Money Talks

Money Talks

MPB Think Radio

email: money@mpbonline.org

Money Talks airs Tuesday mornings at 9 Central Time on MPB Think Radio and over the internet at mpbonline.org


Money Talks focuses on personal finance as it applies to Mississippians. In any given week, we’ll talk about anything from preparing your taxes to saving for college or investing in the stock market. Our experts are Dr. Nancy Lottridge-Anderson, President of New Perspectives and Ryder Taff, portfolio manager at New Perspectives. Nancy and Ryder are both Chartered Financial Analysts and Ryder also holds the Certificate in Investment Performance Measurement from the CFA Institute. They join Kevin Farrell in the studio to answer your personal finance questions about family budgeting, retirement savings, Social Security, investments, debt management and more.



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Categories: Education

Listen to the last episode:

Hosts Kevin Farrell and Dr Nancy Lottridge Anderson and Ryder Taff discuss, current events, credit cards and take your questions.


American credit card debt now exceeds $1 trillion. The average US household has $8,398 in credit card debt. 60% of Americans carry their credit card balance month to month. 


Coin shortage, mortgage rates, stores closing on Thanksgiving this year: everybody https://www.theblackfriday.com/stores-closed-on-thanksgiving-day.php


According to the website nerd wallet dot com credit score ranges are: 300-329 Bad, 630 – 689 Fair, 690-719 Good, and 720-850 means the likelihood of you repaying new debt is excellent. 


A credit card allows you to borrow money from a bank to make purchases. As long as you pay back the money you borrow within the “grace period” of 25-30 days, you don’t have to pay extra. If you don’t pay it back in that time period, you’ll have to pay interest — a percentage of the money you owe the bank — on top of what you borrowed. 


Until the passage of the Equal Credit Opportunity Act of 1974, women could not get a credit card without a husband as a co-signer. That meant single women and married women who wished to establish credit separate from their spouses were denied credit cards. The 1974 law made it illegal for creditors to discriminate against applicants on the basis of race, color, religion, national origin, sex, or marital status.


According to Shift Credit Card Processing: 14% of Americans have at least 10 credit cards


Pros:

You can make a large purchase now and pay it off in smaller amounts over time. 

Carrying credit cards is more convenient (and safer) than carrying a wad of cash, and credit cards are more widely accepted than personal checks.     

With responsible use, you can build your credit, which will be important later on.

Many credit cards give you rewards, essentially giving you back 1% or more of the money you spend. Or sign-up bonuses.


Cons:

You can easily dig yourself into debt if you’re not careful about your spending.

The ease of using credit cards can cause you to overspend.

Missing payments or maxing out a card can sink your credit score quickly.

Interest can make even a small debt become large over time.


Types of cards:

REWARDS – cash back, travel points, specific airline or hotel cards, store cards.Best for cardholders who pay their bill in full every month

LOW INTEREST - lower interest rate, might come with a 0% introductory APR period. Good credit needed to qualify

BALANCE TRANSFER - move your debt from another issuer to take advantage of a lower interest rate. Requires good or excellent credit.

SECURED credit card require a security deposit. For those with average or bad credit

STUDENT CARDS - The Credit Card Act of 2009 prohibits issuers from giving cards to people under 21 unless they have proof of income or a co-signer. Helps people establish credit


Remember:

Fees: late payment, annual fees, Balance transfer fee, Cash advance fee, Foreign transaction fee

Interest payments when you don’t pay off your debt in full: APR for purchases, APR for balance transfers, APR for cash advances, Penalty APR


Tips:

Pay your bill on time and in full every month

Keep your balance below 30% of your available credit

Wait at least six months between credit card applications

Review your account online weekly to track spending and avoid fraud

Keep no-annual-fee credit cards open and active to avoid hurting your credit score


https://spendmenot.com/credit-card-debt-statistics/

https://www.nerdwallet.com/blog/nerdscholar/credit-card/#:~:text=A%20credit%20card%20allows%20you%20to%20borrow%20money%20from%20a,round%2Dtrip%20ticket%20to%20France.&text=If%20you%20don't%20pay,top%20of%20what%20you%20borrowed.

https://www.nerdwallet.com/article/credit-cards/credit-cards-101?trk=nw_gn2_4.0

https://shiftprocessing.com/credit-card/


Calls about:

Bills

proving it's not your debt

debt collection time frame

keeping a file of correspondence



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Previous episodes

  • 188 - Money Talks: Credit Cards 
    Tue, 04 Aug 2020 - 0h
  • 187 - Money Talks: Money Saving Tips 
    Tue, 28 Jul 2020 - 0h
  • 186 - Money Talks: Day Trading 
    Tue, 21 Jul 2020 - 0h
  • 185 - Money Talks: First Mortgage 
    Tue, 14 Jul 2020 - 0h
  • 184 - Money Talks: Social Security 2020 
    Tue, 07 Jul 2020 - 0h
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