Some finance companies and large retailers often offer to finance goods on hire purchase with catchy slogans and seemingly easy terms. Watch out for this practice. This is often a very expensive way to finance the purchase of goods that will eventually lose their value. (more…)
June 4, 2009
Credit Cards, Borrowing For Consumables?
Credit cards have become one of the growth sensations of this country since Mastercard and Visacard were introduced in the early seventies. They are the new super weapon in the never- ending attack on your rand and represent a bigger threat to your money tree than a plague of locusts. Living within your means is a constant battle — credit cards make it much harder.
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May 23, 2009
Watch Out! Credit Cards, Checks and Bills
1. Do not have any of your bills sent to your home. Always list your post office box as your mailing address. An even better solution is to pay your bills online—but do it safely. (more…)
Save your identity, have Credit Report
A credit report holds the most personal and vital information anyone can have. The information contained in the report influences crucial decisions on loans, insurance coverage, employment—even housing. (more…)
May 18, 2009
Credit Card Fraud
The first trick to avoiding credit card fraud is to take charge of your cards. Following these simple tips will greatly reduce your chances of becoming a victim.
Spell It Out
As soon as you get a new credit card, write the phrase “See ID” on the back in the space that is supposed to contain your signature. You would be amazed at how many times store clerks still don’t ask to see your ID. This is an added reminder for them to do so, and can be a huge deterrent to a thief trying to use your stolen card. (more…)
May 8, 2009
Bills/Credit Cards/Checks, Girls Credit Safety Tips
- Do not have any of your bills sent to your home. Always list your post office box as your mailing address. An even better solution is to pay your bills online—but do it safely. Companies like Paytrust or E-bills are great solutions for paying your bills securely and on time. If you have a personal accountant, discuss the possibility of setting up a system to have your bills sent to and paid by them.
- Do not list your full name on your utilities, credit cards, or personal checks. Always use your first initial and last name for bills and credit cards. If possible, use a company name or trust. Use an initial and last name or company name on your checks, and make sure to use your post office box or accountant’s address. There is no need to put personal numbers like telephone, driver’s license, social security, or any other private piece of information on your check. Think about how many people come into contact with that check before it gets to the bank.
- Do not list private contact information on credit card or utility applications. Once again, your address should be your post offic box, your bill paying service, or your accountant. The phone number should be your cell phone or work listing.
- 4. Do not fill out random credit card duplications that you get in the mail. If you want a credit card, go to your bank or call a company directly. Filling out forms that require extremely personal information such as Social Security and bank account numbers should be done in a secure environment with a bank clerk or account manager.
May 6, 2009
Credit Ratings, what happens when a lender calls the credit bureau
For some strange reason the term “credit rating” sends strong men weak at the knees and conjures up visions of little men in darkened rooms keeping track of a person’s every movement. I do not know how this came about but I do know there is no reason for this illogical fear about having somebody check up on your credit. (more…)
November 30, 2008
Credit Purchasing, Like What?
Like a guarantor. A guarantor is someone else, not necessarily a relative, who is willing to assume the responsibility for your debt if you fail to pay. The guarantor will have to be checked in the same way to assess their financial position before they are accepted. They will usually have to accompany you to the store or Finance House to complete the forms. (more…)
Applying HP or “Hire Purchase” Credit Account
The correct term for a HP agreement nowadays is an “Instalment Sale” but people still use the term HP. HP is similar to the Lay-By system in that a deposit is usually required with the balance then paid for in instalments over a set period of time. The differences are that you take delivery of the goods immediately and you pay interest. Effectively you are “hiring” whilst you are “purchasing”. (more…)
