Credit

Important credit card rate change notices disguised as junk mail

Lita Epstein Dec 18th 2009 @ 2:30PM EST Filed Under: Credit, Debt, Credit cards

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

Would you Tweet your credit card purchases?

Martha C. White Dec 17th 2009 @ 5:30PM EST Filed Under: Credit, Technology, Credit cards

The Internet marketing guru who created one of the Web's biggest ad networks has a new venture, and he'd like your credit card number.

Oh, he's not going to sell you anything. He just wants to keep track of where you shop, what you buy and how much you pay for it -- and he wants to share that with all your friends.

Is this cool or just kooky? This New York Times article describes the initiative, which is in beta mode (meaning that it's still being tested on a trial audience of the founder's acquaintances).

Continue reading Would you Tweet your credit card purchases?

New credit card practices could cost consumers billions

Lita Epstein Dec 15th 2009 @ 4:00PM EST Filed Under: Credit, Credit cards

Credit card companies continue to look for ways to skirt the new CARD Act. They've found a number of "hidden" price changes not banned by the new law that takes effect in February 2010 and these "hidden" charges could cost consumers billions of dollars, according to the Center for Responsible Lending.

In its study, "Dodging Reform: As Some Credit Card Abuses are Outlawed, New Ones Proliferate," the Center found that these practices have affected more than 400 million credit card accounts. While the CARD Act and other regulations have succeeded in limiting the costly traps of yesterday and today, issuers have found new ways to raise fees and revenue.

Continue reading New credit card practices could cost consumers billions

Could sitcoms help you get out of debt?

Gina Roberts-Grey Dec 14th 2009 @ 2:00PM EST Filed Under: Budgets, Credit, Debt

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?

Ask the Dolans: How do I get a copy of my credit score?

Ken and Daria Dolan Dec 11th 2009 @ 2:00PM EST Filed Under: Credit, The Dolans, Credit Reports

Ken and Daria Dolan, America's first family of personal finance, answer your questions every Friday.

Click here to ask Ken and Daria your question.

Your credit score has never been more important than it is today. In an economy where credit is ridiculously tight, credit card companies are ruthlessly raising interest rates and slashing credit limits, and competition for jobs is fierce, your credit score can make or break you. Today, Ken and Daria help WalletPop reader Sharon learn the basics of what her credit score is and how to get a copy of her credit report.

Dear Ken and Daria,

How do I get a copy of my credit score? Is "FICO" a credit score and how do I figure mine out?

--Sharon

Learn more about improving your credit score and debt management at Dolans.com.

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

Gina Roberts-Grey Dec 10th 2009 @ 4:00PM EST Filed 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

Could the age of 'instant credit' be over?

Martha C. White Dec 9th 2009 @ 4:30PM EST Filed Under: Credit, Credit cards

New credit card regulations being considered by the Federal Reserve could put an end to that all-too-common pitch customers hear when they check out: "Would you like to open a Such-and-Such Store Name credit card today?"

What the Fed has in mind is to require credit card issuers to get information about your income before they determine whether you're credit-worthy. It's a reasonable thought in light of the fact that we wouldn't be in our current financial predicament if we'd kept closer tabs on how much people could afford to pay back.

Right now, retailers can pull your credit score from a nationally accessible database and use that to determine whether to issue you a store credit card and what your rate will be.

Continue reading Could the age of 'instant credit' be over?

Debt Diet Part 4: Respect your money

Gina Roberts-Grey Dec 4th 2009 @ 3:00PM EST Filed 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

Government-backed loans will soon require you to have good credit and a decent down payment

Charles Feldman Dec 4th 2009 @ 11:00AM EST Filed Under: Credit, Home, Mortgages

Ever get the feeling that sometimes, just sometimes, the universe is just not going your way? That after the Big Bang, the rest of the cosmos is speeding off in one direction, while you are stuck at a bus stop in Secaucus?

Well, if you are a potential home buyer, you may soon feel that way as the government announces it will cost you more -- lots more maybe -- to secure a mortgage backed by the Federal Housing Administration, which may put you and that home you want light years apart.

What's happening is the government will soon require not only that you have a higher credit score (really, do you know anyone who actually has a higher credit score nowadays?) but that you put down more than the current 3.5% minimum down payment. Speculation is you may soon have to folk over at least 5% down to get an FHA-backed loan.

More than one real estate agent is expressing concern that higher credit scores and bigger down payments may keep many first time home owners on the sidelines. Should that happen, it could nip in the bud any hope of a meaningful recovery in the housing market in the U.S.

But the government apparently feels it has little choice: The FHA may itself soon require a government bailout.

The political and/or economic wisdom of the coming increases can be argued from here to eternity (or to that bus stop you're still at in Secaucus); but the fact of the matter is, the bottom line is YOU are likely to soon have to pony up more money (not to mention get your fiscal house in order to help improve that credit score) for the government to lend you a helping hand and to hand over to you that 30-year, fixed rate mortgage.

Charles Feldman is a journalist , media consultant and co-author of the book, "No Time To Think-The Menace of Media Speed and the 24-hour News Cycle."

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