Here is When You Should Think about Closing Your Credit Card Account

Closing a credit card account is a big decision and a decision that most people do not know when to make. It is critical for them to know when they should think about closing their credit card account, especially if having it open is causing them distress. The following reasons will help you decide on when is the right time to start thinking about closing your credit card account:

1.      It Does Not Offer Any Rewards

You do not have to think twice about closing a credit account that does not offer you any rewards. With so many cards offering people rewards, you need to switch to one of those and get rid of the one that you currently have. However, there are times when you will need to close a credit card that earns you rewards. If the rewards are difficult to earn, you should switch to a card that offers rewards, which are easy to earn.

2.      A Pending Annual Fee

Have you obtained a credit card on which you have to pay a huge annual fee? If you are thinking of closing it, you need to examine the value of the credit card to determine if you should close the account or keep it open.

You have to look at the benefits the card offers you and if the cost outweighs the benefits, it is time to close it. For future reference, when you apply for a credit card, you need to look at its features and consider how many of its features you will actually use. If you end up not using any or use one or two rarely, you should close the account.

3.      High Interest Rate

You should not carry a balance on a credit card with a high interest rate. Instead, transfer it to a card that carries a low interest rate. Before you begin to transfer your balances to other credit cards, you need to understand the charges associated with balance transfer. Most credit cards charge 3 percent from the amount transferred to another card. Some credit cards convert balance transfers, changing them to cash advances.

4.      Close Your New Card; Use Your Old One

The duration you have your credit card influences your credit card score. If the card is old, but you never use it, you should use it. The credit card company will either consider the account as inactive and close it or bill you an inactivity fee. Closing the old credit card will affect your score negatively. Keep it open and use once or twice each month.

If you want to increase your credit card score, close your new card, but only if results in a superior average age for the credit cards you have open. If you obtained a new card to benefit from its introductory rate, which is about to expire, you should close it.

Analyze all your credit cards to see which ones you can let go and which ones you need to keep.


What Justifies a Firm’s Use of Long Term Loans — Advantages and Disadvantages

Wondering what a long term loan is? It is basically a form of debt that you are supposed to pay over an extended time period, but this time frame should extend the duration of one year. A business gets this loan so that they can buy assets, equipments and inventory or to get additional income for the operations. Some of the common examples of long term loans are boat loans, car and auto loans, equity loans, mortgages, personal loans, and student loans.

Coming back to the question, is it ever a bad time to go for long term loans? Well, everything has its own set of advantages and disadvantages, so let’s have a look at them from a business’s perspective:

Advantages of Long Term Loans

If you look at it from the firm’s perspective, long term financing has a number of advantages. They are:

Debt Not Costly

The debt is not at all costly. The reason why it is not costly is that the interest of debt is tax deductible and secondly, a lot of investors consider this to be a less risky investment, since it has a low return rate.


Another advantage is that it provides flexibility in the financial model of the company. This flexibility can be increased with the help of insertion of call provision in the bond structure. It is important to know that in case of over capitalization; the company can make use of the debt so that they can balance the capitalization.

Lack of Interference

Another great advantage is that there is no interference in your business operations, because the bond owners are basically creditors, and they don’t have a right to vote and meddle with your business.

Tax Saving

Your company will get a chance of saving tax on interest on debt.


The budget allows you to buy things that would not have been possible without the long term loan. The debt gives you a chance to work to stay in touch with the lender, so that you can find out how much you can pay back every month in the long term.

Disadvantages of Long-Term Loan

There are certain disadvantages related to long term loans. Let’s have a look at them from the firm’s point of view:


Remember that interest is always a burden because the company has to pay it to the bondholders. The problem is that the company has to pay this amount, irrespective of the fact that whether they are receiving any profits or not.

Maturity Date

Another disadvantage is that long term loans have a fixed maturity, which means that the investor has to reinvest their money once the bond has reached its maturity.


The debt makes this source of financing extremely risky. The company has to pay the interest in the given period of time because non-payment can result in bankruptcy.

In conclusion, you should weigh the advantages and the disadvantages before going for a long term loan.


