Rihanna Money Problems

It seems that despite all of Rihanna's massive music hits of late, including "Umbrella," "Please Don't Stop the Music" and "Disturbia," she only has $20,000 in her bank account. Either she's being quite extravagant with her money, or somebody's taking Rihanna for a ride. Hey, it happened to Toni Braxton and TLC, so it would come as no surprise really.

According to ex-business manager Patricia Williams, who Rihanna fired after calling her all kinds of colorful names, Rihanna isn't properly "funded" by her record label Def Jam and all of the music videos produced for Rihanna have to be paid for by - you guessed it - Rihanna.

Apparently, Rihanna only made about $1 million last year and most of it was used to pay for promotion, which leaves Rihanna with about as much in her account as any regular shmo.

So guess who's going to release a new album in the next couple of months and whore it up in her music videos to cash in quickly so she can keep living the big life? For the time being, I'm sure that Chris Brown will be able to front her a couple of bucks.

6 Stock Investing Tips

By Vanessa Cohen

The stock market; we’ve all heard the instant millionaire stories as well as the horror stories that left women with no savings. And while the stock market can be confusing for many, with the right stock investing tips, it doesn’t have to be.

With a little understanding of how the market works and what you need to do to avoid losing it all, you can make a small fortune with the right investments. But, as you well know, dabbling in the stock market is a gamble and, no matter how vigilant you are about what you invest in, there’s always the possibility of losing money.

That said, here’s what you need to know before you begin studying up on the hot stocks you’re hearing so much about.


Stock investing tips #1
Don’t believe the hype
Even if everyone and their dog is investing in the “hot” stock of the moment, you shouldn’t fall victim to the trappings of fast cash and instant returns. If a stock is really as great as everyone’s touting it to be, then it will still be just as hot after you’re done doing your research.

Of course, if you think you can afford to throw money away, then by all means, go for it. Otherwise, take what others tell you with a grain of salt and don’t fall into the hype of a quick buck.


Stock investing tips #2
Study the stocks
Before you dive head first into the world of stock investing, you need to do your homework. While investing is a gamble of sorts, you can still study up on the company and check out its history.

But it’s not enough to study up on the business alone; take a look at the industry the business is in. Is it technology, pharmaceuticals or retail? Understanding the industry is sometimes just as important as knowing the business.


Stock investing tips #3
Sell losing stocks
If you’ve already made an investment and the stock is steadily heading downstream, it’s better to give up and walk away with something rather than watch it sink into oblivion and come out with zero.

I know, I know, you think that perhaps if you wait it out, the stock will begin to climb again, and maybe you’re right. But being of the trial and error camp, I think it’s best to err on the side of caution and get out while you’re still ahead.


Stock investing tips #4
Consult a pro
Unless you’re able to spend your days studying the stock market ad nauseum, I strongly recommend that you enlist the help of a professional before making any major investments.

If you’re certain that you want to get involved in the stock market to some capacity, then it is definitely in your best interest to invest in it.


Stock investing tips #5
Stick to what you know
If you know everything there is to know about the cosmetics industry, then it would be wise to check out the stocks of those businesses. In turn, if you know nothing about technology, then you’d be smart to steer clear of that industry.

When it comes to investing, you need to stick with what you know. Don’t delve into waters that you do not understand or look into companies you’ve never heard of unless you’re willing to do your homework and research them thoroughly.


Stock investing tips #6
Figure out your objective
What do you want to get out of your investments? Do you expect to make a quick buck and run or are you more of a “slow and steady wins the race” kind of girl? If long-term is your objective, investing in funds is best.

If you want to get in, get out and get paid, then investing in high-risk stocks is where it’s at. For this option, choose a broker or online firm that trades up to the second. Keep in mind that with this option, a mere minute can make or break you.

Stock investing tips for today

Now that you know what you need to do if you want to join the sharks of the stock market, start your research and make your cash. Your future awaits.

8 Mortgage Mistakes To Avoid

By Vanessa Cohen

You finally decided to own some property because renting feels like you’re throwing money into the air. That’s great! Now all you have to do is head to the bank and apply for a mortgage, right?

