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CREDIT UNIONS: SAFEGUARDING YOUR INTERESTS

Introduction:

Almost every person on the planet is familiar with banks. Everyone has had an experience, whether good or bad, with it, and due to this, the majority of the population always gravitates towards banks, not knowing that other options  exist. Whether you want to or not, you might find yourself in the footsteps of a bank, without any clue of alternatives that could change your life.

Banks are profitable corporations that strive to provide for not only you, but itself too, by bulking up on money that you pay, in the form of interests or fees, and paying its shareholders rather than finding another use of the funds. Although this allows the fluidity of finances and gives the bank the margin to grow or increase its assets, it can also have a shortcoming in the form of less focus on the customer.

You may feel frustrated that the kind of service or packages you require is unavailable in a bank. You may also be frustrated by the high-interest rates or the hefty fees that...

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HOW TO CANCEL A CREDIT CARD

Canceling a credit card can be extremely tricky if you are not aware of the steps associated with it. It is a process that requires pre-planning and careful consideration of every little factor. But do not stress! We will break down every step for you!

Issues Associated with Cancellation:

Before diving into the intricacies of canceling a credit card, we must warn you that it is rarely advisable to cancel one unless you face certain circumstances. It can backfire in some ways.

The two ways in which cancellation of a credit card can do more harm than good are:

  • Leftover perks that are unclaimed
  • Loss of credit

However, do not worry! If you need to cancel a credit card, we will ensure that you are well guided before leaping, and do not face any loss in terms of the two factors mentioned above.

Let's discuss the reasons why a credit card should generally be canceled.

Reasons for Cancellation:

The best reason to cancel a credit card is if the fee you are being charged for is too high....

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PAYDAY LOANS

Definition

A payday loan is a loan in which a lender gives the borrower a loan, typically under $500, that is due on the borrower's next payday.

Why It's Important

In my opinion, payday loans are a type of predatory lending.  They typically have high-interest rates and or fees.  These loans are extremely short term (ranging from 1 week to 4 weeks before the balance is due).  Most states have limitations on how much creditors can charge in fees.  These fees typically range between $10-$30 for every $100 borrowed.  Even at the low end, these fees are expensive.  Let's look at the numbers.  If we had a $15 fee per $100 borrowed, that would equate to an APR of about 400%.  It may not seem like the fees are a lot, but they do add up quickly!

Another disheartening point about payday loans is that the borrower is typically stuck in the cycle once they get in.  The lenders generally do not check the affordability of the loan.  In...

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