The Top Credit Card Don’ts

Credit cards can easily seem like the knight in laminated shining armor when you need cash for that one thing you cannot resist buying or the dream vacation that you must go to, plus you are earning big rewards on it, so you are not really splurging irresponsibly, or are you?

Credit cards are great to establish a good credit score by keeping up with your payments and showing off this pattern during your loan borrowing meeting. That being said, owning a credit card is enough to put you at risk of making blunders with the use of it.

Having Too Many of Them

Foregoing the shredder may not be the best decisions, especially if you are sporting too many credit cards. You have to stop and think if you really need a credit card. Essentially, to build a good credit score, you need 3 cards. If you have more than that and you do not really need them then you stand a good chance of being pulled down in debt.

What most people do not know is that having too many credit cards can also impact their credit score negatively, which would ultimately negatively influence their eligibility to be able to borrow loans. Do not make the mistake of dividing your spending between different credit cards, just because you find yourself hitting the limit of one card; chances are you will be tempted to utilize till the limit of the second card as well.

Complex Introductory Rates

It is easy to misunderstand rates. Most people get a new card so that they can transfer the money to a no-interest account. ‘Deferred Interest Rates’ are a type of introductory rate that traps consumers. The deals are usually offered with big purchases like an appliance or a piece of furniture. Remember that when it comes to credit card, interests are stacked from the day of purchase. If you don’t pay off debt during the introductory period, the rate increases.

Matching the Wrong Card to Your Lifestyle

People are usually tempted to ignore the fine print on a card because they are too busy rummaging through details of its other attractions. Choosing between different credit cards is not about which ones get you the best rewards and rebates. If you are carrying a balance that comes with high interest rates, remember that reward points are rarely helpful.

Making Late Payments

Paying your credit card bill late may be better than not paying it at all, but that still has you paying off late fee, and on top of that a bad credit report. You should review your monthly statement, and make sure you prioritize expenditure and the bills you have to pay off, this way you won’t ever be late to pay off the bill. Also, checking your statement vigilantly every month helps you detect a case of identity theft, if there is one.


How Payday Loans Work

Payday loans are an alternative to conventional loans. These loans are suitable for meeting cash shortfall during the end of the month. Unlike traditional loans, payday loans can be obtained by individuals who have a bad credit history. Moreover, they are much easier to obtain as compared to the conventional loans.

Benefits of payday loans include less strict loan requiremnets and fast  approval. However, these loans entail high interest rates. Here we will take a look at how payday loans work, and what are the associated rates and charges.

About Payday Loans

Payday loans are very short term duration loans, typically less than three months. Individuals can apply for payday loans online. In the UK, there is no limit to the rate charged by the lenders. Some of the lenders charge annual percentage rates (APR) as high as 2000%. That said, this figure is meaningless if the loan is availed for 2 months or less.

For instance, a payday loan of £300 that is repayable in 2 months, and has an APR of 2000%, will have the interest rate of £198. However, the longer the repayment period, greater is the interest that you would have to pay on the loan. You can calculate borrowing costs of payday loans by using the online calculator here

How to Apply for Payday Loans?

To apply for a payday loan, an individual will need to provide bank account information and proof of income. Lenders will usually approve the loan within 36 to 48 hours if the individual satisfies their lending requirements. The loan amount is transferred to the bank account of the individuals.

Repayment of Payday Loans

Individuals have two options to repay payday loans. They can either pay back the loan through check, or grant access to the lender to automatically deduct the amount from the bank account once due. The repayment period is specified by the lenders, though some lenders allow you to choose the repayment period.

What’s the Difference between Secured and Unsecured Payday Loans?

Payday loans are not secured in that the payday loan lender does not require you to offer any collateral to obtain the loan. On the other hand secured short term loans, such as logbook loans, are secured against an asset such as your car. The lender will take ownership of the secured asset in the case of default of the loan.

In most cases an unsecured payday loan is a better option than logbook loans. The reason is that the logbook loans are not only expensive but you will also put your valuable asset at risk. These loans are availed by desperate individuals who have very poor credit history.

To sum-up, payday loans are suited for individuals who have to meet cash shortfall until their next pay-check. It’s suggested that you repay the loans at earliest. The reason is that the more you wait to repay the loan, the greater will be the interest charges. Also, it’s best to compare charges and rates of different providers before you take on these loans for meeting essential household expenses.


