Experian by » Weekly Reads: Bonds Hits 756, Mets Fan Catches Payday » Blueprint for Financial Prosperity http://www.waroncreditcards.com/free-credit-score-from-experian.html#comment-13684 » Weekly Reads: Bonds Hits 756, Mets Fan Catches Payday » Blueprint for Financial Prosperity Sat, 11 Aug 2007 07:14:45 +0000 http://www.waroncreditcards.com/free-credit-score-from-experian.html#comment-13684 [...] needed to get his credit score for an apartment rental so I dug up an offer from Experian for a free credit score and report. You basically agree to some program of theirs and you have to cancel within 30 days or get charged [...] [...] needed to get his credit score for an apartment rental so I dug up an offer from Experian for a free credit score and report. You basically agree to some program of theirs and you have to cancel within 30 days or get charged [...]

]]> Comment on FTC Halts Operation Of EdebitPay by » Don’t Ever Give Out Your Bank Account Information » Blueprint for Financial Prosperity http://www.waroncreditcards.com/ftc-halts-operation-of-edebitpay.html#comment-13579 » Don’t Ever Give Out Your Bank Account Information » Blueprint for Financial Prosperity Wed, 08 Aug 2007 19:27:03 +0000 http://www.waroncreditcards.com/ftc-halts-operation-of-edebitpay.html#comment-13579 [...] just read and blogged about how the FTC has shut down the operation of EdebitPay, a shady little operation that offers up prepaid and stored value debit cards. Lots of folks use [...] [...] just read and blogged about how the FTC has shut down the operation of EdebitPay, a shady little operation that offers up prepaid and stored value debit cards. Lots of folks use [...]

]]> Comment on Should Borrow Money To Pay Off Debt? by Jay S. Fleischman http://www.waroncreditcards.com/should-borrow-money-to-pay-off-debt.html#comment-143 Jay S. Fleischman Fri, 02 Mar 2007 23:46:00 +0000 http://www.waroncreditcards.com/should-borrow-money-to-pay-off-debt.html#comment-143 Balance transfers are a good way to reduce your servicing costs, but it's important to read the fine print. Many credit card companies will impose balance transfer fees. In addition, remember that once you transfer the balance from one card to another, you should cut the "old" card in half but do not cancel it; canceling the card may have adverse effects on your credit score. Balance transfers are a good way to reduce your servicing costs, but it’s important to read the fine print. Many credit card companies will impose balance transfer fees. In addition, remember that once you transfer the balance from one card to another, you should cut the “old” card in half but do not cancel it; canceling the card may have adverse effects on your credit score.

]]> Comment on 0% Balance Transfer Arbitrager’s Toolkit by War On Credit Cards » Should Borrow Money To Pay Off Debt? http://www.waroncreditcards.com/0-balance-transfer-arbitragers-toolkit.html#comment-136 War On Credit Cards » Should Borrow Money To Pay Off Debt? Sat, 24 Feb 2007 15:15:57 +0000 http://www.waroncreditcards.com/0-balance-transfer-arbitragers-toolkit.html#comment-136 [...] cards are waging a war, you just don’t know it yet. « 0% Balance Transfer Arbitrager’s Toolkit [...] [...] cards are waging a war, you just don’t know it yet. « 0% Balance Transfer Arbitrager’s Toolkit [...]

]]> Comment on Pay Off Smaller Debt or Larger Interest Rate? by missiondebtfreedom http://www.waroncreditcards.com/pay-off-smaller-debt-or-larger-interest-rate.html#comment-26 missiondebtfreedom Fri, 09 Feb 2007 03:49:20 +0000 http://www.waroncreditcards.com/pay-off-smaller-debt-or-larger-interest-rate.html#comment-26 I'm a Dave Ramsey fan, but have also tweaked the program to my own liking. Like you, interest rates concern me because the higher the rate, the more it melts away my "debt snowball." Better to knock out those high rate cards first and then move than $$$ on to the smaller, pesky debts. Good advice! I’m a Dave Ramsey fan, but have also tweaked the program to my own liking. Like you, interest rates concern me because the higher the rate, the more it melts away my “debt snowball.” Better to knock out those high rate cards first and then move than $$$ on to the smaller, pesky debts. Good advice!

