In the wake of Bank of America announcing $5 monthly fees for using debit cards many consumers are searching for new options. BoA is not alone, many big banks are looking for new ways to increase revenue after Federal regulations capped the amount banks can charge merchants. But consumer backlash might force banks to think [...]
Banks have been working through the loopholes to bring in the profits lost from recent regulations. As a result, the costs they have incurred are being passed more often on to the customer. Bank fees have grown in just the last few months and consumers are left confused about how to hang on to [...]
Living on a budget often means cutting up your credit cards and using your debit card for most purchases. Since your debit card is linked directly to funds you already have, you won’t be tempted to overspend and rack up big bills in the future. As more and more people work toward financial independence, more [...]
You may think you are being wise by relying solely on your debit card for all your purchases but what you don’t know about your debit card may be hurting you financially. It may be true that using the money you have in your bank can prevent the spending temptation of a credit card but [...]
A number of banks have put a cease-and-desist on their offers for debit card incentives. In addition to the banks increasing fees for using debit cards at the ATM, customers will also be out of luck to get more from their account-linked banks. Wells-Fargo is the latest bank to jump on the no-incentive train. They [...]
A lot of times you hear people use the word “credit card”and “charge card” as if they were synonyms, but they’re actually two totally different things. In a nutshell, credit cards allow you to carry debt but charge cards don’t – they require full payment every month. Thus, you can’t use them to get into debt.
Over the past few years, the number of debit card transactions have risen, while credit card transactions are declining. This isn’t shocking in the new economy where consumers are more aware of the dangers of carrying high credit card balances. In fact, using a debit card seems almost identical to using a credit card, minus [...]
Getting into debt is easy, getting out of it is much harder. Being proactive with your spending habits and living within your budget is always a good game plan. Being in debt is a stressful place to be. Staying out of debt is a lifestyle choice. You can begin today working towards a life with [...]
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