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Money College: Key differences to credit cards, debit cards
You know how your teachers always say that the "stupid question" you want to ask is probably the same one on everyone else's mind? Well, here's one:
What's the difference between credit cards and debit cards?
Maybe you thought you were the only one who didn't actually know, but that's where you're wrong. Credit cards and debit cards have real differences, and not knowing what they are can create major problems for college students.
If you spend $100: Colorful spring shoes at Old Navy and Piperlime
Since the rise of cheap designer collections and the plummet of the economy, savvy stylists and fashion editors alike have had a wardrobe mantra: mix high and low.One of the easiest shopping destinations for doing just that is the online home of Gap, Banana Republic, Old Navy and Piperlime -- their sites are combined and, more importantly, so is the shipping.
All of the brands have rolled out their warm-weather shoes, and many are marked down in an effort to give early bird shoppers an extra push. For less than $100, you can pull items from the cheap-chic Old Navy and the well-edited, higher-end Piperlime -- and enjoy perfect shoe updates for when the sun finally comes out.
Daylight Saving Time: How to set the clock on anything
On Sunday clocks around the country will "Spring Ahead" an hour to mark the beginning of Daylight Saving Time. For most of these clocks, on newer devices connected to the Internet, will update to the correct time automatically. But older items like microwaves, ovens, clock radios, coffeemakers, digital cameras and VCRs won't update on their own. Even if you have a device that automatically changes the time to observe DST, thanks to the changes made in 2007 it might not make the change on the correct date. But thanks to Retrevo's Set Your Clock page, figuring out how to change the time for DST is as simple as changing the clock on an analog watch.
The Money Diet, week 10: this is apparently something of a trend
Every year, I used to make some statement full of bravado, like, "OK, by December 31, 2002, I will have lost 30 pounds."Or:
"It's 2004, but by 2005, the world is going to see less of me."
Or:
"All right, 2007, get prepared. Once I hit the gym, you won't know what hit you." [Insert maniacal laughter here.]
But every year, usually by Jan. 2 or 3, my wife would walk into the living room and see her husband passed out on the sofa, remnants of a Lean Pocket on his face, surrounded by a couple of empty Pringles' cans.
And so on Jan. 1, 2010, as regular readers of this weekly column are very aware, I pledged to myself that I would start what I fondly called "The Money Diet." I figured I needed to do something drastic. In late December, I saw my weight reach an all-time high (264 pounds), so I resolved to do something different. And I thought I would try writing about my weight loss on WalletPop, reasoning, "Maybe if I hold myself accountable to more than just my family, I might finally lose that weight."
Your tax bill would need to double to close the deficit
If you think the deficit should be closed in 2010, be ready to pay more than twice what your currently pay in taxes. That's what the nonpartisan Tax Foundation found in its new report. In order to close the 2010 deficit, joint filers would need to pay at tax rates of 24.3% to 84.9% versus the current 10% to 35% we actually pay."Assuming deductions, exemptions and credits were kept the same as they are now, Congress would have to raise each personal income tax rate by a factor of almost two and a half to erase the 2010 deficit," William Ahern, Tax Foundation director of policy and communications, wrote in his report titled, "Can Income Tax Hikes Close the Deficit."
Money College: Seven ways to avoid credit card blunders
Perhaps no area of life affects undergraduate students more than credit. In this article, Money College writer Peter Sachs offers seven essential tips; please check out Money College's Katie Drews' insights into credit and college here. What better way to take advantage of your new-found financial independence in college than to sign up for a credit card ... or two? The feeling of having spending power in your pocket -- even if you're barely making any money -- is thrilling at first. But financial experts warn there are some big drawbacks to having a credit card as a college student. New laws are changing parameters such as minimum payments and the difficulty of getting a card in the first place. But they won't protect you if have bad spending habits. Here are some of the biggest pitfalls, and how you can avoid them.
1) If you're trying to get a credit card for the first time, new laws have made it much harder. Your best bet is to try to sign up for a basic card at the same bank where you have a checking or savings account. Even then, you may need a parent or older adult to be a cosigner on the account -- meaning that if you forget to pay your bill, they are held responsible for the balance. Expect a low credit limit, often less than $500 at first, and no free pizza or water bottles for signing up.
