5 Ways To Watch Your Money In 2011

This time of the year credit card debt is the biggest hurdle for people financially. Most have to pay for the Christmas shopping spree that you charged and are now due. Below are some things you should know before you continue into 2011 with your debt.

PAY OFF YOUR CREDIT CARD BALANCE:

The good news is credit card companies and banks can no longer inflate the interest rates on balances that have not passed the late date of 60 days. With the good comes the bad and credit card companies and banks have found ways to counterbalance for the lost cash flow by affixing charges to once free services.

If the credit card holder is delinquent in paying their balance over the 30 days date but under the 60 days date, the credit card companies can withhold any rewards, such as points and miles, and then charge the credit card holder a lofty fee for reinstatement of the points or miles.

WHAT WAS ONCE FREE FROM BANKS, YOU WILL NOW BE CHARGED:

·         Checking Accounts - Banks are now invoking fees onto checking accounts since interest rates are no longer allowed.  In some cases, if you haven’t seen any additional fees yet, you should in the coming months.

·         Paper Statements – Banks are now charging $1 or more if you want to continue to receive your statements in the mail.

·         Deposit Boxes & Stop Payment On Checks - The amount you will pay is going to vary by bank, but you should expect to see increases for these services.

Now you are updated on bank and credit card fees. Here are a couple of tips that you can to assure that you are saving money.

THINK ABOUT OPENING A SAVINGS ACCOUNTS AS AN ALTERNATIVE TO A 401(K):

When you have a 401(k) account, it means that you are investing your retirement money into your company's stock, and lately the stock market has been in a lot of trouble. By selecting a savings account over a 401(k) program, you relieve yourself of any anxiety over uneasy stock market inconstancies and tax implications on 401(k) s and IRAs. Being assured a 1% return on your money can feel pretty good too!

RENTING IS SAFER THAN BUYING A HOUSE:

One of the major reasons this country fell into a huge financial crisis was due to the bank loan industry issuing loans to people who couldn't afford to pay their mortgages.  Granted, the housing industry is starting too stabilize. It has become very difficult to qualify for a home mortgage today. So renting is the safest option if you can't purchase a house without a large home loan.

YOUR CREDIT CARD DEBT WILL FOLLOW YOU:

You risk severely ruining your credit scores by not paying your credit card off. Low credit scores can prevent job opportunities and denial of loans for large purchases or even getting an apartment. You owe it, so simply pay it off, and communicate with your credit card companies when possible. If you need any assistance with your credit score you can contact an OwnerWiz Customer Support Representative for details on how to obtain a free credit consultation at help@ownerwizsupport.com