Questions and Answers
Questions to consider about your credit:
- What kind of credit card should I get?
Consider how you will use the card. Do you pay the entire balance at the end
of every month? Or, do you make minimum payments? For those individuals who
pay the entire balance each month, interest rate is not a priority. Most likely,
you will not have to pay finance charges. Instead, look for a company that
does not charge an annual fee. If you tend to carry an outstanding balance,
search for a card issuer that charges very low interest rates.
- Should I get credit disability insurance?
Credit disability insurance pays off your credit card bills if you become
unable to work. Many credit card and direct mail companies offer this type
of insurance. The insurance is generally very expensive. If you are in good
health, a broader policy would probably be a better option.
- What is the Fair Credit Billing Act?
The Fair Credit Billing Act is a federal law that determines how billing errors
and disputes involving credit and charge cards are handled. If you check the
back of your monthly statement, generally you will find information about
this process. If the company violates any provision of the law, you can sue
to recover any damages.