Helping You Define Your Lifestyle

Should You Cancel Old Credit Cards? Know the Pros and Cons

Deciding whether to keep an old credit card or get rid of it is not a simple choice to make, but with the right knowledge, it should be easier to come to a decision. Find the pros and cons of cancelling an old credit card below:

Pros of cancelling old credit cards

  • You’ll rid yourself of a possible liability

Whatever the reason for closing an old credit card, one less credit card could mean one less opening for incidences of fraud or theft. Because old credit cards are often forgotten and are generally more difficult to maintain and manage, they could be vulnerable to criminals.

  • You’ll have less temptation to fight

If you are one of those who feel richer than you really are because you have extra credit, then it might be best to cancel some of your credit cards. The same applies to people who tend to spend more than they should, so in order to prevent or reduce temptation, it is a good idea to close any extra lines of credit.

  • You can cut back on paying annual fees

Your old credit card accounts may have annual fees and you really shouldn’t be paying annual fees on a credit card you don’t use. Whether it is because you were not paying close enough attention or because you applied for the card when your credit was poor, you will save a good deal of money by getting rid of the card and if you must, replace it with a personal credit card with a better deal. Once you have good credit, the competitive financial landscape will sort out the rest.

Cons of cancelling old credit cards

  • Cancelling could hurt your credit score

If you have a negative payment history, closing an old credit card won’t work magic for you because the payment history of a card continues to affect your credit even after the account has been closed. While the effect the closed account has on your credit score will lessen over time, it is certainly not a solution for improving your credit. Other factors to consider include the utilisation rate and whether the card you intend to cancel is your only credit card.

  • You could lose out on existing customer deals

While they are often not as juicy as new customer deals, some lenders may offer current cardholders a fantastic deal every now and then. If your lender is one of the considerate ones, you might be losing out on opportunities to enjoy great deals on your credit card if you decide to cancel. While the offers may not be better than those for new customers, at least you won’t have to go through a credit check.

Before taking the leap and cancelling an old card, be sure to evaluate your position carefully so you don’t end up with regrets. Learn how keeping or cancelling the card will affect you in the long and short run.

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Secrets to Trade Show Success

If you have an exciting business or product then one of the very best places where you can showcase it is at a trade show. Trade shows are not only attended by a wide range of consumers including fellow businesses, but they are also usually covered by the media which means that you could get some great exposure for your business or product.

In order to ensure that your trade show goes off successfully, there are some keys which you need to get right, so that you can boost awareness and most importantly, sales, let’s take a look.

First Impressions

They say that you only get one opportunity to leave a great first impression and that is very true when it comes to trade shows. You need to bear in mind that your exhibition is going to be sandwiched in amongst many other different businesses, all vying for the visitors eyes. With this in mind, the first impression which you, your product, your team and your display gives, is going to be critical to your success.

  • Display

You display should be exciting, attractive and in line with what your company represents. Don’t fall into the trap of having a display which is solely fit for purpose as you’ll struggle to make it stand out, instead look at having a custom trade show display designed specifically for your brand.

  • Demonstration

One of the key attractions during your trade show will be the demonstration which you put on and you ought to spend time to ensure that it both shows off your products and your business, and also creates a real buzz around your booth to bring more people in.

Selling

These shows are not only about you being able to show off your products to new clients, it is also about making sales and you must be well prepared to do just that. Ensure that you have your best sales people with you at the trade show and work with them on their pitch, and to give them all of the information which they need. Very often you will be doing business with other businesses in this kind of show and for that reason you must ensure that your sales people know how to talk to them and most importantly, how to close that sale.

Free Advertising

The biggest challenge of a trade show is bringing people to your display and on top of giving a first impression, there are other things which you should be doing to attract visitors. Think about handing out freebies which people will notice on others and want for themselves, a free pen doesn’t quite cut the mustard any more. Equally you should think about what kind of interactive things your booth should have, that will draw customers in, music, games, fun, these are all solid tools which will attract more people. Try to get people gathered at your display as a crowd makes people wonder what is going and draws them in.

The key to trade show success really is in the preparation, get that right, and you can make some great sales, leads and contacts.

Retirement: Financial issues that everyone forgets about

It’s meant to be one of the most relaxing periods of life, but if you were to survey the majority of retired people it would become clear that the post-work phase is anything but. Of course, things even out over time, but the “one big holiday” that some people assume it is couldn’t be further away from the truth.

Today’s post is going to take a look at retirement from a financial perspective. While it might appear somewhat negative in places, hold on tight and you might uncover some information that saves you a lot of stress and hassle when you do finish working for good.

Issue #1 – Life after death

Let’s start with something of a morbid topic, but one that can serve you well if you plan comfortably ahead. Some people may believe that their funeral isn’t something which should really concern them; after all, they won’t be there to oversee it.

However, those that are left to pick up the pieces might have a lot on their mind. The average cost of a funeral has now surpassed £4,000, with this figure only increasing.

Sure, this is something that always has to be paid for, but the way in which you plan ahead can make a monumental difference. For example, funeral plans allow you to pay today’s rate, and this means that there won’t be any nasty surprises for your family when the time does come. Its small thoughts like this that can make the world of difference.

Issue #2 – The “average lifespan”

This is probably the biggest problem that we will uncover. When you plan for retirement, you generally do so with an average lifespan in mind. At the moment, this is around 80 – but this might not necessarily relate to you.

In other words, this is just a number – nobody can guess how long you will live for. It’s known that the average lifespan is on the rise, so what if you live to 100? How will your finances shape up then?

If you are serious about living a peaceful retirement, with no concerns about your bottom line, its questions like this which need to be answered.

Issue #3 – The needs of your family

In truth, an entire dissertation could be written about this as it spans so many different areas.

Firstly, while your major expenses such as your own mortgage might be over, it has become more common than ever for children to use their parents as the main borrower when they fund their own property. While this isn’t something you are obliged to do, it’s at least an area to think about.

Next, and this is something where obligations do enter the picture, is your partner or any other elderly relatives that you take care of. This is the time in life where additional care might be needed and unfortunately, these costs can spiral quickly. There’s been a lot in the news about them over recent times and it’s something that a lot of people just don’t consider when it comes to their standard pension plan and what it should be covering.