Wendy Habegger, PhD
Lecturer in the James M. Hull College of Business
- Augusta GA UNITED STATES
- James M. Hull College of Business
A respected finance expert available to offer advice on making the right money moves and handling the ever changing stock market.
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July 12, 2024
2 min
January 22, 2024
2 min
August 26, 2022
2 min
Multimedia
Social
Biography
A lecturer of finance in the James M. Hull College of Business
Areas of Expertise
Accomplishments
Professor of the Year
An award that is given by the Beta Gamma Sigma
Education
Florida State University
Doctoral degree
Finance
Georgia Southern University
Master's degree
Mathematics Teacher Education
Augusta State University,
Bachelor's degree
Mathematics
Links
Media Appearances
Credit Card issues: Hull College professor weighs in
Augusta Business Daily online
2024-07-22
A James M. Hull College of Business professor at 黑料正能量 says to be careful in ways you are reducing your credit card debt. She responded recently to a Lendingtree survey indicating Americans have more than $1 trillion in credit card debt and the average American has around a $6,500 balance. Many cards offer 0% APR on balance transfers for certain lengths of time. But is it worth it if you don鈥檛 plan to pay off the entire balance during the promotional period? Wendy Habegger, PhD, senior lecturer in the James M. Hull College of Business at 黑料正能量, said people need to be careful when taking advantage of such offers.
Best 0% APR Credit Cards in 2024
MoneyGeek online
2024-07-01
Could making a large purchase on a 0% APR card affect one鈥檚 credit score? A large purchase indirectly impacts one's credit score based on credit utilization. If one uses more than 30% credit utilization, it could impact credit scores. ~~~~ Could you benefit from a 0% APR offer on balance transfers even if you don鈥檛 plan to pay off the entire balance during the promo period? The benefit one would get in this situation is short-lived. While one might enjoy no interest for the promo period, when that period is over, the interest rate they are charged could be more than the credit card from which they transferred. My recommendation is that if one does a balance transfer, then only do so if they are able to pay off that balance BEFORE the promo period ends. Otherwise, the benefits do not outweigh the costs.
Easiest Credit Cards to Get Approved For
WalletHub online
2024-06-28
Are the easiest credit cards to get necessarily the worst credit cards on the market? No. First, consumers should understand that getting a credit card is not a right, it is a privilege and that credit is relative to the consumer. If a credit card is "easy" to get, then that means the applicant has a good credit score and is viewed by the credit card provider as having a low risk for default. Therefore, they received a credit card with little or no trouble. Likewise, if a credit card is "hard" to get, then that means the applicant had a poor credit score and is viewed by the credit card provider as having a high risk for default. Therefore, they received a credit card with a high interest rate and low credit limit or were denied the credit card. So whether one gets a credit card or not is dependent upon the customer and their financial history, habits, and riskiness. Why aren't credit cards easier to get? As I mentioned in the question above, getting a credit card is not a right, but a privilege. When one applies for a credit card, they are asking the credit card company to: To be on call 24/7 to provide them a loan to purchase whatever they want, up to the credit limit they have been granted. So customers are using the credit card company's money and not their own. To give them an interest-free grace period for the money they borrowed for the cash the credit card company loaned them. So customers have about 30 days to pay the credit card company back their money. So, if someone is going to provide this type of service, there needs to be trust that the consumer can in fact repay the loan to the credit card company every time they borrow the credit card company's money. This is where credit score comes in. Consumers with higher credit scores are more creditworthy as they are less likely to default on the credit card company. Consumers with lower credit scores are less creditworthy as they are more likely to default on the credit card company. What advice do you have for someone who's having trouble getting a credit card? If someone cannot get an unsecured credit card, then they should get a secured credit card and comply with the terms for as long as it takes to raise their credit score so they can qualify for an unsecured credit card. This also means they will have to assess all their financial spending habits, purge any negative ones, and adopt positive ones. Pay bills on time, do not spend beyond their means, and do not max out their credit utiliza
Experts Tips on Finding the Best First-Time Credit Cards
MoneyGeek online
2024-05-06
What APR might someone with no credit history expect from their first credit card? Someone with no credit history will be treated like someone with a poor credit history. Credit card companies must financially vet those to whom they extend credit. If no credit history information exists, companies have no choice but to assume the worst. Therefore, one without a credit history should expect a credit card with a low limit and a high-interest rate. As the company can better assess one鈥檚 financial habits and the user proves their reliability, the limit will increase and the interest rate will decrease. Can immigrant workers and international students without Social Security numbers apply for credit cards? Yes, immigrant workers and international students without Social Security numbers can apply for and get credit cards. Credit is global. Some credit card companies are international or have international partners, so anyone who has a proven credit history and collateral and can satisfy the company's terms in its issuing country can get a credit card. Are there any benefits of getting a credit card while still in college? Yes. Getting a credit card and establishing one鈥檚 credit history allows young adults to get a head start on building a healthy FICO score before they need it. The FICO score has some variables that depend on the longevity and stability of accounts, so it is better to begin one鈥檚 credit journey sooner as opposed to later. Is there any particular credit card issuer that's better than the others for first-time credit card users? Depending on one鈥檚 personal situation, the best card is the one that is obtainable. I recommend first-time credit card applicants look at the financial institutions where they already have accounts, such as their personal banks or credit unions. The institution is already familiar with them because of those existing accounts and will be more likely to grant them a card. Also, new users shouldn鈥檛 be too concerned if the limit is low and the interest rate is high. If they are responsible credit card users, it won鈥檛 be long before they see their limits increase, interest rates decrease and new credit card applications appear in the mail. The key is just to get started.
