December, 2008

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Mark Cuban victim of identity theft

Saturday, December 27th, 2008

Mark Cuban

Authorities said a New York man stole tens of thousands of dollars using credit cards taken out in the names of rich and famous men.

A police source said Gregory Mortel, 23, used credit cards in the names of rich men including Dallas Mavericks owner Mark Cuban, fashion entrepreneur Tommy Hilfiger and George Hornig, the chief operating officer of investment bank Credit Suisse First Boston, to pay for spa treatments at upscale establishments and other luxuries, the New York Post reported Thursday.

The source said investigators had Hornig call Mortel’s cell phone and the suspect said during the call, which was recorded by police, that “nobody will ever be able to trace him to any wrongdoing.”

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{Photography by Mil8}

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If you need credit, and fast!

Tuesday, December 23rd, 2008

Trying to hit a curve ball

Planning is great, but there are times when you need access to credit fast, either to deal with an unforeseen medical emergency, to take care of some business expenses, or to manage the post-holiday bills that will surely come due soon.

If you are a trust-fund baby, you need only to reach for the phone and get an allowance deposited into your checking account, but then, if you were a trust-fund baby you would never have need for money.

Recently, many Americans have addressed their need for fast access to credit by applying for one of the now available instant approval credit cards. With a few clicks of the mouse you can find out which card meets your needs and your criteria, and apply right on the spot from the comfort of your own home, and – in most cases – have an instant answer. If approved, while your actual physical card will arrive in the mail in a few days, you can start using your new card for online purchases, and often for cash advances as well.

You can also combine your new card with PayPal and settle cash debts as easily as sending an email.

While we are not advocating indiscriminate use of credit cards, we strongly believe that credit cards are a wonderful tool highly useful in anyone’s personal finances. Credit cards are the only tool that allow individuals and businesses to tap their credit ‘on-demand’, add extra consumer protection to their purchases, and give the choice (not the obligation) to extend the repayment in flexible terms, from one or two months to a longer period of time.

And as an added bonus, many cards offer rewards in terms of cash back, airline miles, or perks.

Therefore, be wise with your spending and all of your finances, and do keep in mind instant approval credit cards; because life will always throw you some curve balls.

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Photo Credits: Dana Spiegel

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New Credit Cards rules coming

Monday, December 22nd, 2008

New Credit Cards Rules

Credit cards: love them, hate them. After long negotiations between consumer advocates and industry representatives, the new credit cards rules are now set to take effect July 2010, and while it seems like a long time from now, you can expect some credit card companies to start phasing in some of the changes in the next few months.

The major changes are highlighted below:

  • Credit Card issues have to make disclosures easier to understand;
  • Consumers must be allowed a ‘reasonable amount of time” to pay their bill, at least 21 days;
  • No more double-cycle billing, where the interest is calculated using the average balance of this period as well as the prior period, a very complicated and – according to many – unfair process;
  • No more rate increase to existing card balances unless the consumer is 30 day late on payments;
  • Lastly, and maybe the most important of all: when different interest rates apply to different balances, credit cards issuers must allocate payments above the minimum to the balance with the highest rate first.

While these rules are a welcome addition to the industry, now more than ever it is important to make sure that you read any and all of the fine print, and pay your bill on time in order to avoid late fees and maintain your credit rating.

If your card uses double-cycle billing you might want to consider switching to another card with more favorable terms; and if you have a card with dual interest where you took advantage of a low interest rate for balance transfer, use another credit card for your necessary recurring expenses, and pay off this balance each and every month, this way all payments made on the old credit card will go toward paying down the existing balance.

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Photo Credits: Emmaline

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Friendly tools to help your New Year’s money resolutions

Saturday, December 20th, 2008

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It’s that time of the year, celebrating the Holidays, preparing to party on New Year’s Eve, and pondering about our resolutions.

Is better managing your money in 2009 one of your resolutions? There are a handful of friendly web 2.0 tools that can make your life easier and help you manage your finances.

MANAGING your accounts: both Mint.com and Wesabe are web-based services that will perform the functions that Microsoft Money or Quicken perform on your PC; with the added benefits that Mint and Wesabe will gather the information from your various checking, savings and credit cards accounts without you tediously entering every transactions.
You can have snapshots of your situation, reminders of payments due, budget reports, and suggestions on how to save money.

If you have significant INVESTMENT accounts, Cake Financial can give you a consolidated view of all of your investment accounts, no matter which investment company holds them; you can then run performance reports, compare your returns with other investors (still maintaining anonymity) so that you can get suggestions from real life investors like you.

