WalletPop Blog

WalletPop Bloghttp://www.walletpop.com/blogWalletPop Bloghttp://www.walletpop.com/blog/media/feedlogo.gifWalletPop Bloghttp://www.walletpop.com/blogen-usCopyright 2009 Weblogs, Inc. The contents of this feed are available for non-commercial use only.Blogsmith http://www.blogsmith.com/Debt Diet Part 7: Keep your cool the day after Christmashttp://www.walletpop.com/blog/2009/12/24/debt-diet-part-7-keep-your-cool-the-day-after-christmas/http://www.walletpop.com/blog/2009/12/24/debt-diet-part-7-keep-your-cool-the-day-after-christmas/http://www.walletpop.com/blog/2009/12/24/debt-diet-part-7-keep-your-cool-the-day-after-christmas/#commentsFiled under: Budgets, Debt, Shopping, Economizer

sale signs

The day after Christmas rivals the day after Thanksgiving as one of the biggest shopping days of the year. That's because the slashed prices (off next year's trimmings and trappings) can make even the grouchiest of Grinches smile when saving a buck or two. And while shopping the sales can certainly help next year's bottom line, experts caution over-indulging in after-Christmas sales can lead to you blowing your debt diet.

Continue reading Debt Diet Part 7: Keep your cool the day after Christmas

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]]>Debt DietDebtDietGina Roberts-GreyThu, 24 Dec 2009 12:00:00 ESTWill certain states help your kid avoid the evils of student loan debt?http://www.walletpop.com/blog/2009/12/21/will-certain-states-help-your-kid-avoid-the-evils-of-student-loa/http://www.walletpop.com/blog/2009/12/21/will-certain-states-help-your-kid-avoid-the-evils-of-student-loa/http://www.walletpop.com/blog/2009/12/21/will-certain-states-help-your-kid-avoid-the-evils-of-student-loa/#commentsFiled under: College, Debt

The Project on Student Debt recently released its Student Debt and the Class of 2008 study and the results are sobering, to say the least.

The average graduate of a four-year college with loans is now leaving with $23,200 in debt, up from $18,650 in 2004.

The state by state numbers are also interesting: the District of Columbia clocked in with the highest average debt load: $29,793. Iowa, Connecticut, New York, and New Hampshire followed.

Continue reading Will certain states help your kid avoid the evils of student loan debt?

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]]>CollegeStudent LoansStudentLoansZac BissonnetteMon, 21 Dec 2009 15:30:00 ESTImportant credit card rate change notices disguised as junk mailhttp://www.walletpop.com/blog/2009/12/18/important-credit-card-rate-change-notices-disguised-as-junk-mail/http://www.walletpop.com/blog/2009/12/18/important-credit-card-rate-change-notices-disguised-as-junk-mail/http://www.walletpop.com/blog/2009/12/18/important-credit-card-rate-change-notices-disguised-as-junk-mail/#commentsFiled under: Credit, Debt, Credit cards

junk mail

Credit card companies are racing against time and sending out a flurry of mail, hoping to implement last-minute changes before the February 2010 deadline when the CARD Act takes effect and credit card companies must play by the new rules set by Congress. Ignore the mailings and these changes could cost you hundreds, or possibly thousands, of dollars.

If you don't want that to happen to you, you must act and opt out of these changes to avoid the new costs. Of course, before you can do that, you have to first open and read the mail.

Continue reading Important credit card rate change notices disguised as junk mail

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]]>credit cardsCreditCardsinterest ratesInterestRatesoverdraft feesoverdraft protectionOverdraftFeesOverdraftProtectionLita EpsteinFri, 18 Dec 2009 14:30:00 ESTDebt Diet Part 6: Holiday meals in a final weekend of shoppinghttp://www.walletpop.com/blog/2009/12/18/debt-diet-part-6-holiday-meals-in-a-final-weekend-of-shopping/http://www.walletpop.com/blog/2009/12/18/debt-diet-part-6-holiday-meals-in-a-final-weekend-of-shopping/http://www.walletpop.com/blog/2009/12/18/debt-diet-part-6-holiday-meals-in-a-final-weekend-of-shopping/#commentsFiled under: Budgets, Debt, Economizer

According to a recent survey by Fidelity, putting budgets on a diet is topping many American's list of resolutions for 2010. But WalletPop Debt Dieters have been one step ahead of the curve, dieting since the official start of the holiday season.

