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4 Reasons You May Need to Send Money Abroad

Financial institutions worldwide are working to create ways to send money abroad quickly and efficiently in our increasingly globalized world. Previously, you'd have to pay huge fees and wait several business days to send money to Australia or Asia. But now, you can use convenient remittance services and mobile transfers.

But why would you take advantage of those options? Here are a few of the most common reasons to send money abroad.

Supporting Family and Friends

If you have loved ones living overseas, sending money is a great way to show your support. It's a common practice in many countries. People may move to foreign countries for better work and more opportunities. Sometimes, students go abroad for school. Whatever the case, you can send money quickly and easily to ensure your loved ones are financially secure.

Vacation or Wedding Planning

You don't have to have family abroad to send money. If you're planning a huge vacation, you might facilitate international transfers to pay for lodging. Not every hotel or rental service accepts traditional payment methods. Sending money through a remittance provider or mobile transfer can help you reserve services and accommodations.

Many people who plan destination weddings go this route. You can easily pay for every detail while doing preparations stateside.

Financing Property Purchases

Are you dreaming of buying property overseas? If so, be prepared to send money abroad! The rules for purchasing property as a U.S. citizen vary from one country to the next. But regardless of applicable laws, you can't do anything until you can finance your purchase.

Many individuals who own vacation homes send money to Australia and beyond to make mortgage payments, pay utilities, etc.

Paying Suppliers

Finally, business owners might need to send money abroad to pay suppliers. Many of the products lining store shelves utilize components from countries outside the United States, from clothing items to raw materials.

These purchases are massive, so traditional payment methods aren't appropriate. Instead, businesses usually work with third-party specialists who can take payments and manage exchanges.

Read a similar article about help with PNC bank bill here at this page.

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3 Ways to Qualify for Loan Payment Assistance

Do you need Citizens Bank credit card payment assistance or help to pay down your loan? You're in luck. There are many great loan payment assistance programs available. The federal government created several options to cover insured mortgages and other debts during the pandemic. While many of those programs are over, you still have options.

Here are some ways you can qualify for loan payment assistance.

Changes in Employment

One major qualifier for assistance programs is a change in your employment situation. Economic shifts during the last several years resulted in millions of layoffs. People making sizable salaries were left searching for jobs in already crowded markets.

Finding a new job can take months, and assistance programs can bridge the gap. Some assistance programs require proof of your employment change and evidence that you're searching for a new job.

Low Income

Another way to qualify for loan payment assistance is to show you have a low income. Low-income individuals may qualify for assistance from private, government-backed and non-profit organizations. The exact qualifications can vary from program to program, but they typically have income thresholds. You may qualify for payment assistance if you show that you meet the requirements.

Proof of Income

One of the easiest ways to get Citizens Bank credit card payment assistance is to get a cash advance. Advances are not the same as payday loans. You may not encounter any interest or fees depending on where you get your advance. They're a safer alternative to predatory loans and can help you get back on track without sacrificing your financial well-being.

Cash advance apps often require that you provide proof of income. As long as you have money coming in, you can easily qualify for a modest advance. Use your advance to pay your loan on time, avoid late fees and protect your credit score.

These are just a few ways to qualify for loan payment assistance. There are several programs to explore. Study the eligibility requirements and investigate all options to find what form of aid is best for you.

Read a similar article about discover credit card payment assistance here at this page.

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What are Personalized Financial Offers?

These days, people have come to expect great offers from the credit card companies, lenders and financial lenders they work with. There are tons of competition in finance and fintech, so these offers attract customers while providing ongoing enticing rewards. While some big names in finance provide introductory offers to every new customer, some are moving toward a more personalized approach.

With an app for personalized financial offers, you don't have to settle for pre-existing solutions. Instead, you can find products that work for your exact needs. So, what is a personalized offer?

Personalized Offers: All About Individual Needs

At its core, a personalized offer is about deeply understanding the customer and their needs. In the past, having a one-track solution was okay. But these days, everyone's needs are different. You might see many great offers that compel you to explore more of what a financial company can do for you. However, you'll be hard-pressed to find something that meets your needs to a tee.

For example, credit cards with generous cashback rates might be great. But what if they come with higher annual fees or specific spending categories that don't apply to you? Suddenly that offer becomes less appealing than it looked on paper.

A personalized financial offer goes beyond face-value benefits. It's an offer customized to you, allowing the financial company to provide product and service solutions that are perfect for you!

