An Against the Grain Approach to Prioritizing Your Savings

If Im So Smart Where Did All My Money Go?

Frequent readers of personal finance blogs are familiar with the importance of getting out of debt and staying out of debt. The reasons for avoiding debt are both economic and emotional, and they are so well known that we can call “staying out of debt” Personal Finance Truism #1.  Let’s briefly review the reasons behind Personal Finance Truism #1:
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Credit CARD Act and Its Affect on College Students

According to a 2009 study by Sallie Mae, the average credit card balance for college students was $3,173.

Only 15% of college freshman surveyed had a zero balance.

Of overall students, 82% carried a balance and had monthly interest charges.  The Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009 put new rules in place to help consumers better understand their credit cards and cut down on unfair practices from credit card companies.  Of those rules, there are some that college students should be especially aware of.
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ZYNC Card From American Express – Review

Zync Card from American Express

Zync Card from American ExpressHave you seen the commercials for the ZYNC Card from American Express?

I’ve got to say, I was curious about the card when I heard about how you can tailor the card to fit your lifestyle.  As an American Express card user, and fan, I had to look into the Zync card further.

Here’s what I found out about the ZYNC Card: Continue Reading

Schumer Box And Credit Card Offers

Ever hear of the Schumer Box? It’s actually an important piece of information that you will find in a credit card application and something you need to be aware of when considering a credit card.
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My First Credit Card – And The High It Gave Me

It’s been many moons but I remember my first credit card. It was a retail card for A&S (remember that store?).  I forget what I was buying (a sweater maybe?) but there was a discount offered if you signed up for their card.  “What they hey,” I thought.  Why not sign up and see what happens?  So I did.  And a few minutes later I was the proud owner of a new credit card!  Ahh, memories.
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More 0 Percent APR Credit Card Offers Expected

SmartMoney is reporting that we should expect to see more 0% APR credit card offers available for those who have credit scores of 720 and above. Balance transfer offers are also on the rise.

It wasn’t long ago that credit card companies cut out 0% APR offers and balance transfers since those with better credit tended to also be less profitable as they usually paid off their balances.  According to the SmartMoney article, credit card issuers are hoping that the more credit-worthy will spend with their new cards and keep a balance beyond their introductory offers.

Here is what we can expect from these new credit card offers (from SmartMoney);

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Does Your Kid Deserve A Credit Card?

Credit_Card_Payment

If the thought of your 18-year-old on the loose with plastic in hand terrifies you, you likely share the sentiment of many parents in the same situation.

Lawmakers seem to agree as well, which is probably why the Credit CARD Act of 2009 has made it much harder for young adults age 18 to 20 to obtain their own credit card.

Under this new act, anyone under the age of 21 has to meet a few extra requirements before being granted a line of credit.  They either have to either prove their income is high enough to pay off the bill or have someone over the age of 21 with sufficient income and credit co-sign (i.e. Mom or Dad).
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