Control Credit Card Spending During the Holidays

Avoid Using Your Credit Cards During the Holidays

 

Yes, the holiday season is almost here. That means it’s nearly time for the excitement, stress, rush and busyness of the season. It also means that it’s nearing the time of year where a lot of people spend a lot of money on parties, gifts, décor and much, much more.

Unfortunately, it’s easy to wind up in debt trouble during the holiday season. It’s even easier when you’re using your credit card.

credit card

Holiday Spending & Credit Card Debt

One major reason that people wind up in debt when using their credit card during the holidays is that they lose track of how much they’ve spent. You likely only receive your credit card statement once a month so, unless you’re very good at keeping tabs of your spending or you’re checking your balance online on a regular basis, it’s very easy to forget about how much you’ve spent. You will likely make many more purchases over the holidays than usual so it can become even harder to keep track of them all. Even a series of small purchases can quickly add up to a lot of money.

Since the purchases made on your credit card don’t come out of your bank account until after you’ve paid the bill, it’s often difficult to budget as well. This can result in being unable to pay your credit card bill in full when you receive it. This means you’ll end up carrying a balance and carrying a balance on a credit card can be very costly.

Most credit cards have very high interest rates. Even if you only carry a balance for a few months after your holiday spending is done, you’re still going to end up spending a lot of money on interest. This is money that you don’t need to spend and that you can avoid spending if you’re careful.

Another reason to avoid credit card usage over the holidays is that it can lead to impulse spending. Since the money isn’t coming directly out of your bank when you spend it, some people are less concerned with how much they’re spending. This can get you into trouble.

Avoiding Holiday Debt

Rather than placing all of your holiday spending on a credit card, make a plan earlier in the year to put some money aside each month for holiday spending. Then you’ll be able to spend cash rather than charging all of your purchases. It’s also very important that you set a spending budget before you head out on a holiday shopping spree and that you stick to this budget. Making an itemized list of what you need and how much it will cost before you start shopping is incredibly helpful and it can keep you from turning to your credit cards when you need to make a purchase.

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How a Driver’s Training Course Saves Your Money on Car Insurance

A Driver’s Training Course can Save your Money on Car Insurance

Car insurance can be expensive, especially for new drivers. So it makes sense that many people look for ways to reduce these costs. One way that many consider is enrolling in a driver’s training course.

Taking a driver’s training course can help you reduce the costs of your car insurance. Here’s how.

Image courtesy of stockimages at FreeDigitalPhotos.net

Image courtesy of stockimages at FreeDigitalPhotos.net

The Advantages of a Driver’s Training Course

Insurance companies charge higher rates to drivers that they feel are at a greater risk of having a collision or making a claim. They charge lower rates to drivers that have lower risk. When a young person takes a driver’s training course, insurance companies see this person as someone who is more qualified and more likely to drive safely. For this reason, they often charge a reduced rate for insurance.

If you have taken a driver’s training course in the last three years, your insurance rates will likely be lower. How much lower? That depends on a number of factors including where you live, the type of car you drive and which insurance company you choose. However, in almost every situation a person will pay less for insurance if they have received driver’s training, if all other factors remain the same.

Approved Driver’s Training Courses

It’s very important that you receive your driver’s training from an approved school. The Ministry of Transportation in each province approves only some schools. Insurance companies generally only offer discounted rates to people who have completed training at one of these approved schools.

When a driver has completed an approved training course, insurance companies see this individual as a person who is focused on being a safe and educated driver. This lessens the risk to the insurance company and reduces the rate that the driver pays.

If you’re looking to get driver’s training in hopes of reducing your insurance rate, it’s important that you choose a school that appears on this list of approved schools. You can find these lists on the website of your province’s Ministry of Transportation. For drivers in Ontario, the list can be found here.

Driver’s training isn’t just about learning what you need to pass your road test. Most driver’s training courses include both in-class and in-car training and are geared towards providing you with the attitudes and skills needed to ensure that drivers are safe and confident while driving. Insurance companies recognize this and offer lower car insurance rates to drivers who have taken such a course.

 

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How to Choose a Lender for Bad Credit Vehicle Title Loan in Ontario

Choosing a Lender for Bad Credit Vehicle Title Loan in Ontario

Much like with just about anything, not all vehicle title loan companies are created equal. Each company has its own policies and its own way of doing things. You have to be careful not to assume that all bad credit vehicle title loan companies operate in the same way. They do not.

So how do you choose the right bad credit car loan company? Here are a few tips to help you out.

Reporting to Credit Bureaus

One of the most important aspects to consider is whether or not the lender reports to the major credit bureaus. Successfully paying off a vehicle title loan can help improve your credit rating. Credit agencies want to see that you are able to borrow money and pay it back on time. However, you’ll only receive this benefit if the lender reports your activity to the major credit bureaus. If they don’t, the credit bureaus won’t find out about the payments that you make and you won’t be able to improve your credit rating by getting a car title loan. Not all lenders report to all of the major credit bureaus, do so don’t assume that this is the case. Always ask.

Interest Rates, Charges, Fees & Terms

You will also want to pay attention to the interest rate that you are being charged. Obviously, a lower interest rate is generally preferable. However, you will also need to focus on the other terms of the loan. Again, don’t assume that all car title loan companies offer the same terms. Read the interest rate documents and the terms closely. Pay attention to any upfront fees and other charges that may be listed in the documents as well.

Is there any Payment Flexibility or Additional Payment Options?

What happens if you are unable to make a payment? What happens if you have some extra money and want to make a larger payment or an early payment? Different companies have different policies regarding these situations. It’s important that you find out this information before you accept the loan.

The Reputation of the Company

It’s also important to consider the reputation of the lender. How long has the company been in business? How many loans do they offer? Are they a trustworthy company to deal with? All of these considerations are important when choosing a bad credit vehicle title loan company. You’ll want to deal with a company that is stable, straightforward and a company that you can trust.

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