Paul Haarman shares Everything You Need To Know About Credit Cards

Here’s the deal: you just got an envelope in the mail that has your name on it. Inside is a credit card. Why? Because banks are interested in maximizing their profits – and they see you as nothing more than a revolving cash-point says Paul Haarman. You are nothing more than another income opportunity. And the only way they can make their millions is if they get you to sign up for a credit card, and then get you racking up debt on that bad boy. So what do you do?

Credit Card Debt Statistics Credit cards provide immediate access to funds, but sometimes it can be difficult to pay your balance in full every month. This means that interest charges accrue on credit card balances, making it even harder to pay off your credit card bill at the end of each billing cycle. According to new statistics released by the Federal Reserve Bank, total revolving consumer debt (which includes unpaid credit card balances) reached $850 billion last year. The Fed also reported that Americans currently hold 688 million credit cards. Credit card debt statistics show that the average household that has credit card(s) carries nearly $15,000 in credit card debt.

Back to the Story so here you are with this envelope in your hand… You want to know what to do next.

Well, keeping these 3 things in mind will help you decide if getting a credit card is right for you:

1.) Do I have enough income?

2.) Can I afford to pay off my balance every month?

3.) Do I need it or am I just buying stuff I don’t really need only because it’s available now? First Things First: Fast Cash Loans Even If You Have Bad Credit

When it comes to fast cash loans, you don’t have to be a bank or financial institution to get the funds you need. In fact, there are tons of websites out there that provide loans from almost $500 up to $10,000 for people with bad credit. But these online lenders have access to the private money lenders and lending companies that banks do not have direct relationships with. Unlike a traditional payday loan lender that might only lend to a limited number of borrowers a month, these online sites can deposit cash into your account within 24 hours or less after your application is approved.

Bad Credit Loans Online Another reason why it’s advantageous for people who have bad credit standing to apply for fast cash loans on the Internet is that this kind of lending does not require collateral or other security. You aren’t applying for the loan by yourself; you are doing it with all your credit card debt. If you go to a bank, they require collateral in order to secure the size of the loan that you need. This means if you default on one or more loans, they can take possession of whatever property you used as collateral and sell it in order to get their money back explains Paul Haarman.

The benefits of online lending apply not only to those who have poor track records with banks and other traditional lenders but also those who might have very high interest rates on existing credit cards or whose payments might be about to increase because of a recent missed payment. By consolidating all that credit card debt into one loan at a lower interest rate, borrowers can save some serious money because they are no longer being charged the higher interest rates that borrowers with bad credit usually have to deal with. Second Thing’s First: What Can I Use The Money For?

What is your intent for getting the cash advance loan? Do you need it for an emergency or do you see it as a long-term solution?

Unless you need this loan for an emergency situation, the best option would be to treat it like any other type of loan says Paul Haarman. If you get your cash advance online, figure out how much extra money after expenses can go towards paying back the loan in full at the end of each month. This way when the high-interest rate kicks in (which could be anything from 23% up to 36%), that won’t be quite as painful to pay back.


So, now you have it – a few helpful tips on what to do next. Do you have any other ideas or suggestions to add onto the list? Share your thoughts by leaving a comment below.

We all know that credit cards are not perfect and sometimes they require the cardholder to take specific steps in order to improve their credit score says Paul Haarman. For example, making sure that each card has a low balance relative to the limit is one of those things that can help raise your credit rating over time. But people tend to forget about this little detail if everything else is going well with their finances. That’s why I wanted to talk about how owning multiple types of plastic for different transactions could actually be helpful from time to time.


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