If what your financial life need is simple, practical tips for saving real money on loans and credit cards, the FDIC has 51 of them for you. This valuable collection of advice comes in the FDIC's quarterly Consumer News, and provides ideas and information on topics such as how to: get the best possible interest rates, avoid paying unnecessary fees, find "emergency" cash at affordable prices -- not payday loans, and steer clear of credit-related rip-offs and scams.
Some examples from 51 Ways to Save Hundreds on Loans and Credit Cards include:
- Pay bills on time to maintain a good credit record and qualify for low rates. People shouldn't wait until the last minute to pay monthly bills -- that can result in late-payment fees and, perhaps more importantly, higher interest costs. That's because payment history is a big factor lenders consider when setting an interest rate.
- Check credit reports for accuracy. Something as simple as correcting incomplete or erroneous information in a credit record may be enough to qualify a consumer for a better interest rate on a loan or credit card and save hundreds of dollars each year in interest payments.
- Periodically review existing loans and credit cards. For example, consumers can talk to a customer service representative to make sure existing credit accounts are still a good fit in terms of features and costs, especially if their financial situation has changed recently or new products are available.
- Compare the products offered by a few competitors and then negotiate the best deal. It's fine for consumers to let their bank and other lenders know that they are shopping around for the best possible terms and that they are not afraid to negotiate.
- Don't be afraid to ask for a break. Depending on the circumstances, a lender might be willing to reduce an interest rate or waive a fee or penalty, especially if the person has been a good customer.
The publication also includes special tips just for credit cards as well as home, auto, student and small business loans. There's also a section on how people who need a small amount of cash fast can find affordable alternatives to high-cost, non-bank service providers.
Also See:
Online Payday Loans - 650% Interest - Watch Out!
Top Five Credit Management Tips of All Time
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