Some Common Mistakes to Avoid For New Credit Card Holders

A credit card provides you with the luxury of spending now and repaying later, and that is why some new credit card holders fail to control their spending and end up in a never ending debt cycle.

Delayed repayments can ruin your credit score while you’re just using your first card. Fist time card users are usually the ones which end up making some common mistakes that cost them later on, so, you can try and avoid these mistakes mentioned below.

Borrowing Too Much

Many people, when they get their first credit card (mostly in college), fail to control their spending habits and end up borrowing too much money that they struggle to pay it off later on.

The main problem with a credit card is that it doesn’t have a limit on how you spend, and allows you to spend blindly on things you won’t otherwise buy. Especially the students that get their first card are the victims of this mistake, they often rack up too much debt, and end up in a debt cycle that is very difficult to get out of.

Mismanaging The Monthly Payments

While having a huge debt on your shoulders, the last thing you need is mismanaging your monthly payments. Mismanagement usually means making only the minimum monthly payments. Doing that can cause your debt to soar up over time, you’d also have to a pay a large amount in terms of interest rate if you delay the monthly payments.

One advice is that you’d never borrow more than your monthly spending budget, and secondly, make as much monthly payments as you can to avoid the interest from adding up.

Missing The Payments

Missing their monthly credit card payments is another mistake that many first time credit card holders make. Keep in mind that a delayed monthly payment can remain on your credit report for 7 years, and it can cause your credit points to drop down pretty quickly.

Some people transfer money from credit card to debit card to pay the interest only on one payment instead of paying interest for multiple payments. This is a good technique to save up on your interest rate.

What You Can Do With Bitcoin

If you have a lot of nerdy friends who frequent trading forums on the internet then you should have some idea about what Bitcoin is and what it can be used for. Each time you try going online to learn about Bitcoin, they start preaching the whole book to you. If you’re looking for the gist of what Bitcoin is and how it could be beneficial to own some, then you’ve come to the right place.

Bitcoin is basically what you would call Cryptocurrency. Basically, it’s like digital money that can’t be minted onto notes or coins but you can carry it around on your hard drive or online Bitcoin ‘wallet’. Bitcoin is basically a line of code and a very unique one at that. People use powerful computers to ‘mine’ blocks of information until they arrive at Bitcoins. The mining process can take a very long time and you need a very powerful set up as well.

Once you’ve arrived at a Bitcoin, you can store it as long as you like. It’s safer to keep it in a wallet than your hard drive since a busted hard drive means you lost your Bitcoin. It’s impossible to steal or counterfeit the Bitcoin. There are alternative cryptocurrencies in use too now. Once you have a Bitcoin, you can hold on to it and trade it when you feel like you’re earning the most you can from it.

You can now buy Bitcoins in bits and pieces as well since the entire thing is way too expensive now. O learn more about trading bitcoins and how it works, visit https://8bitsumo.com/bitcoin/. Since Bitcoin is untraceable, you can use it to do illegal activities such as buying drugs and weapons from the dark web as well but we sincerely hope that’s not why Bitcoin has piqued your interest!

Things You Should Know Before Applying For a Business Loan

If you have been thinking about starting a business, then you should know that you might have to apply for a business loan if you cannot procure the finances on your own. There is nothing wrong with that as most businesses start that way, and it is actually a good thing to do.

Keeping that in mind, whether you are looking to get a business loan as an Amazon seller, or for some other purposes, you will have some options available to you. As for this article, we want to talk about some of the things that you should know before applying for a business loan.

This is something that happens to be extremely important and you should never ignore it.

Do Tell Your Story Properly

You cannot just walk into the bank and get a loan. You need to understand that you will have to tell your story properly. The bank will probably bombard you with so many questions that might confuse you. Your job would be to be as receptive and understanding of those questions so you do not put yourself at the risk of rejection. You must also be very careful about the goals you are trying to achieve as a businessperson.

A Good Credit is Necessary

Another thing is that whenever you are looking to get a loan, and whatever type of loan you are trying to get, the one thing that you need to know is that good credit history is required. People with a good credit history will definitely do better in terms of the loan they are trying to secure as compared to those who do not have a good credit history.

So, before you go on and apply for one, make sure you have worked on improving the credit score.