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You are an adult now.  18!  You made it!  Unfortunately, that means that people start bringing up adult-like things.  Such as credit cards.  Now, you might spring for one of those cards, after all, who wouldn’t want to spend money they don’t have yet?  But, before you sign that slip of paper or call the authorization number, take just one second and think if this is really a step into adulthood that you really want to make right now.

Read The Fine Print: Credit cards are not all equal.  Especially cards which are “pre-approved” tend to be pretty sketchy.  You need to read the fine print that you see on the 12 pages behind that first page.  You don’t need to know all of it, a lot of it will never crop up, but pay attention to things like “APR” and whether or not it is fixed.  APR really means the amount of extra money you are going to pay in interest on purchases.  So, the bigger that number, the more that card is going to cost you.  Of course, in college you are not really going to have the credit score to be able to get a really low rated card, but get the lowest you can.

Weigh The Extra Benefits:  It’s hard to find a normal credit card these days.  They all offer cash-back, airline credits, or money donated to important causes.  However, a lot of those cards can afford that because of the money that you are donating to the card themselves.  Extra benefits are going to come at a higher cost – usually factored into the APR.  So, a card that gives you 1% cash back, and charges you 25% interest is really not as great a deal as it sounds.

Different Type Of Debt: Although it may feel like your credit card debt is just like your student loans, or the car loan that you got, this credit functions differently, and it isn’t just your APR.  Monthly payments on a car loan are figured to help you eventually pay off that debt.  Credit card monthly payments are geared to pay off your gaining interest.  Credit companies also evaluate that type of debt differently.  While 20 Grand in student debt raises your future value, 20 grand in credit card debt takes you down.

All of that doesn’t mean that you can’t get a credit card – just that you have to be careful when you do.  Signing on to one that you can afford is a good start.  Keeping on top of it is another important thing.  Keeping a credit card, and paying it off in full every month, actually raises your credit.  But, that means that you can’t ever swipe the card for more money than you have in your bank account.  Credit cards give you the feeling of magic money, and it can be tempting to spend, spend, spend.  But, if you budget around your credit card and are careful to not misuse it, you could find yourself in a better place than you were before.

Well, this might not qualify for “sweet little nothings”, but the truth is that almost all of us feel most comfortable in paying out the lowest possible credit card payment every month rather than making an endeavor to settle credit card debt all at once. It is also not untrue that receiving calls from the debt settlement department is a suffocating experience and when that happens, we have this sudden urge to have access to unlimited amounts of cash to throw in the face of the collection officer and give him an earful for disturbing or otherwise peaceful lives!
Well, in reality such stuff does not happen, as if we had access to unlimited amounts of cash we most likely wouldn’t be in debt in the first place. So if you are in debt and the threat of collection is hanging over you the following tips are going to help you make a credit settlement effectively and hopefully without much hassle:

1. Talk to people who really matter – Most of the times it is either the tele-callers or the recovery agents that try to negotiate credit settlement with us and almost always the propositions that we get sound unreasonable to us. These people are literally willing to leave no stone unturned to pull us into an unprofitable proposition and if you have the habit of making the lowest credit card payment every time you get the credit card bill, the chances are you would not even think of raising your voice in the apprehension of getting ridiculed by them.
   The truth is, you should stop wasting time talking to these people as they usually cannot decide stuff for themselves – is actually a better idea to try to talk to some supervisor and if possible even to people higher up in the chain of command and urge them to help you out. You would be quite amazed to see that in most of the cases, these people are more than willing to help and if you can clearly make them understand that you have at least been making the minimum credit card payment every month and are actually serious about getting out of credit, chances are you will be offered a more manageable deal.
2. You should talk about your problems – In most of the cases, the recovery agents and credit collection officers would make you listen to hour long stories about how they almost stopped the earth from spinning in a bid to get you a 1% discount on your credit – but you really shouldn’t be very patient and listen to them because you will already know for sure that the discounts offered are not going to do you any good.
   The answer here is to actually talk about your own problems and let them know the very reason that has been preventing you from clearing your credit. Stick to your point and make sure it gets across properly to people sitting in the higher ranks to get the best deal possible.
3. All communications should be documented – If you have been in credit for quite some time, chances are different people have dealt with your account at different times. In reality, most financial institutions have very flexible rules as far as credit settlement is concerned and different people dealing with your account will give you their own versions of such rules to make them look lucrative to you.
   Always make it a point that all communications from the financial institution are documented so you can refer to them before taking any decisions.

Robb Biggs is a financial expert working in the debt recovery team at Payday Loans UK. His focus is on helping customers with debt problems and often writes for finance publications and websites giving practical advice on how best to manage a debt problem.

Job loss:
In today’s economy paying bills and staying afloat may prove to be more difficult than ever before. If you find yourself without a job one day owning a credit card can become your only lifeline until you get back on track. The ability to manage your finances with the help of credits cards can be very useful if done wisely.

