Credit Card Education

Latest Guides

  • Guide to Secured vs. Unsecured Debt
    Many people don’t realize it, but not all debts are the same. There are two basic types of debt – secured debt and unsecured debt. At the most basic level, the difference between the two is that one type of debt is tied to a piece of property while the other type is not.
  • CARD Act: Credit Card Accountability, Responsibility and Dislosure Act
    An informative, detailed guide to the CARD Act, a new law that protects consumers against predatory practices from credit card companies.
  • What to Do about a Stolen Credit Card or ATM Card
    If your credit card or ATM card gets stolen, it’s not time to panic. It’s time to take action. The longer you wait to deal with a stolen credit or ATM card, the more it will cost you.
  • Utilization Rate (Debt-to-Credit Ratio)
    Your utilization rate is a factor that makes up 30% of your credit score, so it's important to understand what exactly utilization is and how you can calculate yours.
  • Credit Card Debt Statistics
    See the 20 U.S. cities that owe the largest percentage of their paychecks to their creditors, and the average credit card debt and household income for each.
  • Debt Consolidation Scams
    While there are some reputable companies who can help you reduce or eliminate your debt, there are many more who only offer misleading statements and outright scams. Learn how to tell the difference between the two.
  • Credit Card Charge-Offs
    After six months of late payments, your credit card issuer will likely charge-off your account. But this doesn't mean your debt has been canceled. Find out how charge-offs continue to haunt you and your credit report for up to seven years.
  • Use Your Credit Card Before Your Score Drops
    Using your credit card to improve your credit score sounds counterintuitive, doesn’t it? I mean, doesn’t racking up additional credit card debt hurt your score? Yes, it does, but not using your credit card also has its risks. Find out how to maximize your credit score here.
  • Correcting Credit Card Billing Errors
    It’s not uncommon for billing errors to appear on your credit card statement. But, fixing the errors requires more than a simple call to the credit card’s customer service department. Find out which types of transactions you can dispute, and the best way to have them removed from your credit card bill.
  • Credit Card Terms
    Credit card terms and conditions affect your overall cost. So it’s wise to compare terms and fees before you agree to open a charge or credit card account. We explore the following terms in detail: Annual percentage rate; Free period; Annual fees; Transaction fees and other charges; Balance computation method; Average daily balance; Adjusted balance; Previous balance; and Two-cycle balances.
  • Your Credit Card Interest
    To calculate the interest on your card, the lender multiplies the card's interest rate (APR) times your credit card balance. This will give the interest for the entire year. The lender will divide this interest calculated by the number of months in the year, or 12. The sticky part is calculating the credit card balance. 3 methods: average daily balance; previous balance; adjusted balance method.
  • Getting A Credit Card Online
    Many people find it easy and convenient to use a credit card and ATM card. The Fair Credit Billing Act (FCBA) and the Electronic Fund Transfer Act (EFTA) offer procedures for you and businesses to use if you are the victim of a credit card theft. We give you 5 important steps to take. Also, we offer 11 tips for keeping your credit and ATM cards secure.
  • Take Charge Of Your Credit Cards
    Be smart - don't let anyone pull a fast one. Check to see you've been given back your card once you've paid for what you bought. When you accept your credit card make sure it’s the one you gave them. We teach you 6 simple ways to protect your credit information from identity thieves. Become an empowered consumer.
  • Rewards And Other Bonus Credit Cards
    Reward yourself. Don't get any credit card. Shop around for cards offering bonuses. Learn about 4 popular credit bonus programs. Be a smart consumer.
  • Credit Card Basics
    When you're looking for a credit card, consider costs and terms. Compare them with the costs and terms of the cards you already have to find the plan that best fits your spending and repayment habits. Key costs to consider are the annual percentage rate (APR, the annual fee, and the grace period. Also compare cash-advance fees, late-payment charges, and over-the-limit fees.
  • The Right Credit Card For You
    Choose the right credit card for your lifestyle and financial situation. Learn about secured vs. unsecured cards. Consider card terms, like annual percentage rates and frequent flyer miles. Know if your card issuer offers a grace period for repayment. Understand all the terms of each credit card before you sign up.
