What You Need To Know About Credit Card Laws

Even though it may sometimes seem that credit card companies can do anything they way, there are credit card laws that regulate what they can and can't do, as well as how they can and can't go about it. Apart from when major changes are made, you don't regularly hear about these laws. One of the reasons for this is that a lot of the laws are fairly basic, but there are some exceptions. In fact, some big changes just recently went into effect.

One of the big changes is that credit card companies can't just simply change the terms of the agreement in any way they choose. The way it used to work was that they had to send you a notice spelling out the new terms; almost always written in undecipherable legalese, and in very small print. In theory, you could opt out of those changes, but only by paying off your balance and closing your account. To make it worse, you "accepted" the new terms, no matter how detrimental to you, through the continued use of your card.

Among the questionable practices, from the consumer's point of view is the ability to change interest rates at any time, and it doesn't matter if you have made every payment on time or not. Another is what is known as "universal default". This is where you miss a payment with one card, and all of your other cards punish you by raising your rate, even though you have paid them without fail. Credit card laws allowed them to do this, and the argument was that you had become more of a risk to them.

However, under the new law says they have to give you at least 45 days notice and give you a chance to close your account. Granted, that may not be the best option, but it's better than it used to be. In addition, the new law says that any increase in interest rates can only be applied to new balances. This is more fair as you should (in theory) always know what interest rate is being charged on any purchases, regardless of how old they are.

Prior to the new credit card laws, any amount you paid above the minimum payment could be applied in the way the credit card company saw fit. What this usually meant is that they would apply it to your balance with the lowest interest rate. This allowed them to collect even more from you by letting the higher interest balances bring in more money. Now the law states that they have to apply any extra to your highest rate balance first.

There are other provisions in the credit card laws that are meant to help the consumer. However, the law still largely favors the credit card companies so don't think everything will work in your favor; it won't. To put it another way, the laws are better than what they were, but they still have a long way to go.

Is An Unsecured Debt Consolidation Loan Right For You

Drowning in debt isn't fun. It's even worse if you had to go into debt due to events beyond your control. This happens far too often, but regardless of the reason, having no debt is far better than having too much. There are many different methods of reducing or removing debt, one of which is an unsecured debt consolidation loan. The word 'unsecured' simply means that you don't have any collateral to back up your loan. Instead, your loan will be backed by your signature on a contract as well as the terms of that contract.

If you happen to have a lot of high interest loans or credit card balances, then an unsecured debt consolidation loan could be the right choice for you. There are two good reasons for this. First, you will only have one payment to keep track of, instead of several. Second, the interest rate on a personal loan is typically much lower than other types of debt. So, not only will you have the convenience of making a single payment each month, but there is also a good chance that it will be much lower than the total amount you are paying now.

Another benefit of an unsecured debt consolidation loan is the peace of mind that it beings. You can't quantify something like that, but it's definitely worth noting. Think about it. You will be getting one loan to cover a bunch of various loans. Once your consolidation loan is approved, you will be able to pay off several of your creditors at the same time. Imagine not getting any more of those nagging calls from bill collectors!

Keep in mind that an unsecured debt consolidation loan can have a negative impact on your credit, at least temporarily. That's because your credit score can be lowered when you close an account; no matter what the reason for closure is. And, as you will be paying off a lot of places at the same time, this can be reflected in your score. However, it shouldn't last any longer than a few months. Plus, it's often better to take the short-lived hit on your credit score than it is to have the temptation to spend now that you accounts have a zero balance.

Because you won't have any collateral, you will have to shop around to get the best deal on your consolidation loan. The good news for you is that there are a lot of companies out there, and they are in stiff competition with each other. With luck, that competition will result in a better deal for you.

If, for whatever reason, you are turned down for one unsecured debt consolidation loan, don't give up. Keep trying. There is sure to be a lender out there willing to work with you. You can go to a local lender, or search online for various lenders. Be sure to look into them to check if they are a good company to work with or not. Most companies are on the up and up, but it's your money and you need to be sure.

Good And Bad Of A No Balance Transfer Fee Credit Card

Credit card debt is out of control, and there are statistics to back that up. Getting out of debt is a goal that is shared by many people. There are several ways to get rid of debt, one of which is debt consolidation. This can be done by going through a debt consolidation company, getting a consumer loan or transferring balances to a single card. Not all offers are created the same. So what about a no balance transfer fee credit card?

Believe it or not, quite a few credit cards will charge you to transfer balances from other cards. Even if they are offering a very attractive interest rate, they may still add on fees. For example, they could charge $50 just to make the transfer, then a certain percentage of the total (this isn't the same as the interest rate though, it just adds to your balance). Regardless of the additional fees they are charging, it still may be a better deal than what you are currently getting.

Generally speaking, a card that doesn't charge balance transfer fees is better than one that does. However, credit card companies are very good at manipulating the numbers to make them look attractive to consumers, while earning more profits from hidden fees and the small print. But, all other things being equal, it makes sense that paying nothing to transfer money to a new card is a better than having to pay for the privilege.