Our band of debt-conscious consumers have learned how to decorate tables on a dime and show your money a little respect. But as you head into the last weekend of the shopping season, analysts say dieters are going to need more will power and support than ever before.

Continue reading Debt Diet Part 6: Holiday meals in a final weekend of shopping

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]]>christmas shoppingChristmasShoppingdebtDebt DietDebtDietGina Roberts-GreyFri, 18 Dec 2009 14:00:00 ESTHow to make sure your kids will live with you foreverhttp://www.walletpop.com/blog/2009/12/17/how-to-make-sure-your-kids-will-live-with-you-forever/http://www.walletpop.com/blog/2009/12/17/how-to-make-sure-your-kids-will-live-with-you-forever/http://www.walletpop.com/blog/2009/12/17/how-to-make-sure-your-kids-will-live-with-you-forever/#commentsFiled under: Debt, Home

According to a recent poll from the Pew Research Center, 13% of parents with grown children have had at least one grown child move back in with them over the past year.

Ten percent of respondents between ages 18 and 24 had moved back in with their parents because of the recession.

According to an AFL-CIO report, one-third of young workers are living at home with parents.

Continue reading How to make sure your kids will live with you forever

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]]>childrenhomeZac BissonnetteThu, 17 Dec 2009 15:30:00 EST42% of parents have paid off an adult child's debthttp://www.walletpop.com/blog/2009/12/14/42-of-parents-have-paid-off-an-adult-childs-debt/http://www.walletpop.com/blog/2009/12/14/42-of-parents-have-paid-off-an-adult-childs-debt/http://www.walletpop.com/blog/2009/12/14/42-of-parents-have-paid-off-an-adult-childs-debt/#commentsFiled under: Debt, Personal loans

If you're a parent and have grown kids, have you ever paid off a debt of theirs?

That's a question that GfK Roper Public Affairs & Media recently posed to 1,004 adults in a survey for CreditCards.com. Two out of five adults, or 42%, said that they had paid off a debt for a grown child at some point.

Auto loans topped out the most likely to be paid (40%), with medical debt close behind (37%) and utilities (31%) following. Credit cards were next (30%), followed by student loans (29%) and the mortgage (11%). The entire story can be found here.

Continue reading 42% of parents have paid off an adult child's debt

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]]>CreditCards.comparents paying off debtParentsPayingOffDebtGeoff WilliamsMon, 14 Dec 2009 15:45:00 ESTPodcast: Tips for Gen Xers and Yers on saving for retirementhttp://www.walletpop.com/blog/2009/12/14/podcast-tips-for-gen-xers-and-yers-on-saving-for-retirement/http://www.walletpop.com/blog/2009/12/14/podcast-tips-for-gen-xers-and-yers-on-saving-for-retirement/http://www.walletpop.com/blog/2009/12/14/podcast-tips-for-gen-xers-and-yers-on-saving-for-retirement/#commentsFiled under: Debt, Saving Money, Retirement advice

WalletPop's Lan Nguyen chats with Frank Armstrong -- founder of Investors Solutions and author of several books including "Save Your Retirement" (FT Press) -- on what Gen Xers and Gen Yers need to do to have a happy retirement.

Open a 401(k), but only if your company matches and the cost isn't too high. Otherwise, open your own 401(k) or IRA. Most importantly, pay down credit card debt and "rights-size" your life.

