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LawrenceHi my name is Lawrence and I am on my way to become a 100% debt free man. On this site I will share with you my experience of debt enslavement and how I systematically cleared my debt one by one. If I can do it then you can do it also. It does not matter in what financial situation you find yourself in. You can clear all of your debt and live a debt free lifestyle. How to Manage your Debt - Learn how to become DEBT free today!

 

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, thats leka
Identity Theft and Credit Cards PDF Print E-mail
Written by Lawrence   
Monday, 07 June 2010 17:03

Fraud is not a nice thing to experience, especially people that register accounts, loans, credit cards etc. on your name.

To make matter worse you will have to clear up the mess and probably have to pay money to clear your name and credit rating. Then we can add emotional trauma that you got to recover from if this happens to you, your friends or family.

How can you protect yourself against credit card fraud or identity theft?

There are ways that you can implement in your life that will help you to minimise the risk of identity theft. You will have to use your common sense and make it very difficult for fraudsters that want to con you. If you make things hard for a thief then he or she will rather go for a much easier target.

  1. Stay up to date and make yourself aware of fraud scams and schemes that go around. Do research on websites and find out what is popular now.
  2. A popular scam is phishing - How it works is that you get an e-mail that looks as if it came from your bank. The e-mail will request you the account holder with a link that you will have to click on to take you to the supposedly bank login page. Here you will have to enter your banking details and verify some of your personal details. So the moment you log in to your bank account with your details the thieves steal your information and will use it to clear out your bank account if you are sleeping. To avoid this happen to you is to not click on the links even if it say it is from your bank.
  3. Ask your bank to enable mobile notify on your account so whenever a transaction takes place you will get a text (sms) message on your cellphone.
Don't give your credit card to anybody and don't let it leave your sight
I go often to restaurants and when the bill comes I request a portable credit card machine at my table. So the waiter or waitress got to bring it to me or I go to the cashier in the front of the restaurant and pay myself there. This I will do only if I don't have cash on me.
When the credit card leaves you it is possible for thieves to make a copy of it and then go to shops and use it and fraud your signature. So the wise thing is to never allow your credit card to leave your sight.

Don't allow strangers to help you at the ATM banks or give your card to strangers

ATM fraud is increasing all the time and fraudsters will do or use any means necessary to steal from you. Nowadays ATM machines are getting blown up by thieves to get to the money.

Sometimes scammers put something sticky in the bank card slot in the ATM and you think that it is stucked or the machine swallowed it. Remember thieves might watch you type your pin number by using video cameras etc by the ATM. So they can rob you and take card if they have your pin or they can even threaten you with a weapon to give it to them.

Using your credit card online

With the boom of the internet and technology advancement with e-commerce it is important to make sure if you buy products or services online that it is a secure site with "https://" in domain name.

Don't give your credit details to any website.

Make sure you shop at a reputable company online.

 

 

 

 

 

 

 

 
Last Updated on Monday, 07 June 2010 18:04
 
, thats leka
Credit Card Debt - Understanding the Credit System PDF Print E-mail
Written by Lawrence   
Saturday, 12 December 2009 06:23

It is important to understand what credit is and how it works. If you know this then you will be able to use it to your benefit.

Credit is basically used if you don’t have cash on hand. So credit can be used to buy something that you can’t afford at present or you don’t want to use your own money or cash.

You are willing to pay off the loan over an agreed period of time with a creditor(s).

* How Credit Works

Credit is not physical or tangible, but is a very valuable tool to acquire something that you want now, but can’t afford.

Credit is based on trust between you and a creditor. It is a belief that institutions or people have with you that you can be trusted to repay your loans or credit.

If you can prove to a lender that the money that you will loan will be repaid on time and over the agreed period. Basically can you be trusted to keep your promise to repay your loan(s).

Credit can be used to buy things that you can’t afford now in cash e.g. car, house, holiday, clothes, education etc.

