Avoid Credit Card Pitfalls

Choose a credit card and use it wisely. Look out for hidden fees. No annual fees are the best. Higher debt limits help you with your usage ratio and your fico score.

Here are 4 tips to help you avoid those nasty credit card pitfalls. It is essential to remember that your credit rating score is calculated partly based on usage ratio. This ratio is determined by dividing your full debt total with the total available credit on your card. In this regard, it will be to your best of interest to have a higher ceiling limit so that you don’t end up using too much of the said utilization. Here are some tips to help you avoid the many pitfalls you may encounter when using it.

four credit cads
Credit cards are useful, but you must use it wisely.

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Want To Pawn Your Jewelry?

As with any personal or business loan, familiarize yourself with the terms and conditions of the loan when you pawn your jewelry. Be ready with a strategy to negotiate.

There is an upsurge of many people in the middle and upper class selling or pawning their jewelry, gold and even their xbox 360, as an alternative to short term loans. When in hard times, many want to know how to pawn something. Below are tips on how to get the best price at a pawn shop.

his and hers rings
Before locating a pawn shop nearby, you might first want to look at the terms online.

Familiarize yourself fully with the terms of the loan. This will help you avoid high expenses on interests and you can offset the loan in a timely manner. You may want to first look at the loan terms online before you make a face to face negotiation.

1. Select a well known or reputable pawn shop. Dingy pawn shops may give you a questionable deal.

2. Decide on whether it is a loan or selling that you want. Selling always attracts more money and most pawn dealers will give you up to 20% more than they would for a loan.

3. Get the correct valuation for your jewelry through a professional.

4. Familiarize yourself fully with the terms of the loan. This will help you avoid high expenses on interests and you can offset the loan in a timely manner.

5. Look around and learn to negotiate. Many jewelry outlets pay well when gold prices are high, so do not limit yourself to the first that you come across. Look around and compare rates, you can also do so online. Have your gold /jewelry appraised and carry that documentation along when you visit the pawnshop. If it has its original packaging, that even adds more value. Do not fear to haggle and bargain when negotiating, it is expected at these pawn shops.

6. Good quality goods are a prerequisite with pawnshops. This way, they get sold quickly. Polish your jewelry and let it be very attractive; it will earn you a good return. This is true and you can count on getting instant cash for gold, jewelry, firearms and watches.

7. Have a sob story as pawn dealers prey on the emotional attachment a seller/ loan seeker has to the commodity such as a family heirloom to assess their financial situation and the ability to pay. Do not act desperate or you may get less money from the pawn broker.


  • Expect a big devaluation on your goods
  • Walk around different pawnshops and compare the prices being offered
  • Look at other alternatives like going to a jewelry shop or online auction sites.

On the flip side, you may visit a pawnshop for purposes of purchasing some items. What is generally recommended includes:

  • Tools – Home tools for do it yourself jobs around the home can be quite expensive when bought as new. A visit to the pawn shop can save you a bundle as their rates are unbeatable.
  • Jewelry – The prices here are virtually half on all jewelry and yes, they are the real deal.

Qualifying for Bad Credit Charge Cards

You can fix your credit when you have bad credit with a FICO credit score of less than 600, One way is to pay more fees and interest for a bad charge card and manage it well.

When bad credit is a problem, it is difficult to get a credit card, but usually many can qualify for bad charge credit cards. It is a reality that an individual who combines a low credit rating with a spotty history shall always end up spending more money in the end. Yet, by being a little bit careful, an individual might be able to see their credit score increase over a certain period of time. The credit situation of people requires a different card, yet there are 2 categories of cards that can provide a lot of help to individuals who seek to fix their bad credit.

six credit cards
If you have a bad charge credit card, the goal is to better financial management until you can qualify for better deals.

In this article, we shall provide some general information about the cards to use in order to solve bad credit issues. More precisely, we will discuss about the potential reasons for getting a bad credit charge card, about the bad credit charge card, about the secured credit cards, and also about the retail store credit cards.

Individuals generally want to get the best worth for their buying dollar. Consequently, when shopping for a new credit card, they typically search for those that have the lowest interest rate, that do not incur fees, and that feature the most liberal terms of payment. For bad credit clients, the search is more restricted. Indeed, because of previous shaky credit usage, clients with a bad FICO credit score lower than six hundred have to pay the financial institution for the risk in giving them money.