  • Once You Have The Credit Card
    Here are 6 ways to get the most out of your credit card: shop around; use only one card; pay off the balance in full every month; always pay on time; keep a low limit; avoid cash advances. SPENDonLIFE.com explains each of these great tips to help you become an intelligent, satisfied credit card consumer.
  • Credit Card Debt Causing Headaches
    Dolores Watson racked up a $10,000 balance on her credit card. She made decent money, $40,000 a year, but she could barely keep up. That's a giant headache that doesn't go away. This story happens all across the country. The latest statistics from the Federal Reserve show that our consumer debt averages to more than $18,000 per family and that doesn't even include the monthly mortgage.
  • Credit Card Debt Elimination and Facts About Debt In America
    Credit card debt continues to rise in America. Credit card debt elimination is no easy task. By the time you're in over your head, the interest on your debt creates ever-escalating payments. It’s happened to millions of Americans. Here are interesting facts about debt in America to help you keep a wary eye on creit -- 25 Fascinating Facts about Personal Debt. See why you're not alone.

Latest Blog Posts

  • Boom and Bust, Spend and Save
    BillShrink shares its perspective on Americans' spending and saving habits and offers a couple of recommendations for top credit cards.
  • BillShrink.com: My Two Cents
    Who wouldn’t like finding new ways to spend less and save more in their financial endeavors? I tested out the BillShrink product this past week and tell you how effective it really is.
  • Friday Grab Bag - 10/9/2009
    It's Friday again, and that means it's time for the weekly SpendOnLife grab bag! Here we share some of the week's more interesting tidbits from the world of credit and identity theft. Enjoy!
  • What are Automatic Credit Card Payments Really Costing You?
    How much is automatically charged to your credit card each month, and are those goods and services really worth the cost? Here's a quick calculation to help you decide.
  • 10 Steps to Avoid Christmas Credit Card Debt
    This 10-step plan below guarantees a calmer, less costly Christmas – one that’s free of credit card debt. The payoff? Thoughtful gift-giving that doesn’t leave you in the lurch AND a $0 credit card balance come January 1.
  • Friday Grab Bag - 10/2/09
    I was away at Finovate for part of this week, but am enjoying catching up on what fellow pf bloggers and others are saying about credit. Lots of great new posts. Enjoy!
  • Are You Irresponsible with Your Credit Card?
    Credit card debt is pretty much a black or white situation. There’s nothing gray about it. You either used your credit card responsibly or you used it...well, less responsibly.
  • 6 Cool iPhone Apps for Controlling Credit and Debt
    The six best credit- and debt-related apps to help you pay down debt, protect you from identity theft, and even occasionally rescue your credit card from the dinner bill.
  • Friday Grab Bag - College Edition
    It's Friday again, and that means it's time for the weekly SpendOnLife grab bag! This week we highlight the upcoming credit card ban on campuses, how college kids can learn about credit, and future college costs for the babies of today. Enjoy!
  • Credit Recipes: Cooking up Credit Score Greatness
    Like a slow-simmering chicken cacciatore, your credit score requires certain ingredients and ample time to bring out its full potential. The credit score recipes we show here will make the most out of the ingredients you already have in your “pantry” at home.
  • Friday Grab Bag - 9/11/2009
    It's Friday again, and that means it's time for the weekly SpendOnLife grab bag! Here we share some of the week's more interesting tidbits from the world of credit, debt, and identity theft. Enjoy!
  • Intervention: When Friends Can't Say No to Credit
    Sushi lunches to the tune of $40, eyelash extensions in the ballpark of $300, and Louis Vuitton handbags that cost more than the down payment on my car: Purchases made by the rich and famous, or by my unemployed best friend?
  • Friday Grab Bag - 9/4/2009
    It's Friday again, and that means it's time for the weekly SpendOnLife grab bag! Here we share some of the week's more interesting tidbits from the world of credit and personal finance. Enjoy!
  • 7 Advantages of Credit Cards
    We hear a lot of negative things about credit cards and why we don’t need them – but here are seven advantages that make them worth keeping in your wallet.
  • First Part of CARD Act Effective Today
    Today is August 20th, and that means the first phase of regulations set out in the CARD Act are now in effect. Here's the breakdown of the new rules that your creditors must follow.
  • Bad Poetry Contest: Credit Edition - $1000 Prize!!
