Joshua Heckathorn

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Joshua Heckathorn

Joshua Heckathorn was President of Creditnet, is a credit expert and has been featured on CNNMoney, FOX Business, Yahoo Finance, The Street, and many other national publications during the past ten years.  He received a Bachelor of Science in Management (Finance) from Brigham Young University's Marriott School of Business and earned his MBA from Seattle University.

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Recent Blogs

Minimum Purchase Requirements Stink

[caption id="attachment_1524" align="alignleft" width="300" caption=" "]Photo by Andy Newson[/caption]

Ever stopped by a convenience store to quickly buy a drink with your credit card only to have the cashier point to a tiny sign taped to the wall that says "Sorry—The Minimum Credit Card Purchase is $5"? How inconvenient is that?

I understand all the costs small business owners must endure to accept credit cards, but as a consumer, I think minimum purchase requirements really stink. Credit cards are all about convenience, and businesses that choose to accept them in an effort to conveniently grow their revenues shouldn't be allowed to inconvenience customers by placing restrictions on when they can or can't use credit cards.

Expect the Unexpected

In mid-May, I had an experience that made me think about the importance of being prepared for the worst.  I live in Bangkok with my wife and infant son.  We moved back here a couple of years ago because my work focuses on Asian markets. Of course, we also wanted to live in a cheap, stable, tropical paradise.

Ask Creditnet: Dealing with Closed Credit Card Accounts



Dear Creditnet: I recently lost my job and won't be able to make next month's credit card payment. So I called the credit card company to discuss my options. Less than a week later, they closed my account without even notifying me. I was told by a customer service agent that it didn't matter whether I closed the account or they did because it affects my credit the same. Is this true? Also, is there a way to get this off my credit report now? Or should I just wait for it to go to collections and then negeotiate a "pay for delete"?

Surprise! Credit Card Issuers Can Still Jack Your Rates

[caption id="attachment_1486" align="alignleft" width="312" caption=" "]Photo by Kevin Zheng Li[/caption]

It amazes me that a lot of people haven't heard of the CARD Act yet. Perhaps I'm just biased because I spend a lot of time reading financial sites, but it seems like the CARD Act is one of those laws that's received an extensive amount of media hype since it was passed last year. How could anyone completely miss it?

I do happen to come across a friend or relative who knows what the CARD Act is from time to time, and when I do I like to ask them what change they think will matter the most to their wallets. Surprisingly, the general response is the same in almost every case—"no more interest rate increases on existing balances."

DebtGoal: Jenny Craig for Debt Junkies

  I hear an ad for a new debt settlement company almost everyday. Frankly, most are pretty shady, and I would never recommend their services to someone looking for debt help. The last thing people in debt need is to give their hard-earned cash to someone else to "hopefully" make their problems go away. I mean, even if the company is legitimate, what does anyone learn from that? What's to stop the person from making the same mistakes again in the future?