$41 for a coffee because you used your debit card and overdrafted? Not on this Consumer Financial Protection Bureau's watch! Overdraft fees will now be capped at $5 or a bank's *actual cost* to cover it (also about $5). Banks who really don't want to give up their sweet, sweet overdraft profits will need to start treating them as any other profit-generating loan product, such as credit cards. Fees and rates will be disclosed so consumers can shop around before choosing to open an overdraft line of credit, but a 16,379% APR probably won't draw many applicants.* *the typical overdraft is >$26, repaid within 72 hours, and incurs an average fee of $35, or an APR of 16,379.5% https://lnkd.in/ekDMJezc
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Multi-Award Winning Personal Finance Educator | Published & Syndicated Author
Avoid This $2,000 Credit Card Trap! #creditcarddebt #highinterestrates #financialtrap #impulsepurchases #saveforgoals #debtawareness #moneytips #personalfinance #financialfreedom #stopimpulsespending
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𝗔𝗿𝗲 𝘁𝗵𝗲𝗿𝗲 𝗮𝗻𝘆 𝗽𝗲𝗻𝗮𝗹𝘁𝗶𝗲𝘀 𝗳𝗼𝗿 𝗹𝗮𝘁𝗲 𝗽𝗮𝘆𝗺𝗲𝗻𝘁𝘀 𝗱𝘂𝗿𝗶𝗻𝗴 𝘁𝗵𝗲 𝟬% 𝗔𝗣𝗥 𝗽𝗲𝗿𝗶𝗼𝗱? Here’s the truth: Missing a payment, even during the 0% APR promotional period, can have serious consequences. Late payments can trigger: 𝟭 𝗜𝗻𝘁𝗲𝗿𝗲𝘀𝘁 𝗖𝗵𝗮𝗿𝗴𝗲𝘀: You may lose that sweet 0% APR deal and get slapped with interest rates, sometimes retroactively. 𝟮 𝗟𝗮𝘁𝗲 𝗙𝗲𝗲𝘀: The credit card issuer will usually hit you with a fee for missing a payment. 𝟯 𝗜𝗺𝗽𝗮𝗰𝘁 𝗼𝗻 𝗬𝗼𝘂𝗿 𝗖𝗿𝗲𝗱𝗶𝘁 𝗦𝗰𝗼𝗿𝗲: Late payments can damage your credit score, making it harder to get approved for future loans or credit cards. 𝗧𝗶𝗽: Always set up reminders or automatic payments to stay on track! #FinanceTips #CreditCardHacks #SmartSpending
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The Q2-2024 issue of Cardbeat US found that outstanding credit card balances continue to creep upwards. Those with an outstanding credit card balance report averages 2x bigger than Q1-23 (from $3,233 to $6,425). This comes at a time when 14% of credit cardholders say their interest charges outpace their debt payments over the past year. #persistentdebt #costofliving #debt #interestrate #creditcard #payments #research #us #outstandingbalances #revolvers
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How to Build Your Credit with Secured Cards Learn how to effectively use secured credit cards to improve your credit score. I share my experience with invitations, banks to trust, and tips for making the most out of your credit journey. Discover how to avoid predatory offers while building a solid credit foundation. #CreditBuilding #SecuredCards #FinancialTips #ImproveCreditScore #PersonalFinance #CapitalOne #CreditJourney #MoneyManagement #CreditCardTips #DebtFree
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If you commonly receive offers for credit cards or loans in the mail, it may be in your best interest to opt-out. Check out our latest article to better understand pre-screened credit offers, including how your information is obtained, the risks, and how to remove yourself from these lists: https://lnkd.in/g3MX6Fme #OneBank #SharedVision #ExtraordinaryImpact
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The Secrets of Credit Card Pitfalls Revealed – Save Your Money! Watch this video to uncover the shocking truth behind credit card interest rates and outstanding balances. Credit card companies often lure customers with attractive offers, tempting many to sign up – sometimes even for multiple cards they don’t need. But beware! This can quickly lead to rising debt, as credit card loans come with high interest rates, causing balances to skyrocket if not managed carefully. Learn the smart ways to use credit cards wisely to avoid falling into this trap. If you’re already struggling with outstanding dues, don’t worry – there are options available. Consider discussing a settlement to get back on track financially. Watch now and empower yourself with these essential tips! Link: https://lnkd.in/d2RJzAhu Sucheta Dalal Debashis Basu Yogesh Sapkale #CreditCardTips #FinancialAwareness #SaveMoney #CreditCardDebt #SmartSpending #MoneyMatters #FinancialFreedom
How to use Credit Card right
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Improving your credit score may seem complicated, but here are a few factors that make a difference: 💳 Your payment habits play a big part in determining your score. Pay early and pay the balance in full. 💳 Try to keep your usage below 33% of your available credit limit. 💳 The older your accounts, the better idea lenders have about your payment patterns. Make sure these accounts are kept active. 💳 Frequently applying for credit can reduce your score. These are just a few things to consider when working to improve your credit score. The professionals at Mowbrey Gil are here to help! #MowbreyGil #CreditScore #CreditCards
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I help business owners, and investors obtain the capital needed to start, grow, or scale their businesses or fund investment ventures by leveraging credit.
When most people apply for funding, they often end up with small limits like $500, $1000, or $2500. Let’s be honest—that’s not going to get you very far. Securing high-limit credit isn’t just about filling out a credit application. There’s a strategy behind it. If you want those high-limit credit cards, you need to build a solid banking relationship. Banks prioritize clients who have a history with them. Before applying for funding, open a checking account and start depositing money. The longer you maintain the account and the more money you run through it, the higher your bank rating will be. This is the difference between getting $50k in approvals and $250k in approvals.
