Nominal Interest Rate vs. APR Citibank Account
Quite recently people have been seeing the nominal interest rate on their credit card statements which is usually lower than their annual percentage rate due to the need for certain fee disclosures.
The nominal interest rate is your rate on your credit card. The annual interest rate, if higher, usually is because of a fee that has been charged for such things such as foreign transaction fees, membership fees, statement fees, and other fees. The fees for a balance transfer usually can cause your APR to be very high, so it is important that you calculate this when your consider this type of transfer.
Nominal interest rate is your periodic interest rate times (X) the periods per year. So if you have 18% interest rate your interest rate would be 1.5% per month or 18% / 12 months. A fee included in your calculation of your interest rate would make your APR higher due to the need to show the fee in the calculaton.
The Truth in Lending Act is the act that mandates that lenders disclose interest rates in a clear and concise way. Regulation Z is the standard set by the Federal Reserve Board that all lenders must use to calculate the APR.
Credit Card Late Payments
Do most people understand that the late payments that they receive now become part of the debt that they owe and will be calculating when determining the interest calculation?
Not only do you get a late fee but it now becomes part of interest charges you get on your monthly bill.
Saving Food Dollars
Before you go food shopping, here are some things to think about.
* Did you make out a list? Many times, if you are organized you can save money by not throwing items into the cart that you don’t need. Going with a well thought out list will keep you organized and disciplined on your shopping visits.
*Cut and use coupons: Every week in the newspaper there are several sources of valuable coupons. They generally offer discounts, 2-1 items and other types of savings. If you use them on a regular basis the money you save will add up.
*Check the savings in store brands: The “name” brands may look pretty, but the label might be what you’re paying extra for. Check out the store brands. Most of the time you are getting literally the same quality product but you get it for less, because you are not paying more for the packaging. The savings can sometimes be up to 50% of your cost. Some people save considerable money by utilizing store brands.
*If you have young children, make sure they understand that they have to behave in the grocery store and cannot get whatever they want. If they are not ready to go to the store, keep them home! As they get older, you can allow them to be part of the experience. (for example) get them involved in planning the list and then have them look for some items in the store) You can also involve them in the planning of meals and adding the ingredients to your list. At some point, you can also let them get some of the items and pay for them at the register.
*Try to go to the grocery store when you are not going to feel rushed. That way you can compare prices and relax while you are in the store.
*If you have a spouse and/or significant other, you can alternate who goes shopping, you can go together or you can decide who might like to do it more than the other.
Whatever money you save from the store should be added to a savings account. The more you follow the steps above, the more you will be able to plan on saving.
Credit Card Management Services, Inc. d.b.a. Debthelper.com Now Offers Pre-Bankruptcy Counseling Courses Online
(PRWEB) July 9, 2009 – Credit Card Management Services, Inc. d.b.a. Debthelper.com now allows bankruptcy filers to take their required bankruptcy counseling course online, 24/7.
As of October 17, 2005, before filing for bankruptcy, most applicants must now undergo credit counseling in a government approved program. Debthelper.com is approved by the (EOUST) United States Department of Trustees to issue certificates of completion of credit counseling in compliance with the bankruptcy code. Approval does not guarantee or endorse the quality of a provider’s services.
Credit Card Management Services, Inc. d.b.a. Debthelper.com prides itself in providing comprehensive, quality‐driven, counseling services and objective education. Debthelper.com in addition to bankruptcy counseling provides the following services to all consumers that seek our help, regardless of their ability to pay:
• Debt Management Plans
• Housing Counseling
• Credit and Budget Counseling
• Credit Report Reviews
• Community Education
Debthelper.com counselors are certified by the Center of Financial Certification (CFC), the NeighborWorks Center for Homeownership Education and Counseling and/or Exam Qualified in the HUD-HECM Network.
Credit Card Management Services, Inc. Dba Debthelper.com has an A+ rating with the Better Business Bureau (BBB) and adheres to the organization’s high standards of ethical business behavior.
As a member of the Association of Independent Credit Counseling Agencies (AICCCA), Debthelper.com adheres to AICCCA’s strict code of practice. Debthelper.com is ISO:9001 compliant as audited by Bureau Veritas of North America (BVI).
Credit Card Management Services, Inc. Dba Debthelper.com is approved by the Department of Housing and Urban Development (HUD) to also provide comprehensive housing counseling services.
For additional information on our bankruptcy course, contact Debthelper.com today. Debthelper.com complies with all state licensing requirements to ensure state mandated regulations be adhered to.
Contact:
William “Bill” Sheehan
Credit Card Management Services, Inc. Dba Debthelper.com
Community (at) debthelper (dot) com
800-920-2262 x 8012
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