Becoming educated about the process is highly recommended and widely practiced by credit card companies and consumers alike. Facing financial adversity has become popular; fortunately there are ways to combat the issue with the assistance of credit card companies.

Consumer and creditor relationship:
Monitoring the expenses is one of the most crucial aspects of financial management. Every credit card comes with its own terms which have to be met in order to keep the interest rate low, monthly payments affordable and credit score as high as possible. Meeting these requirements will assure a positive experience with the credit issuer and will keep additional expenses to a minimum.

Staying in close contact with the creditor will also provide full understanding of the rules and regulations and imperative information on how to effectively manage your finances while taking advantage of credit privileges during financial hardship.

Understanding the responsibility of credit card management:
Remaining financially responsible while facing economic challenges may be demanding but it is fully approachable. It will also help you build a strong credit history and prevent the accumulation of additional expenses. Prioritize your bills, limit your spending habits and accommodate to the current situation until your financial crisis are eliminated and addressed permanently.

Stay within your budget and credit cards can significantly help you to achieve that goal without leading you into more complicated predicament. When the source of income becomes available again you will not be faced with the credit card tab you cannot afford.

FICO score:

Owning several credit cards may be tempting to overextend yourself financially. You may want to consider applying and using just one instead of many as this will ensure keeping further expenses under control. Become familiar with the requirements of the company, annual fees, the ability to increase the credit limit if necessary and the accessibility of the customer service.

Then choose the option that best fits your needs and will guide you through any difficult time you might be facing. Closely supervise your credit limit and pay at least the minimum amount on time as to avoid the interest rate increase and keep the FICO score at the highest level possible as it will provide opportunities for more financial options.

Applying for the credit card:

It is easy to apply for a credit card.  You can send in an application or call a service center.

If you feel more at ease placing a request online most companies make it accessible around the clock and you will be able to receive the answer within a very short period of time.

When you receive the card read the instructions carefully, activate it according to the directions and contact the company directly to confirm their promotions and discounts.

If you suddenly lose your job and have credit cards do not hesitate to contact a credit company directly. Speaking to a representative may prove to meet and exceed your expectations and you might be able to battle your current difficulties with simplicity and comfort. . Most corporations are sympathetic to the current trend of job loss and are willing to incorporate their knowledge and experience to help financially restricted consumers.

Andrew Bennett is a financial consultant and writer who suggests obtaining a poor credit credit card with no fee to help save money and rebuild your blemished credit.

The global credit card processing company Visa has its origins in humble beginnings. Bank of America introduced one of the first credit card programs, BankAmericard, in Fresno, California in 1958. The bank originally planned to keep its credit card business within the state of California. As time passed, Bank of America slowly began to make deals with out-of-state banks. Over the next several years, numerous banks across the United States would license the BankAmericard system. As the number of banks increased, a suggestion eventually arose to start an association of banks.

Association

This association would take the form of a joint venture. All members would have the advantage of a centralized payments system while having the freedom and leniency to compete on a fair basis for their own benefit. This arrangement continued into 1970 when the newly formed National BankAmericard, Inc. received control of BankAmericard and passed it to member banks using the system inside the United States. Bank of America still continued to issue licenses for BankAmericard in different countries. By 1972, 15 countries had been issued licenses. A multinational corporation, IBANCO, was established in 1974 to manage the BankAmericard program in foreign countries.

IBANCO

IBANCO decided to form a single corporation in 1976 despite the hesitancy that surrounded using Bank of America’s name internationally. BankAmericard became Visa U.S.A. in 1976, and IBANCO became Visa International. The name “Visa” was adopted because the word is pronounced the same in many different languages.

Growth Period

Phenomenal growth over the past 30 years led to Visa’s initial public offering (IPO) on March 18, 2008 for $17.9 billion, the largest IPO in United States history. Technological improvements include a worldwide network of automated teller machines (ATMs) providing cash globally to personal and business travelers. Visa was one of the first companies to make a coordinated effort to crack down on credit card fraud. In 2007, Visa restructured itself, creating a new global corporation: Visa, Inc. The Visa Europe brand name remains the same as a member-owned entity.

Reputation

The ability to settle transactions in multiple currencies and having access to cash all over the world make Visa one of the most trusted names in international commerce. Today, Visa, Inc. is a trillion-dollar global entity processing transactions for billions of customers. As of March 31, 2011, 1.87 billion Visa cards are in use worldwide. In the four quarters ending on June 30, 2011, Visa processed a total of 74 billion transactions with a total volume including cash transactions and payments of $5.6 trillion. Visa provides an indispensible service that many customers use to buy essentials like food, shelter and gasoline. Today, Visa, Inc. is a brand name that rightfully commands global respect and ensures its position as a top-rated digital currency company.