How To Disable RFID Chips

RFID tags contain a tiny microchip that is attached to an antenna. RFID stands for Radio Frequency IDentification, and can be used to remotely identify and track the item containing the RFID chip using radio waves. RFID chips are used in everyday life in things such as credit cards, toll road payment cards, passports and money. RFID chips are even implanted into pets and humans for tracking purposes.










Instructions:
       
1. Determine the location of the RFID chip. Check for a shortened signature box on the backside of a credit card if the RFID chip is difficult to locate. The RFID chip should be to the right of the shortened signature box.
       
2. Position a screw driver or other similarly-shaped metal object over the RFID chip.
       
3. Strike the screw driver with a hammer, driving the screw driver's metal edge into the RFID chip. Repeat until the RFID chip has been completely smashed.
       
4. Place the RFID chip inside of a microwave oven and turn on the power. The RFID chip will be rendered useless after being exposed to the microwave for only a second or two.

To remove the RFID chip from a plastic credit card without destroying it completely, soak the card in paint thinner or nail polish remover for a few hours and then peel back the plastic to remove the chip.

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How To Keep RFID Cards Safe

RFID credit cards use a radio frequency to transmit personal financial data. They are not swiped through a scanning machine like a traditional credit card. Unfortunately, RFID credit cards can be skimmed when an unauthorized user grabs the unencrypted data from your card using an RFID reader. The technology Website EnGadget found that data from RFID credit cards is easily skimmed using an $8 reader purchased on eBay. Credit card companies are aware of the problem and are creating security fixes, but there are a number of steps you can take to protect your financial information.






Instructions:
       
1. Leave your RFID credit cards at home. If you are concerned about the safety of your information on your card, use it only at home for online purchases. Pay for purchases outside your home with cash or regular credit cards.
       
2. Stack your RFID credit cards together in your wallet. Putting your cards next to one another will make it harder for a scanner to read the data on a particular RFID card. However, this only offers a small amount of protection.
       
3. Wrap your RFID credit cards in aluminum foil before putting them in your wallet. Some users have reported that this simple, homemade technique helps block RFID scanners from reading the card.
       
4. Consider a credit card shield for more advanced protection. There are a number of companies that manufacture shields that hold your credit card when it is not in use. Most companies use aluminum material to prevent RFID scanners from reading the data on your card, and they usually cost less than $10.
     
5. Consider a special wallet, such as a DataSafe wallet, if you would prefer not to have a separate shield for each individual credit card. These wallets look completely normal, but they are manufactured with materials that have been approved by the Government Services Administration to
block RFID transmissions.  The most inexpensive aluminum wallets can be purchased at Family Dollar for around $10.
       
6. Monitor your credit card statements regularly for errors or odd charges. Credit card theft and fraud can occur even after taking the best precautions, but regularly monitoring your bank statements can alert you to any suspicious activity.

In addition to keeping a close eye on your credit card statements, it is always a good idea to monitor your credit report. This can alert you to any unauthorized accounts that have been opened in your name. It can help you protect your credit.

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How Long Does it Take an Average Person to Pay Off Their Credit Card Debt?

Unfortunately, paying off credit card debt is not always a simple and straightforward process -- especially when all you can make is the minimum payment each month. Continuous use of the card while trying to pay it off further complicates the matter. Examine how long it can take the average person to pay off credit card debt to understand the importance of a debt payoff strategy.

The average American carries about $4,200 in credit card debt. Consumers use credit card funds for everything from emergencies to buying gas and food. The best practice to avoid piling up credit card debt is to pay off the balance in full each month. Otherwise you must meet the minimum payment requirements of the creditor, which starts at about 2 percent of the balance.


   
Downsides of Credit Card Debt

Choosing to carry a credit card debt balance for a long term could negatively affect your ability to get other forms of credit. For example, mortgage lenders look at your debt-to-income ratio when evaluating you for a mortgage loan. The more credit card debt you have, the higher that ratio, which lowers your chance of approval. Credit card debt is also very costly in terms of the average rates and fees. Some creditors charge as much as 79.9 percent annually.
   
