Category Archives: Credit Card

Harrison Funding Reviews & Frequently Asked Questions

Credit cards can get you into trouble, Harrison Funding can get you out

Credit. It seems like a nice thing – until it isn’t. You start off using your credit cards to build credit and buy things you need or want, but then something happens. You start spending frivolously, make a big-ticket purchase, or run into trouble with your finances, and things go downhill. Payments are missed, late fees and penalties are applied, and the account is out of control before long. Short of filing bankruptcy, companies like Harrison Funding are there to provide financial relief. 

Debt Consolidation with Harrison Funding

Harrison Funding

What is Harrison Funding? It’s a debt consolidation firm that assists interested parties in “refinancing” their credit card accounts. The team of financial experts has helped several people get their debt under control. Their services allow clients to save money, improve their credit, and develop healthy financial habits that get debts paid off faster. 

Debt Consolidation: What Is It? 

The debt consolidation meaning is relatively simple. It is the concept of lumping several high-interest, high-balance credit cards into one monthly payment with lower interest rates. Depending on your financial status, credit rating, income, and personal preference, there are several ways to consolidate or reduce your credit card debt. 

Balance transfer cards are credit cards offered to qualified individuals with a 0% APR for a duration of 12 to 18 months. You can transfer balances from high-interest credit cards to the new one. This concept allows you to save money on interest and pay more towards your principal balance. If you don’t have good credit or can’t repay the balances within the promotional period, balance transfer cards may not be ideal. 

Home equity loans or borrowing from your retirement accounts is another way to consolidate debt. You’d receive a large sum of money to pay off your credit cards. Though this option does seem like the fastest way to get your balances back to zero, it is not the best method for everyone. Should you stop making payments on your home equity or retirement loan, you could lose your house or incur significant tax penalties and fees. 

Another option is to apply for a debt consolidation loan. These are low-interest loans that cover the balance of your high-interest credit card accounts, giving you a more structured way of repaying your financial obligations. If you read reviews on Harrison Funding, you’ll see that this option works for individuals who are having a hard time managing their debt alone. 

Is Debt Consolidation Even Important? 

Debt consolidation is essential to an individual’s financial and emotional well-being. Allowing credit card balances to accumulate for years has several consequences. Consumers who don’t get their debts under control have a poor credit history, cannot apply for credit or loans, and run the risk of being sued, having their wages garnished, and personal effects repossessed. Essentially, restructuring your debt allows you to avoid these adverse outcomes and repay financial obligations when other tips to pay off debt aren’t as effective. 

What Are The Benefits of Debt Consolidation? 

Why is debt consolidation something you should consider? The benefits are straightforward:

  • Save money on interest rates.
  • Manage debt payments easier (with one monthly payment)
  • Pay off your debt faster by eliminating high-interest and paying more towards the principal balance. 
  • Relieve the emotional overwhelm of juggling too much debt
Rebuilding your credit through Harrison Funding debt consolidation

Does Debt Consolidation Affect Your Credit? 

The road to rebuilding your credit can take time. Depending on the type of debt consolidation strategy you choose and your ability to keep up with payments, it can have a negative or positive impact on your credit rating. 

Applying for a balance transfer card, line of credit, personal, retirement, or home loan will require lenders to place a hard inquiry on your credit report to determine your eligibility. This can cause your credit score to drop temporarily. 

Balance transfer cards are ideal for those with good credit, but you must be mindful of your debt to income ratio. By transferring all of your balances to one card, the amount available for use is reduced significantly. Consequently, your credit score will drop until you get the utilization rate under 30 percent. 

Settling your accounts either through negotiations or by working with a debt management agency can also have an impact on your credit score. Since you’re not paying the balance in full, it will reflect negatively on credit reports. 

On a positive note, if you stay committed to your payment arrangements and repay the loan or credit card in full, each of these methods can positively impact your credit. 

Why Consider Harrison Funding? 

With so many debt consolidation firms out there, you may be wondering why Harrison Funding is the best choice. As you can see from reading Harrison Funding reviews, the agency is willing to go the extra mile when other financial institutions aren’t. Their agents are skilled in credit card debt consolidation and will use this to get you the most affordable option available to get your life back on track. 

Applying For Debt Consolidation With Harrison Funding

Are you interested in learning how to apply for Harrison Funding today? Simply visit the company website and complete a short form. You’ll need to have basic information like your credit card balances, payment amounts, and income information to complete the application. After carefully reviewing your information, a representative will reach out to get more specific. Based on what the agent learns, they will provide you with options to consolidate your credit card debt. You select the option that is most affordable for your financial circumstances. 

Many people have found themselves in a jam that led to the mismanagement of their credit card payments. While strategies like paying more than the minimum, cutting back on spending, earning more money, and negotiating with creditors can work to resolve the matter, sometimes it isn’t enough. Applying for Harrison Funding may be the best solution to dig you out of trouble in those instances. As long as you’re a responsible borrower and make timely payments, you’ll eliminate credit card debt, improve your credit, and put yourself on the path to financial freedom.

How Many Credit Cards Should You Have?