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]]>podcastretirementretirement planningretirement savingsRetirementPlanningRetirementSavingsLan N. NguyenMon, 14 Dec 2009 15:30:00 ESTCould sitcoms help you get out of debt?http://www.walletpop.com/blog/2009/12/14/could-sit-coms-help-you-get-out-of-debt/http://www.walletpop.com/blog/2009/12/14/could-sit-coms-help-you-get-out-of-debt/http://www.walletpop.com/blog/2009/12/14/could-sit-coms-help-you-get-out-of-debt/#commentsFiled under: Budgets, Credit, Debt

Seinfeld

Pop culture is poised on the precipice of a mid-season replacement lineup as networks get ready to roll out their latest offerings, hoping millions will tune into their channels. Many will watch in the hopes of sharpening their punch line delivery skills or getting a hearty chuckle.

But few viewers realize that the laughable and lovable characters we welcome into our homes once a week can actually teach us some valuable lessons about managing money and protecting our credit.

Whether they're fiscally frugal or free-spending, here's some practical advice from a few classic characters.

Continue reading Could sitcoms help you get out of debt?

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]]>friendsseinfeldThe King of QueensTheKingOfQueensGina Roberts-GreyMon, 14 Dec 2009 14:00:00 ESTIt's starting to look a lot like cash, er, Christmas...http://www.walletpop.com/blog/2009/12/12/its-starting-to-look-a-lot-like-cash-er-christmas/http://www.walletpop.com/blog/2009/12/12/its-starting-to-look-a-lot-like-cash-er-christmas/http://www.walletpop.com/blog/2009/12/12/its-starting-to-look-a-lot-like-cash-er-christmas/#commentsFiled under: Debt, Credit cards

So who's planning on just spending cash this Christmas and cutting up their credit cards or putting them in a drawer? Raise your hand.

Anyone?

Well, according to a recent MSNBC.com story, that's what a lot of people are doing this holiday season.

While the story is well-written and a generally good read, I'm not sure their subhead "Fed up, some consumers are paying with cash instead of plastic" is breaking news any longer. But there were some nuggets of interesting takeaway information, namely:

According to Consumer Reports, 13.5 million people -- 6% of consumers -- are still carrying debt from last year's Christmas shopping season.
And that number, I suspect, would be even higher if it weren't for this salient fact: Outstanding debt has fallen for 13 straight months, according to the Federal Reserve. The nation's consumers owed $975.2 billion in credit card debt in September 2008; now we collectively owe $888.1 billion. Whatever you think of that number, it is an improvement.

Continue reading It's starting to look a lot like cash, er, Christmas...

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]]>cashChristmas shoppingChristmasShoppingcredit cardsCreditCardsdebtGeoff WilliamsSat, 12 Dec 2009 12:00:00 ESTLayaway your vacation home? Give me a break!http://www.walletpop.com/blog/2009/12/11/layaway-your-vacation-home-give-me-a-break/http://www.walletpop.com/blog/2009/12/11/layaway-your-vacation-home-give-me-a-break/http://www.walletpop.com/blog/2009/12/11/layaway-your-vacation-home-give-me-a-break/#commentsFiled under: Budgets, Debt, Home, Real Estate

Whatever happened to the idea that if you can't afford something, you don't buy it? Didn't living above our means get us into this recessionary mess in the first place? No, I'm not an anti-credit card fanatic; I just believe in paying them off each month. What I don't believe in is layaway. If you can't afford it today, why do you think you can afford it piecemeal or at all?

So this item got my ire: We are now being encouraged to use an installment payment plan to pay for our vacations. The writer in Realty Times says: Retailers are doing it, so why not vacation rental owners? Easy answer dude: Buying a washing machine may be a necessary expense and one you have to make on layaway. But taking a vacation, and I like to get away as much as the next guy, just isn't. Vacations are luxuries and in these times, luxuries are what we give up first.

Continue reading Layaway your vacation home? Give me a break!

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]]>Debtlayawaylayaway your vacation homeLayawayYourVacationHomeluxuries you cant affordLuxuriesYouCantAffordrecessionSavingvacationAnn BrenoffFri, 11 Dec 2009 17:30:00 ESTIs skipping Christmas to save money a good idea?http://www.walletpop.com/blog/2009/12/11/is-skipping-christmas-to-save-money-a-good-idea/http://www.walletpop.com/blog/2009/12/11/is-skipping-christmas-to-save-money-a-good-idea/http://www.walletpop.com/blog/2009/12/11/is-skipping-christmas-to-save-money-a-good-idea/#commentsFiled under: Debt

If you skipped Christmas this year, think of the money you would save.

