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By Sean A. Kelly

Credit cards have a way of being our friend and our enemy at the same time. At times they may be useful and actually helpful but sometimes they may land us into the deepest financial hole. I have a friend who had to rebuild his life after incurring overwhelming debts due to his credit card swiping habits. His name is Eric. He enrolled into a debt management program under Freedom Debt Relief (FDR) so that he could persistently and consistently pay off his credit card debts over a few years. Once he completed his program, he wanted to apply for just one credit card to keep in case of emergencies. He did not want to choose a card that would only cause history to repeat itself. Based on the information he gathered during his credit counseling stint at FDR, he surmised that he could follow a few simple rules when choosing the right credit card.

The first thing Eric had to figure out was the type of credit card that he would need. To determine that, he would have to decide what he was going to use the card for. There are many types of credit cards that include standard, premium, charge, limited purpose cards, secured and prepaid credit cards. Each card has a different credit limit, payment options and even different interest rates and annual fees. Eric wanted to keep a card for emergencies such as for car repair or medical treatments. So in this aspect he figured perhaps a charge card would serve his purpose well as it does not have a credit limit because the balance is to be paid in full at the end of the month. However, he would need to have excellent credit rating to be eligible for a charge card and with his recent debt settlement history on his credit report they would probably not approve his request for a card with no credit limit.

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Another aspect Eric looked into was the annual percentage rate (APR). Ideally, the credit card to choose would have to be the card with the lowest percentage rate because this will determine how much interest will be charged on the balance of his card every month. Eric preferred credit cards with a percentage rate of below 12%. Other than the APR, Eric was also advised to consider the number of fees associated with using the card. Many companies charge annual fees but there may also be hidden charges that credit card holders are rarely aware of such as closure, over-the-limit and late charges. The amount of these charges may also differ from one company to another. Basically, a low interest rate alone probably would not help him save any money if the fees are high.

Credit cards may also offer many perks and rewards. To Eric, this feature could be a double-edged sword as it could give him more benefits but also cause him to spend mindlessly due to the discounts or prizes that he would get by using the card. Basically the rewards act as incentives to lure customers and reward loyal ones. Some are even inclusive of a rewards program that offer airline mileage and cash back on your purchases. To many people, this may be the last thing they would look at when considering to apply for a credit card. But for a reformed impulsive credit card swipe machine like Eric, he would have to choose a card with the least rewards. Basically the idea is that if they reward him less, the less frequent he would feel tempted to use it. After all, credit card rewards may only be worthwhile for frequent credit card users who are often the biggest spenders.

In the end, Eric applied for a standard credit card with low interest rate and reasonable fees. He would use it only in emergencies and he would make a point of paying the balance in full at the end of the month. He does not use it to make daily purchases as he does not want to slip back into the same old habit that dragged him down before.

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By Roberta Martin

Finding the best mortgage rate Canada is the highest issue on everybody’s mind even as trying to get a home loan. Right now, there exist quite a few mortgage companies who seem to be ready to present you exceptional deals. Besides, there are some who will give the impression to impose on you a reduced rate however have a lot of hidden fees also. You need to be alert even as selecting your loan provider. This may assist you once you secure an adequate amount of data on mortgage loan typically. This would make it easy for you to have knowledge of specifically what to opt for. You might find a number of issues to think of having said that.

To begin with, you must keep in mind things to look for even as seeking a loan. A key element to have knowledge of is that home loans may vary on occasion. If you can keep track of the changes in the market, you may find one of the best rates attainable. You can find numerous facts that kindle these alterations. When you want to get a mortgage, you are supposed to plan it upfront and track marketplace trends for a moment earlier than truly taking a loan. This is one approach to keep in front of the market. There are numerous aspects which realize this climb and decline include the desire of people as well as the fiscal fitness of the country.

When the economy is in slump, the rates are likely to plummet. This is given that investors could be getting anything and everything that crop up their course. This is the finest time for you to obtain a home loan. In addition it’s the moment you will unearth the best mortgage rate imaginable. One word of advice still, regularly make the most of a mortgage rate calculator prior to when you actually choose a mortgage loan to look at the rates quoted by different mortgage companies.

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You will find a large number of internet sites where you will be able to find estimation in a click of your mouse. You are able to contrast several different rates offered by many lenders. This may also help you benefit from the most suitable choice that is at your disposal. Furthermore you can know about the rates of different categories of mortgages for different periods by using the mortgage rate calculator. It could be an extremely beneficial tool for you. You could explore the prevalent rates and work out your rates as mentioned in it. You may as well look into the refinance mortgage rate as well as variable mortgage rate on the website if you choose to.

These websites help you in finding the perfect option that’s presented. You may compare the rates of the different products offered. Whenever you’ve looked at the whole product range as well as rates, you’ll be able to look for the one that is most beneficial for your needs. As soon as you get the lowest rates, you are supposed to analyze the lender and see to it that they’re reputable. These are only a few matters you have to take into account at the same time as you try to find mortgage loans.

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