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Recent Reviews
- How we pay with plastic will change Monday with new credit card rules
- Eliminating ‘He Said, She Said’ on Loan Modifications
- 10 Ways to Screw Over the Corporate Jackals Who’ve Been Screwing You
- The Unemployment Game Show: Are You *Really* Unemployed? – From Mint.com
- Credit card’s newest trick: 79.9 percent interest
- 42% of parents have paid a child’s debt
- More Homeowners Fall Behind on Mortgages
- Problem mortgages hit new high at 14 percent
- Google Tackles Mortgage Market With New Comparison Ads
- Latest bank fee is for paying off credit card on time every month
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42% of parents have paid a child’s debt
Before bailing out offspring, ask yourself whether you’re really helping.
A new poll by CreditCards.com found that 42% of people with adult children have paid a debt for their children at some point. But should they?
The debts most commonly paid off were auto loans (40%) and medical debt (37%). But the survey also found that parents had paid utility debt (31%), credit cards (30%), student loans (29%) and mortgages (11%).
“It used to be that kids would be embarrassed to ask for help. Not anymore,” Michael McAuliffe, president of Family Credit Management, a Chicago nonprofit credit counseling agency, told CreditCards.com’s Connie Prater.
The current generation of parents has always provided more help to their children than their parents’ generation did, helping with everything from homework to science projects to college essays and beyond.
This trend, coupled with changes in the economy, has found many parents continuing to help their children financially long past college.
Read more at: MSN Money
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{Photography by Leonid Mamchenkov}
7 Lame Reasons People Spend More Than They Make
Personal finance isn’t exactly rocket science. We all pretty much understand the basic concepts of living below our means, budgeting, tracking expenses, etc. But, even as straightforward as these concepts are, there are still plenty of people out there in debt and spending more then they make. So, here are seven lame excuses we hear, or we use ourselves, about why we spend more than we make.
# 1 – I don’t know where my money is going!
This is because you’re not keeping track of where it’s going. It’s amazing to me the number of people who don’t know where their money goes to. Personally, I found I was in this frame of mind when I did the cash budgeting system, which is why it didn’t work for me. I like the ease and convenience of having my expenses easily tracked when I use my debit and/or credit card so I know exactly where my money is going every month. If you’re always wondering where your money goes, it’s almost guaranteed you’re spending more then you make. Cut the excuses and start keeping track of your expenses! (Read more at: MasterYourCard)
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{Photography by Marshall Astor – Food Pornographer}
Nationwide offers 125% mortgage
The Nationwide Building Society has introduced a mortgage allowing borrowers to take loans worth 125% of the value of the home they are buying.
It will only be available to existing customers in negative equity who want to move house.
Negative equity means that the value of someone’s home is less than the amount they owe on their mortgage.
Nationwide said the deal was a very “niche offer” and that not everyone in negative equity would qualify.
The Financial Services Authority is considering limiting mortgage loans to 100% of a property’s value.
‘No more risk’
The Nationwide only offers new customers mortgages worth 85% of the value of the home they want to buy. (Read more at: BBC)
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{Photography by radcarper}
US loan defaults hit record level
The level of people falling behind with consumer loans in the US hit a new high in the first three months of 2009, the American Bankers Association said.
Rising unemployment was behind the missed payments, it suggested.
Delinquencies – payments that were more than 30 days overdue – rose to 3.23% from 3.22%, the highest level since rates began being tracked in the 1970s.
Credit card loan delinquencies also increased, rising to 4.75% from 4.52% in the last quarter of 2008.
The US unemployment rate is now at a 25-year high of 9.4%. (Read more at: BBC)
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{Photography by Andrew Ciscel}
Barclaycard cuts minimum repayment on credit cards
Barclaycard extended to some of its customers a lower minimum repayment – 1.5% Vs. the prior 2.25% of the remaining balance. This will give some of its customers additional flexibility in these tough economic times. A Barclaycard spokesman said: “We are doing this to help customers. This is an option we are giving to selected customers for them to be able to make a reduced minimum repayment for a limited period if the customer chooses to do so. We understand that some customers may appreciate this additional flexibility during the current economic circumstances.” (Read more at: Compare Top Cards)
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{Photography by Gregg O’Connell}
The Descent into Credit Card Debt Hell
When used wisely, credit cards can be the cornerstone of a sound financial strategy. A solid credit history makes you a good credit risk and that in turn allows you to purchase the necessities of life. But credit cards can also be a slippery slope. One misstep and you’ll tumble into the abyss of credit card debt hell . . . (Read more at: Mint)
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How to Deal with Collection Agencies and Attorneys
You have received a letter in the mail saying that a bill on which you owe has been sent to collections. Whether this is the first letter you have received or the collection agency has been calling you to collect, the most important thing is that you take care of your debt in collects immediately before you incur more interest, acquire more fees, and blemish your credit record. Here are the steps you should take immediately.
Evaluate the Bill in Question
The first thing you should do is gather all bills, letters, and information you have about the debt that was sent to collections. Evaluate whether you in fact do owe this bill. If you do not know what the bill is for or you do not think you truly owe the bill, you should begin by requesting information from the agency. You have a right to request a copy of the original bill. If the bill does not belong to you, you will have to be ready to dispute the charges.
Be Ready
Once you have evaluated the situation and you agree that you in fact do owe the amount in question, sit down and evaluate your monthly expenses in order to come up with a game plan for paying off the bill. When you do make the call to the collections agency, you will want to know how much you will comfortably be able to afford to pay per month when negotiating a payment schedule. . . (Read more at: Debt-Professor.com)
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{Photography by Listener42}
Hidden Credit Card Fees
Credit card debt is one of the main concerns the average American household is faced with today, but before one can make an efforts to reduce credit card debt, it is important to look at some of the ways the credit card companies trick the public into paying more than they should by sticking them with those credit card fees and rates that are covertly hidden within the fine print.
There are many fees that can be found within the credit card terms and conditions, fees such as late fees, overlimit fees, balance transfer fees, and ATM cash advance fees. Yes, these are hidden fees and must read very carefully, but let’s face it; we all know about those tricky fees. Let’s talk about some ways that the credit card companies really trick the average card holder: . . . (Read more at: Professional Debt Advisor)
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{Photography by: Faithful Chant}
Unusual — and legal — ways to make money. By CNN
Desiré Henriksen feared that there would be no Christmas for her two boys. She had lost her job at Denny’s, where she worked the graveyard shift. Her fiancé, who works as a glazier, was having a hard time finding regular work. And the couple fell behind on the mortgage last month.
Desire Henriksen decided to sell her hair after losing her job and falling behind on her mortgage. (Read more at: Bad Breaking News)
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{Photography by Moneko}
Plastic Wars: Credit vs Debit
Credit or debit? – an important question for those trying to come out ahead in recessionary times. The answer can be a little complicated. It depends on a few things, namely, your spending habits, your ability to pay your bills on time, and the total dollar amount that you pay with debit and credit. These are the variables that you can control. Unfortunately, they’re not the only ones.
What remains to be seen are the clever tricks credit card providers will play in light of the major reform that was recently signed into law by President Obama that will go into effect in 2010. About the best you can do is take advantage of the existing rules and set yourself up for future financial success. (Read more at: Mint.com)
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{Photography by Orphan Jones}
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