The latest issue of Consumer Reports (October 2008) has an article about the new credit card jungle . The faltering economy and the ongoing mortgage crisis may be affecting your credit cards; issuers are raising rates, changing terms, and lowering credit limits. The magazine notes: “ Now is an essential time to do a credit-card checkup to make sure your accounts haven’t changed for the worse.”
I like the idea of a credit-card checkup, but I don’t think it’s something you should do just once in a while. To avoid the dangers lurking in this credit card jungle, it’s important to foster a set of survival skills that will help you avoid danger spots before you blindly stumble upon them. Here are a few:
Learn to read the fine print . Read the legal stuff when you fill out the application, when you receive the card, and on any future mailings. Credit card terms and conditions can be confusing. This credit card glossary from Wells Fargo...
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Even though you may not have had problems obtaining credit cards, using them will only cause enormous damage to your financial future. In many cases, people that need Debt Management Help simply cannot cope with credit card debt on top of everything else. Therefore, before you use your credit cards, or even sign up for them, you should look for other financial alternatives. Among other things, you may want to look for a second job, or do everything that you can to reduce your daily expendi... more
I spent the 1990s addicted to credit cards. I was mired in debt.
Recently while cleaning the garage, I unearthed a box full of old receipts and bank statements. I spent a couple hours sifting through them, aghast at my former spending habits. It was like peering into the life of a stranger.
Addicted to debt
The oldest documents I have are from April 1994, less than three years after I graduated from college . Already I had $9,550.13 in credit card debt. (I also owed more than $5,... more
Amber dropped a line yesterday to share a story that might seem minor to some people, but which is important to her and many others. A U.S. Federal appeals court has ruled that paper money is unfair to the blind , which may force the Treasury Department to redesign our currency.
“This has been a big issue in the blindness community for a number of years now,” Amber writes. “I am curious to hear what you and your readers think of this issue. As for me, I am blind myself,... more
This is a guest post from Cathy , who writes about family finances, cooking, and parenting at Chief Family Officer .
I love the philosophy of getting rich slowly by doing the fundamentals: spend less than you earn, pay off debt, and invest wisely. One way that I save money is with what I call The Drugstore Game.
The Drugstore Game involves combining manufacturer and store coupons, and taking advantage of a store’s best deals. When played at the highest level, the Drugstore Gam... more
Money is more about mind than it is about math. Our financial decisions are often based on psychology and emotion rather than on pure numbers. Nearly everyone understands intellectually that credit card debt is bad, for example, but for millions of people, this understanding isn’t enough.
A newish group of researchers dubbed behavioral economists have been exploring the gulf between financially optimal behavior and the things people actually do . One reason, said economist Dan Ariel... more
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