There are several different schools of thought about what order that you should employ when paying off debt. Some say to attack the high interest debt first. Others say that you should get rid of the smallest debt first. Depending on your style of personal finances, and what motivates, either of these methods can work for you. But there is another method for deciding what to pay off first that I read about at Poorer Than You: How annoying the debt is.
Debt annoyance theory
This theory of paying off debt has you look at what debts are bothering you the most. …read more

One of the unintended consequences of the Credit CARD Act passed in May was that credit card issuers have been rushing to tinker with terms before the February deadline. Consumers are getting the shaft on this as credit card issuers take this chance to jack up interest rates and add fees just because they can. At this point, across the board increases to fees and rates has almost nothing to do with an account-holder’s reliability, risk factor or credit score.
While one might argue that this was a fairly obvious consequence, the fact remains that Congress gave credit card issuers plenty …read more

It is not surprising that, with the holiday shopping season looming immediately on the horizon, many people are wondering how they might be able to save a little money before the end of the year. I liked some tips sent via email by Herb Kay, who is known for the SOS System. Here are some of my paraphrasings of the tips, along with some of my thoughts and quotes from the email:

Change your withholding at work: This is a short-term way to get a little extra cash in your paycheck. Here is what Kay points out: “According to the …read more

This is a guest post from Becky House, who offers some practical advice on how you can improve your credit score.
With lending restrictions and employment options tight, now is the perfect time to work on improving or maintaining your credit score. Below are some quick tips that can help you manage your credit effectively so you have the credit you need when looking for employment, purchasing a home or simply want to make sure you qualify for the best rates for any loan.

Open a checking and savings account at a bank or …read more

It is true that many credit card issuers are cutting perks and rewards programs. If you are concerned about your perks, here are some things that can help you make sure you are getting the best credit card perks for you:

Watch out for “Platinum”: Interestingly, a “platinum” card may not have better perks than a “gold” or “silver” card from another issuer. It seems like “platinum” would offer the best deal, but it doesn’t always.
Understand the terms of your credit card reward program: One of the best things you can do is to read the fine print. You want to …read more

It used to be that almost no credit card came with an annual fee. Issuers wanted to be competitive, and that only worked if they didn’t charge annual fees. However, with the Credit CARD Act’s passage earlier this year, things are changing a bit. Credit card issuers are looking to replace some of the lost revenue that is likely to result from being forced ti adopt more consumer-friendly practices. As a result, credit cards with an annual fee are making a comeback.
Check for annual fees on your credit cards
LowCards.com is reporting that new credit card offers coming with annual fees …read more

One of the most important things you can do as a business is to make sure that you are the kind of business a lender is interested in providing financing to. One of the most important things that lenders look for is your payment history. While there is a lot you can do to make sure that you are paying on time, there are instances in which your payment is hindered by money owed to you.
If your clients are slow paying you, then you could be slow paying your own vendors, or making payments on a business loan. Without the …read more

I love The Office. And one of my favorite episodes involves a debt-ridden Michael Scott trying to declare bankruptcy. As you can see, though, it doesn’t exactly go well:
Michael was looking for a quick and relatively painless solution to his money problems. However, bankruptcy usually isn’t the answer to such problems. Even though you can get some protection from your debts through bankruptcy, recent laws mean that you can’t discharge everything that you might like to. And bankruptcy might not even be the best choice. It might be better for you in the long run to try and get out …read more

One of the videos making the rounds on the Internet is a call for a “Debtors Revolt”. This video (with two swears, neither of them the F-bomb), highlights the plight of a woman whose credit card interest rate is being raised. She claims she has been responsible, and that there is no rationale for the hike. (Although she later admits she did miss one payment.) At any rate, she does make some good points about credit card practices and their inherent fairness.
But it is also important to realize that credit cards never claimed to be fair. And, while the new …read more

One of the ways that credit card issuers make money is by charging high interest rates and attempting to keep you in debt. Minimum payments are purposely low so that you can continue to pay them, and interest rates are high so that credit card companies make more money. This system is an indispensable part of the way that credit card issuers make money. It is also a very large part of the way our economy works.
But what would happen if all the debtors revolted, like this woman advocates? In reality, if credit card issuers lowered their rates and moderated …read more