Hello, Dollar!

October 6, 2005

Close your Credit Card Accounts?

One of the reasons people get into credit card debt is that they have too much credit available, and are unable to manage it responsibly. If you're working to pay off credit cards, you can lower the risk of getting in over your head again by closing accounts once you have them paid off. After all, it's impossible to charge $20,000 if you only have one card with a $5,000 limit.

So are you paying off credit cards now? Why shouldn't you close the accounts? First, if you know you'll be unable to handle your credit limit without charging it back up again, then close them! Don't risk all the hard work you're putting in now to find yourself in the same situation again.

But if you've learned a lesson from all the stress and sacrifice of getting into and out of debt, it may be beneficial to actually keep your accounts open. Why? Turns out it's good for your credit.

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Posted by Frank at 8:03 AM | Comments (1) | TrackBack

August 29, 2005

Credit Reports for Free, for Real

There are a lot of companies that will offer you a free credit report only to suck you in to spending money. What they don't want you to know (and what Flexo just reminded me of) is that credit reporting agencies in the U.S. are now required by law to provide you with a free credit report once per year.

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Posted by Frank at 12:09 PM | Comments (5) | TrackBack

About

So what is the secret of wealth? The secret is... there is no secret! Almost anyone can become wealthy. The problem is, the process of building wealth is not what most people want to hear. It takes time and patience when most of us would rather get rich quick.

"Hello, Dollar" is about learning to do it the right way: getting out of debt, spending less, saving money and investing in your future. It's about learning the financial habits that will allow you to become rich slowly over a lifetime.

You might also want to read my story and what types of things we won't be talking about here.

You can find me via email at frankp [at] gmail [dot] com.

Disclaimer

"Hello, Dollar" provides general resources and information about personal finance. This website and its writers do not provide professional personal finance advice and do not assume responsibility for the results of any action taken as a consequence of the information on this website. You should consult a certified financial professional before making any decisions that relate to your finances.

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Your Money or Your Life is full of practical, easy to apply advice on how to become financially independent, and how that gives you freedom, which is what I really want to get from my money.

The Millionaire Next Door is the book that taught me that the key to becoming wealthy is not earning more money, but becoming frugal and spending less than you earn. It is filled with examples of millionaires that earn less than I do but became rich through diligence and patience.