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Lunch » Tags » Books » Reviews » The Skinny on Credit Cards: How to Master the Credit Card Game » User review

Teaches the financial literacy not taught in school

  • Nov 21, 2012
Here is a simple, but not simplistic, look at the world of credit cards.

Beth and Billy are your average married couple who suddenly find themselves with a lot of credit card debt. Billy feels that as long as he pays the minimum payment each month, everything is fine, but Beth is not so sure. Along comes Randel, the author, to explain to them the reality behind credit cards.

Credit card companies want cardholders to pay just the minimum payment each month. That way, they can charge interest on the unpaid balance, raising your overall bill. If that particular ard was never used again, it can take years to pay your total bill by paying just the minimum amount. You will also pay the credit card company more than you originally owe, because of the accumulated interest on the unpaid balance.

Credit card companies can, and will, raise your APR (Annual percentage Rate) whenever they want; the Cardholder Agreement says so. They can also be very sneaky about setting the cut-off time for receiving payments. For instance, they can set the cut-off time for 10 AM, when they receive their daily mail delivery at noon. Even if your payment was received that day, it is still late, which means that they can charge a late fee. College students are a goldmine, because they are probably financially illiterate, and think of credit cards as free money.

What can the average consumer do about it? Pay off as much of your bill each month as possible; forget about paying just the minimum payment. Call your credit card company, and ask them for a lower interest. It could shave months, or years, off the time needed to eliminate your debt. If you have a large debt, look for a one-time infusion of cash to reduce the debt. Consider a low-interest credit card as a place to which to transfer your balances.

This book does a wonderful job at teaching the financial literacy not taught in school. get past the stick figure illustrations, and this book is highly recommended for everyone.

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November 22, 2012
Sounds like a very worthwhile read. I agree wholeheartedly that this stuff should be taught in school in lieu of all that politically-correct nonsense that is currently running rampant in our classooms. This is a book that I will consider reading myself.
November 22, 2012
I agree.
More The Skinny on Credit Cards: Ho... reviews
review by . April 20, 2010
The characters in this clever, humorous, and entertaining book in the series The Skinny On are a married couple, Billy and Beth who, much like most couples, buy items on credit and, without realizing it, soon amassed a debt of over $20,000 and become very frustrated and afraid. The stick figure of Jim Randle appears, as he usually does, and explains such facts as:   * How they ended up with such a debt.   * Every time they buy something after they have a balance owed, interest …
review by . March 14, 2010
The Skinny On Credit Cards is perfect for someone like me who is not a big reader but I am interested in reducing and eventually eliminating my credit card debt. I like that is very much to the point and I could read through it in a matter of several hours. I found this book to be extremely helpful and it taught me a lot about common credit card practices. I think most anyone can learn a thing or two by reading this book and most likely it will make you change the way you use your credit cards for …
About the reviewer
Paul Lappen ()
Ranked #70
I am in my early 50s, single and live in Connecticut. I am a lifelong very, very avid reader and am a freelance book reviewer with my ownblog (http://www.deadtreesreview.blogspot.com). Please visit. It … more
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"I love this book, what a terrific job. This book can literally save you a fortune!" --Gerri Detweiler, Ultimate Credit Solutions Inc

"The Skinny on Credit Cards discusses a complex financial matter...in a way that even someone with no credit history can easily understand. This is no small achievement." --Curtis Arnold, Founder, U.S. Citizens for Fair Credit Card Terms, Inc., Author

"Written in an easy to understand style, and with a good dose of humor, The Skinny on Credit Cards gives the reader everything he/she needs to know to use credit cards more responsibly. A must read for teens and adults alike." --James Roberts, Professor, Baylor University
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ISBN-10: 0981893546
ISBN-13: 978-0981893549
Author: Jim Randel
Publisher: Rand Media Co

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