15 Must-Know Credit Card Terms
Source: Debthelper.com 800-920-2262If you don't understand the language, credit card offers and statements could lead you to deep debt -- or at least furious frustration. For the big scoop on the fine print, here's what these frequently used credit card terms mean.Average daily balance -- This is the method by which most credit cards calculate your payment due. An average daily balance is determined by adding each day's balance and then dividing that total by the number of days in a billing cycle. The average daily balance is then multiplied by a card's monthly periodic rate, which is calculated by dividing the annual percenta

Four Loopholes in the New Credit Card Laws
On August 20, 2009, the rules of the credit card game changed when the first phase of the new Credit CARD Act of 2009 became effective. Under the first phase, you, as a credit card account holder:Get a fair warning. You must receive least 45 days advance warning of changes to your credit card terms, rather than only 15 days notice. The notice must explain the steps that you, the cardholder, can take to exercise your rights to cancel if you don't like the changes, including a toll-free number to call and the deadline for opting out. Can opt out. You have the right to pay off your balances under the old, lower interest rate if you opt out and cancel the account.

7 Expenses that Are Keeping You in Debt
In the United States, 43% of families are spending more than they earn each year, according to MSNMoney. At the end of 2008, the average American household that had a credit card was holding nearly $11,000 worth of credit card debt. With numbers like these, living with debt seems unavoidable and paying it off seems like an uphill battle you are destined to lose. However, if you are interested in living debt-free, here are seven expenses to watch for that may be holding you back from being in the black.1.Not Knowing Your LimitsThe Financial Times recently reported that U.S. banks are set to earn $38.5 billion this year from overdraft fees alone, more than double

Overdraft Overhaul
Last Thursday the Federal Reserve announced that, starting in the middle of next year, U.S. banks cannot allow customers to overdraw their accounts and then charge them hefty fees for doing so. That is, unless customers say they want to sign up, a hurdle that will likely kill this big bank cash cow.The new rule goes into effect next July and requires customers to "opt in" to overdraft protection--a service that most banks offered as some sort of courtesy but that can actually generate huge fees for dubious reasons. Most overdraft protection programs work with either a linked savings account or a linked credit card. If you spend over your limit the bank charges the savings accoun

Minors seeking a credit card will need a helping hand from parents
Erica Sandberg is a prominent personal finance authority and author of "Expecting Money: The Essential Financial Plan for New and Growing Families." Dear Opening Credits,I'm 16 and want a credit card. How can I get one? How else could I build my credit at my age? -- Kristina Dear Kristina,Sigh. You're a girl after my own heart, Kristina. Though I didn't really become fascinated by personal finance until my college years -- living on pennies inspires imaginative budgeting -- I think it's fantastic that you're thinking about these issues at such an early age. Be aware that there are two basic reasons to get a credit card. The first i