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Discover® More Wildlife
Intro Rate: 0.00%, Time Period: 12 Months, APR:
10.99%. |
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Citi® Platinum Select® MasterCard
Intro Rate: 0.00%, Time Period: Up to 12 Months,
APR: As low as 6.74%. |
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Blue from American Express®
Intro Rate: 0.00%, Time Period: Up to 12 Months on
purchases, APR: 2.99% for 12 months on transfers. |
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TrueEarnings® Card from Costco
Intro Rate: 0.00%, Time Period: 3 months on
purchases, APR: 1.99% for 6 months on transfers. |
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IberiaBank Visa® Classic Card
Intro Rate: 0.00%, Time Period: 6 Months, APR:
7.00%. |
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Discover® More Card
Intro Rate: 0.00%, Time Period: 12 Months, APR:
0% for 12 months on transfers. |
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In This
Issue
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Cool Quote |
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Living above my means for years--what now? |
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STATISTIC: Consumers Cut Food Spending |
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6 Fields That Stand to Benefit From the
Stimulus Plan |
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Pay It Off Or Keep It? |
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"The rates dropped back down to acceptable
levels." |
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Credit Card Companies Go to War Against
Losses |
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Household Math™: LTV |
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Trimming the Fat From Your Budget |
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Don't Believe These 7 Credit Card Myths |
Cool Quote
"When my girlfriend asks for a bracelet made out of paper,
I'll know paper is as good as gold!"
--James Dines
More cool quotes from past issues
Scott,
I've been living above my means for years, using credit
cards to pay for the difference from what I make and what I spend. I can't be in
denial much longer as the cards are getting to their max. I currently don't
have any past-due payments since I still use the credit cards to offset what I
can't pay. What do you recommend I do?
I was thinking of going to the credit card companies, and
letting them know that I'm struggling, to see if they would stop charging me
interest, but I'm afraid of losing a good interest rate or the payments going up
as they'll mark me as high risk. I just don't want to go through the harassment
I've heard other people have gone through with them calling or trying to go
after what you own or your paycheck.
I have 2 homes. I downsized with the second one, but that
backfired when I couldn't get rid of the first one. So it's renting right now
for the majority of the payment, and I have no equity in any of them.
Please let me know ASAP what you think, as I need to do
something before it's too late. : (
Kate
Finish reading the article
In 2008's fourth quarter, consumer spending on food fell
at an inflation-adjusted 3.7% from the third quarter, according to data from the
Commerce Department's Bureau of Economic Analysis. That is the steepest decline
in the 62 years the government has compiled the figure. The report is based on
receipts from a sampling of food-oriented businesses across the country.
More credit card and debt statistics
6 Fields That Stand to Benefit From the Stimulus Plan
President Obama has promised the $787 billion
American Recovery and Reinvestment Act -- commonly known as the stimulus plan --
will boost to the flagging economy by creating jobs in a variety of sectors.
Though it will take a while before federal,
state, and local governments determine how exactly to allocate the funds,
economists agree that six sectors are poised to see a boost as a direct or
indirect result of the stimulus. These include...
See story here
Many people are refinancing their home mortgages. When you
refinance, it's important to make decisions based on your personal and financial
goals in life.
In this article, we are going to discuss the topic of
paying off your mortgage early and why you might or might not want to.
So, what about you? Where do you stand on this issue, or
are you as confused as many of us?
Finish reading the article
Scott,
I enjoy your site and find the information invaluable. My
credit cards are at a manageable level and would have been paid off if we
weren't socked with almost $10,000 in unexpected medical debt last year (which
we paid off - it was incurred in January, and my goal was to pay it all off by
December). The one credit card I have left is at 0% for the life of the balance,
so I am fortunate. We have no car loans and the only other balance we owe is our
mortgage, which is about 1/3 of what our house is worth. We both save regularly
for retirement and are working on our emergency fund. Getting our finances in
order is a wonderful feeling. It's like having a weight lifted off your back.
A few weeks ago, my husband and I both got socked with
interest rate hikes on our Citibank credit cards (he has one and I have two
different Citibank cards). The interest rates were under 10% but jumped to
14.99%, 16.99% and 19.99% - for no reason at all. We have always paid our bills
on time. I have been paying off anything I charged and haven't incurred interest
charges in quite some time, so perhaps they weren't making enough money off me?
Even though I wasn't paying interest, I wanted it fixed regardless. From your
site, I learned that many credit card companies were doing the same thing.
Basically, they give you two options - accept the new rate or keep the same rate
and have your account closed. That was unacceptable to me. I have had these
accounts for 20 years and I was irate. I called Citibank's customer service
department and they basically told me that if I didn't like it, I could use the
card until the expiration date and then they'd close it, so I escalated the call
to the customer retention department. After explaining the situation and
reiterating that they were alienating their good customers - the ones that pay
their bills - and threatened that I would never giving them any of my future
financial business (mortgages, car loans etc.) unless they fixed this - they
did. The rates dropped back down to acceptable levels. They still aren't as low
as they were but they were within 1% of where they were before they slammed us.
My advice to your readers is to go beyond a standard
customer service person and insist to speak to the customer retention
department. Never take no for an answer. It's true - where there is a will,
there is a way.
Dawn S
Learn how to "Talk Your Way Out of Credit Card Debt"
Credit Card Companies Go to War Against Losses
The suffering credit card industry wants some of you to
help bail it out.
In the last year or so, card issuers have raised interest
rates, added new fees, lowered credit limits and even shut down accounts
altogether. As unemployment has risen, so have the number of people who are
paying their credit card bills late or not paying them at all. So the companies
are deploying every weapon they have to shield themselves from further losses.
They're also scaling back their offers to...
See story here
A lender agreed to make a loan based on a purchase price
of $250,000 with a 90% LTV. If the property appraises for $250,000, what is the
mortgage amount?
Answer this math problem
When my husband, Michael and I decided it was time for me
to quit my full-time job, the first thing we did was pull out our family budget
and go over it with a fine tooth comb. If I was going to quit, we knew we had to
cut our expenses to the bare minimum until his then-new business was up and
running.
People trim fat from their budgets for various reasons.
Sometimes after the birth of a child, the new mother just can't face putting her
baby in daycare as she originally planned. Maybe a family car dies an untimely
death and payments on a newer car are higher than expected.
Finish reading this article
Don't Believe These 7 Credit Card Myths
They sound sensible, but acting on them can cost you.
We've all heard some of them, and we've probably believed
more than a few, but living by a credit card myth can cost you a lot of money in
fees and hurt your credit rating.
Here are seven of the most pervasive credit card myths to
watch out for:
Myth No. 1: Writing 'See ID' on the signature line on the
back of your cards will stop a credit card thief cold and absolve you of any
liability if a thief...
See story here
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