Average Time to Payoff

The average amount of time it takes to pay off debt varies according to the account holder's rate, balance and spending habits. The average credit card rate is about 14.72 percent (estimate as of 2011) and as discussed, the average person has about $4,200 of credit card debt (estimate as of 2011). Based on those figures (and assuming a minimum payment of 2 percent of the balance) making the minimum payment each month would take more than 24 years to pay off. Technically the debt can persist forever if the account holder continues to use the card.
   
Suggestions

 Determine how long it will take for you to pay off your own credit card debt using the Bankrate minimum payment calculator. Then take every step possible to reduce the amount of time it will take you to pay off your credit card debt. One way is to enact a debt payoff strategy that requires you to pay more than your required payment each month. The more extra principal you pay each month over the minimum, the less time it will take to achieve a zero balance. Another strategy to pay off the credit card early is to consolidate the debt into a lower interest account, such as a refinanced mortgage loan. Consult a financial counselor for advice before taking that step.

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Can A Mortgage Help Pay Off Credit Card Debt?

Credit card debt may accumulate to a point where you can't easily pay off the amount you owe. When this happens, you may have to take drastic action. If you have equity in your home, you may benefit from refinancing your mortgage and using your equity to pay off the credit card debt.

However, this has certain risks, with which you may not be comfortable.





Interest Rate

Finance professionals often recommend you start by paying off the debt with the highest interest rate and gradually work your way to the debts with lower interest rates. In most cases, credit card debts carry the highest interest rates. It may make sense to pay off your high-rate credit card debt with proceeds from a mortgage, which usually carries a low interest rate. Over time, this strategy may reduce your interest costs.
   
Reduce Debt Burden

If you have some equity in your home, you may get cash by refinancing your mortgage or getting a new home equity line of credit. For example, you still owe $100,000 and your home is now worth $200,000. Lenders may allow you to borrow $150,000 against your home. You may choose to use the
$100,000 to pay off the old mortgage and take the $50,000 as cash. The $50,000 may go toward paying off your credit card debt. This strategy may dramatically reduce your debt burden.
   
Costs

Getting a new mortgage loan may require you to pay high processing costs. Refinancing may cost thousands of dollars to process. For example, if you owe $20,000 in credit card debt and have to pay $3,000 to refinance, you will spend 15 percent of your credit card debt. This money can go toward paying off your credit card debt instead. While a home equity line of credit costs less to process, you must still come up with cash for the closing costs.
   
Risks

Because the new mortgage erases your credit card debt, you may be tempted to spend money using your credit card again. If you use a mortgage to pay off your credit card debt, you effectively convert the unsecured credit card debt into a secured debt -- your home loan. If you then can't afford to pay your mortgage, you may lose your home in a foreclosure. The Motley Fool website recommends that you continue to pay off your credit card bills regularly, at least until you pay off your mortgage.

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Secured Credit Cards Are a Great Way to Rebuild Credit

Secured Credit Cards are a good way to help build or rebuild your credit rating.

Whether you have not yet built your credit rating up or if you have had your share of obstacles which caused your credit rating to go down slow or take a complete dive, you can still obtain a credit card. When you think of secured cards, you may ask yourself, "Why bother?"

It may be your only alternative at this moment in your life and can be a step in the right direction.

A fully secured credit card can be a better alternative than a partially secured card because of the amount of finance charges you will have to pay on what you charge can be drastically different. One card issuer recently offered me a partially secured credit card in which I had to make a $95 security deposit in order to access the $300 credit limit. They also charged a $95 membership/application fee and a $29 fee for my second user card, which was charged to the bill decreasing the available credit even more. When I received the partially secured credit card with an outrageous yearly membership fee and second user card fee of $29, I find that their interest rate is 49.9% for the first year and will drop (provided you don't miss a payment or go over your credit limit) to 39.9%.

The following list of fully secured credit cards can be obtained and you can get a much lower interest rate on these cards. Feel free to apply and secure your new card or cards with your initial security deposit and pay your bill on time and always pay more than the minimum. Some card issuers will eventually offer you a non-secured credit card once you have proven yourself credit-worthy which is a perk in itself:

Applied Bank® Secured Visa® Gold Credit Card
Guaranteed Approval Regardless of Your Past Credit History
9.99% Low Fixed APR - Your Rate Won't Change Even if You Are Late
Choose Your Credit Limit - From $200 to $5,000
Highest Ratings for Financial Strength and Security in the Country

Platinum Zero® Secured Visa® Credit Card from Applied Bank®
ZERO - 0% FIXED APR on purchases - No Intro Rates!
ZERO - 0% Rate Won't Change - Even If You're Late!
ZERO Application Fees
ZERO Worries - FREE Personal ID Theft Protection

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How to Use Personal Loans to Pay off Massive Credit Card Debt

If you have massive credit card debt, you should know that you're not alone. Millions of individuals around the world are suffering with overwhelming credit card debt that is threatening to pull them under. If you're looking for a solution, here is some information on how to use personal loans to pay off massive credit card debt.
  