    In honor of National Bad Poetry Day, we’re kicking off a pretty awesome contest in which you could win up to $1000 toward your latest credit card bill.
  • The Reality of the Joneses
    Do you have a "keeping up with the Joneses" mentality? You know, the mindset that you should have a better, bigger, and brighter lifestyle than those less fortunate, little people around you? Yep…you know what I’m talking about!
  • Friday Grab Bag - 8/14/2009
    It's Friday again, and that means it's time for the weekly SpendOnLife grab bag post. Here we share some of the week's more interesting tidbits from the world of personal finance and identity theft. Enjoy!
  • 12 Little-Known Credit Facts
    It's true, the world of credit can be a little dry sometimes. So I compiled these 12 little-known credit facts to spice things up a bit.
  • Can My Credit Card Company Sue Me?
    When you signed on the dotted line of your credit card agreement, you promised to pay off any debts you incurred on that credit card. If you default on that debt, your credit card provider may seek a judgment against you in a court of law.
  • Friday Grab Bag - 8/7/2009
    It's Friday again, and that means it's time for the weekly SPENDonLIFE grab bag post. Here we share some of the week's more interesting tidbits from the world of personal finance and identity theft. Enjoy!
  • Medical Credit Cards: Should You Get One?
    Medical credit cards are offered by lenders to consumers facing large out-of-pocket medical expenses. Here are the pros and cons of medical credit cards to help you decide if applying for one is the right choice for you.
  • Students Get Squeezed between Credit Card Companies and Colleges
    Students are getting squeezed between creditors and colleges both by having their privacy compromised as well as when they use a credit card to pay tuition.
  • Credit Card Arbitration and You: Get Ready to Rumble
    We all know the credit card companies aren’t playing fair. They’re jacking rates, slashing limits, raising minimum payments, or sometimes cancelling accounts altogether. Did you also know that they've most likely buried a mandatory arbitration clause in your contract, to avoid costly class-action lawsuits?
  • Weather the Storm by Keeping Credit Card Debt
    Under normal financial circumstances, even a faintly responsible person would advise you to get rid of your CREDIT CARD DEBT! However, you may want to hold on to your credit card debt until we weather this financial storm.
  • Friday Grab Bag - 7/17/2009
    It's Friday again, and that means it's time for the weekly SPENDonLIFE grab bag post. Here we share some of the week's more interesting tidbits from the world of credit and debt. Enjoy!
  • When a Credit Search Hurts You
    Does shopping around for the best rate during your search for a new credit card, auto loan, or mortgage hurt you? Learn when credit inquiries affect your credit score here.
  • Friday Grab Bag - 7/10/2009
    It's Friday again, and that means it's time for the weekly SpendOnLife grab bag post. Here we share some of the week's more interesting tidbits from the world of credit and identity theft. Enjoy!
  • Chase Gives its Customers a Much-Needed Kick in the Pants
    Chase’s recent decision to raise credit card minimums from 2% to 5% on almost a million account holders was (understandably) met with public outcry. But is raising credit card minimums from 2% to 5% of our balance really so ghastly?
  • Listen Up, Ladies: He's Just Not That into Credit
    The relationship that a guy has with his finances will more than likely mirror the other relationships in his life. If he doesn’t take care of his credit by paying back debts and curbing his spending, chances are, he's neglecting the other responsibilities and people in his life too.
  • FICO 08 Allows "Piggybacking"; Equifax Adopts the New Credit Scoring Model
    The FICO credit scoring system, originally implemented in the late 1950s by the Fair Isaac Corporation, has been undergoing a few lifts and tucks lately. The new scoring model, called the FICO 08, was first adopted by credit bureau TransUnion several months ago, and Equifax just announced that it will also begin using FICO 08.
  • Friday Grab Bag - 6/26/2009
    It's Friday again, and that means it's time for the weekly SPENDonLIFE grab bag post. Here we share some of the week's more interesting tidbits from the world of credit and identity theft. Enjoy!
  • Obscure Credit Score Facts from Liz Pulliam Weston
    In this week's Personal Finance Hour, Liz Pulliam Weston shares some interesting tidbits, personal anecdotes, and FICO facts that you might not know about credit scoring.
  • Today is National "Let It Go" Day!
