Your Safe Money Show Financial New Year 1 14 17

Highlights for Saturday January 14 Your Safe Money Show

On this week's Your Safe Money Show, New Year’s resolutions, some people really get serious about changing bad habits or setting goals. Well, I'll have ideas for you to consider in regards to "money resolutions" you can make, that could change your life for the better.
And the USDA came out with the cost to raise a child this week, it’s always interesting to see that number and how it varies by location and demographics. 
Plus, I am always looking for easy ways for my clients to save money and the 52-week money challenge is a simple way to save.
Get all the details by tuning in this Saturday morning at 7:30 at KBEK 95.5FM. They also stream live at kbek.com.

Difference in debit and credit cards

I’ve found there’s still some confusion on the difference between credit and debit cards. When you use a debit card and your PIN (personal identification number), the transaction is completed in real time, also known as an online transaction — you authorize the purchase with your PIN and the money is immediately transferred from your bank account to the merchant.
With a credit card, or using a debit card as credit, it's an offline transaction. The funds for offline transactions are deducted after the merchant settles the purchase with the credit card processor and typically takes 2-3 days to be reflected in your account balance.
Remember though that using a debit card doesn’t affect your credit score. However, using a credit card will affect your credit score. Credit cards and debit cards are very different products, each with their own advantages and drawbacks that should influence when and how you use them.

Your Safe Money Show Unretirement 1 7 17

Highlights for January 7 Your Safe Money Show

Some people when they retire never want to "work" again. But today many retirees decide to keep working, but maybe in a different way, by volunteering, starting at a whole new job or even starting their own business. On this week's Your Safe Money Show Todd will look at these new trends in retirement.
Plus there are four types of working retirees, by understanding what type you are can help you make the most of your retirement. Listen Saturday mornings at 95.5FM at 7:30. They also stream live at kbek.com.

Carrying a credit card blanace

I heard someone say the other day that carrying a balance of some kind on your credit card month after month will improve your credit rating. Truth is that’s wrong, why is it wrong? Well first of all, the actual balance on your credit card makes up only a tiny fraction of your credit score. Yes, credit utilization — which is the part that carrying a balance is involved with — is one component, but so is payment history, the length of your credit history, the types of accounts you have, and how many credit inquiries you've had recently which means people checking on your credit. In fact, most credit score systems focus primarily on payment history above the other factors, not the credit utilization.

In fact, most credit scores prefer that you remain below 30% of your credit utilization. In other words, they want you to have a balance equal to 30% of your credit limit at the absolute maximum. Carrying more than that actually hurts your credit score.

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