Instructions:

1.  Gather All Credit Card Bills. The first thing you need to do is gather all of your credit card bills so you can determine exactly how much money you will need to pay off your credit card debt. Make a list of each credit card, the balance owed on the card and how much the interest is. Once you have gathered every single bill, add up the balances so you will know exactly how much credit card debt you have.
      
2.  Speak with Your Bank or Credit Union about a Personal Loan. Depending upon your credit history, loan history or debt to income ratio - you may need collateral for a loan. Speaking with a representative of your local bank or credit union will help you determine whether this is needed or not. Explain to them how much you need and what you can offer as collateral if needed. When you are told how much you are approved for, you can further determine how to use the money to pay off your credit card debt.
      
3.  Create Priorities. You may or may not be able to receive a loan that is high enough to cover all of your credit card debt. If not, you will need to create priorities. Look again at your list of debts and pay special attention to the cards with high interest rates. They should be paid off first. Pay off the credit cards that you can - paying the highest interest cards first. This will help you save money in the long run. You will have only one payment (the loan) rather than several and most likely it will be a fixed rate rather than a variable one.

4.  Pay Off Your Credit Cards. Now that you've determined which credit cards to pay off, or if you will be paying them all off, you need to do a few extra things. Send the money in a money order or check so you will have proof of the transaction. If possible, send the money certified mail so you will receive a receipt when the mail has been signed for and delivered. Also, send proof of the payoffs to all three major credit bureaus. These are TransUnion, Equifax and Experian. This will help insure that the information makes it onto your credit report and that the credit bureaus are aware that you've paid the debts off.
      
5.  Cut Your Credit Cards in Half. Okay, so this is an optional step, but it's important to learn how to manage credit cards. It's all to easy to end up overwhelmed by credit card debt again and be back in the same situation you were in to begin with. Consider credit counseling or something similar to empower you and give you knowledge about credit concerns.

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How to Pay Off Credit Card Debt with Micropayments

Making micropayments enables you to more quickly erase your credit card debt.  A micropayment system can help you pay down your credit card debt faster. Most people pay their bill monthly, which allows more interest to accrue because companies compute that on an average daily balance. However, making several payments each month as money becomes available enables you to lower your average daily balance, thereby lowering interest. As you pay off accounts through this micropayment system, more money becomes available to accelerate your payoff plan.


Instructions:    

1.  Create a budget, allocating the minimum payment due on each of your accounts. Be sure that you hold back money for paying regular bills as they come due. If you are depositing money into a savings account, be sure to include that in your budget. Even if you are in debt, it is wise to save money each month in an emergency fund.

2. Set up online bill pay for all your credit cards. This will save you money on postage and check printing, thereby providing more you can allocate to micropayments.
     
3. Pay your bills on time and as soon as possible, instead of piling up a stack of bills for your monthly or biweekly bill paying session.  If you have extra money at this point, add it to one of your credit card payments.

4. Make a goal to save or earn a specific amount of extra money for weekly micropayments. Most people should be able to come up with at least $15 to $25 weekly in savings and/or extra income.
     
5. Focus on paying off one account at a time with weekly micropayments in addition to your minimum monthly balance due. If your goal is to pay off the card at the highest rate first, then that is where you will apply those payments.

6. Continue paying the initial minimum payment on this card until it is paid off, regardless of how much your minimum payment is reduced.

When that account is paid in full, transfer the minimum payment you were making to the next credit card on your payoff plan and repeat the process.

 Reducing Credit Card Debt is Easier Than You Think.  You can combine the micropayment system with other payoff plans. If you are paying extra monthly to pay down your highest interest rate card
first, spreading out that extra money could actually reduce the total amount of interest you will pay.