The only way to know for sure whether the no balance transfer fee credit card is the better deal than one that charges fees is to read the terms of the offer. Once you understand how the fees and interest rates compare, then you can start making calculations to see which one is the better deal in the long run.

Another trick credit card companies use on no transfer fee offers is to have the lowest rate apply to only a portion of the transfer. A fairly typical offer is 0% interest for the first 6 months, but that only applies to the first $3,000. Anything above and beyond that amount will then fall under different terms.

You should also know that you can usually keep transferring balances (remember to check the terms of your agreement). So, as soon as the attractive introductory rate runs out, you can find another card that offers a similar rate and transfer your balance to that card.

There is one more thing to keep in mind when getting a no balance transfer fee credit card. What is it? Don't rack up more charges on your cards that now have a zero balance. It can be really tempting to do this because you will be spending less each month, and you will now have credit cards that have no balance on them. Whatever it takes, avoid that temptation! Do it right, and your debt will be back under control in no time.

Gold Price - Dare To Ride The Bubble - Maybe

One great way to gauge the economic state we're currently in is to keep an eye on the gold price chart. Savvy investors know that as the value of the dollar falls, along with other distressing economic signs, such as high unemployment, is usually a sign that the price of gold is going to go up.

Not just gold either, but other commodities as well. A lot of investors will try to keep the value of their investments safe by switching many of their holdings to gold and other precious metals.

Lately it's been easy to tell what many investors think about the state of the economy since gold prices continue to rise. The price of gold, as with other commodities, is tied to supply and demand. The ever increasing prices of gold is an indication that demand is high.  That is in direct correlation to the fact that the value of the  dollar is falling.

Many investors are still buying gold even though the prices are at an all time high, which goes against the wisdom of buying low and selling high. Many believe that gold will continue to rise for the foreseeable future.

Others, think that the gold 'bubble' will burst, similar to what happened with the housing market, and those that waited too long to jump in and paid a lot for their gold, will either be stuck with it for a long time (until prices rise again) or could take a bath and lose a lot of their initial investment.

Obviously, it remains to be seen which camp is right and which one is all wet.

Of course, the price of gold can fluctuate several times throughout the day. The price you pay per ounce will also be determined by the way you buy your gold. If you buy jewelry you can expect to pay more per ounce than the flat rate price simply because the piece of jewelry has a lot of labor and fabrication put into it so you will have to pay for that.

If you buy a gold coin you may also pay more than just the straight price per ounce if the coin is an antique or exceptionally rare. In those cases you will be paying more than just the price of the gold that makes up the coin, you'll also be paying for the added value to the coin due to it's age or uniqueness.

The reason that the current price of gold is at an all time high is simple, there is currently a very high demand. The more people want to have the gold that is available, the higher the prices for that gold.

With the instability of many economies around the world, people are seeking safety for their assets and are buying more gold and other precious metals. The more they buy, the higher the price. Simple supply and demand.

With the gold price so high right now, only you can decide if it makes sense for you to jump right in. Everyone has their own opinion, but only you can decide what is right for you. Even if you do decide to take the plunge don't invest everything. You never want to have all your eggs in one basket.

Gold Nugget Invest - Tips For Keeping It Simple

Today's investor has more options than ever if they want to invest in gold. They can buy gold coins, gold jewelry, stocks in companies that mine gold or hold gold reserves and even gold nugget invest. It's really up to you as to what type of investment makes the most sense for you and your financial goals.

Of course, buying raw gold, in nugget form, is much different than the other forms you can buy gold in. It's important that you educate yourself before you go out and try to find yourself a prospector.

The first thing you want to do is to find several mines that are close to you and that you can trust. Of course, depending on where you live, you may not have one close by, but if possible find several that are located together so you can visit them all at the same time.

Once you've identified several mines that you are interested in, see if they have a phone number or website. If so, it will be an easy matter to find out if they sell gold directly to individuals.

Next, you will need to decide which nugget you want. Since each nugget is unique there is no uniformity in pricing. In most cases the bigger the nugget the higher the price. Since it's not common to have a large, intact nugget you will have to pay more...no volume discounts here.

Nuggets may not be all gold, they can be made up of other rocks and dirt. In order for you to determine how much actual gold is in the nugget, you'll need to perform a gravity test. This is a simple test to make sure that you don't get taken by unscrupulous people.

I won't get into the exact method for figuring out the specific gravity in this article, but it's fairly simple and you can find resources online that will show you how to do it. All you will need is a simple mathematical calculation, and a glass of water and string.

Once you know the actual amount of gold in the nugget you can judge whether or not the seller is asking a reasonable price.

In order to find out how reputable a certain mine is, you can often go online to various forums that cater to those who invest in gold nuggets and ask around. If someone has had a bad experience they are usually very willing to tell everyone about it.

Sometimes it's not quite so easy to hear about the good experiences tough, so keep that in mind. If you want to hear about the good places you may have to dig a little deeper and ask more questions.

One of the neatest ways to invest in gold is to find
a gold nugget invest mine that you can buy from directly. This is just a fun way to go about it. Even your kids may enjoy getting into the process. Of course, you still have to use your head and make sure you know what you're doing so you don't get taken, but it is a fun way to invest.