Experts Insights on Finding the Best Business Cards for Balance Transfer
MoneyGeek online
2024-04-03
What are the main factors that businesses should consider when selecting a balance transfer card? The point of a balance transfer card is to ease the burden of paying high interest on a debt obligation by moving the debt amount from a higher-cost card to a lower-cost card. This is similar to how homeowners may refinance their mortgages to get a lower interest rate. In this sense, businesses can 鈥渞efinance鈥� their debt by rolling it over to another card. However, before doing so, the business should consider the following: What is the introductory offer for the balance transfer? How much for how long? Often, cards offering a balance transfer may offer 0% interest on the balance transferred for a certain period of time, say six months. Then, after six months, an interest rate is assessed. What are the fees for doing the balance transfer? There is no such thing as a free lunch or a free balance transfer, so expect to pay a percentage of the balance transfer for the privilege. What interest rate will be assessed after the initial 0% introductory rate expires? Is it higher than the rate already being paid with the current card? Can the business pay off the transferred debt before the 0% introductory rate expires? If not, and if the interest rate assessed after the period is applied, is it lower or higher than what is already being paid? While the business is paying down the debt, will it add to its current debt burden on that card? If a company transfers the balance at an introductory rate, any new debt put on that card is usually charged at a different rate that is not the introductory rate. So, balance transfer cards are best used when no additional debt is added to the card until it is paid off. How can balance transfer cards impact a business credit score? Yes, a business鈥檚 credit score will be impacted because applying for the balance transfer card will incur another creditor for that business. So, businesses may experience a temporary dip in credit score, which can be reversed and even raised upon fulfillment of the debt obligation. Are there any drawbacks that businesses should be aware of when using balance transfer cards? Businesses should read the fine print and understand all the balance transfer terms. They should only commit to the balance transfer if they can follow the terms and pay off the debt before the introductory rate expires.
BEST NO CREDIT CHECK LOANS IN 2024
WalletHub online
2024-03-25
What advice do you have for someone looking for a no-credit-check loan? My advice to someone looking for a no-credit-check loan to run in the opposite direction. Under no circumstances should anyone look to obtain one of these loans unless they understand that they may become a potential victim of the vicious predatory borrowing/lending cycle. What do you think it says about a lender when they don鈥檛 check applicants鈥� credit history? The lending entities that do not check applicants' credit histories basically provide a one-size-fits-all option. Meaning, that regardless of one's credit worthiness, all applicants will be charged a high enough rate to make it beneficial for the lending entity. This means that one should expect the interest rates that will be charged are in the predatory range. Also, many of these loans may require an applicant to provide collateral. The loan contracts for these lending entities are structured to ensure they [the lending entities] come out ahead, either by receiving extraordinarily high payments [due to the high interest being charged] or by taking ownership of the collateral once the applicant defaults. It is a win-win for the lending entity. Should people with good credit ever consider no-credit-check loans? An individual's credit history is what determines the interest rate that the individual will be charged, so why would anyone pay more than they have to? An individual with a good credit score could receive an interest rate that is reasonable and in line with the current supply and demand of loanable funds based upon their credit worthiness with a credit-check lending entity. This rate would be less than what the no-credit-check lending entity would charge. Without knowing one's credit history, it allows the lending entity to charge any interest rate and the applicant must take whatever interest rate they are given regardless of their true credit worthiness. No one benefits from this model except the lending entities. Individuals with good credit scores will be charged the same rates as those with poor credit scores and thus pay higher interest than they should from an entity that performs credit-check loans. In my opinion, NO ONE should ever consider no-credit check loans.
