Real Estate Innovation

Credit Cards: How Many is enough?

How many credit cards do you need? There is no one correct answer to this question. However, as few as possible is really the best advice - it is easy to go overboard with credit and common sense tells you to keep spending on credit under control. You know as well as I do that common sense isn’t always what dictates the decisions people make though. There is a culture of instant gratification in this country - and while there is nothing inherently wrong with spending, there is with letting credit cards spending get out of control.

Credit cards sustain this spending mode. But let’s look at the facts:

Fact # 1: The average cardholder has 7 cards: three issued by their bank and four from stores or gas stations. (statistic from www.cardweb.com)

Fact # 2: Three out of five American households account for approximately $560 billion in outstanding credit card debt. Credit card debt averages over $11,000 per household. (2001 testimony from Robert Manning of the US Senates Judiciary Committee as cited by Selena Marajian, Motley Fool).

Fact # 3: Minimum payments tend to be very low - here’s why: when the cardholders make only very small payments, they carry more outstanding debt (and thus more interest payments). As you may recall from high school Latin: Cui Bono? - Who benefits from this?

Fact # 4: Here’s one from Jim who’s the principal blogger for a company called Blueprint for Financial Prosperity: you can actually lower the interest rate on your credit card by simply picking up the phone and asking for it. Jim says, credit card companies are like cell phone and cable companies, they’re afraid you’ll leave and join with one of their competitors. So, use this fact to your advantage and call your credit card company today if you’re paying an arm and a leg on just the interest rate.

Fact # 5: Students who carry a credit card debt of over $1,000.00 tend to drink and smoke more, take medication for depression and have lower grade averages in school. If you think we made this up, it was actually taken from some studies and none other than Secretary of the Commonwealth of Massachusetts, Franklin Galvin, said so.

You’ve got those facts to mull over. Let’s go back to the question of how many credit cards you really need. If we had our way, we’d make it illegal for individuals to carry more than two credit cards. But we’d be banished from this land if we ever campaigned for it.

No one can make you have only two cards. Your financial planner may scowl and your banker sigh, but they can’t stop you from having as many as you’d like.

We suggest a deal - if you have more than two credit cards, why don’t you take the extra (any more than two) cards and lock them up in a secure location. How about another proposition - Make more than the minimum payment each month. You want to eliminate your debt and this will speed things up.

The holidays will be here before you known it. You will no doubt overspend using your credit cards. At this tie of year, everyone does. How about this though - after the holidays (we realize it may be impossible to keep from overusing credit during this season) you make a New Year’s resolution: promise yourself that you won’t use your credit card more than once per month? This is a bit like going on a strict diet, but you can and must do this if you want to get a handle on credit card debt.

A few more figures for you: Americans charge 1.8 trillion dollars annually (yes, that is trillion with a t). 11% of U.S. cardholders pay interest rates exceeding 25%! These figures come from the U.S. General Accounting Office.

It is high time that Americans examined the way that they use credit cards and decided to be honest with themselves.

The best thing we could have is freedom from debt - and the statistics on debt carried by a lot of U.S. citizens bear this out. Don’t let yourself become trapped by the cycle of credit card spending and debt - make getting out of debt your top priority this year.

So yes, it’s okay to have more than two credit cards. Personally, we’d recommend only two, but that’s not always a realistic recommendation. As long as you’re coping well with payments and you can engage in disciplined spending, then by all means, you decide how many credit cards you want to keep. But keep them somewhere where you can’t reach out for them when you’re out shopping. Without the cards, salivate over a merchandise as long as it takes, then walk away, especially if you don’t need it that badly.

Wait until you can pay cash for those things that you want rather than need. Patience, after all, is a virtue.

Before ordering your metal airplane hanger know this…

Before ordering your new prefab metal airplane hanger, there are things you need to know, especially when it comes to the hanger fitting your plane properly. That is why the first thing you need to do is determine the size of your aircraft. If you do not have your plane yet and are wishing to order your metal airplane hanger first, you still need to know what the dimensions are in order to make sure the doorway is large enough for the plane to fit through. It is simply not enough that the building is big enough, because a door that is too small means you wouldn’t be able to put the plane inside in the first place.