Wrong. Before you decide to take on a mortgage, there are some very important measures you need to take beforehand. Too often, girlfriends of mine end up making mortgage mistakes that they’re unable to bounce back from.

That said, here are some mortgage mistakes you want to take note of before signing on the dotted line.

Mortgage mistakes #1
Not making sure you qualify
If you find the perfect home and want to make sure that the seller doesn’t keep the home on the market, why would he or she even bother if you haven’t taken the necessary steps to prove that you can at least close the sale with an approved mortgage loan?

Most sellers will ask for a letter from the lender (bank) to prove that you can afford their property. If you don’t have this letter, there’s a good chance that other bidders will get the home you want.

Mortgage mistakes #2
Not repairing your credit
Before you even bother applying for a mortgage, you need to check out your credit report to make sure that you’ll qualify. And if your credit isn’t good, you need to start making reparations.

The last thing you need is to get everything underway only to discover that you weren’t approved for a mortgage because of a simple mistake in your credit. And while you usually know whether or not your credit’s bad without having to ask for a report, with today’s heavy ID theft, you’d do best to check your credit annually.

Mortgage mistakes #3
Not shopping around
As born shoppers, we know that if we spend just a little extra time nosing around other places, we’ll eventually find what we’re looking for at a price we can live with. Mortgages are no different.

When it comes to your mortgage, even if you have a banking institution that you always deal with, it will still bode well on you to shop around other banks to find out what their offers are. Never assume that you’ll be getting a better deal from your bank simply because you’ve been there for years.

Mortgage mistakes #4
Not planning for closing costs
The cost of a house is expensive, no doubt, but you have to plan for other costs that you probably aren’t even aware of yet. You need to start putting away upwards of 7% of the total cost of your home to pay these off.

Closing costs include title insurance, lawyer’s fees, taxes, homeowner’s insurance, and other lenders’ fees, so be prepared to dish out a little more when it comes time to move into your dream abode.

Mortgage mistakes #5
Not getting a professional inspection
Even if the previous owner swears up and down that he or she had the place inspected and everything is hunky dory, it’s probably best that you hire a professional from your end to perform an inspection (property, roof and termite).

Ask friends and family about inspectors and get the job done well before its time to move in. This will help you with your negotiating price, and when an inspector recommends that something should be done, the seller will be keener on doing it to close the sale. Do ensure that the repairs have been done however; never take the seller at their word.

Only in the case that you’re purchasing a new home complete with warranties on most or all equipment can you afford to bypass this step.

Mortgage mistakes #6
Not getting a lock-in rate in writing
If a mortgage company tells you they can lock in the rate they’re offering you, will you simply shake their hand and take their word for it? Of course not.

Anything that a lender promises you should be marked down in writing. What you want is a detailed document that states the interest rate, the program details and how long the lock-in rate will last.

Mortgage mistakes #7
Signing documents without reading
It goes without saying that you should never sign anything without reading it first, but when it comes to mortgage contracts, it’s understandable that there’s a whole lot of reading involved.

While it may be overwhelming, I strongly recommend that you request copies of all the loan papers that you have to sign a few days in advance so that you can look them over.

Do not expect to read them at the signing; there simply won’t be enough time to do that.

Mortgage mistakes #8
Borrowing more than you need
Taking out the biggest loan possible may sound like a smart thing to do considering there will be many surprise costs involved with buying a home, but doing so may end up leaving you unable to afford the very house you did all this for.

Nowadays, mortgages are incredibly easy to get, and although lenders are more than willing to let your overextend, it’s only because they know that most people would rather die than default on their mortgage payments.

Calculate exactly what you need and stick to it, otherwise you may be turning yourself into a prime candidate for foreclosure.

No mortgage mistakes for you

Buying a home is a very exciting time in a woman’s life, so don’t let it be clouded by negative energy and easily avoidable mistakes.

Do your homework and before you know it, you will be living it up in your new, beautiful digs.

Money Q&A

By Vanessa Cohen


If you have a health question, submit it to Vanessa at info@ladythrills.com.