Everyone should check their credit report, remember that the only site authorized to do so for free is: www.AnnualCreditReport.com. Now there’s also Credit Karma , a site that lets you access your credit scores for free. From Credit Karma’s own web site: “Credit Karma believes consumers have a right to know this information with no charge or without the bait and switch of 30 days free followed by enrollment products with confusing opt outs. We subsidize our cost of pulling the credit scores by selling advertising on the site.” and “Our free credit scores are sponsored by partners who share our vision that consumers should have free and regular access to their score.”

These tools are both friendly and make your life easier, and if simplifying your life and spend more time with your friends and family, this is the way to go.

Enjoy!

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Sponsored by:

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Photo Credits: Paul Worthington

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Swapping Gift Cards: it’s now possible to get what you really want!

Monday, December 15th, 2008

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Aunt Edna. We all love her, but as time goes by, she’s either losing her mind or she’s pulling everyone’s leg. You know how it is, everyone knows that you are a Banana Republic girl, and yet you got a gift certificate to LL Bean. Nothing wrong with LL Bean, your cousin Eddie would have loved it, instead he got a Omaha Steak gift certificate, and . . . he’s vegetarian.

So you’ve been holding on to you fancy gift card for close to a year now, and it seems like a waste that you can’t use it, but surely someone out there has your opposite problem. Despair no more, help is on its way. Thank you to cyberspace and a company called “Leverage” you might be able to swap gift cards seamlessly with a few clicks of the mouse. You’ll find the usual suspects like Banana Republic, J Crew, The Gap, 1-800-flowers, Amazon.com, American Airlines; and also some great finds like A/X Armani Exchange, art.com, Game Stop, Harry and David, and the NBA Store.

So, dig out that old dusty gift card, and give it a try: LeverageCard.com, Aunt Edna will be proud of you!


Sponsored by:

OmahaSteaks.com, Inc.

Photo Credits: Mikey G. Ottawa

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Reining in Holiday Spending, without breaking the bank

Tuesday, December 9th, 2008

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Some people are looking for ways to spend less money this Christmas, and some others who are not, should. Thanks to the internet and the circulars in the Sunday paper it’s a no brainer to shop for the best deals on the gifts you have in mind for your close friends and loved ones.

But there are other areas where unexpected expenses can sabotage your budget, such as gifts for co-workers, neighbors, your child’s teacher, babysitter, mail carrier, etc. These are people you do want to acknowledge in some way, after all, its the thought that counts.

And those acquaintance gift costs will add up fast. You may have spent $10 to $20 per person in the past without realizing it, and with 10 to 20 people it will amount to $100 to $ 400, and in this economy, that money is better saved than spent. The good news is that cutting back on your spending doesn’t mean you have to look like Scrooge.

Home made gifts add your personal touch and can stretch a tight budget. But before you bake your favorite cookie or brownie recipe, consider how much money those ingredients are going to cost you. How many gifts can you produce from the recipe and how many treats will have mysteriously vanished by the time you go to wrap them? Is it worth the cost and your time? If yes, get the Sunday paper for the discount coupons; and remember to visit the brands’ websites for coupons you can print.

What if baking isn’t your forte? With some imagination, you can repurpose items you have around the house into clever, practical gifts that cost little to make.

If you have house plants and a green thumb, look for those that can be divided into several pots. Aloe Vera and Spider plants are good candidates. Use clay pots you have on hand or purchase them from discount stores. Reuse holiday ribbon from years past to tie around the pot. Even if you give a plant to someone with a brown thumb, they can pass the gift along to someone on their list.

Do you have candles that you haven’t burned? Take a cutting from an evergreen in your yard, or from your own Christmas tree, and wrap it around the base of the candle. Tie with a ribbon.

If you don’t have access to fresh greens, go to a Christmas tree lot and ask if you can have the broken branch pieces on the ground.

Buy items in bulk and repackage them into several presents. A box of 12 taper candles can be divided into 6 gifts. Add a sprig of evergreen and tie with a ribbon.

A box of Fatwood firestarter at Walmart costs $10. Divide into bundles and tie with a ribbon and a sprig of evergreen. Make a tag from last year’s Christmas cards and write “Wishing you warm thoughts for a Merry Christmas” and include instructions for burning copied from the box. If the recipient doesn’t have a fireplace, they can re-gift it to someone on their list who does.

Think along these lines and you’ll be amazed by what you can come up with!

By Laura Bailey of DecoratorsGarden.com.

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Photo Credits: Aaron Jacobs

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