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Posted
Apr 29 2009, 06:02 PM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
Most of the bigs in the credit card industry (American Express and Chase are not part of this group) collectively produced a new Web site called HelpWithMyCredit.org, advertised as a helpful resource for consumers who are struggling with credit card debt.
Not so fast, many bloggers responded. The word "self-serving" appears in many posts.
"What has stirred this sudden desire of banks to help cardholders?" wrote Rick at CreditCardBubble.com. "I imagine it's the current activity in both houses of Congress to increase regulation of a banking industry run amok with fees and outrageous interest rates."
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Posted
Nov 04 2008, 11:19 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
What's the No. 1 way to tell that a credit-repair firm is not legitimate? It asks you to pay upfront for services that haven't been rendered, "Blunt Money" says.
Another tip-off, she writes: No matter what they claim, "no one can remove accurate negative information from anyone's credit report."
Unfortunately, many desperate people have responded to ads containing bogus claims, often paying hundreds or thousands of dollars to shady firms promising to improve their bad credit. As a result, the Federal Trade Commission and 22 states have launched a crackdown on unlawful practices, targeting 33 companies.
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Posted
Feb 12 2008, 08:01 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
This post comes from partner blog Blueprint for Financial Prosperity. He led our fair nation to freedom, and his face stares at us from the ubiquitous $1 bill. He's none other than George Washington, the first president of the United States. As one of our first elder statesmen, Washington left a wealth of memorable quotes, many of which apply to personal finance. He spoke much about integrity and character as well as discipline and service -- characteristics important in establishing a sound personal-finance life. Let's take a look at the following nine quotes: "Associate with men of good quality if you esteem your own reputation; for it is better to be alone than in bad company." With whom you spend your time affects how you behave, and that's certainly true when it comes to spending habits. If you want to save, hang out with frugal people. If you want to be financially savvy, hang out with financially savvy people. How many stories have you heard about people looking to save money but always going out to expensive restaurants and trendy bars with their friends? There are a lot of ways to have fun that cost very little. (Have a board-game night.) If you want to save up a few bucks, hang out with friends who appreciate not going out to expensive places. Don't fight the current; just find a more favorable current.
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Posted
Jan 04 2008, 05:32 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
This post comes from Trent Hamm of partner blog The Simple Dollar. No matter how careful you are, there may come a time when enough bad events happen that you simply cannot afford your bills. While you can do certain things to protect yourself from being in that situation -- building an emergency fund, practicing frugal living -- they don't really help when you have no money and a pile of bills to pay. If you find yourself in this situation and don't know what to do, here are some practical steps you can take to get started on the road to recovery. Don't bury yourself in guilt and shame. Everyone makes mistakes in life, and you're certainly far from the first one or the only one. I was in a desperate situation once upon a time. Realize that there are solutions to your problems, no matter how bad the challenges are. Just because you don't immediately see the answers doesn't mean the answers aren't there. There are answers, and there is a path to a better situation.
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Posted
Dec 28 2007, 05:55 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
This post comes from Trent Hamm at partner blog The Simple Dollar. I often get notes from people who have a small mountain of credit cards. They're trying to figure out which ones they should keep and which ones they should cancel, and they're rightfully concerned about their credit score if they do that. A wallet full of credit cards can be a problem: You have more opportunities for identity theft and, with so many credit cards, your total line of credit may be high enough to hurt your credit score. There are other issues, including extra paper management and an unreasonably fat wallet. If you have a mountain of cards, what should you do to trim them down? Here are my recommendations:
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Posted
Nov 14 2007, 11:01 AM
by
Donna Freedman
Rating:
Money Blog: Smart Spending Blog - MSN Money
A month ago today, I became debt-free – made the last payment to a relative who had lent me some money. This loan had allowed me to throw a big chunk of cash against credit card debt accrued during divorce proceedings. (Lawyers bill by the hour, you know.) Once the credit card was paid in full, I started repaying the family loan. As money came in through diligence or chance, I’d let it build to $300 and then write a check. I'm not sure why $300 became the magic number; it just sounded good. Now I'm debt-free: no student loans (I'm blessed with a scholarship), no car payment (please let it last another six or seven years), no credit card debt (and there won't be any more). It feels about how you'd think it would: pretty darned great. 'A perpetual grin' This relative wasn’t dunning me. But it bothered me to owe money. Some people count sheep; at night I would lie in bed counting ways to stretch available funds to reach the next $300. Reading some postings from a Smart Spending message board
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