While personalized offers can be a big boon for businesses, it's about more than increasing sales. An app for personalized financial offers can provide a much better customer experience. It makes working with the financial company smoother, builds brand loyalty and ensures you're getting all the rewards and features you need to see financial success!

Personalized offers can vary from person to person, but that's the entire point. Companies use progressive profiling to understand your needs and recommend products to help you reach your goals. Through a mix of core and supplementary services, personalized offers ensure that you're getting precisely what you need and taking advantage of every perk available.

Read a similar article about cash advance for utility bills here at this page.

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Tips on How to Decrease Your Internet Bill

Need help with Internet bills? Access to the Internet is no longer a luxury. Many people need it to work, stay connected with family and more. Unfortunately, managing internet costs can be a real struggle.

Follow these tips to lower your Internet bill without sacrificing that all-important connection.

Buy Your Own Equipment

Take a look at your latest Internet bill. There's a good chance you're paying a good amount to rent your provider's equipment. Equipment rental fees can vary but often cost around $15 a month. At first, that cost isn't a big deal. But when you compare the long-term rental expense to the cost of buying a modem and router upfront, you'll see that renting is a bad investment.

You can easily buy the equipment yourself. Many providers even list approved devices that work with their service. It's a higher upfront cost, but you'll lower your monthly bill and save in the long run.

Lower Your Speeds

How fast is your upload and download speed? Many people who need help with Internet bills can downgrade their plan without noticing much of a service difference. Providers often advertise the highest speeds possible. But do you really need over 900 megabits per second?

The average user will do fine with 50 or 100. That downgrade is unnoticeable for most, but you'll see it on your monthly bill!

Bundle with Other Services

Another great way to save is to bundle your Internet with other services you use. It's common for providers to offer awesome deals that include Internet, telephone and cable. Some even include services like home security or cloud storage. You'll pay more for all those things separately. Bundling them can net you substantial savings while still giving you access to everything you need.

Shop Around

Don't be afraid to shop around. These days, you likely have multiple providers vying for your business. There's nothing better than those introductory deals! While providers will eventually raise your rate, you may get a year or two at a surprisingly low discount!

See what's available in your area. Competing ISPs might offer better rates and services than what you currently have.

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Why Diversification is Key to Building a Passive Income Portfolio

A well-rounded investment portfolio isn’t just for the seasoned investor — it’s a must for those looking to build their passive income. Diversifying your investments across multiple asset classes, sectors, and regions helps reduce risk while potentially increasing returns in turbulent market conditions. Investing with an eye toward diversification can be your most powerful tool for achieving financial security read more

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Steps on How to Successfully Coupon

Couponing is the way to go if you're looking for ways to save on your weekly grocery runs. Coupons are small printed or digital tickets that allow you to save on the products you use every day. You get coupons from your favorite stores and brands.

Couponing takes time and effort, but the payoff is well worth it. Some people go to extremes, getting hundreds of dollars of merchandise for free. Want to know how to start couponing successfully? Follow these steps.

Familiarize Yourself with Your Store's Coupon Policy

The first thing you need to do is know how your grocery store handles coupons. Most will accept coupons, but there could be restrictions and rules to follow. Some only take a specific number of coupons. However, others will allow stacking, enabling you to save even more!

Read the store's policy to understand what you can and can't do.

Find Coupons

There are plenty of places to get coupons. Traditionally, they appear in newspapers, catalogs, store flyers and magazines. However, you can also use an app for coupons. They often have hundreds of deals waiting for you to use.

With physical coupons, you must cut out the ticket. Cashiers must scan the barcode for you to claim it. There's far less work if you're using an app for coupons. You can choose which ones you want, send them to a single barcode or card and scan them all in one go at the register.

Read the Terms

As always, read the terms! Like store policies, coupon terms can vary. Most have restrictions. For example, some only let you buy certain product varieties. They also have expiration dates.

Build Your Shopping List

Use the information you learn to build your shopping list. It's always a good idea to visit the grocery store with a plan to avoid spending more than you want. Buy the items with coupons expiring soon first.

To stay organized, pop your printed coupons in an envelope or folder. You'll need to present them to the cashier when you check out. Having them all in one place will save you time and help you avoid mistakes.

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3 Benefits of Cash Advance Apps

When money is tight and bill due dates loom, getting out of financial straits can feel impossible. But worry not: There are options to help you get cash quickly and efficiently. One of the best lifelines worth exploring is apps that offer cash advances.

