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

In the world of personal finance, and advance is something that is not particular desirable. It indicates that you are out of money, and that you might need a little bit more to plug the gaps in your cash flow.
In business finance, though, an advance is a little bit different. All businesses need loans to meet their needs, and many businesses ask for some sort of advance payment. Indeed, when customers buy something, they are used to paying first and then receiving the item. Additionally, even companies that provide services often ask for some part of the fee to be …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

One of the things that can hold you back on the path to financial freedom is bad habits. There are plenty of poor personal finance decisions that you could be making. However, unless you make changes to the bad habits that engender these moves, you will find yourself never quite reaching your full financial potential. Here are some things you should consider as you work toward changing your personal finance style:

Acknowledge that you have a problem, and that you can fix it. Many people avoid taking responsibility for their finances, instead pushing off their situation on external factors. While there …read more

One thing that many entrepreneurs do when they are starting a business is to use their personal credit get the ball rolling. While this may be the only way to get started, it is important to realize that it is vital that your business have its own credit as well. You want to make sure that your business is building up credit in its own right, so that you can eventually get the loans you need for your business on the credit worthiness of your business.
Keeping business separate from personal credit
You want to be able to protect your personal finances …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

There are few things in life as scary as getting a debt collection notice. Indeed, getting a phone call or letter from a collection company can be quite unnerving. For many people, the instinct is to pay it immediately (if possible) and move on. However, before you start giving out personal and payment information, take a deep breath. Did you already pay off the debt? Do you actually owe the money? Can you afford to pay it right now?
A good way to start straightening everything out, and to make sure that you actually owe the debt, is to get a …read more

There has been a lot of play given to the idea of refinancing your home mortgage loan. With interest rates so low, it is no surprise that many people are interested in refinancing and saving tens of thousands of dollars over the life of their home mortgage loans. However, many people are overlooking the fact that auto loan interest rates have also come down, and you might be able to save thousands of dollars on your car loan.
When my husband and I borrowed for our first car as a married couple, on our own credit and income, things were different. …read more