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Kevin Erickson's Articles in Credit

  • Factors That Trigger Credit Card Rate Hikes
    Are credit card companies trying to scam you? On the one hand, they provide a valuable service that gives you the added convenience of being able to purchase items and services you need and sometimes don't need and to pay them off in a manner that best suits you.

    On the other hand, some credit card issuers are trying to scam you and they do everything in their power - legal or otherwise to do it. Legal or not, many of the practices they follow are clearly unethical and unl...
  • Credit Card Payment Holidays - Blessing Or Curse?
    If you have a credit card (most Americans have over 10) then you've probably received an offer called a "payment holiday". You'll receive a letter that says something to the effect, "That because XYZ Credit Card Company understands how difficult it is for some families around this time of year to make ends meet (or whatever other excuse they can come up with) that you are being given the opportunity to take a month off from making your monthly payment as a 'special gift' and ...
  • Credit Card Interest Rates - Why It's Important To Understand How They Work
    Einstein put it best when he said, "Compounding interest is the greatest mathematical discovery of all time". Now the question you need to ask is, "Do I want this force working for me or against me?" If you own a credit card and you carry-over balances from month to month then you've got that amazing force called compounding interest working against you.

    In this article, I'll attempt to explain how this "force" works against you month after month after month, in the form o...
  • The Countless Alternatives To Credit Cards
    Thanks to the constant stream of credit card offers you receive in the mail or through television few people understand that there are viable alternatives. Below are five of those alternatives.

    1. Debit Cards
    Debit cards have been used in many European countries for a number of years, but are relatively new elsewhere. In a nutshell, they are just like credit cards and are accepted in most places where credit cards are accepted. The biggest difference is that they take m...
  • How Your Credit Score Determines The Size Of Your Bank Account
    Every time you apply for any type of loan or you are issued credit or you pay any bill, it becomes a part of the equation that determines your credit rating.

    The primary or big three credit agencies are: Experian, Equifax and Trans Union. The credit score they determine is what all major lenders and most companies use when deciding if they will lend you money or issue you credit and the terms that credit will have.

    Your Credit Rating - What Does It Include?
    All of your...

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