Crazy bank fees

I always feel like I’m getting ripped off by my bank because the fees they charge are maddening. How can I save on bank fees without losing the “privilege” of using ATMs and writing checks?

Tina Marie

It’s so true that bank fees are getting out of hand, but with a little vigilance, it is possible to save about $100 a year.

First, try to find yourself a free checking account that doesn’t require a minimum balance. Unfortunately, however, ATM fees are something you cannot really change, but do ask your bank for a comprehensive list of fees that are charged to your account on a monthly basis.

What you can do is avoid using ATMs that don’t belong to your branch because not only does your bank charge you a fee for using it, but the other bank also charges you a fee.

Home repair costs

A wall in my home has cracked significantly and I plan to have it fixed. The problem is that one of the contractors I spoke with told me he needs to get paid before they start working. This sounds shady to me. What do you think?

Hanni

From home repair contractors to mechanics, you always have to keep your ears and eyes open to make sure you don’t get ripped off. You can start by doing your homework.
Websites like HomeInspectorLocator.com lists approximate costs of certain home repairs. As well, if you speak with a few contractors, you may discover that their price ranges aren’t too far off from each other.

But the fact that this man is telling you to pay him before he even does anything should set off alarm bells in your head. Never sign any contract that stipulates that you must pay up before the work is completed to your satisfaction.

Need cash fast

I need some money fast, do you know of any ways I can get my hands on a couple of thousand dollars without having to pay back ridiculous interest?

W.

Assuming you have good credit, you could opt to get a personal loan from a bank, considering their rates are usually lower than other loan providers. But don’t just go to any bank; you need to do your homework as rates can vary greatly from one bank to another.

If your credit is not very good, you can always apply for a credit card and get a cash advance. Although the interest is somewhat “ridiculous,” if you need the money desperately, this is another option.

No matter what route you decide to take, you must be disciplined when borrowing money, otherwise your debt can escalate to a point where you will drown in it. I strongly suggest that you plan a budget and stick to it.

Cost of divorce

I just separated from my husband and I need to know what to do to figure out how to get things going on my own via living expenses and such.

The Big D

To begin, I’m sorry to hear that things didn’t work out, but it’s essential that you are aware of what you need to do to ensure your financial safety.

To start, figure out exactly what your assets and liabilities are and get statements to back everything up.

Then sit down and write up a budget. Think about all the costs of living when you were together and lower it only by 25% (it’s better to overestimate costs). If you bought a home together, you need to figure out who will stay there and who will be leaving, or if the two of you will sell it and go your separate ways.

If you have a host of small debts, you might want to consolidate them and pay off one debt rather than a host of small ones.

Good luck.

7 Ways To Cut Cell Phone Costs

By Vanessa Cohen

Cellular phones are a spectacular invention. They offer women an extra sense of safety, as well as the knowledge that they can call up their buddies to talk about having dumped their boyfriend no more than 30 seconds ago.

But there is a negative side to cell phones: the billing. It seems that most of us are being milked out of every penny via our cell phones and it’s time you started learning how to cut cell phone costs so you can save a couple of bucks. You need to start paying attention to what you’re being charged.

With a little effort, you can save upwards of $300 a year just by learning how you can cut cell phone costs and making some simple changes to your cell phone’s options, your phone habits and your service provider.

Here, now, are some ways to cut cell phone costs every time you dial.

Cut cell phone costs tip #1
Get a deal on what you use most often
Do you text message all day long? Do you spend most of your time on the phone during the day? If so, there are plans available to suit your particular needs.

Figure out what you want out of your plan via your cell phone habits, and call up your company and make the changes ASAP.

Cut cell phone costs tip #2
Use the same carrier as buddies
If you have a select few with whom you speak on a regular basis (your best girl friend, your boyfriend, your parents), then why not switch to the same company? Most companies offer deals on in-network calls.

The deal? Free calls within your network. That way, when you call up the people you speak with the most, you won’t be charged anything.

Cut cell phone costs tip #3
Forward your calls
If you work at home or have a lax work environment, forward your calls to your home or office, that way, your phone won’t be charged for the calls and you won’t be wasting precious minutes.