One Hour Payday Loans – What Are the Possibilities?

One Hour Payday Loans

A one hour payday loan is basically just a specified amount of money that is borrowed to fund your emergency situations and is typically repaid once you get your next paycheck. One hour payday loans are growing to be notably favorite with the passage of time in the lending market place due to their instant availability with ease.

Expenses arise from every corner of the earth and one needs to be prepared, but if you ‘re not, running a little low on cash, then a one hour payday loan can be a wonderful solution to your problem. It can help you face emergencies like a medical crisis, immediate house repair, car breakdown and accidents with ease. You never know when such situations come up and you need to face such requirements.

You can apply for the one hour payday loan at various places. Apply personally to get money from the lender or go to your mall to find the particular loan store.

You can also apply online at https://paydayloans.quiddicompare.co.uk/. The process is safer and much faster online.

One Hour Payday LoanThe best part is that you don’t have to go through complex processes and documentation either. The loan providers offer the borrower the luxury of receiving their loan approval within just a couple minutes. In this case the money is wired directly to your account within an hour.

Payday loan applications

Payday loan applications are very simple, they differ from lender to lender. But typically, you are asked to provide with your basic details like name, age, address, source of income and your local account information. Some might ask you various identifying questions over the phone too for proper verification.

One hour payday loan companies value their ratings a lot and you can easily find any good company which can deliver you the cash faster, by going through the reviews. Sometimes, for urgent delivery the lenders also charge a small fee. Because that it is best to apply for more than one loan company to secure your chances.

For the repaying of the loan, lenders ask you to select a payment option and also recommend a method that best suits them to directly draw money from your account on a set date. It s easy and all you need to do is just provide with a specific date, fund your emergency expense and let the lender take care of it. No hassle of visiting the office again and again.

Who knows there will come a day when you might be faced with a tough decision in an emergency, let a one hour payday loan help you out of a rough situation when the options are limited. No doubt, more and more people are opting for this facility due to the quick and safe service provided.



Think Before You Pay For the Online Payday Loan

This article will, of course, be another article about payday loans, but it will be a bit different from your usual pro-payday loans or versus-payday loans articles. It will be, if I have to describe it, a warning article, which will serve to warn you against a fairly new type of scams that are concentrated on online payday loans business.

What I am talking about are payday loan scams in which scammers make you pay or transfer some cash somewhere before you get a loan ( more details will be laid later ). Once you run out of any sources of money you might think about getting a payday loan. I don’t think that is a smart choice, because there are dozens of alternatives, but for the example let’s say you are left with only one choice and that is payday loans. You need money fast, but you are not stupid, you go and look for interest rates for multiple online payday loan lenders and you quickly find a lender that offers interest rates that are great, far below other lenders. And at that point you think: Yea this is a good choice !

Payday loan scams

This kind of deal you stumble on the internet Is probably a scam. There is a good reason payday loans have high interest rates, and that is because of the risk lenders take. And it has been so for the past 70-80 years, and the time for change is not here just yet. These scammers that make false payday loan sites have a good reason behind their low interest rate. When you apply for a loan they will make a contact with you and they will ask you to transfer some money to them in order to cover some fees and taxes. And that is how they get hold of your money. It is strange how many people fall for this kind of scam for there are three basic principles that should tell you from the get-go whether the loan provider is legitimate or not.

Basic principles on how to know is loan provider legitimate

  • If you must pay some money in order to get some more then it is clearly a scam. Every payday loan provider will have high interest rate which will turn into high fee which you will pay back once the time for paying comes. No lender will ask you for money before or during a loan period. I still don’t understand why people fall for this, because this is old scam trick that is in use for decades.
  • Other fake lenders will demand that you transfer money to prepaid card which you need to send to them or give them codes for it. It is same with first example, paying money to lend money is stupid way to get cheated.
  • Better Business Bureau tracks all legitimate online payday loans sites and everyone is advised to check every lender with them. Go to their site and see whether the miraculous lender that offers great conditions has good standing with this organization, it will cost you nothing and it will save you some cash.



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