Month: October 2017

Categories
Blog Business

Millennials and Their Money: The Connection Between Education and Finances

From an original article by Mark Fowser, WDEL

A college degree is still the key to opening the door to financial security. The question these days is whether or not they can afford the escalating cost of higher education. According to a recent survey, young adults who have tried college but were unable to attain a degree were more likely to have financial concerns – even more than those who had a high school diploma.

Other interesting results from the survey include:

  • 75 percent of degree holders who did not borrow for college believe their education was worthwhile, compared to 43 percent who did not complete college.
  • 50 percent of degree holders own a home, compared to 34 percent of non-degree holders.
  • 67 percent of degree holders who reported growing up in a low- or middle-income household now earn a middle or high personal income.

Millennials were also found to save more for short-term concerns such as immediate expenses or a trip instead of long-term goals such as retirement.

For more details on the mindset of Millennials when it comes to higher education and financial well-being, read the full article.

Categories
Blog Business

Security Tips for Accepting Online Payments

From an original article by John Rampton, Entrepreneur

Security is important to your customers; therefore, it’s also crucial to the success of your business. If a customer has their credit card information stolen as a result of doing business with you, how likely are they to continue to support your business? As consumers continue to make more payments online, providing that option is essential to offering customers the convenience they expect and demand. But with that convenience comes extra risk.

Here are some tips to keep credit card information safe and secure:

  • Be compliant with PCI-DSS, a collection of compliance regulations that are mandated by the Payment Card Industry Security Standards Council.
  • Don’t store customer payment data. 95% of credit card breaches come from small businesses.
  • Educate yourself and employees. A majority of data breaches are due to human error.
  • Keep your systems updated. Outdated systems are more prone to cyber attacks.

For more details and security tips, read the full article.

Categories
Blog Building & Managing Credit Business

Moving On From Your First Credit Card

From an original article by Claire Tsosie, NerdWallet

Your first credit card helped you build credit – an important first step. However, after years of on-time payments, you’re looking for more out of your credit card, like a higher limit and better benefits. Is it time to move on? Could be. Consider the following points before making your choice.

When to Move On:

  • You can qualify for more rewards or a lower interest rate
  • You want a higher limit that coincides with a higher income
  • Your spending has changed, e.g., you travel more, etc.

When to Stay Put:

  • You’re about to apply for a big loan, e.g., mortgage or auto
  • Sticking to budget is difficult
  • The thought of managing more than one card seems overwhelming

Be sure to read the fine print before applying for what seems like “the perfect card” for you. Choose a card that fits your needs without hidden fees and unreasonable terms. The important thing is to make an informed decision.

For more information about whether or not it’s the right time to apply for a better credit card and what you should do with your current one, click here.