What is APR?
WalletHub online
2023-08-29
What is the biggest misconception people have about annual percentage rates? Speaking from my experience, there are three big misconceptions people have about annual percentage rates. First, they think they are assessed the APR rate only once per year. The second is that they do not understand that when making payments, the interest portion is paid first, and then the rest of the payment is applied to the principal. Therefore, if they are making an interest only payment or making a minimum payment, then they may not be reducing the principal owed, and the debt never reduces. People do not understand that the creditor does not give the borrower any credit towards the principal for the interest paid. The third is that they do not know the difference between the Annual Percentage Rate (APR) and Effective Annual Rate (EAR). The APR is the rate that is charged if and only if the interest is compounded one time per year. However, the average person does not enter into debt contracts with annual compounding. Interest is usually assessed more frequently, such as monthly or daily. The EAR is the rate that they will more realistically pay because it takes into account the actual compounding terms in the contract.
Ask the Experts: Quick Personal Loan Advice
Wallet Hub online
2023-06-28
"In the famous words of Mick Jagger from the Rolling Stones, "You can't always get what you want." Just because one wants or needs a low personal loan rate does not mean they will get it. In order to get a loan rate that one is willing to pay, the credit score is key."
'Avoid stupid': Many are in financial stress. Augusta experts tell you how to survive it
Augusta Chronicle print
2022-09-28
Odds are, you鈥檙e struggling with financial stress. But there are ways to help overcome it. About 72% of Americans reported feeling stressed about money matters in the previous month, according to an American Psychological Association survey conducted in March.
Finance expert shares insight on student loan debt
WRDW tv
2022-08-25
If you have federal loans, you need to make sure the Department of Education has your income information so they can apply the forgiveness to your account. 鈥淭his is going to help people achieve their personal goals just a little bit sooner,鈥� said Finance Lecturer at 黑料正能量, Wendy Habegger.
Local business owners feel effects of inflation
The Augusta Press online
2022-07-25
With prices rising at grocery stores and gas pumps, everything seems to be getting more expensive. Current economic trends have been driven by a variety of factors, from staff shortages because of the pandemic, to the conflict between Russia and Ukraine.
Smart money moves during COVID-19 crisis
黑料正能量's JagWire online
2020-04-21
Although Congress has distributed a $2 trillion package to boost the economy, many Americans are still feeling anxious as jobs are lost and hours are cut. To help ease financial frustrations, Dr. Wendy Habegger, a lecturer of finance in the James M. Hull College of Business at 黑料正能量, is available to offer advice to help you make the right money moves during the COVID-19 outbreak.
Answers
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Might it be worth transferring high-interest credit card debt to a 0% balance transfer APR card and then transferring the outstanding balance at the end of the promo period to another 0% balance transfer APR card?
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I do not recommend this tactic. While someone might be able to do this a few times, it will eventually catch up with them and have a negative impact. All credit-related actions are captured and documented on one's credit report, and this juggling gives the appearance that the customer is at increased risk of default. This will trigger being charged an increased interest rate. So, future credit providers will see this pattern and eventually deny the customer's application for the balance transfer. Until a customer's application is denied, they should be expected to pay higher balance transfer fees because of their increased default risk.
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Could you benefit from a 0% APR offer on balance transfers even if you don鈥檛 plan to pay off the entire balance during the promo period?
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The benefit one would get in this situation is short-lived. While one might enjoy no interest for the promo period, when that period is over, the interest rate they are charged could be more than the credit card from which they transferred. My recommendation is that if one does a balance transfer, then only do so if they are able to pay off that balance BEFORE the promo period ends. Otherwise, the benefits do not outweigh the costs.
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Could making a large purchase on a 0% APR card affect one鈥檚 credit score?
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A large purchase indirectly impacts one's credit score based on credit utilization. If one uses more than 30% credit utilization, it could impact credit scores.