Plenty of studies have shown that men and women think and act in different ways, but when it comes to credit card debt, both sexes demonstrate bad behavior.
NextAdvisor.com recently compiled research on men, women, and credit card debt that reveals that while women are more likely to carry balances on their credit cards, men are more likely to take out cash advances.
The study covered a single year in people's personal finance lives. Here are some of the ways credit-card-carrying men and women differ, and how their behavior can be damaging to their financial well being:
But some things celebrities lend their name and image to are downright dangerous, particularly when they get in bed with the credit and debit card companies largely responsible for so much debt around the world.
More and more the public is able to apply for credit and debit cards with their favourite celebrities face on them, but the fees and interest charges are often so high that only the rich and famous who endorse these cards can afford them.
Ahead, we'll show you whose promoting what cards and pull back the curtain on what the card companies are charging you to have them.
After the third time this happened, she called up the credit union and asked them to knock it off.
"I finally told them if my card is stolen in Detroit, I'd call them, but they should stop blocking my card every time I paid for something in a new part of the city," she says.
Credit card banks are understandably reluctant to disclose the precise criteria they use to detect fraud, but we were able to find out what sorts of purchases tend to set off your bank's alarm bells. Here are a few of the warning signs they look for.
April is Financial Literacy Month, and if there's one thing we know for sure, it's that educating Americans about how to manage their money can't start early enough. In a recent survey of international women's financial literacy commissioned by Visa, the U.S. ranked last among 27 countries when it came to the question: "To what extent would you say that teenagers and young adults in your country understand money management basics and are adequately prepared to manage their own money?" Only 17% of respondents expressed any confidence that young people starting out understand financial basics.
By Dan Caplinger
The rise of electronic payments has revolutionized the way people spend money. But with debit cards and mobile payment systems gaining in popularity, it's easy to forgot the many benefits that old-fashioned credit cards have over newer payment methods.
As Bill Hardekopf of LowCards.com noted recently, as long as you pay off your outstanding balance every month (admittedly, a big caveat), using a credit card is often the smartest way to pay. Let's look at some of the most beneficial features of credit cards.
There's nothing like the adrenaline rush of scrambling to get to the bank during business hours to pay thousands of dollars in HST, income tax and CPP to the Canadian Revenue Agency (CRA) via bank draft.
Now you don't have to worry about those bank drafts thanks to Plastiq, an online-payment company that allows you to pay bills, including your taxes online. What makes it different is that Plastiq allows you to use your credit card at institutions that previously didn't accept cards such as private schools, colleges and government agencies. All you have to do is sign up on the Plastiq site, chose the institution, pay via credit card and be charged two per cent of your total amount in fees.
For most people, tackling the average $8,000 we carry in credit card debt seems like an unbearable task.What if you had 20 times as much to worry about?
UK residents Maria Nedeva, 50, and her husband, John, 64, found themselves facing nearly $160,000 worth of debt just three years ago.
"By Autumn 2009, I was getting a funny feeling that things are not right," Maria told Business Insider. "When John told me [how bad things were], I thought, 'My life has just ended and my existence has begun.'"
What's interesting is that they found themselves in that much debt to begin with. Maria was an associate professor at the time and John worked as a statistician for a software consultancy firm. And even though John's firm went under as a result of the financial crisis, Maria, who blogs about their debt journey at The Money Principle, admitted their money woes had begun long before.
A survey conducted by TD Ameritrade and personal finance site LearnVest suggests that many Americans don't know as much as they should about their partners' credit history -- or their "credit present." According to the survey, a solid 38 percent of people in live-in relationships admitted they weren't entirely aware of how much debt their partner was carrying.
Another finding confirms that people are indeed withholding some information about their finances, with 21 percent of survey respondents admitting that they aren't always up front about their spending habits. No wonder, then, that 40 percent of those surveyed said they don't completely trust their partner to manage their combined finances.
Every time you make a plane reservation or rent a car or pay for concert tickets, you're asked to provide a credit card number.
Liz Smiley, a social worker in Florida, provides a debit card number instead. Smiley has lived without a credit card for more than four years, and she doesn't miss it a bit.