]]> Comment on Debit Cards Are Not Your Friends by Tim http://www.waroncreditcards.com/debit-cards-are-not-your-friends.html#comment-25 Tim Tue, 06 Feb 2007 21:29:32 +0000 http://www.waroncreditcards.com/debit-cards-are-not-your-friends.html#comment-25 your points are good, unless you do get cash back from your debit card used as a charge card. I get 15cents every time i use the card. pack of gum here 15cents. a cup of coffee there 15cents. depending on the item, i use my debit for purchases up to $15, and then credit card for the rest. your points are good, unless you do get cash back from your debit card used as a charge card. I get 15cents every time i use the card. pack of gum here 15cents. a cup of coffee there 15cents. depending on the item, i use my debit for purchases up to $15, and then credit card for the rest.

]]> Comment on Pay Off Smaller Debt or Larger Interest Rate? by EMF http://www.waroncreditcards.com/pay-off-smaller-debt-or-larger-interest-rate.html#comment-24 EMF Tue, 06 Feb 2007 01:46:43 +0000 http://www.waroncreditcards.com/pay-off-smaller-debt-or-larger-interest-rate.html#comment-24 In your example, you did not distinguish the interest rates between the two debts, so I'm assuming that they're the same. In which case it makes sense to pay off the smaller first. At a payment rate of $100/month, you're not going to knock the larger debt down much and it will still charge a lot of interest over the next year. And if the interest rate on the smaller debt were higher it would definitely be the one to pay. Interest charges are interest charges no matter which debt they're applied to. In this example I would apply the $100 towards whichever charged the higher interest rate. Another thing to consider is the transaction cost of making a payment. If you pay your bill on line there's still the hassle factor and if you have to snail mail it there's the cost of the stamp. Plus if you're tracking your finances each debt adds even more to the hassle factor. If instead of the $1000 debt there were 10 debts of $100 each it would be worthwhile to pay off the smaller debts before attacking the $10,000 debt even if their interest rates were slightly lower due to the hassle factor, and the cost of a stamp on a $100 debt raises the effective interest rate by 4.68%. By addressing the smaller debts first, the number of bills to pay decreases by one each month in this example. In your example, you did not distinguish the interest rates between the two debts, so I’m assuming that they’re the same.

In which case it makes sense to pay off the smaller first. At a payment rate of $100/month, you’re not going to knock the larger debt down much and it will still charge a lot of interest over the next year. And if the interest rate on the smaller debt were higher it would definitely be the one to pay. Interest charges are interest charges no matter which debt they’re applied to. In this example I would apply the $100 towards whichever charged the higher interest rate.

Another thing to consider is the transaction cost of making a payment. If you pay your bill on line there’s still the hassle factor and if you have to snail mail it there’s the cost of the stamp. Plus if you’re tracking your finances each debt adds even more to the hassle factor.

If instead of the $1000 debt there were 10 debts of $100 each it would be worthwhile to pay off the smaller debts before attacking the $10,000 debt even if their interest rates were slightly lower due to the hassle factor, and the cost of a stamp on a $100 debt raises the effective interest rate by 4.68%. By addressing the smaller debts first, the number of bills to pay decreases by one each month in this example.

]]> Comment on Pay Off Smaller Debt or Larger Interest Rate? by » Linky Linky! on Blueprint for Financial Prosperity http://www.waroncreditcards.com/pay-off-smaller-debt-or-larger-interest-rate.html#comment-22 » Linky Linky! on Blueprint for Financial Prosperity Mon, 05 Feb 2007 02:37:52 +0000 http://www.waroncreditcards.com/pay-off-smaller-debt-or-larger-interest-rate.html#comment-22 [...] at War on Credit Cards, I write about the fallacy of paying your lower balances instead of your higher interest loans. Thinking about putting in a low flow showerhead? Check out Dawn’s experience with a low flow [...] [...] at War on Credit Cards, I write about the fallacy of paying your lower balances instead of your higher interest loans. Thinking about putting in a low flow showerhead? Check out Dawn’s experience with a low flow [...]

]]> Comment on Pay Off Smaller Debt or Larger Interest Rate? by » Linky Linky! on Blueprint for Financial Prosperity http://www.waroncreditcards.com/pay-off-smaller-debt-or-larger-interest-rate.html#comment-21 » Linky Linky! on Blueprint for Financial Prosperity Mon, 05 Feb 2007 02:37:52 +0000 http://www.waroncreditcards.com/pay-off-smaller-debt-or-larger-interest-rate.html#comment-21 [...] at War on Credit Cards, I write about the fallacy of paying your lower balances instead of your higher interest loans. Thinking about putting in a low flow showerhead? Check out Dawn’s experience with a low flow [...] [...] at War on Credit Cards, I write about the fallacy of paying your lower balances instead of your higher interest loans. Thinking about putting in a low flow showerhead? Check out Dawn’s experience with a low flow [...]

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