These simple apps let you request a cash advance in seconds. But should you try using them? Let's look at a few benefits these apps offer.

Convenience

Let's face it: No one likes visiting a bank or requesting loans from family and friends. It's an awkward scenario that can be disheartening.

You can forgo the embarrassment and trouble with an app that makes cash advances. These apps are available on your smartphone and tablet. You can apply in minutes if you have an Internet connection. Furthermore, providers will send the advance directly to your bank account via wire transfer. That means no handling paper checks or making deposits at a branch.

Lower Fees

The alternatives to cash advance apps are loans. Unfortunately, many people resort to payday loans with ultra-high interest rates and fees.

Payday loans have a bad reputation in financial circles. It's not hard to see why.

The high fees and short repayment schedule put you at risk of falling into a dangerous debt cycle. If you miss a payment, you'll receive steep penalties that sink you deeper into the hole. It's a never-ending cycle that may result in you paying back far more than you originally borrowed.

Cash advances come with fees, too. However, they're more manageable.

Additionally, cash advance providers don't build the service to encourage failure. There are limits to how much you can borrow, ensuring you don't take more than you need. Advances are to help you out of financial straits, and cash advances are purpose-built to do just that.

Money When You Need It

Finally, apps provide you with quick results and fast cash! With a traditional or predatory payday loan, there's often a lengthy wait period. You have to submit an application and wait on a credit check before you get the decision. Then, there's the processing time for money to enter your account.

Cash advances offer a quicker alternative, bridging the gap between paychecks to help you cover bills and unexpected expenses.

Read a similar article about quick cash for college students here at this page.

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What is the Purpose of Credit?

Having a great credit score is essential to obtaining financial stability. The best way to look at credit is to see it as your financial power. No matter how much you make, there are times when you'll need to harness that financial power to make substantial purchases.

For example, most people need an auto loan to buy a car or a mortgage to finance a house. Credit is loaned money based on the promise that you'll repay what you borrow later. The higher your credit score, the more likely you are to qualify for loans and revolving lines of credit. A credit builder app can help you avoid dings to your score, making it easier to obtain credit.

Types of Credit You Can Get

There are two main types of credit available.

The first is an installment loan. These loans cover specific purchases, and your agreement with lenders involves paying for the loan in multiple installments. The most common forms of installment loans include mortgages, student loans and car notes.

The second type of credit you can get is revolving credit. With a revolving line of credit, you can purchase anything. There's a monetary limit on how much you can spend. You pay back the amount you spend over time. As you do so, you reduce your balance and make more credit available. Credit cards are the most common form of revolving credit.

Maintaining and Improving Your Credit Score

Your credit score is what lenders use to determine your creditworthiness. It reflects your ability to repay loans on time. Keeping your score high is paramount. Low scores indicate higher risks for lenders, making them more hesitant to provide loans or lines of credit.

Paying your bills on time is the best way to maintain your credit. Use a credit builder app to avoid late payments and the excessive fees that come with them.

Late fees can show up as a negative mark on your credit report. Furthermore, they can continue to affect your score for several years. Many factors contribute to your creditworthiness, but on-time payments are among the most significant.

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5 Benefits of Online Banking

A few decades ago, personal banking was significantly more time-consuming. You had no choice but to visit a branch location to make deposits, send money or check on your account balance. Fortunately, technology has made things much easier!

The dawn of the Internet ushered in a new way to manage your finances. Online banking revolutionized personal banking, providing a slew of game-changing benefits.

Round-the-Clock Access

It's never been easier to take control of your finances. Instead of visiting a local branch, online banking lets you access many features from the comforts of home. Log onto your bank's website or use its online banking app to check your balance, pay bills, initiate transfers and more.

The beauty of online banking is that it's available 24 hours a day, seven days a week. No more waiting until business hours to take care of your affairs.

Banking on the Go

Another significant perk is mobile banking. Most financial institutes nowadays have an online banking app. You can access your account and various services from your smartphone or tablet. Check your balance while you shop, keep up with bills while traveling and have peace of mind wherever you go.

Easy Synchronization

Do you use third-party platforms to manage your money? You're not alone.

Many people use personal financing apps to make investments or manage multiple income streams. Some use apps to create spreadsheets and budgets. Whatever the case, online banking easily synchronizes with these services.

Connect your account to improve accuracy and convenience.