    You might not know this, but today is national Let It Go Day. Because we’re a credit and finance blog, we think you should let go of all those past credit mistakes that you can’t go back in time and fix.
  • How Can I Raise My Credit Score?
    We get a lot of questions from readers asking "How can I raise my credit score?" Truthfully, there is no quick and easy fix, but there are some steps you can take that will help (some more quickly and dramatically than others).
  • Sound Familiar? Top 10 Money Lessons from Dad
    For many of us, our parents were the main influence for our financial outlook (for good or bad). To help celebrate Father's Day (it’s this weekend, don’t forget!), here are the top 10 money lessons from Dad.
  • The Problem with Paying Credit Card Minimums
    Less is definitely more when it comes to many things, but your credit card payment should never be one of them! Granted, paying only the minimum is tempting. But that eye-catching minimum payment can quickly become very unsightly.
  • Credit Card Delinquencies Way Up in the First Quarter of 2009
    Credit card delinquencies (defined as accounts that haven’t been paid in 90 or more days) increased by 11% in the first quarter of 2009. What are the reasons behind this sharp increase, and is there a solution?
  • Friday Grab Bag - 6/12/2009
    It's Friday again, and that means it's time for the weekly SpendOnLife grab bag post. Here we share some of the week's more interesting tidbits from the world of credit and identity theft. Enjoy!
  • Weird Credit Card Trend: More Defaults, Fewer Delinquencies
    As the credit crisis continues and the charge-off rate increases, credit card delinquencies are surprisingly on the decline.
  • Credit Card Issuers vs. Credit Card Associations: What's the Difference?
    Ever wonder what the difference is between the two logos featured on many of your credit cards? For instance, what is Visa’s role versus that of Bank of America’s in providing us credit? At what point do each of these companies make money in the credit card charging process?
  • Credit Card Fraud Protection
    Being smart with your credit cards and knowing your rights under the Fair Credit Billing Act will go a long way towards protecting you from credit card fraud.
  • Friday Grab Bag - 6/5/2009
    It's Friday again, and that means it's time for the weekly SpendOnLife grab bag post. Here we share some of the week's more interesting tidbits from the world of credit and identity theft. Enjoy!
  • Credit Card Companies No Better Than Gossipy Girlfriends
    Imagine that you had a disagreement with one of your friends over money. The following day, you find out that not just the one, but all of your friends have turned against you. This is a great analogy for understanding universal default.
  • Senate Passes Credit Card Bill of Rights: The Good and the Bad News
    You may have already heard that the Senate passed some sweeping credit card legislation yesterday. A similar bill may also go to vote in the House today, and once the differences between the two versions are reconciled, this Credit Card Bill of Rights could become law as early as next week. So what does the new legislation mean for you? Here's a summary of the good news and the bad news for consumers.
  • Debit Cards Take the Lead Over Credit
    Credit card spending has gotten out of control in recent years. In a recession where every dollar matters, people simply can’t afford to live beyond their means anymore. That’s where debit cards come in.
  • Credit Card Companies Bigger than the Law?
    For the past 30 years or so, credit card companies have been operating like a sovereign ruler might. Finally, the Federal Reserve is fighting back against the nearly self-governing industry.
  • Federal Reserve: Consumer Debt Keeps Dropping
    The Federal Reserve has just released consumer spending trends for the month of March. Here are the figures: Credit card borrowing fell by 6.8%. That's $5.4 billion saved! (Not as impressive as the $9.7 billion saved in February of this year, but still...)
  • Is Credit Card Insurance Worth It?
    In this unstable job market, credit card insurance sounds like a godsend. In the unfortunate event of a layoff, you need to know that your credit card bills will be covered. But is it really as worthwhile as it sounds?
  • Credit Cards for Teenagers: Educational Tool or Gateway Drug?
    The current credit crisis makes it clear that we need a better way to educate people about credit and its true costs. But is doling out more plastic - no matter how parentally monitored - the answer?
  • The Right Way to Shop for a Credit Card in the Crisis
    One of the key characteristics of the credit crisis is that credit card shopping has gotten harder. Not only have the minimum credit score requirements gone up, but some credit card issuers have stopped offering some of their most attractive perks, like credit card rewards. Indeed, finding a credit card in this economic landscape is different from the times when credit was flowing freely.
