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Sew The Hole In Your Wallet – Common Credit Card Mistakes

In a world where every dollar counts, not making the right choices while using your credit card may hit you hard on your wallet. Irrespective of the fact that you’re going through a credit crunch, the different credit card offers in your mailbox may seem to be an answer to all your prayers. Though getting a new credit card may be a sparkling idea for about 24 hours, but in a way to clean up your distressed finances, borrowing money to repay money is not the solution that you must resort to. Experts suggest that committing too many credit card mistakes may get you trapped in the vicious cycle of debt. Though credit card consolidation options are there to assist you in coming out of debt, yet it is better to take some precautionary measures to stay safe. Following the advice recommended by the financial experts may help you steer away from the most common credit card mistakes. Have a look at some of them. In addition, you can visit DebtConsolidationCare.com for more info.

Mistake No. 1: Placing your hands on too many credit cards
Effect and solution: If you bypass the suggestion of the credit card experts, you could make one of the biggest credit card mistakes, that of letting your hands on too many cards. As you get your first credit card, it is imperative to ask yourself whether or not you need another card. Reports suggest that more than 90% of Americans don’t need another credit card, if they use the first one perfectly. You must know when to stop and that having too many credit cards is not a good thing. You will be digging yourself deeper into the credit card debt hole by shopping with all your cards simultaneously.

Mistake No.2: Not shopping around before choosing a card
Effect and solution: According to most financial experts, one must make a comprehensive market research and check the interest rates of the cards that are being lent by all the other credit card companies. The most important thing to note here is the interest rate on the unsolicited offers. If you’re going through a financial crunch, it is most likely that you will be charged high rates and unaffordable terms and conditions on the cards. Therefore, rate shopping is a must.

Mistake No.3: Using credit for cash whenever you go shopping
Effect and solution: If you’re living a life from paycheck to paycheck and your finances are clogged, you must never prefer to whip out the plastic whenever you go shopping. The more you purchase things by borrowing, the more you have to repay with interest rates. Instead, form a habit of making everyday purchases using cash so that you can stop shopping as soon as you exhaust your dollars. Or else you may find yourself paying off the debt long after you’ve consumed your goods.

Mistake No.4: Making the minimum monthly payments only
Effect and solution: You will often find banks and financial institutions asking you to make the minimum monthly payments only. Don’t follow this advice as they will be pleading you for their own benefit. If you make the minimum monthly payments on your credit cards, you’ll have to be in debt for a longer period of time and thus you’ll be accruing more interest rates with time. Save enough money so that can make some added payments in excess of the minimum monthly payments on all your cards. Go into a budgeting mode to manage your payments.

With the proliferation of credit cards in daily life, there has also been a simultaneous rise in the number of people who commit credit card mistakes. This is the primary reason for the number of defaults and the surging national debt burden. No amount of help from the credit card consolidation companies can help the debtors get back on track. Therefore, take a measured and informed decision while handling your cards so that you may stay away from debt.

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Millions Of Americans Lack Broadband Access

Undoubtedly, the internet has made the world a lot simpler and opened boundless frontiers, especially for the economy. Although America is credited with inventing this technology, not all Americans have access to broadband.

A report issued by the Federal Communications Commission estimates that around 100 million Americans do not have access to the internet. Of this at least 25 percent are located in rural areas that do not have high-speed broadband coverage. The commission asserts that these underserved regions are cut off from internet-based jobs and other economic opportunities.

The FCC also noted that around 30 percent of the population with internet accessibility — roughly 100 million Americans — do not subscribe to broadband connections due to high cost, privacy concerns and poor digital literacy.

Lack of internet access is significantly pronounced among minorities, seniors, Hispanics, African Americans and indigents. Quite alarming is the poor internet connectivity of many schools and libraries. This alone limits the access of many Americans to high-speed internet access.

Proper coordination and partnership of FCC and the private sector is crucial in increasing the nationwide accessibility of the internet, according to the report.

On a global scale, America ranked 20th in terms of broadband accessibility. The woeful performance of America is comparably lower than the rest of the world. In fact, only 60% of the US population has access to a high speed internet connection. South Korea tops the world ranking with 95% broadband household penetration. Included in the top ten are the Netherlands and Norway.

The report emphasized that nationwide internet connection can help invigorate the economy by providing online jobs to millions of Americans. In 4G wireless technology alone, 200,000 jobs await potential workers.

The rapidly growing “apps economy” remains an untouched source of employment and economic possibilities. Today, there are thousands of companies, developers and private investors treading the way of this bountiful economic opportunity. FCC is optimistic that extending broadband access can uplift the economy from its recession state.

Similarly, private investors and companies are shelling out billions in expanding broadband coverage, improving next-generation internet services and increasing internet connection speed.

On the part of the government, the Telecommunications Act of 1996 mandates the FCC to hasten measures of accelerating broadband accessibility across the country. The agency is currently spearheading aggressive actions to increase internet connectivity and make America globally competitive.