How Many Credit Cards Should You Have?If you aren’t already using a credit card, maybe it’s time to apply for one. Many people use credit accounts to pay for a variety of living expenses, like fuel for the car and groceries. In fact, the average U.S. adult has about $3,600 in credit card debt, according to CreditCards.com. While some borrowers use credit responsibly, others get hooked on overspending and end up with a mountain of unpaid credit balances that can to bankruptcy.

With credit card offers frequently showing up in the mailbox or on the computer screen, it’s easy to take advantage of low-interest rates and no-fee balance transfers. Before you know it, you could end up with six or eight credit cards – or thirteen, like a hapless thirty-something shopaholic mom did recently. When reality hits, consumers who find themselves carrying a number of credit balances slam on the brakes and take desperate measures, such as cutting up their cards or bagging them in the freezer.

But a little common sense goes a long way. Don’t wait until you start getting monthly statements to realize you’ve overextended your credit by making uncontrolled purchases. With forethought and planning, you can put your credit accounts to good use without going into extreme debt.

  • Carefully compare credit card offers.

Don’t apply to the first ad to grab your attention when you happen to be short on cash. Compare two or more offers with respect to interest rate, payment amount (usually a percentage of the balance owed), and time constraints. For example, financial penalties for missing a payment or paying late include in some cases the possibility the lender will jump up the interest rate to a high percentage that means higher monthly payments. Some credit cards offer bonus points that can be redeemed for special gifts, while others pay a percentage of cash back to the borrower. Decide what is most important to you when choosing a creditor.

  • Leave your credit cards at home.

When out and about on routine errands, avoid using credit when possible, and stick to cash. Studies show that people who pay with credit tend to spend more than planned, often for non-essential purchases. Charging fewer expenses will help to maintain lower balances so that you are making smaller payments with possibly less interest.

  • Plan credit card use.

Review your monthly budget frequently to see where you are making unplanned purchases and spending more than you can afford. Set goals of using credit just for specific things, like fueling the car so you can pay at the pump. When doing discretionary shopping for holidays or special occasions, have an amount in mind that you want to spend to avoid buying pricy items.

  • Separate personal and professional charges.

If you use credit to make work-related purchases, be sure to keep receipts for reimbursement, if allowed. A company credit card may be available for frequent expenses, so ask if one is available. A personal credit card used for business expenses should be reserved for just those things, which makes it easier to claim deductions at tax time by checking monthly statements or charge slips.

Overall, you probably do not need more than two or three credit cards. One can be used for everyday purchases. Another should be set aside for business or other special spending categories. A third might be reserved for emergencies, such as a major, unexpected car repair. Try to get a low introductory interest rate with no balance transfer fee on all your credit cards, and no fee for balance transfers if you are switching to a new account to save money. Credit cards are valuable tools that build responsible financial management when used appropriately.

The Business Side of Credit vs Debit

The Business Side of Credit vs DebitThe choice you make at the checkouts while paying for goods you bought is a personal matter. You can process the transaction as debit, requiring your PIN to complete the process or you can run it as credit and sign for the receipt. This seemingly straightforward action has created an all-out battle between banks & retailers far away on Capitol Hill.

Banks claiming the interchange fees are necessary to cover the cost of transaction processing. On the flipside, merchants are claiming that they are losing profits due to banks’ interchange fees. Let’s take a closer look at what goes behind the scenes and how it affects the prices of everyday commodities.

Interchange fees: The cost of doing business

The card-issuing bank or credit union works out a deal with major credit card companies in case of offline transactions (otherwise known as ‘Credit’ transactions) that use one of the major credit card networks. This deal is all about using their processing service which is around 2%-3% of the total purchase price. This fee is paid by the merchant and is subsequently split into three ways; majority portion goes to the card-issuing bank, the rest goes to Credit Card Company and to the merchant’s bank proportionately.

Providers of online or ‘Debit’ transactions like Star, Interlink, Pulse, or NYCE also do an agreement with banks for the use of their Electronic Funds Transfer(EFT) network but here the interchange fee is significantly lower—1% of the total purchase price.

Now, of the two choices merchants always prefer the debit option because in that case, they keep a higher percentage of the total transactions. On the bank’s end, they are investing a good amount of money to steer consumers into choosing the ‘Credit’ processing method because of the swipe fees.

What the law says about it

In July 2010, Congress addressed this concern and initiated the Durbin Amendment regarding swipe fee reform. The amendment gave the Fed the authority to limit debit card processing fees. The central bank suggested capping fees at $0.12/transaction which is a 73% reduction from the current average. It seems like the Durbin Amendment allows the price of financial goods to go up as banks try to reclaim the loss of interchange fees.

If the swipe fee reform comes into the act as proposed, consumers will have to pay higher fees for checking accounts. Debit rewards cards & free checking account will soon become a thing of the past.

But if banks are the losers in this war, the opposite parties—merchants & their customers may be the winners. Merchants may start offering discounts based on the credit card you use. Besides, you may enjoy a 3% discount on your purchase if you are paying with cash.

In the end, we are yet to know how swipe reform will affect the card transactions. But the good thing is the price hike of goods & services due to hidden fees has come into the light. It’s up to the lawmakers now to decide if banking continues to benefit or if merchants along with their consumers can regain their breath from hidden interchange fees.