The client shall end up paying higher fees and also interests in comparison to the other consumers. Nevertheless, these card firms report the new and good payment to the credit bureaus and thus participate in the repair of the past bad credit usage of the consumer. With a decent use, an individual should be able to rehabilitate credit and move onto better financial deals that cost a lot less money.

Bad credit charge cards have common variables that differentiate them from offerings for the ones with preferred credit. First, the interest rate that they bear is generally much higher, usually reaching the twenty-percent bar. Second, there generally is a substantial annual fee. Third, it is also very possible that there be a fee to apply for and maintain the credit card. Finally, these cards usually lack the rewards programs that other credit cards offer. A bad credit charge card is mainly destined to be used as a means to rebuild credit.

One common type of bad credit charge card is the secured card. A secured card offers a credit line that is equivalent to a deposit amount that the financial institution keeps in the name of the cardholder. The deposits are kept by the bank in a savings account that generates interests. Those deposits may be increased at any moment if the client wishes to have a higher credit limit. After a couple of months of regular settlements, the financial institution may take the decision to offer normal credit terms to the client. If the client fails to pay, then their deposit shall be forfeited to the financial institution. Secured cards are basically a low-risk means for bad credit consumers to rebuild their credit. However, individuals ought to be aware that the initial set-up is quite pricey.

In many cases, bad credit clients get store credit cards in order to raise their FICO score. Yet, these store cards may end up being another source of concern for consumers whose main habit is overspending. In order for a retail store card to benefit the bad credit cardholder, there must be a reasonable amount of money spent each month. This basically means that the consumer should not spend more than what they can pay back each month.

Keeping a Financial Diary

Before you practice the basics of effective financial management, you need to know the components of your spending. For that, you need a diary.

The first step in keeping your finances in order is keeping a financial diary. For you to easily ensure that your economic position in the future is secure, one of the things you will need to do is make sure that you manage how you spend your money properly. There are things that you can do on your own to control your spending.  One of the easiest of these is to simply keep a log of how you spend your money.This is a cheap but effective way for you to keep your personal finance in order.

open diary with calculator
Effective financial management requires a diary.

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Personal Finance Category Posts List

AFSB posts on news and articles in the Personal Finance Category.

money, credit and debit cards and calculator
Everyone should learn the basics of personal finance.


Learning the Stock Market; Know How to Invest in Stocks

Small and big Investors should take classes before investing in the stock market. There are many webinars, seminars and college courses available..

Although many already have investments in the stock market in the form of retirement plans, many of them still don’t know how the stock market works.  Knowledge about stock market investing are usually reserved to those with some experience or those who studied finance in school. Doctors, nurses computer programmers, lawyers and others, lack enough know how to make investment decisions for themselves. They usually make investment decisions with information from the brokers, who sell them the investments.

bull and bear mini statues
Two animals often mentioned with the stock market are the bull and the bear.

One cannot escape the stock market as a sound investment, but know how is a must. The traditional bank money market rate is around 1.2 %. Savings account rates are even less.  Compare that to the 2012 rate of return of the S & P 500 at 15.89 % and a 2013 rate of return at 32.15%.

Rates of return are not always the same in the stock market. In fact, in some years it loses. Smart investing maximizes his returns and minimizes his losses. Minimizing losses is the key. In investing, one should remember Warren Buffet’s quote. He is one of the most successful of all investors.

“The return of your money is better than the return on your money.” – Warren Buffet

Rather than leaving it up to the “experts” of investment firms, investors must learn about investing. There are schools and internet affiliate marketing programs who offer online classes on its website to save time from going to class. Always keep in mind that sometimes, the experts who give advice make money with investments. Watch it when they also make money if you lose. In the end, it is your money to win or lose.

Need a Loan? Take a Look at Secured Personal Loans

Secured Personal Loans are easier to get than other personal loans because an asset is offered as security. One should understand the loan terms.

If you are looking into getting a loan, look into secured personal loans. One of its benefits of  is the fact that they are normally much easier to get than other kinds of loans, since you offer security for them. The fact that you offer security for the loan means that the lender may be a bit more lenient and give you better terms for the loan. For instance, they may end up charging you a lower interest rate than usual.

money and home drawing illustration
One should look into personal secured loans for easier, quicker and simpler loan terms.

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