  • When Will We See Lower Credit Card Interest Rates?
    Remember being called into the principal's office because you did something bad? That must have been how the credit card companies felt this week, as they made their way to the White House under President Obama's orders.
  • Friday Grab Bag - 4/24/2009
    Every Friday we round up interesting news tidbits, personal finance advice, and scam alerts we think you’ll find interesting or helpful. Check here each week for informative and slightly off-the-wall stories related to the economy, credit, and identity theft. You never know what you’ll find in the Friday grab bag. Enjoy!
  • Debt Settlement Scams, Legit Credit Counseling, and Repayment Plans
    We've all heard horror stories of debt settlement scams: Fraudsters claim to greatly reduce or erase your debt, for a fee, but then do nothing to actually help your situation. Are there any legitimate options out there for those who are struggling? Learn which credit counselors can actually help, and what a repayment plan might look like in your situation.
  • A Super Easy Way to Cut Spending by 12% or More
    Studies have proven time and time again that credit cards make us spend significantly more than cash. To get a handle on our spending, the easiest thing we can do is switch to cash when we make purchases. Here's how.
  • Top 10 Ways to Pay for Your Wedding
    We all know weddings are about celebrating the love you and your honey have for each other, but let’s face it—they still cost a $!#&@-load. Whether your budget is $2000 or $20,000, explore these ten ways to finance your wedding.
  • Friday Grab Bag - 4/17/2009
    Each week we point you to interesting news tidbits, personal finance advice, and scam alerts that we think you’ll find interesting or helpful. Check here every Friday for informative and slightly off-the-wall takes on issues related to the economy, credit, and identity theft.
  • College Kids and Credit Cards: Sallie Mae's Latest Study
    Sallie Mae just released its 2009 study, "How Undergraduate Students Use Credit Cards." The results show that, despite the credit crisis, college students are relying on credit more than ever before.
  • Mailbox Emptier? Credit Card Offers Drastically Down
    It's not really a surprise that fewer credit card offers are being delivered to our mailboxes these days. Banks are trying to reel in the amount of credit they extend, not offer us more of it. Synovate released new figures showing a drastic decline in credit card mail volume in 2008.
  • Consumers Trim Debt with Cheap Thrills
    Americans cut back on credit card spending by a record 9.7% last month, but that doesn’t mean we’re not still having fun. We’re just remembering that having fun doesn’t always mean spending a lot of money. The businesses that are thriving in this recession are the ones that offer cheap, tried-and-true diversions that fit into the reformed budgets of American consumers.
  • Friday Grab Bag: Sign of the Times Edition
    Here's where we get to all the cool stuff that we discovered this week, from interesting news tidbits to sweet technology that we never knew existed. This week's theme is "Sign of the Times"....that is, you know you're living in 2009 if you're hearing phrases like "Saver's Remorse" and "8.9% unemployment rate," and cool items like woolly mammoths and English villages are up for sale but no one can afford them.
  • How Credit-Savvy Are Your Kids?
    How much do your kids know about credit? Are you showing them how to use credit responsibly? Here are 5 essential lessons about money to teach your children.
  • More Stuff = More Stress
    I’ve long felt that more stuff = more stress. More gadgets, more cars, more activities…it all equates to more of us running around like chickens with our heads cut off. Maybe I’m just being nostalgic, but didn’t daily life used to be simpler?
  • Be Smart with Your Tax Refund
    How will you spend your tax refund this year? If you have debt (and, really, who doesn’t?), consider using your check from the IRS to do some serious good…for your credit score.
  • Vaden v. Discover: Six-Year Credit Dispute Reaches Supreme Court
    Betty Vaden, a consumer who refused to pay down her $10,000 Discover card balance in 2003, is obviously a fighter. A series of counterclaims and appeals has led her case against the credit card company all the way to the Supreme Court.
  • Common Credit Card Myths
    Credit cards can be the subject of some pretty tall tales. The urban legends circulated about these small plastic cards are repeated so often that it’s hard to tell what’s true and what’s not. Here, we shed a little light on the most common credit card myths.
  • American Express Offers $300...for Customers to Close Accounts
    American Express is offering $300 to some of its customer to close their accounts. Sounds pretty good, but think about the price you're really paying before you jump at the opportunity.