Should I Get My Teen a Prepaid Debit Card?

This is a guest post from Janet who writes for CreditCardsCanada.ca

Should I Get My Teen a Prepaid Debit Card?

Should you get your teenager a prepaid debit card?Should you get your teen prepaid debit card to spend money and curb their use of credit cards? It may not be a bad idea to help keep them out of debt.

Increasingly, it seems as thought the prepaid debit card is the way to go for teens. After all, it is a very convenient way to pay an allowance. Just add the agreed-upon amount to the prepaid debit card. You can usually do it electronically, transferring the money easily from your account.

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When To Seek Help From A Credit Counselor

This is a guest post from Kevin is the co-founder of DebtEye and the author of Debteye’s blog.

If you’re buried in credit card debt, it’s important not to make hasty decisions.  Your decision can be based on fear and helplessness, and this can lead you to being worse off than you currently are today.  Having a clear roadmap of how you’re going to get out of debt will help you think logically before you need to seek professional help.

As a credit counselor, I’ve been able to pinpoint some of the most common reasons why people get into debt.  When you talk to a credit counselor, they will set you up on a Debt Management Plan (DMP) to lower your interest rate and payment.  All your credit cards will be closed, and you will have a notation on your credit report stating that you’re in a credit counseling program. 

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Dissecting My Twelve Loans That Defaulted On Lending Club

Lending Club Passive Income With Automated InvestingLast week I made a horrible confession. I am a greedy investor, or more importantly, I WAS a greedy investor when it came to my Lending Club account and investing in peer to peer lending loans. But, I have learned the errors of my ways. I love Lending Club and the idea of earning a great rate of return by investing directly in peer to peer loans of people who need funding and may not otherwise receive it.

So, I’m not giving up on investing in peer to peer lending through Lending Club. I’m trying to be a better loan picker and evaluator. So, here are a few areas that my Lending Club default loans have in common. Maybe by understanding a little more about why these may have defaulted, I can avoid making similar mistakes going forward in the future with new peer to peer loans.

Traits Of My Defaulted Peer To Peer Lending Loans

36 Month Maturities

Every single one of the 12 loans that I have that defaulted have a 36 month length of maturity. This is a little hard to gauge because I started investing in some of these peer to peer loans before Lending Club started offering five year loans.

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Can You Become A Millionaire By Using Credit Cards?

credit card

This is a guest post by Ryan Guina who writes about personal finance and career advice on his site, Cash Money Life and about military members and their finances on The Military Wallet.

Can credit cards make you a millionaire?Credit cards get a bad wrap. Too many people claim credit cards are evil, when nothing is further from the truth. Making such a broad statement is the same as saying that guns are evil.

Neither of these is evil, and when used correctly, they can be useful tools. The key is learning how to use them effectively.

How does that relate to becoming a millionaire? Glad you asked, and before we go much further, I’ll answer your the question I asked in the title: No, you can’t use credit cards to become a millionaire.

But you can use credit cards as part of a balanced financial plan, and depending on your financial habits, using credit cards can actually smooth your path to becoming a millionaire.

The path to millionaire status

Let’s take a look at two things: how to become a millionaire, and how to use credit cards effectively. Once we examine these two tenants of personal finance, we can investigate how using credit cards can help you on your path to becoming a millionaire.

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