Posted on 5/4/2010 - Filed under Credit Card News

When you read about the importance of understanding what your credit card offers, you’re probably thinking of some of the common terms and conditions – interest rate, annual fee, rewards program, late fees, etc. But did you know that there are plenty of other benefits you might find with a little looking? Here are four to check for, and if you don’t have them on your current credit cards, keep them in mind for the next time you’re credit card shopping.

Return protection: say you find a perfect shirt, only to realize when you get home that you grabbed the wrong size. If the retailer does not return the item for you, your credit card will reimburse you.

Extended warranty: you can make the warranty last longer on certain purchases if you buy items from companies that are covered by your credit card. If you buy a new appliance this year, like a washer or stove, check for this policy.

Identity protection: if your card is stolen, you won’t be charged for the bulk of damage done. As you rebuild your identity, the card will cover certain charges to help you get back on track.

Travel bonuses: credit cards are full of these, so look closely and you’ll find everything from car rental insurance to baggage insurance, and even hotel stays offered on certain types of travel delays. If you have a card with a travel rewards program, check it closely before your next trip. It might save you more than one headache while you’re on the go.

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Posted on 5/2/2010 - Filed under Credit Card Debt

If you have debt problems and are considering filing for bankruptcy, it’s important to understand all of your available options before making any decisions. If you take some time to look over your finances, you may find a way to avoid bankruptcy. Here’s how.

Sit down with someone you trust and talk about finances, for starters. Take an inventory of your income and expenses. Make careful note of what you owe and to whom. Ask at least two financial-savvy people for their advice before making any decisions.

Think twice about debt consolidation companies. While many firms will promise to help you get out of debt, some of them charge hefty fees. You’ll want to do all that you can to avoid high fees. So if you can work down your credit card balances on your own, it will cost you less.

Make a plan to get out of debt. Slash any items or monthly purchases that you can get by without. Look for ways to cut back on expenses and set goals to pay off your debts. By putting them as a priority, you’ll be able to focus on getting rid of debt and keeping it away.

Remember that it is a process. Just as you didn’t get into debt overnight, you won’t be out of the red in just a few days. It will take some time, but the benefits will be worthwhile. Pay off your credit card debts and then look for ways to avoid debt pitfalls in the future. You’ll find that many doors of opportunity open up when you do so.

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