2) Your credit score matters, but many college students don't realize it. Every time you apply for a card, even if your application gets rejected, your credit score will drop 5-10 points. Go on a spree trying to get every store charge card you can, just for the 15% discount each time, and you could find your score 50 points lower in a matter of months, even if you pay your balances on time. That could hurt when it comes time to rent an apartment, get affordable car insurance -- or apply for your dream job.
"A lot of employers check credit reports before they hire you," youth financial expert Peter Bielagus told WalletPop in a phone interview. "So if you have a lot of debt and you have a late payment here and a late payment there, certain companies aren't going to want to hire you."
Several states plan to delay payments of tax refunds
If you're due a state tax refund this year, you should probably prepare to wait awhile for that check to arrive. Four cash-strapped states, including Alabama, Hawaii, New York and North Carolina are planning to delay refund payments this year in order to cover budgetary shortfalls. And it's possible that more states may follow suit. The problem? Many states are simply struggling to stay afloat. A recent report from the Center on Budget and Policy Priorities says the recession has "caused the steepest decline in state tax receipts on record." The organization found that at least 41 states face budget shortfalls for fiscal 2010, which in most states ends June 30. Nine states have budget gaps that are more than 10% of their 2010 budget, including Arizona, Hawaii, Illinois, Kentucky, Nevada, New Mexico, Oklahoma, Rhode Island and Virgina.
Money College: New credit card laws address escalating student debt
Perhaps no area of life affects undergraduate students more than credit. In this article, Money College writer Katie Drews relates the stories of college kids in a credit crunch; please check out Money College's Peter Sachs insights into credit and college here. Twenty-two-year old Matthew Alonzo juggles so many credit cards that keeping track of payments is like wrestling a nagging homework assignment that never ends.
The senior at Loyola University Chicago is approaching graduation with around $3,500 in credit card debt, spread across five cards. Despite the stress of managing his bills, Alonzo said he never would have been able to get through college without plastic, which he needed for essentials such as books, furniture and plane tickets home to San Antonio, Texas.
Switching Careers: Starting over again by helping others
The employment picture may be brightening. The Department of Labor recently reported that job openings rose in January. Indeed.com, a jobs search engine, is seeing a similar rise, with job postings increasing in certain industries."Of the 12 major industries that we track, 10 of those had more jobs in February than a year ago," Indeed co-founder and chief technology officer Rony Kahan tells WalletPop. "Hospitality stands out with 44% more jobs advertised in February than a year ago. Other strong industries are real estate and retail, both of which have bounced back. Compared to other industries, health care never did badly. It is less cyclical and didn't turn down in the ways many of the other industries did. These numbers are a leading indicator of what we are going to see from broader sources of data."
Health care's recession-proof reputation is what drew Karla Anderson, pictured at right, to retrain after years of being a massage therapist. Angelique LeDoux left journalism to become a retailer of green children's toys. Both share their stories of re-inventing themselves this month.
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PERSONAL FINANCE FROM CNNMONEY
Interest Rates
| Type | Current | APR |
|---|---|---|
| 30 yr fixed mtg | 5.07% | 5.20% |
| 5/1 ARM | 3.94% | 3.54% |
| $30K HELOC | 5.12% | 0.00% |
| 36 month new car loan | 6.43% | 0.00% |
| 1 yr CD | 1.18% | 1.19% |
SHOPPING FROM SMARTMONEY
Free movie rental with Blockbuster Express
March 12, 2010
Free pie on National Pi Day March 14
March 12, 2010
Free Pinkberry today from 5-9 p.m.
March 12, 2010
Free Vaska detergent sample
March 11, 2010
Pfizer extends free aid for unemployed using its drugs
March 10, 2010
No more free Disney tickets for volunteers
March 10, 2010
Free lunch at Panda Express today
March 10, 2010
Free Jennie-O turkey with $5 rebate
March 9, 2010
Free coffee at Dunkin Donuts every Monday in March
March 8, 2010My Investments
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