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The Scoop on Balance Transfers: A Banker’s Perspective

At first glance, it seems like a good idea: you open a credit card with a low interest rate and transfer all of your balances from high-interest accounts to that one card.

…s probably neither. I should know: I used to work in credit.
Balance Transfers are a Game Designed to Make You Lose
Credit card companies have benefitted from balance transfers by hooking new customers with low rates, then getting them to spend on the card. Your payments would be applied to the balance transfer amount with the low rate, while racking up new debt at a higher rate that doesn’t get paid off until the balance transfer amount is paid off.
Think about this example. If you had a $3,000 at…

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The Scoop on Balance Transfers: A Banker’s Perspective

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Talking Money With Your Significant Other

Usually it’s a crisis that gets a couple to enter the money talk: You open up a credit card bill and notice that the card is maxed out. You get an overdraft notice from the bank. A debt collector calls

…t let other topics creep in
Our financial habits often come from our families. How we were raised has a lasting impact on everything we do, including how we manage our finances. And sometimes the bulk of our spending takes place when we are with our friends. So when it comes to assessing our habits, our families and friends might get brought in. Blame might even be placed on them during the money talk.
Do yourself a favor and stay on topic. A casual mention of the late car payment might unmask some deep resentment of your parents or in-laws. Comments about your lavish nights out on the town might reveal hatred for one particular friend.
Those feelings should be put aside and dealt with later.
Talking Money With Your Significant Other adapted from AskMen.com content….

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Talking Money With Your Significant Other

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