Credit allows you not to walk around with large sums of cash on you. It is much safer and convenient to use a plastic credit card.

Buying stuff on credit can help you with your budgeting, because you will know exactly how much your monthly repayments are.

 

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Last Updated on Sunday, 13 December 2009 10:26
  , thats leka
The Pros and Cons of Credit Cards - Credit Card Debt PDF Print E-mail
Written by Lawrence   
Saturday, 12 December 2009 06:20

There are lots of debates about the good, the bad and the ugly of credit cards and credit card debt.

I have lots of personal experience with having multiple credit cards.

* The Pros and Cons of Credit Cards

So I have decided to list the good things and the bad things of credit cards that I have personally experienced.

The good things about credit cards (Pros)

  • It is convenient (You don't have to carry cash around with you)
  • Handy in emergencies
  • You can use credit cards internationally and can use them with thousands of merchants worldwide
  • Some banks give you interest free loans if you pay back your credit card in 55 days for example (If you pay whatever you used on your credit card back in one payment then it is interest free)
  • Can help you build a good credit history
  • Can help you repair a damaged credit record
  • You use someone else's money
  • Can give your rewards e.g. cash back, voyager miles,  points, gifts etc.
Last Updated on Tuesday, 09 February 2010 04:04
  		, thats leka
Credit Card Debt - How Credit Works - How Credit System Works PDF Print E-mail
Written by Lawrence   
Friday, 11 December 2009 19:24

The Credit System consists of a continuous cycle of borrowing and lending money.

When there is a break in the cycle then the entire system is effected.

Merchants who sell goods and services will often times allow you to buy on credit from them.

These merchants have to make sales to stay in business.

* How Credit Works

People who don’t want to use their own cash to purchase goods and services will approach credit card issuers or banks to get a loan to buy it.

Credit lenders will look at your credit score or credit history to see if you are a good re-payer and if you pay on time. If they see your credit history and are satisfied with it, then the credit lender will give you some credit.

Most stores will start you with low credit and as you manage your accounts well then they will periodically offer you more credit.

 

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Last Updated on Sunday, 13 December 2009 10:29
  , thats leka
Credit Cards Are Not Bad If You Know How To Use It PDF Print E-mail
Written by Lawrence   
Friday, 11 December 2009 19:06

My personal experience with credit cards is both good and bad.

* Credit Cards Are Not Bad If You Know How To Use It

At one point I had 4 credit cards that was fully maxed out and I had to make big payments which caused me to live from hand to mouth.

I was in a bad financial state where I was basically working and earning money just to pay my debt.

 

I have brought my debt under control by cutting up some of my credit cards and just making payments on them.

So I have manage to bring my personal finance to a stable condition and I cleared a credit card and about to clear another one. So from personal experience with credit card debt I have come to realize that it is not the credit card that is the problem, but my bad personal financial management and reckless binge spending.

I'm now on track to become 100% debt free within a couple of months and you can too.

A credit card can be very helpful in a financial crisis or emergency or even help to build a good credit record.

What I'm personally looking in to at the moment is to have 1 credit card and to bring it to a positive balance. In other word you clear the credit card and bring it to a zero balance and then add your own money on it nd bring the credit card to positive.

So if you swipe the card then you will use your own money first.

Some people buy stuff on their credit card and then pay the full amount in one go as soon as they get money within e.g. a space of 30 days. What this means is that they use other peoples money to buy stuff and then settle it within the bank or credit cards company interest free period which can be 30 days or even 55 days.

Credit cards are not bad if you know how to use them.

So there is a good way and a bad way to use a credit card.

* You can become DEBT FREE

It is definitely possible for you to clear all of your debt. I will share with you my personal experiences of how to strategically clear all of your debt. Read all the articles on the site and you will be on your way to become a 100% debt free man / debt free child / debt free teenager / debt free woman

If I can do it then you can do it also. Enjoy :)

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Last Updated on Sunday, 13 December 2009 10:32
 
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