Posts Tagged ‘credit’

Can a check float?

Friday, September 25th, 2009

While checks do have to obey the laws of gravity, they’re in suspended animation in another sense. A check is basically an IOU. You write someone a check, he or she redeems that check later for cash, and the payment is taken out of your account. Credit cards work in much the same way – you pay for a purchase with your card, and the bill is charged to your account and paid later on.

“Float” is that period of time when a check or credit card charge is in limbo. It’s the time between the moment you write the check and the moment payment is actually received or the moment when a purchase is first charged to your credit card to the moment you pay that bill. During float, the check or credit card charge is, in a sense, suspended. It’s not really performing a function at the moment, but its existence represents a transaction that will have to happen sooner or later. Some people float checks in order to buy time until sufficient money to cover the check appears in their bank account. If this actually happens, great. But if not, the check will bounce and some nasty fees (from the bank and often from the recipient of the check) will start to pile up.

Identity Theft: THE GAME

Monday, July 13th, 2009

In real life, you’re basically screwed if someone steals your identity. But in this nifty game by OnGuard Online, you get to destroy your identity-stealing enemies just by answering a few questions correctly!

Let’s see what you’ve got. Click to play, or go to ID Theft Faceoff.

PS
If your identity is actually stolen, the FTC has your back.

The Crisis of Credit Visualized

Tuesday, July 7th, 2009

Enjoy!

The Crisis of Credit Visualized from Jonathan Jarvis on Vimeo.

Reposted from www.crisisofcredit.com.

A Credit Card is…

Wednesday, July 1st, 2009

A credit card is a card used to buy products on credit – get the item you want now, pay later. Credit card companies make money by charging high interest rates every time a customer fails to pay their bill in full each month and also by taking a very small percentage of each purchase.

Credit is…

Wednesday, June 17th, 2009

Credit is an arrangement in which you gain something of value now in exchange for your promise to pay the lender back at some later time (usually with added interest). For example, when you buy a pair of jeans with your credit card, you agree to pay the credit card company later in return for the money you need to buy the jeans now.

Credit History is…

Tuesday, June 9th, 2009

Credit history (also known as a credit report) is a detailed record of someone’s previous borrowing and the repayment of that debt. It basically just shows how likely or able you are to pay back a new loan or credit card.