Of course, if your phone rings all day long, forwarding calls to your workplace probably isn’t the smartest idea. What you can then do is forward your calls to your answering machine on your cell or at home.

Cut cell phone costs tip #4
Get free evening & weekends
Considering most women work all day long, the need to make phone calls from your cell phone isn’t that high. But getting free evening and weekend calls is a tricky deal.

For some companies, the evening begins at 8 and sometimes 9 p.m., but there are a select few that offer up evenings starting from 7 p.m. Do your research and make sure that you’re well aware of what time your evenings start if you do opt for this option.

Cut cell phone costs tip #5
Get rollover minutes
Referred to as rollover, this option allows you to add whatever minutes you didn’t use in the month before to the current month, increasing your minutes and giving you the freedom to talk to all your friends without extra cost worries.

Some months may be slow and others may have your cell phone ringing off the hook, so make sure you look over your bill to figure how many minutes you’re not using each month (if any at all) and decide if this is the best option for you.

Cut cell phone costs tip #6
Shut it off or lock it
If you don’t lock your phone’s keypad and leave it in your purse, your phone could inadvertently end up calling people and draining your minutes.

And it gets worse; if you’re traveling (or even where you live), your phone may begin to roam (you’ll know it because it’ll say “roaming” or the like on your phone) and you will be charged for it on a per-minute basis.

A few carrier companies have eliminated this practice and I strongly recommend that you find out about your current company’s practices and their roaming options.

Cut cell phone costs tip #7
Text on the Internet
With most companies, it costs about 10¢ to send a text message and 2¢ to receive one. So if you could send your texts via another method, it would likely save you a sweet amount of cash.

Most companies allow you to send a text via their website. So the next time George sends you a text about how hot he thinks you are, you can text him back without incurring a cost if you’re already in front of a computer.

Cut cell phone costs today

There’s no doubt that cell phones have become an integral part of our lives, but with a little research and time, you can make sure your phone doesn’t cost you a limb or two.

5 Signs You’re Overspending

By Vanessa Cohen

When I got my first credit card, I forgot that overspending would result in debt, especially considering I didn’t have a job and a $1,000 limit (that I quickly hit).

After a few years of bad credit lessons and an appreciation for earning money, I learned how to better manage my finances, but most of my friends are still living in debt and have yet to save anything. They’re all overspending.

And it’s not as though they have assets, like a home or land, that their money is tied up in. They have good jobs, make good money, but are always counting down the days until they get their next paycheck.

If this sounds anything like you, then you, like them, probably wonder, where the hell did all my money go?, about once a week. Well, you’re probably overspending, and if you’re not sure whether or not you are, read on.

Overspending sign #1
You’re broke before your next paycheck
About five days before you get paid, you start getting itchy for the money and begin counting down the days until you get that cash in your hand.

And when you do, you pay off small debts and then spend the next couple of days living like a millionaire . That is, until it’s all gone and you find yourself in the same vicious cycle.

Solution: Dedicate the next month to tracking your expenses. What do you spend your money on? You’ll begin to notice a trend: You tend to spend a whole lot on things you don’t really need. Once you figure out how much you could be keeping in your pocket, you won’t find the need to own 74 lip glosses just because you’re a sucker for packaging.

Overspending sign #2
You use credit cards to pay off credit cards
You have so many credit cards you can barely close your wallet, and if that weren’t bad enough, you also use one credit card to pay off debt on another.

Meanwhile, back at the ranch, you’re barely paying off the interest on each card, let alone the minimum payment required.

Solution: Use the next couple of months to pay down your credit card debt, starting with the one that collects the highest interest first. Once they’re all paid off (or at least a couple of them are), cancel all of them except one, and keep that one’s limit at something manageable, like $500.

Overspending sign #3
You’re always borrowing money
You used to be embarrassed to ask people to loan you cash, but now it’s almost like second nature. Come the beginning of the month, you have your hand out to your parents, your siblings and even your friends.