That's the premise of an interesting story running right now on Forbes.com titled "How Much Money You'd Save by Skipping Christmas." The writer, Kate Adams, concludes that the average family would save $1,000, or $2,000 if they customarily traveled somewhere for the holidays, and then she offers several ideas on how you might invest that money.

It's an interesting, worthwhile financial exercise, adding up what you spend on the holidays and how you could invest it if you didn't, and I'm sure quite a few families this year are asking themselves that question: Should we skip Christmas this year?

Continue reading Is skipping Christmas to save money a good idea?

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]]>budgetsdebtsavingsskipping ChristmasSkippingChristmasGeoff WilliamsFri, 11 Dec 2009 16:00:00 ESTDebt Diet Part 5: Making men, women and money get along at the holidayshttp://www.walletpop.com/blog/2009/12/10/debt-diet-part-5-making-men-women-and-money-get-along-at-the-h/http://www.walletpop.com/blog/2009/12/10/debt-diet-part-5-making-men-women-and-money-get-along-at-the-h/http://www.walletpop.com/blog/2009/12/10/debt-diet-part-5-making-men-women-and-money-get-along-at-the-h/#commentsFiled under: Credit, Debt, Economizer

Experts tout talking about money as one of the best ways to avoid financial miscommunication in a relationship. But what if you and your honey aren't really hearing what the other has to say? Or even worse, what if you two speak a completely different money language?

Having the "money talk" is essential to keeping your Debt Diet on track. It's also (believe it or not) one of the cornerstones of a good relationship. That's why, with just two weeks left in the holiday shopping season, it's important to make sure you and your mate aren't just talking, but that you're truly listening to what each of you has to say about money. Otherwise, you're likely to blow your budget -- and your partner's likely to blow their top -- while you're scooping up gifts this weekend.

Continue reading Debt Diet Part 5: Making men, women and money get along at the holidays

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]]>debt dietDebtDietholiday giftsholiday shoppingHolidayGiftsHolidayShoppingrelationshipsspending and relationshipsSpendingAndRelationshipsGina Roberts-GreyThu, 10 Dec 2009 16:00:00 ESTShould we break up big banks?http://www.walletpop.com/blog/2009/12/05/should-we-break-up-big-banks/http://www.walletpop.com/blog/2009/12/05/should-we-break-up-big-banks/http://www.walletpop.com/blog/2009/12/05/should-we-break-up-big-banks/#commentsFiled under: Banks, Debt, Insurance, Recession

Ever since the news got out that the U.K. plans to force some of its large, bailout-receiving banks to sell off some operations and become smaller, there's been plenty of speculation on this side of the pond that we might do the same thing.

Richard Fisher, president of the Dallas Federal Reserve Bank, threw down the gauntlet when he said recently that banks considered "too big to fail" should be broken up to make the economy more stable. (Fisher's full speech on the topic is here if you're interested.) A committee in the House of Representatives is pushing for new legislation that would go even further and let the government break up other kinds of companies -- not just banks -- it deemed a threat.

It's a very satisfying idea: Banks that get too big to handle should be forced to downsize. Only trouble is, a lot of economists think it won't address the problem. "The problem is, the really emotionally satisfying things that we could do all create more harm than good," said Douglas Elliott, a fellow at the Brookings Institution, a think tank. On the subject of breaking up banks dubbed too big to fail, Elliot told WalletPop, "It would hurt the economy, which ends up hitting the average person."

Continue reading Should we break up big banks?

