No More Credit For Stay at Home Parents? Check it Out

The Federal bank is proposing that anyone who cannot show an income source should not be able to obtain credit in their own name. Seems reasonable, right? If you are a stay at home parent, you may not think it is reasonable at all. While you manage the household finances, without an income of your own, you will be unable to obtain credit. All finance decisions will have to be based on your spouse’s income and credit. In 2009, Congress passed the Credit Card Accountability, Responsibility, and Disclosure Act. One of the provisions of the Act restricted banks from issuing credit cards to students under the age of 21 who could not show a source of income. The point was to...

Posted on Feb 28, 2011

Credit Cards: New Resonable Fees and Rate Increases?

Federal Reserve Board, June 15, 2010 http://www.federalreserve.gov/consumerinfo/wyntk_creditcardrules2.htm More new rules from the Federal Reserve mean more new credit card protections for you. Here are some key changes you should expect from your credit card company beginning on August 22, 2010: Reasonable penalty fees Let’s say you are late making your minimum payment. Previously: Your late payment fee may be as high as $39, and you likely pay the same fee whether you are late with a $20 minimum payment or a $100 minimum payment. Under the new rules: Your credit card company cannot charge you a fee of more than $25 unless: One of your last six payments was late, in which case your fee may be up to $35; or Your credit card company can show that...

Posted on Aug 26, 2010

New Credit Card Rules Today; What it means for You

If your interest rate has ever increased because you were “late” one time or you were charged a high fee for being over-the-limit on your credit card account – times are changing. On Monday, February 22, 2010, the long awaited Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act) goes into effect. As a consumer, this is GREAT news. Below are some of the changes in the law that favorably impact you, the consumer. Late fees – creditors must provide at least 21 days from the date the bill is mailed, for you to pay your bill. In addition, bills cannot be due on weekends or have adjusting due dates (the 17th one month and the 18th the next).  Over-...

Posted on Feb 24, 2010

Want to Improve Your Money Management in 2010? Start by Reviewing these Seven Areas of Your Financial Life

There are only 31 hours until the New Year and a new opportunity to make sure your finances are in shape to help you reach your life goals. The beginning of the year can be a great time to take stock of your financial health because it is an easy date to remember. So start a new tradition and use the first of the year as your financial check-up date. Below is a list of some areas to review and make changes if necessary. Your credit report. Visit annualcreditreport.com and request your free credit report from each one of the major credit reporting agencies; Experian, Equifax and TransUnion.   Analyze your auto insurance coverage to make sure you are getting the best deal and...

Posted on Dec 29, 2009

Keep Your Money in Your Pocket This Holiday Season

The holiday season is upon us and the pressure and the temptation to start spending and charging is becoming stronger.  Every year between October and December, retail sales on home decorations, food and gifts increase and so does the amount people owe on their credit cards.  This year, keep your money in your pocket by going on a spending diet. Just like a food diet that helps you watch what you eat, a spending diet helps you manage what you spend. Last year a poll conducted by American Research Group showed that Americans planned on spending an average of $431 on Christmas gifts.  However, intentions are not the same as actions. In evaluating the difference between what people said they were...

Posted on Oct 20, 2009

Digging Out Of Debt

Debt is a major problem for a lot of people so don’t feel like you are alone. The problem is, even if people know they want to get out of it, they have a hard time figuring out how to start because the debt is overwhelming or there are so many bills to juggle. There is not one perfect way to get out of debt – every person’s financial situation is different. If you’re struggling to make your minimum payments each month, getting late fees, over-the-limit fees, or even collection calls, you need to get help to prioritize your obligations and to determine the best options available to you. If you are ready to tackle your debt on your own, use these...

Posted on Apr 09, 2009

Living without Credit Cards

The two biggest concerns people seem to have with living life without credit cards are; what will they do in an emergency and how will they be able to reserve a car or a hotel room? Below is some advice on how to plan for these situations: Emergencies: If you stop and think about it, how many of your current credit card charges were actually for emergencies? Rather than continue to pay interest and fees for the privilege of having and using a credit card, start saving to build up a cash reserve. Use your debit card or look into online banking to pay bills and make normal monthly purchases. Put 10% of your pay into a savings account. If an emergency...

Posted on Apr 24, 2008