You convince yourself that this isn’t an issue of pride or integrity but rather, you’re in a bind and there’s nothing wrong with asking for help. And you’re right; or at least you were, that first time you asked. But once asking for money became a habit, you became a leech. You’re a smart, beautiful woman. Do you really want people to stop calling because of their underlying fear that you’re going to ask for some cash?

Solution: If you owe someone money, don’t avoid them. Acknowledge it and give them a deadline for payment. Seeing them constantly will give you that needed push to pay them back in full and get your pride back.

Overspending sign #4
You don’t save a cent
You haven’t saved any money in all the years you’ve been working and, what’s worse, you think you’re too young to start planning for your retirement.

Think about how much you make and what your necessary expenses are (rent, food, electricity). What are you left with? I’m pretty sure it’s not zero. And if you got fired tomorrow, how would you possibly be able to pay off your debts?

Solution: After you pay off all your debts, make it your mission to start putting at least $50 a month into a savings account or a 401k. After that, aim for double that, then double that, and so on and so forth.

Overspending sign #5
You lie about what you spend
Whether it’s your boyfriend, your gal pals or your parents, whenever anyone questions your spending habits, you defend yourself by lying about how much you really spend on certain things.

Solution: The fact that you need to lie should scare you because it indicates that you’re feeling guilty about your spending habits. And if you’re not, then don’t lie about them. But if you are, get your money matters in order and eliminate the need to lie completely.

Stop overspending

It’s tough to unlearn bad habits, but with some discipline and a positive outlook on the future, it is very possible to do so. Dedicate yourself to becoming an independent, financially sound woman and you’ll be happier for it.

5 Habits Of Millionaire Women

By Amanda Rice

Making the first million is the most difficult, as most millionaire women would admit. And save for the heiresses, like Paris Hilton, and the divorcees, like Heather Mills, women who earned their keep via hard work did so by adopting a few key habits that ensured that their bank accounts would reach the 7-digit figure.

If you depend on anyone for money or to balance your finances, it’s time you woke up and discovered that if you want to be a financial success, you need to pay attention to the money you make and the money you spend.

Do you want to be a millionaire? Well, what woman doesn’t, really? Think of all those shoes and vacations by the beach. It’s all too good to pass up, but that first million definitely won’t come easy. So what did these millionaire women do to make their millions?

They implemented these habits.

Millionaire women habits #1
Place value on your time
Many women I meet in my everyday life tend to give most of their time to others, for fear of being considered “self-absorbed.” But if you want to achieve success in life, you need to make it clear to yourself and others that your time is valuable.

If you have a plan to open up your own business or hope to land a CEO position with a corporation, you need to devote your time to a plan. You need to spend some time focusing solely on where you want to go and how you plan to get there, complete with a timeline breakdown and expected achievements.

Keep in mind that it’s not going to be easy; you’re going to have to make many sacrifices along the way, and that includes putting relationships, and perhaps family, on hold.

Millionaire women habits #2
Take calculated risks
Life isn’t easy and making a boatload of money might not happen upon your first attempt, either. Risks are a necessary evil of potential moneymakers and, if you want to make money, you’re going to have spend some first.

Ani DiFranco, a famous singer and entertainer, started her own record label, Righteous Babes Records, at 18 years of age and with only $50 (she didn’t have much more than that to her name). Now, she’s a millionaire in her own right and she did it on her own terms (she could’ve signed a lucrative deal with a major record label but wanted to maintain her artistic freedom).

Before she jumped into her venture, however, she assembled a business plan and then took a calculated risk. And if you want to achieve such a level of success, you’ll need to take smart risks, otherwise you’ll never triumph.

Millionaire women habits #3
Don’t earn to spend
Many women I know don’t invest their money in anything… or even save it for that matter. While it’s okay to buy yourself the occasional little black dress , it’s more important to think about your long-term financial future.

Whether you start by putting $100 away every month or “investing” in a new business, you need to stop spending every penny you earn on items that don’t reap a profit.

Millionaire women habits #4
Know your market
No matter what you plan on doing, whether it’s create and sell a new line of high chairs for infants, open up a high-end furniture store or put out a Pilates magazine, you need to study your market and its surroundings ad nauseum.