The plane

If you don’t yet have your plane, there are five common models that individuals buy. Knowing these models can help you determine what you may possibly buy and what size hangar you need. Those models are:

- The Cessna 206 - There are several different variations of the 206. However, the 206 has six seats. The length of the wing span is 35ft. 10 in., the length is 28ft. 3in., and the height is 9ft 7in. It is good to note these measurements to ensure your hanger is going to be a good fit.

- The Cessna 182 Skylane - This is a very popular aircraft. It is also said that maintenance is not too bad. The measurement of the wing span is 36ft., the length is 25ft 2in., and the height is 9ft 2in.

- Piper Cherokee 180 - This plane is another popular model with a wing span of 30ft, a length of 23ft. 4in., and a height of 7ft. 4in. This makes this aircraft one of the smaller planes on the market.

- Beech 35 - The Beech has a wing span of 32ft. 10in., a length of 25ft. 2in., and a height of 7ft. 7in. This may vary based on the Beech 25 model you purchase, by only by about 1 foot in all dimensions.

- Piper PA-28 Cherokee Series - This series has a standard wing span of 35ft., a length of 23ft. 10in., and a height of 7ft. 4in.

These are some of the most common planes that you may find flying and you know that the owners have to park them somewhere. They had to get the measurements of their plane before they ever purchased a prefab metal airplane hanger to park it in.

Other things to think about

Also think about whether or not you’re going to need storage inside of your airplane hangar. You also need some room to move around if you plan on performing any type of maintenance activities inside of the hangar. Usually these activities are carried out when the plane is outside of the hanger, but there are times that maintenance may need to be performed inside. As far as storage room, some may prefer to store their tools and other maintenance materials inside of the hanger. If there isn’t sufficient room, then you may have to invest in some sort of storage building, which can be cost-effective in a sense. However, it may be more convenient and may possibly be cheaper if you can arrange a way to store items inside of the hanger.

Just take these things into consideration and you should be able to order the right size hanger with no problem at all. Most importantly, you’ll be able to protect your precious giant-sized investment and anything that you decide to house with it. You’ll also have that peace of mind that makes investing in a hanger totally priceless.

The 5 Things You Need to Do to Get a Car Loan Fast

If you’re like most people, you don’t have a lot of time to futz around when getting a car loan. Luckily, there are quite a few things you can do to decrease the amount of time you’ll spend getting the loan you need.

Regardless of your credit score or credit history, here are some tips you can use to save time:

1) Make sure you’ve got all your paperwork together. You’ll need a recent paystub to prove your income, and a recent bill from your phone, electric or cable service to prove your residence. If there are any problems with your credit, such as collections or bankruptcies, get the paperwork for that too. Bring everything with you in an envelope when you go to see your lender. That way, you’ll only have to make the trip once.

2) Get your list of personal references together. When you apply for an auto loan, you’re usually required to give the name, address, and phone number of three or more friends or relatives that don’t live with you. If you get this information together ahead of time, you won’t have to scramble to figure it out while you’re completing your application.

3) Talk to your boss, office manager, or human resources department. When you apply for an auto loan, most lenders will call and verify your employment. Let the person in charge of employment verification know that you’re expecting an auto lender to call about you - that way they’ll be ready to provide what the bank needs quickly and accurately.

4) If you have a trade-in, find out your exact payoff. Many times, when people apply for an auto loan, they estimate their trade-in payoff. The trouble with estimating your payoff is that your new lender may use your estimate as an exact value. If your payoff is actually substantially higher than you estimated, your loan may need to be re-approved for a higher amount. If your payoff is lower than you estimated, your interest rate might be higher than it should be. Save everyone some time (and yourself some money) and find out your exact payoff before you apply for a new loan.

5) Make sure you’re as truthful and accurate as possible. When you complete your credit application, you may need to list former residences, former employers, etc. If you list all this information accurately, your application will be processed quickly. Also, if you lie about some aspect of your credit, there’s a good chance the auto lender will find out. At best, this will slow down your application considerably as the lender checks every aspect of your credit. At worst, your application will be turned down.