There is a lot of confusion among indebted consumers as to which Statute of Limitations (SOL) applies in cases of unpaid credit card debt. Is it the SOL for the state in which the credit card company is based? Is it the SOL for the state you live in? What if you’ve moved since opening your credit card and incurring your debt? How about if your debt was incurred in multiple states or was sold to a debt collection company?
The simple answer is that in most cases either the SOL for the state you live in now or the state you lived in when you entered into the credit card agreement will apply. There are, however, caveats to this rule of thumb.
Prior to October 1, 2011, individuals were able to apply for credit cards using their household income. However, this is no longer the case. When you apply for a card now, credit card companies consider your income on the individual level in order to match the way they evaluate debts. If you are a stay-at-home parent, it’s understandable if you’re concerned about your ability to build credit under your own name. After all, homemakers generally aren’t compensated monetarily for all that they do, but that shouldn’t mean they aren’t allowed to get credit cards…should it?
Differences in international monetary standards make spending money abroad often confusing and even downright difficult. When it comes to traveling overseas, consumers must not only determine the acceptable methods of payment for the countries they plan to visit, but also figure out a way to
A lot is different when you travel abroad. The food, the language, the fashion and the culture are all somewhat unfamiliar, as is – of course – the money. In order to buy anything in a foreign country you must have access to the native currency and this means currency exchange. However, exchange rates and the logistics of currency conversion can be both confusing and rather costly. Since foreign travel is difficult and expensive enough as it is, we at Card Hub decided to answer the most prevalent currency exchange questions in order to provide you with everything you need to know before your next trip abroad.
While often maligned as conduits to debt and overleveraging, credit cards truly are quite useful. Whether it’s building the credit history necessary to convince a bank you are trustworthy enough to merit a loan or effectively lowering the price of all your purchases through rewards, a credit card has the potential to improve all aspects of your finances.
There comes a time in one’s life when it’s necessary to use a credit card. Actually, scratch that. There are many times throughout life when a credit card comes in handy, and because your financial needs evolve as you age, the type of card you need does as well. Credit cards are no different than anything else that remains part of your life as you grow older. The clothes you wear in high school, for example, are likely far different than those you don when you have a career and a family, both because your tastes change and because your lifestyle requires a different wardrobe.
Of all the uses for a credit card, funding cosmetic surgery might seem out of left field. But the fact of the matter is millions of people go under the knife each year, and they need a way to pay. According to the American Society of Plastic Surgeons (ASPS), 13.1 million cosmetic procedures were performed in the U.S. during 2010, totaling about $10.1 billion in costs. Since most insurance companies do not cover cosmetic surgery, the brunt of this expense is placed on the patients themselves. Cosmetic surgery need not have a long-lasting detrimental impact on your finances though. Waiting until you have the cash to pay for your procedure is obviously your best option, but consumer impatience often results in people incurring significant debt in the form of medical loans. In light of this fact and the current low interest rate environment, an interesting payment alternative is a
What is a charge-off?
The Card Hub Island Approach is a theory for credit card use which suggests that consumers should use different
Given the myriad rules and regulations governing credit reports and scores, many consumers do not fully understand these important sources of financial information. Therefore, in order to facilitate greater financial literacy and promote sound fiscal decision making, we closely examined the relevant laws and compiled this Credit Report & Score Bill of Rights.
Credit cards can be tricky, and as is the case with anything else, people make mistakes when using them. The trick is to learn from these mistakes and avoid making them again. In order to help facilitate this and to help you learn from the missteps of others, we compiled this list of the most common credit card mistakes. So read up and be on your way to sturdier financial footing.
The term “prepaid credit card” is basically nonsensical. 
Time is one of the most important factors of
Credit utilization refers to how much of your available credit you use on a monthly basis. It’s extremely important that your spending not approach your credit limit because FICO—the largest credit scoring agency in the United States—factors credit utilization into its scoring in the form of a balance-to-available-credit ratio, and the lower it is the better. This is one of the most important tenets of credit card use, and failing to adhere to it could lead to lowered credit standing.
When buying an automobile, you are faced with a couple of different payment options. You can either pay for it in full or take out a loan from a bank, a credit union or the financing arm of a car dealership. Since most of us don’t have the means to purchase a car or motorcycle in cash, we are left with financing. While a loan will allow you to drive off the lot, you will not officially own your vehicle until you successfully pay down your balance. As a result, you will not be given the title, or pink slip, to the vehicle until your loan is paid down. Until that time, your lender will be the title holder for your vehicle because it serves as collateral against the amount lent.