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How To Raise Your Credit Card Limit

When you first got your credit card, your credit limit may have been fairly low. This means that you may only charge a certain amount on your card, including fees, balance transfers from other cards, and cash advances, as well as the purchases you make. A low credit limit may restrict the kinds of purchases you can make, and you may want to raise this limit. Here are some ways you can accomplish this goal.

Improve Your Credit Worthiness
You need to work on improving your perceived worthiness to borrow money from your bank. Your credit score shows lenders what kind of credit risk you are for them, and tells banks whether or not you are trustworthy and able to handle credit responsibly.
The easiest way to build your credit worthiness, and thus raise the amount of your line of credit, is to put everything you buy on your credit card. Don't save your card for emergencies. Your credit card company wants to see that you have the ability to spend wisely and to pay back the amount you credit to your card. If you rarely use the card, the company will wonder why you would need a higher credit limit.
Make Timely Payments on the Balance Due
The second best way to improve your credit limit is to pay as much as possible on your outstanding balance every month and pay them on time. If you can, make every attempt to pay the entire amount; in any case, always pay more than the minimum required. By doing this, you will demonstrate to the credit card company that you are striving to improve your credit rating. You'll be showing them that you do deserve a higher credit level.

Provide Proof of Income
Some credit cards may require proof of income before they will grant you a higher credit limit. With others, you may find their website has an online feature with which you can request a raise in credit limit. If you use this feature judiciously, not more often than every four or five months, you may be able to increase your line of credit. Other companies will automatically extend your credit limit if they see you are spending up to your current limit - and paying it back regularly. That last phrase is most important!

Benefits of an Increased Credit Limit
If your credit card company does raise the limit on your credit, it means that you have shown them they can trust you as a borrower of their money. You should realize, however, that a higher credit level may incur more fees, as well as increased interest charges. Be very careful as you begin to operate within a higher limit, to make sure interest rates don't spiral out of your comfort zone.

There are plenty of websites on the Internet that offer tips on using your credit wisely and carefully. You may wish to look at some of these to increase your understanding of how credit works, and how you can protect your own credit rating. Keep in mind that granting you increased credit is the way your bank expresses its confidence in you as a borrower -- and be sure you are worthy of that confidence.

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How to Pay Extra Toward the Principal of a Loan

Loans are a blessing and a curse. They can bail you out when you are in need of money but then you have to pay them back and you need to plan how to do this. It is possible to get a loan without interest but not too likely; therefore you need to plan to pay the interest on the loan as well as the principal.




Instructions:

1.  Contact your loan company or read your contract and be sure there isn't a prepayment cause. A prepayment cause can prevent you from paying less interest, since it states the amount of interest that you pay regardless of when you pay the loan. This means that if you borrow $500 and have interest of $50, then you have to pay $550 no matter if you pay the loan off in advance or not.

 2.  Add extra money to your monthly payments. As long as you don't have a prepayment cause you can apply the extra payment to the principal of your loan and therefore reduce the amount of interest you need to pay, which means you can pay less. In the example above, if you pay the loan in 6 months instead of a year you may save $25 in interest.

3.  Select a loan that will give you time without interest. Many credit card companies offer zero percent interest for a certain amount of time. Figure the amount you need to pay each month on the loan before the interest payments start, thereby eliminating the interest fees.

 4.  Send in a check for the minimal payment for the monthly payment of your loan plus a second check, which is clearly marked for additional principal. Alternatively, you can make payments weekly instead of monthly, which will cut the loan down drastically.
      
5.  Pay the full amount of the loan when it is due rather than just a monthly payment to avoid the interest. Paying the loan in full means you only pay what you borrowed.

 Paying a little extra every month will make your loan balance decrease faster and allow you to get out of debt sooner.

 Be careful, some of the interest free loans accumulate interest from day one. Therefore, if you don't pay the loan in full before the interest starts, you have to pay interest on the money from day one.

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Credit Cards for Those with Good to Excellent Credit - Low Interest Credit Cards

If you are lucky enough to have good to excellent credit, we have compiled a list of the best credit cards for you. You can choose from low interest to cash back credit cards.

Good to Excellent Credit Ratings are not what you're born with, you have to work at it constantly and always keep a close eye on your credit report and credit card statements.



Below are the best offers out there!


        Lowest APR Cards


        Cash Rebates Cards     


        No Annual Fee Cards



        0% on Balance Transfers

 

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