Spend some time and money on researching your competition, potential locations, recent trends, customer preferences, and everything in between. If you want to be successful, you will have to spend some time living in what it is you want to do.

And don’t just explore your market; explore upcoming trends and try to apply them to your business model. Most millionaires agree that being ahead of the trend is better than being in it.

Millionaire women habits #5
Think big
Many women are afraid to think big because they’re always being told about how risky everything is. But you need to become more optimistic and confident in your abilities and what you can accomplish.

If someone tells you that you can’t do something, use that as ammunition to prove to yourself that you can. If you make a decision to start up a new business, invest in your invention or take the lead position of a company, go at it with full force and turn negative or skeptic energy into a positive practice.

Of course, this is not to imply that you should be ridiculous in your ideas, but exploring a possible countrywide expansion for a business that is presently booming in your city is a grand and phenomenal idea.

Habits of millionaire women

With the right mentality and dedication, if you want to make a million dollars, you can. There will be times when the chips are down and you will feel like giving up… we all do. But if you simply hang in there and persevere, there is no doubt that you can reach your goals.

Until next time, I look forward to seeing you at the annual millionaire women’s club get-togethers.

Your Personal Budget

By Vanessa Cohen

Do you live from day to day and paycheck to paycheck? Do you wait to get paid so that you can pay off your current debts? If you said yes to one or both of these questions, chances are you’ve never dated a personal budget. It’s time to start the love affair.

It’s important to not only date a personal budget; you’re going to need to marry one at some point. A personal budget will help you keep track of your money and figure out exactly how you managed to spend $3,000 in one month and why you have nothing to show for it.

Here’s how to start budgeting your money; and don’t worry, I’m not going to bust out any technical lingo on you. It’s best to simplify your expenses per month so that you end up sticking to it.

Budget breakdown by month

Personal budget tip #1
Income
How much do you earn per month after taxes? I know it might feel like the taxman takes all of it away, but you do get something at the end of the day. This is the number that helps you pay everything off.

And if you do some freelance work for cash on the side, this also counts toward your income.

Personal budget tip #2
Credit cards
Ah, the wonderful piece of plastic that manages to put many of us in a state of despair when that bill arrives in the mail. And without a budget, it’s quite possible that your credit cards are taking you to a place well above your means.

If you can’t pay off the entire amounts on your credit cards every month, pay as much as you can without suffering for the rest of the month. And opt to pay off more of the higher interest rate cards.

Personal budget tip #3
Car
When it comes to your car, just about anything can and will go wrong. When you budget your car payment, you need to leave a little extra cash for it just in case the brakes need changing or some jackass rear ends you.

As well, good old gas is costing an arm and a leg nowadays, and although you may not be able to pinpoint exactly how much you’ll need to give the guzzler, you can work out an estimate based on past experiences. From this point forward, keep all your gas purchases for the month in order so that you can work out a more precise number.

Personal budget tip #4
Home & amenities
Whether you rent or own, there’s money to be paid. Calculate your monthly rent or mortgage, phone bill, cable, electricity, and toiletries.

Again, it would be a smart move to leave a little extra money in this category just in case something goes wrong and you need to call the plumber over to fix your leak (I know it sounds perverse, but I‘m being serious).

And if you notice that your phone bill or toiletries purchases are out of control, find out what’s costing you so much and adjust accordingly. Do you really need voice mail? Is the $25 shampoo that much better than, say, the drugstore brand?

Personal budget tip #5
Cell phone
Although you may think of your cell phone as a “barely there” expense, if you look over your bill, you’ll notice that there are charges there and costs incurred that you could change in order to save a few bucks.

If you constantly text message, then get a package deal that features that. If you spend most of your day on the phone, then find a package that offers you a great deal on daytime minutes.

And start looking over your bill with a fine-tooth comb; you may be getting charged for things you aren’t even using.

Personal budget tip #6
Insurance
Home insurance, car insurance and even life insurance are a necessary evil in your life (evil, that is, until you need it). To lower the cost of your insurance, shop around. You might be able to lower your insurance costs by 15%, and that’s a significant number considering you could be paying upwards of $1,000 a year. That’s an extra $150 in your pocket.

