Credit Card Account

In my personal role in this divorce planning I’ve actually heard much more than just once, and customers certainly articulate that they would really prefer to death over one more divorce. For sure, this stress definitely takes years off the people’s life. Besides, all these scars obviously take a lifetime for healing. Well, commonly it takes some average divorce couple around seven years for financially recovering from their divorce. And so divorce can never be the good thing, and it really doesn’t matter what exactly their physiologists are saying. Thus everybody in that family unit truly suffers. Without any doubt, the most distressing part of this necessary divorce planning from the advisor’s point of view is the certain inability of the customer of thinking clearly.

And so the brain actually does not function as the optimal and proper level. Besides, that stress obviously clouds the thinking way. Thus they only wish that this divorce process to be finished, so that they will be able to get on their own lives. Quite often that actually means to settle for less for expediting that process. But for those ones who thinking about divorce seriously or just in the very beginning stage of the divorce the proper time for laying out their financial planning strategies is just right now but not after. In fact, it is necessary for you to really determine your current course of actions at this very beginning according to the fact that during the divorcing process you are going to be truly unable to think quite clearly as you certainly do at this starting.

But now let’s talk about financial planning strategies. First of all, you should begin your brokerage account, bank account and also open the credit card account on your personal name. Well, that should certainly be done whilst you are still married. That’s all because whilst you are still married, your own joint assets definitely offer much greater leverage than those ones that are remaining after your divorce.

Besides, you should change your beneficiaries on the retirement plans, life insurance and in your trusts and IRAs as well. Moreover you need to draft your new will thus changing beneficiaries. And you should also change the title to your assets which are obviously owned jointly. Well, that may surely involve your car, a jointly owned brokerage account or your existing joint bank account.

In fact, it is necessary for you to close your credit card and joint bank accounts. For sure, your angry spouse is able to cause havoc by running up the balance or by withdrawing money on the jointly owned credit card. And you need to sell your house as well. Remember that the clock begins ticking!

Economic recession has made lots of people caring of their retirement and future, search for different ways to save funds and retirement financial planners. Those who are concerned about their retirement well-being, are recommended to go to this professional financial planner site – the proper spot on the Internet to get professional pieces is made.

Fortunately we live in the world of high technologies. It wouldn’t be wise not to take advantage of this really unique chance. Current online technologies provide us with a way to break the borders and look for anything we need all over the planet. Go to social networks, review respective topics, participate in online discussions in niche forums. All this will help you keep abreast of the events concerning your hobby. And, sign up for the RSS feed on this blog to keep track of the latest publications on the topic.

One day I got a call from my credit card account company asking me if I would like to increase my credit limit by borrowing up to $9000 at their special APR of 15.9%.

The operator stated, “Your credit card account interest rate will then be a low 15.9%. How much would you like to transfer today to take advantage of this offer? Do you have any high interest loans you would like to pay off and reduce your payments?”

The previous day I had called them to get two bogus late payment charges taken off my statement. I also had to get my interest rate bring downed back to my usual APR rather than the “penalty annual percentage rate” (22.9%) they charge to anyone who is late, misses a payment or goes over their credit limit.

Wondering if my interest rate got changed back to my usual interest rate, I asked the operator what my discount current APR was. She said that it was at 12.9%, which was my usual APR for this card.

I do carry some debt on other cards (it helps with my credit rating to be making regular payments) but all the other debt I have is at decrease APRs than this card. I mentioned that I had no other debt that was at a higher annual percentage rate than what she was offering.

She then replied that I could just take the money as a cash advance and do whatever I wanted with it.

So I asked her if I understood correctly what she was offering. “So you are offering to raise my interest annual percentage rate if I get further into debt by getting a cash advance?”

“Yes, you can have up to $9000 and do whatever you like with the extra cash,” she replied. I was amused that she said that I could “have” not “borrow” the money and it would be “extra cash” rather than “additional debt”. But after all, she is in sales and the words “have” and “extra cash” are much more enticing than the more realistic alternatives – “borrow” and “additional debt”.

I politely told her that I was not interested in raising my interest APR or borrowing more money, “but thanks anyway.”

I then wondered how many other people would jump at the opportunity to pocket a quick $10,000 at the “low” APR of 15.9%.

I was also amused that she encouraged me to pay off my high interest debt with this money. Well, to my standards 15.9% is high interest debt. Granted it’s not the 24-25% charged by department stores but still it was more than I was currently being charged on any of my other cards.

Shouldn’t an offer that would appeal to me be one that offered me money at a bring down interest rate? Her offer seemed backwards. She was trying to entice me with the vision of “extra cash” in my hand to do whatever I would like.

I took a moment to do some financial math (the most important kind) on this offer and found that if I had a current balance on that charge card account of $4000 at my current interest annual percentage rate of 12.9%, I would be paying about $43 a month in interest charges.

If I had accepted her offer for an additional $9000 at 15.9% (and I suspect that my regular APR of 12.9% would have risen to the 15.9% annual percentage rate also), I would be paying about $172 a month, exactly 4 times what I am currently paying. If I made a payment of $200 a month to pay off this debt, I would be paying for over 12 and a half years.

What I learned from this experience is that I should get into the charge card account business. Maybe I’ll check on some bank and financial institution stocks today. With offers like this they must be making money.

Once again, those who understand interest earn it, those who don’t, pay it.

Also, you should always get your chargecard at JemCreditCards.com. .

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