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]]>AIGbad banksBadBanksbanksbreak up big banksBreakUpBigBanksdebtfeaturedrecessionTimothy GeithnerTimothyGeithnertoo big to failTooBigToFailMartha C. WhiteSat, 05 Dec 2009 17:00:00 ESTDebt Diet Part 4: Respect your moneyhttp://www.walletpop.com/blog/2009/12/04/debt-diet-part-4-respect-your-money/http://www.walletpop.com/blog/2009/12/04/debt-diet-part-4-respect-your-money/http://www.walletpop.com/blog/2009/12/04/debt-diet-part-4-respect-your-money/#commentsFiled under: Credit, Debt, Economizer

The way you treat your money and your budget, experts say, can play a big role in being fiscally sound. Especially when you're on a "Debt Diet" and trying to not exceed your financial calories this weekend.

Where you balance your checkbook and keep your cash can help you stick to your Debt Diet and help ensure you don't ring in the new year with a financial hangover.

Here are a few ways to make sure you're making the most of your money. And able to stick to your "Diet" this weekend.

Continue reading Debt Diet Part 4: Respect your money

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]]>Debt DietDebtDietfeng shuiFengShuiGina Roberts-GreyFri, 04 Dec 2009 15:00:00 ESTHow much debt is too much? Depends!http://www.walletpop.com/blog/2009/12/03/how-much-debt-is-too-much-depends/http://www.walletpop.com/blog/2009/12/03/how-much-debt-is-too-much-depends/http://www.walletpop.com/blog/2009/12/03/how-much-debt-is-too-much-depends/#commentsFiled under: Debt

To be fair, looking for bad advice in US News & World Report is a lot like trying to find something beautiful in the Louvre.

It's just too easy. Last week, I took US News to task for advising parents on taking out student loans when they can't afford their own mortgage payments.

This week, Rick Newman, the magazine's chief business correspondent, offers this horrible, horrible, horrible piece of advice: "The average debt-to-income ratio, or DTI, is 125% today. Economists roughly consider a 100% DTI ratio to be "normal" or healthy. So if you owed a combined $125,000 on your mortgage, car loans and other obligations and earned $100,000 in take-home pay, you'd want to pay down your debt by $25,000, or 20%, to be in the safe zone."

Continue reading How much debt is too much? Depends!

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]]>debtfamily financesFamilyFinanceshow much debt is too muchHowMuchDebtIsTooMuchZac BissonnetteThu, 03 Dec 2009 18:00:00 ESTTips for applying for a new credit cardhttp://www.walletpop.com/blog/2009/12/03/tips-for-applying-for-a-new-credit-card/http://www.walletpop.com/blog/2009/12/03/tips-for-applying-for-a-new-credit-card/http://www.walletpop.com/blog/2009/12/03/tips-for-applying-for-a-new-credit-card/#commentsFiled under: Credit, Debt, Credit cards

While many shoppers are planning to use cash or a debit card this holiday season, some will still find they need to apply for new credit. I know many at Wallet Pop will tell you that you should just spend less, but just in case you do decide to apply for credit, do it wisely. You also may find it harder to get.

"Shopping and applying for cards isn't as easy as it used to be," Bill Hardekopf, CEO of Lowcards.com and author of The Credit Card Guidebook, told me by e-mail interview. "Consumers should now expect higher rates and lower credit limits. Approval is no longer a sure thing."

If you still want to apply for a new credit card, here are a few tips to think about first:

Continue reading Tips for applying for a new credit card

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]]>credit cardsCreditCardsdebtLita EpsteinThu, 03 Dec 2009 14:30:00 EST12-step help for shopaholicshttp://www.walletpop.com/blog/2009/12/03/12-step-help-for-shopaholics/http://www.walletpop.com/blog/2009/12/03/12-step-help-for-shopaholics/http://www.walletpop.com/blog/2009/12/03/12-step-help-for-shopaholics/#commentsFiled under: Budgets, Credit, Debt

It's pretty common knowledge that alcoholics, gamblers and drug addicts have support groups and 12-step programs to keep them on the wagon. But did you know there are similar groups for compulsive spenders, debt addicts and shopaholics?

Debtors Anonymous, a support organization patterned after Alcoholics Anonymous, uses a 12-step program to help people -- first name only -- stop abusing their credit cards and kick their free-spending ways.