Greater Transaction Visibility

The days of having to log all transactions in your checkbook are over. Now, you can refer to your online banking profile to look closely at how you spend. Online banking platforms detail every transaction and often update in minutes to reflect an accurate balance.

Enhanced Record-Keeping

In addition to having easy access to transaction history, online banking makes record-keeping a breeze. Most online banks offer years of statements, relevant tax forms and more. This small detail makes a big difference when gathering documents for a loan or investment.

Read a similar article about PNC bank online banking info here at this page.

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Guide to Starting Your Investment Journey

Investing is one of the best ways to grow wealth and secure a financial future. But let's face it: Diving head-first into investing can be daunting! It requires tons of learning and plenty of trial and error. But investing can pay off handsomely with vigilance and a willingness to learn.

In this blog, we'll help you understand how to get started, putting you well on your way to becoming a seasoned investor.

Understand Your Goals

So, you've set up your Commerce Bank account login information and are ready to invest. What now?

The first thing you need to do is think about your goals. What is the endgame for your investment journey? For some, it's retiring early. For others, it's creating a comfortable nest egg that helps pay for their child's education. Whatever the case, know what you want to achieve.

Having those objectives in mind will let you plan your journey. Think of it as working backward. Determine where you want to go and find investments that help you get there.

Read Up on the Art of Investing

It always pays to know what works in the market and what doesn't. There's no shortage of literature available, and much of it is written by successful investors. Investing isn't as black and white as it might look.

There are many ideologies, techniques and methods. A basic understanding of what you're investing in makes all the difference. Read up on how some greats achieved their wealth, and you can gain a deeper understanding of what it takes to grow your wealth.

Choose the Right Strategy

Investing involves more than simply setting up your Commerce Bank account login and buying stock. It's about choosing the right strategy for your life and goals. You know your current financial situation better than anyone else.

Consider how aggressive you want to be and what risks you're willing to take. Several investment strategies exist. You can be careful and confident in your investments, follow the latest financial trends, be more conservative with a risk-averse approach and more.

Diversify

One of the best tips you can get about investing is to diversify your portfolio. It's the epitome of not putting all your eggs in one basket. Investing involves many inherent risks, and diversification can help you protect your assets and take strategic risks.

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How to Get a Home Loan

Buying a home can come with a real sense of accomplishment. It's a significant milestone that many people dream of hitting. However, getting a mortgage can also be a daunting process. Purchasing a home is the biggest investment you'll ever make, and getting there involves a ton of paperwork.

This blog will review some of the paperwork involved and dive into what lenders are looking for before approving your home loan.

Income

Of course, lenders will only give you a loan if you have a steady source of income. There's no specific income threshold, but lenders will look into where your money comes from and how stable your income is. For most people, that means looking into your job history. They'll also investigate other income sources, such as alimony, child support, etc.

Assets

Lenders also look into your assets. They want to know that you have money saved and can make payments even if you encounter financial troubles. Be prepared to provide your Bank of America banking info. They'll use it to look at your savings accounts, retirement accounts, and taxable investments.

DTI

DTI stands for debt-to-income ratio. This calculation strongly indicates your ability to repay your loan and gives lenders a closer look at your cash flow.

Simply put, your DTI is a ratio that reflects your monthly debt payments compared to your monthly gross income. In addition to looking at your assets, lenders will use your Bank of America banking info to see how much money you have going in and out. They'll add up your recurring debts like credit cards, student loans, and auto loan payments. Then, they divide it by the income you're bringing in every month.

Generally, conventional mortgage lenders will not approve loans if your DTI exceeds 45 percent. However, some government-backed loans may have higher thresholds.

Credit Score

Your credit score will come into play as you apply for mortgages. Credit scores reflect your history of handling debts. Several missed payments can result in a low score that disqualifies you from many lenders.

Conventional mortgages usually require a score of at least 620. Government-backed loans may accept as low as 580. But even still, a higher score will give you better options and lower interest rates.

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8 Tips for Using Credit Cards Effectively and Responsibly

Managing credit card debt seems like a matter of common sense…until you realize that we have spent an estimated $887 billion in debt and have increased our debt 13% in 2022. Financial experts say it’s the fastest rise in more than 20 years read more

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Tips to Stop Living Paycheck to Paycheck

Did you know that, as of 2022, more than 60 percent of Americans live paycheck to paycheck? It's a grim figure that can make anyone worry about the future. When you live this way, you have very little wiggle room for emergency expenses. That means that an accident or unplanned fee can lead to financial turmoil.

