Wednesday, May 26, 2010
Saturday, May 22, 2010
Tuesday, May 18, 2010
Tuesday, May 11, 2010
The 2009 Credit CARD Act provides changes that may benefit the consumer. Some of the new rules include:
When credit card company plans to increase your rate or other fees, they must send you a notice 45 days before they can
- increase your interest rate;
- change certain fees (such as annual fees, cash advance fees, and late fees) that apply to your account; or
- make other significant changes to the terms of your card
Due dates must be the same day each month.
Creditors are prohibited from using double cycle billing.
How long will it take to pay off your balance? Your monthly credit card bill will include information on how long it will take you to pay off your balance if you only make minimum payments. It will also tell you how much you would need to pay each month in order to pay off your balance in three years.
Can’t charge an “over the credit limit” fee unless the consumer has elected to permit the creditor to allow transactions over the limit.
The complete list of these changes are available at the Federal Reserve Board.
Saturday, May 8, 2010
For example, if you have 4 credit cards with credit limits of $5000 each ($20,000 total available credit) and have a total debt of $1000, you are only utilizing 5% of available credit. If you canceled three of the cards, you would reduce your available credit to $5000 and you are now utilizing 20% of your credit. This may have a negative effect on your credit score. The same thing applies when you lower your credit limits.
The ideal solution is always to pay your bill in full each month! That leaves you with available credit and can help your credit rating!
Wednesday, May 5, 2010
· Pay extra attention at checkout. Watch price scanners and check receipts for price errors.
· Swap clothes with friends, family, or neighbots.
· Change furnace and AC filters regularly and have units checked annually.
· Replace high wattage light bulbs with compact florescent or low wattage incandescent bulbs
· Avoid impulse buying: don’t carry too much cash; leave credit cards at home!
· Balance your checking account (paper or on-line) at least monthly. This will help you avoid costly fees.
· Walk more and drive less.
· Swap/barter services.