Continue reading 12-step help for shopaholics

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]]>compulsivecompulsive shoppingCompulsiveShoppingdebt adviceDebtAdviceDebtDietGina Roberts-GreyThu, 03 Dec 2009 13:30:00 ESTTop 10 tips for shopping for online loanshttp://www.walletpop.com/blog/2009/12/01/top-10-tips-for-shopping-for-online-loans/http://www.walletpop.com/blog/2009/12/01/top-10-tips-for-shopping-for-online-loans/http://www.walletpop.com/blog/2009/12/01/top-10-tips-for-shopping-for-online-loans/#commentsFiled under: Credit, Debt, Personal loans, Mortgages, 101 mortgages

This isn't your father's banker. Your father's banker was probably human. Today, you can get online loans without ever stepping into a bank -- actually, without even leaving your home. But that facelessness can be either convenient or dangerous. You need to be cautious when shopping for online loans, so you find a legitimate online loan provider and not a scam artist trying to take rather than give you money.

Here are the top 10 tips for getting online loans.

Online Loans Tip #1: Make the most of online advantages. One of the biggest benefits of shopping for online loans is you can easily compare rates and offerings and get qualified and approved quicker than from traditional banks.

Continue reading Top 10 tips for shopping for online loans

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]]>101 mortgages101Mortgagescredit scoresCreditScoresloansmicro loansMicroLoansonline loansOnlineLoanspersonal loansPersonalLoanstechnologytop 10 tips for online loamsTop10TipsForOnlineLoamsJanean ChunTue, 01 Dec 2009 15:00:00 ESTShowing this weekend at a movie theater near you: credit card advicehttp://www.walletpop.com/blog/2009/11/28/showing-this-weekend-at-a-movie-theater-near-you-credit-card-ad/http://www.walletpop.com/blog/2009/11/28/showing-this-weekend-at-a-movie-theater-near-you-credit-card-ad/http://www.walletpop.com/blog/2009/11/28/showing-this-weekend-at-a-movie-theater-near-you-credit-card-ad/#commentsFiled under: Debt, Credit cards

In the midst of all your shopping on Black Friday and in the aftermath, are you planning on taking in a movie? Before you watch the latest Twilight movie, or Ninja Assassin or whatever you think will put you in the holiday spirit, the government has some advice for you on how to use your credit card.

The Federal Reserve announced Wednesday that it's sponsoring a 45-second ad that will appear before movie previews at 12 theaters in 12 cities from November 27 through December 3. The ad is a public service announcement, reminding people to use their credit cards wisely and to offer some advice on how to handle them.

If you don't go to the movies during that time or aren't in one of the theaters, and you'd like to see what you're missing, the ad can be viewed by clicking here.

Continue reading Showing this weekend at a movie theater near you: credit card advice

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]]>Federal ReserveFederalReservemoviesGeoff WilliamsSat, 28 Nov 2009 12:00:00 ESTFive words to never to say to your lenderhttp://www.walletpop.com/blog/2009/11/27/five-words-to-never-to-say-to-your-lender/http://www.walletpop.com/blog/2009/11/27/five-words-to-never-to-say-to-your-lender/http://www.walletpop.com/blog/2009/11/27/five-words-to-never-to-say-to-your-lender/#commentsFiled under: Banks, Credit, Debt, Fraud, Recession, Credit cards

Getting a loan can be a difficult task in this economic environment. Many lenders won't even consider an application for a mortgage unless your credit score is above 740. Others will consider an application, but zap you with an outrageous interest rate.

Even if you have excellent credit, there are still some phrases you should never say when trying to get a loan. For example:

1. DESPERATE

One of the worst things you can say to a loan officer is that you desperately need the money, then ask how can you speed up the loan process. That's putting a big red flag in front of the loan officer. He'll wonder what the emergency is and is more likely to decline your application.

Continue reading Five words to never to say to your lender

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]]>bankscredit cardsCreditCardsdebtfraudloansmortgagesLita EpsteinFri, 27 Nov 2009 06:00:00 EST