Getting out of this cycle isn't easy, but these tips will put you well on your way.

Create a Realistic Budget You Can Follow

Start your journey to better financial security by setting a budget. The best personal finance app can help you better understand how you spend. See where your money goes now to identify areas where you can improve.

Then, set a budget for every significant category. For example, set limits on how much you can spend on groceries, rent, utilities, etc. Focus on the essentials and see how much you have left over. The goal is to increase that excess amount as much as possible.

Make Some Sacrifices

When you set a budget, you'll probably realize that you must make some sacrifices. That's a normal part of getting out of this paycheck-to-paycheck cycle. You can't afford to overspend on luxuries or eat out every day.

It's a bummer, but your sacrifices can pay off tenfold in the future. Prioritize the most necessary expenses and cut back on discretionary spending.

Pay Off Debts as Quickly as Possible

The best personal finance app can help you maximize extra money between paychecks. But what do you do with it? The best course of action is to use it to pay off debt.

Lower credit card balances, pay off student loans and take care of any debts that hang over you. Doing so will help you shrink your debt-to-income ratio. That will lead to fewer bills and more discretionary income between paychecks.

Put Money Into Savings

Don't stop at paying off your debts. Put extra money into savings. A padded savings account will cover you in the event of an emergency. Even if you have limited funds between paychecks, a well-funded savings account will ensure that unexpected expenses don't lead to financial ruin.

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What is Casualty Insurance?

You can get many types of insurance, and you probably see advertisements for policies you don't have every time you make a Liberty Mutual bill payment online. One type of insurance that often confuses policyholders is casualty insurance.

This blog will define this insurance category and provide examples of when you might need it.

Casualty Insurance Explained

Simply put, casualty insurance refers to a broad category of policies available to individuals, businesses, and employers. The goal is to protect policyholders against property loss, damage, and other liabilities. The key word to remember here is "liabilities."

This kind of insurance deals with liability concerns if you're directly or indirectly responsible for someone else's losses. Most people focus on what insurance can do for them when they get into an accident through no fault of their own. But what happens when you're the one who's at fault? Casualty insurance covers those instances.

Why You Need Casualty Insurance

Let's look at a few examples of when casualty insurance comes in handy. The easiest way to understand how it works is to look at the parties involved in an automobile accident. Say, for example, that you're backing out of your driveway.

You get careless and fail to see someone approaching from the left. You fail to check cross-traffic alerts and continue backing up, eventually hitting the individual's car and causing about $1,000 in damage. In this example, you would be at fault and legally liable for those damages. If you have casualty insurance, you can rest easy.

Of course, casualty insurance doesn't just cover individuals. It's an umbrella term that describes everything from aviation insurance to worker's compensation. Businesses can also benefit from this insurance.

Accidents often happen in the workplace. Whether it's an employee getting hurt stocking shelves or a customer who slips and falls in a store, those situations can be costly. Once again, casualty insurance can save the day, protecting businesses from the financial implications of legal liability.

Casualty insurance is worth getting. You never know what's going to happen. These policies are easy enough to get, and you can pay for them through the same Liberty Mutual bill payment online system. Even the most careful people can be liable for someone else's losses. This insurance can protect you, providing peace of mind to all parties involved.

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Good Habits Every Household Should Have That Can Decrease Your Light Bill

Are you looking for ways to spend a little less money when you make your Florida Power and Light bill payment online? You've come to the right place.

Keeping your home cool and comfortable is always a priority in the Florida heat. But you don't have to spend a fortune every month to do it. Here are some tips that can significantly reduce your power bill without sacrificing the comfort you need.

Unplug Electronics

The current trend in electronic design is to maintain "always on" operations. That might help with faster boot-up times and provide some convenience to how you use your electronics. But from an energy standpoint, it's a big waste.

Think about unplugging those gadgets that like to stay on even after use. You can also look at some of those sources of "vampire power." We're talking about microwaves, toasters, digital clocks, and other appliances that like to slowly drain power from your outlets.

Making a habit of unplugging your electronics can make a big difference.

Switch to LED Bulbs

Did you know that LED bulbs use about 75 percent less energy than traditional incandescent bulbs? Not only that, but they last about 25 times longer!

