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Financial Definitions

(19) Call Your Banks…Ask for a Lower Interest Rate

Call all of the banks and lending institutions with which you deal and simply ask them for lower interest rates on your accounts. Say that you have been a loyal customer for X years, always paid your bills on time and you want a lower interest rate. You could cut your interest charges by hundreds of dollars a month and[Read More…]

by September 11, 2016 0 comments Financial Definitions

What Is Balance Transfer? It Is a Way to Lower Monthly Debt Payments

What is balance transfer? A balance transfer is moving monetary debt from one account to another with a 0 interest rate (or low interest rate) for a set period of time. But that does not mean that the debt has gone: it means that you will not be paying interest on that debt for a set period of time. For[Read More…]

by September 10, 2016 0 comments Financial Definitions

What Is the Difference Between Interest Rate and APR?

What is the difference between interest rate and APR? The two terms are quite distinct. Interest rate is the amount of a loan that is charged as interest. If you borrow $100 at 7% interest and will pay it back after one year, you will pay back $107 (unless there are other charges in the terms and conditions). Interest itself[Read More…]

by September 10, 2016 0 comments Financial Definitions

Annual Percent Rate Definition

Annual Percentage Rate Definition or APR is a convenient way to look at the actual yearly cost of a credit card, auto loan or home loan. It is the annual rate that is charged to you, the borrower, for money lent. It is not just interest costs, but most costs, including all fees. It is often challenging to compare one[Read More…]

by September 9, 2016 0 comments Financial Definitions
Identity Theft Definition

Identity Theft Definition

Identity theft definition–It is stealing someone’s personal information, typically for financial gain. It can be credit cards, driver’s license, Social Security number, bank account numbers, you name it. In today’s world, there is no 100 percent protection and identity theft can severely impact your credit before you know it. How? If someone were to get your Social Security number, which[Read More…]

by September 9, 2016 0 comments Financial Definitions