Budget your insurance costs on a monthly basis even if you pay it in one lump sum at the beginning of every year. That way you can put this amount aside every month.

Personal budget tip #7
Food
Food glorious food! From grocery shopping to having sushi with the girls, if you have monthly habits that involve food, then you need to budget for them.

If you go out for dinner once a week, place that in this category. If you entertain once a month, place that in this category. And when you shop for groceries and your cat, Frisker, all that also goes into this category.

You may decide that you eat out way too often or that you don’t really need to buy cheesecake every time you head to Price Chopper. The numbers don’t lie (and neither do the freakin’ calories).

Personal budget tip #8
Savings
I know you wouldn’t imagine that savings are an expense, but they should be because you need to set aside a given amount (no less than $100) each month and place it into a savings account that offers high interest and will penalize you if you withdraw any cash.

Saving money is important, even if you’re young. Start saving today, even if the amount is less than $100 a month, at least you’re putting forth the effort to have something left should life throw a monkey wrench your way.

Budget your money, lady

A budget will help you become more responsible with your money and may even alter your spending habits. You need to develop this skill at some point, so why not start today?

Once you have a money plan in action, the world will become your oyster. And yes, the oyster will contain plenty of pearls.

5 Hidden Credit Card Fees

By Vanessa Cohen

A credit card is a fantastic convenience for most of us, allowing us the freedom to purchase that Louis Vuitton purse, even though we happen to be strapped for cash.

But there is a down side to using your credit card – those hidden credit card fees that they charge you without your knowledge. Be honest; when was the last time you really, I mean really, took a good look at your credit card bill?

Well, next time it arrives in the mail (and you know it will), open up that envelope and go over it with a fine-toothed comb because chances are that you’re being charged for things you weren’t aware of.

What should you be on the look out for? Well, here are a few hidden credit card fees you probably weren’t aware of.

Hidden credit card fees #1
Foreign exchange transaction fees
Let’s say you suddenly decided to pick up and head to Europe for a 4-day vacation, and forgot all about getting your hands on some euros before you split. Oh, that’s okay, you think to yourself, I’ll just use my credit card, it’s easier anyway.

Well, you may return home to a rude awakening when your bill shows up in the mail. While the exchange rates may not be so painful (it’s typically the best you can get), the fact that credit card companies charge anywhere from a 1% to a 4% “conversion” fee will definitely make you feel the sting of those Italian shoe purchases.

Hidden credit card fees #2
Over-the-limit penalties
If you happened to exceed your $5,000 limit when you purchased that hot little black dress you’ve been eyeing, your credit card company will let it slide. But hey, there’s a catch.

The minute you exceed your limit by even a penny, you can bet that there will be an over-the-limit fee of up to $40. So be wary of your spending.


Hidden credit card fees #3
Late payment penalties
If you make a late payment, you can definitely expect to pay late fees, but did you know that you are inadvertently giving the credit card company the right to raise your interest rates?

I’m not sure if you read the fine print of your contract, but I’m pretty sure you probably had more interesting things to read. So while you were busy finding out about Tom Cruise’s latest couch attack, you didn’t realize that a late payment gave the credit card company all the ammo it needed to raise your rates.

The worst part is that, if they find out you made a late payment to any of your other creditors, they have the right to raise your interest charges as well.

Hidden credit card fees #4
Charges for nothing
Let’s say you have four credit cards, but you only use three. You haven’t touched that other one in months. Well, guess what? The credit card company will charge you a fee for not using it.

Think about it; they have to make money somehow so if you’re not using it, they need to cash in. Most companies charge you a fee if the card has been inactive for 6 months, but some charge for even shorter intervals.

Hidden credit card fees #5
Account closure charges
So rather than just let it sit there, you think, I’ll just cancel it, that’ll solve everything, right? Wrong. Even if you wanted to cancel your card, many credit card companies now charge a “closure” fee.

Of course, not every company does this, but there are enough out there that you need to find this out before you use it for the first time.