Switching your entire home to LED bulbs can dramatically reduce your light bill. Don't worry: You don't have to do it all at once. Make a habit of swapping out bulbs with LED alternatives when they blow out. In a few years, you should have an entirely LED home.

Maintain Weatherproofing

Here's something people don't think much about when making their Florida Power and Light bill payment online. Weatherproofing plays a big part in your home's overall energy efficiency. Think about the stark difference you feel when you walk into an air-conditioned home after being in the humid Florida heat.

There's a significant change; staying comfortable is about keeping that cool air inside. Good weatherproofing essentially seals and insulates your home. It helps maintains the cooler temperature, letting your air conditioner run less frequently.

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What Happens to My Money if a Bank Goes Bankrupt?

When most people think of keeping their money safe, their minds automatically go to putting everything in the bank. Financial institutions are mainly safe, but they're not immune to bankruptcy.

Banks can fail, go out of business, and get bought up by other companies. It happens more frequently than people realize. At least a handful of banks go out of business each year.

If that were to occur at your bank, what would happen to your money?

FDIC to the Rescue

What happens to your money depends on the bank itself and the type of account you have. You can breathe a little easier if you have an FDIC insured checking account.

Most consumer checking accounts and financial products have FDIC insurance. The Federal Deposit Insurance Corporation (FDIC) is a government agency that insures deposit accounts. That includes traditional checking accounts, savings accounts, CDs, etc.

FDIC typically covers $250,000. That applies to single and joint accounts. It also covers each beneficiary in a revocable trust and the deposited amount of retirement accounts. Unfortunately, the FDIC insurance doesn't apply to investments for retirement or money market accounts.

Do You Have an FDIC Insured Checking Account?

Always ensure that you're getting FDIC coverage when opening a checking account. Usually, banks will have official FDIC signage at bank locations, on websites, and within apps. They make the coverage well-known, so you should have no problem checking.

You can also call the FDIC's toll-free number or perform a search on the official website to learn about your bank's coverage. If you don't have FDIC coverage, you may want to consider moving your money. Financial experts also recommend splitting your money into multiple accounts if you have more than $250,000 in liquid assets.

Getting Your Money Back

When a bank experiences financial straits, the panic that ensues is always stressful. But don't let yourself be a part of it. Resist the urge to withdraw all your money when you hear of bankruptcy.

Not only does that put you at risk, but you'll likely find that all funds are frozen anyway. Be patient. The FDIC usually takes several days to take care of administrative duties. Your money will move to another bank that acquires the deposit accounts, or the FDIC will send you a check directly.

Read a similar article about tracking your household bills here at this page.

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Why You Should Stop Opening Credit Cards

Thinking about getting another credit card? Maybe you should read this blog and reconsider!

Credit cards can be an excellent tool for covering unexpected expenses. Using a line of credit wisely can also help you secure a better financial future. But overdoing it could have the opposite effect. Here are a few reasons why you should stop opening credit cards.

Credit Hits

Did you know that high credit utilization can significantly harm your credit score? Having credit is necessary to maintain a credit score, but that doesn't mean you should pile on the debt!

Credit utilization refers to how much of your credit you're using. It's the sum of your balances across every card! While there's nothing wrong with some utilization, anything over 30 percent can affect your score negatively.

Opening more credit cards only makes that figure worse.

Plus, you have to think about how applications factor into the equation—every application for new card results in a hard credit inquiry. Too many of those, and your score will decline, too.

Payment Difficulties

It's easy to get lost in the possibilities of a high credit limit. But what happens when those payments come due? If you're looking to decrease debt with low income, credit cards aren't the way to do it.

Even if you make the minimum payment and nothing more, you'll still have several bills with multiple credit cards. Those payments add up, turning your shopping spree into a nightmare financial situation.

A Revolving Door of Debt

Opening several credit cards can put you into a never-ending cycle of debt. It makes your attempt to decrease debt with low income a near impossibility.

Some people like to open new cards to transfer the debt, moving one balance to another card. That technique does nothing to reduce your debt. If anything, it increases it with changing APRs and extraneous fees.

Credit cards often have a high APR as it is. Racking up debt only makes things harder to pay off. In the end, you might pay several times more than the initial purchase.

Taking Charge of Your Finances

If you want to improve your financial situation, the first step is to stop opening new credit cards. Having a line of credit open for emergencies is good, but resist the urge to open new store cards and accounts. You'll thank yourself later when you avoid the common pitfalls of revolving credit card debt.

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