Credit card fees

Being well informed is important, so reading your credit card agreement is pertinent to your saving a couple hundred bucks.

The next time you start thinking that platinum would make a great addition to your other cards, remember that there may be a significant price to pay.

Bad Credit, 5 Ways To Improve It

By Vanessa Cohen

If you were to receive your credit report in the next 24 hours, do you think you’d be impressed with what an amazing dollar-minder you are, or do you think you’d be left wondering how the hell you let your credit turn into bad credit?

Did you know that 26% of Americans are living far beyond their means? And women are charging everything they want onto those fantastic plastic cards that magically make them the owners of every hot pair of Manolo Blahniks this side of Spain.

Well, it’s time for you to make sure that you’re not living beyond your means so that you can eventually invest in some property and acquire some assets. Do you remember that beautiful and rich man that you kept dreaming about when you were a kid? Yeah, well, he’s not coming, so you might as well turn your bad credit into good credit.

And that’s where credit scores come in. Credit scores are three-digit numbers that range between 300 and 850. The higher your score, the better, but keep in mind that only 11% of Americans rank above 800. And, unfortunately, anything lower than 620 makes acquiring a loan very difficult.

That said, here are some ways to improve your credit report so that, when you do finally need it to buy a house or invest in a business, you can get a loan at a relatively low interest rate.

Eliminate bad credit

1- Pay your bills before the due date
Considering the advancements we’ve made with technology, I can’t imagine why you wouldn’t be able to pay your bills on time (and please don’t say that you just don’t have the money). You have the option of paying your bills automatically each month (allowing telephone companies and the like to withdraw the necessary funds directly from your account) or you can opt for online or telephone banking to pay your debts.

Ultimately, if you have bad credit because you haven’t been paying your bills, it’s high time you began getting your priorities straight. Pay off your current debts before you accrue more.

2- Lower your debt accumulation
If you can’t pay your credit card in full each month, you can minimize bad credit by at least paying more than just the monthly charge. That way, you will end up paying less interest and can pay off the capital more quickly. And another thing: I know that the gorgeous black dress is on sale and you don’t have the cash right now, but if you can’t afford to pay for it in cash, chances are you can’t afford to pay for it with a credit card, either. Don’t make your bad credit worse.

3- Don’t cancel credit cards that you don’t use
Although popular opinion dictates that, in order to improve your credit rating, you should terminate already paid accounts, Fair Isaac Corporation (a.k.a. FICO, the company that tabulates your credit rating) reports that closing off such accounts can actually end up hurting your credit.

By closing your accounts, especially older ones, it makes it appear as though you haven’t had a very long credit history, thus making you undesirable or “untrustworthy” to financial institutions. But if you have 11 credit cards, it’s best to cancel the ones you acquired most recently.

4- Don’t apply for too many cards
While having a wallet full of plastic may make your feel important, it’s not exactly the smartest move you could be making in the world of credit. What creditors look at when you apply for a loan (or the like) is how much you could possible owe should you max out all your credit cards. And that can make you an unattractive candidate to banks because you’d be more likely to end up with bad credit if you have credit cards valued at $50,000.

So while having one of every card might look nice in your wallet, it doesn’t look so nice to lenders. Keep your credit cards down to a minimum, like say one or, maximum, two.

5- Order a copy of your credit report
While too many credit report checks can do some major harm to your credit report (it means that too many people are checking it, which might mean that you are asking for a lot of credit), it is good to take a look at your report once a year to ensure that no one has stolen your identity and that changes that you made (like canceling cards or paying off debts) have been noted in the report.

There are three major credit reporting agencies that can give you your FICO (a credit score based on the Fair Isaac Corporation model) score:

- Equifax (Equifax.com)
- Trans Union (TransUnion.com)
- Experian (Experian.com)

Eliminate bad credit for good

There you have it: Easy-to-follow tips that will help you improve your credit rating in no time. Remember that, in the future, your good credit rating will make it a cinch for you to own property (or anything for that matter). And yes, if you say goodbye to bad credit, you can even have those Manolos.