Monthly Archives: January 2011

But, I Have To Have A Credit Card!

Those poor banks can hardly make an honest buck any more!

They had contracts, which their lawyers wrote that allowed them to change the terms any time they felt like it.

So, Congress said, hey, no fair!  and passed a law against it, the CARD Act.

As their lobbyists squawked while the law was being debated, hey, we will have to raise our rates if you foreclose us from ripping off our customers by these other time honored methods!

Well, what are bank lobbyists if not true to their word?

So, up the rates go!

This is on top of the end of the teaser rates, and their tightening of credit lines, reducing available credit card lending by billions of dollars.

So, where are credit card interest rates now?

59.9% to start?

Well, if you have “less than perfect credit” says First Premier Bank, as quoted by Blake Ellis in his CNN money article.

Want to know what I think?

This is too much interest!

If you think you need a card, get a debit card, or a secured credit card.

Some banks will give a secured credit card, with a limit up to the amount you keep frozen on deposit with them.

So, if you keep $400 in a savings account, and pledge it against the credit card, you get a card with a $400 limit.

Watch out for the charges on those cards.

If you do not have the $400 to put in the bank, but think you need a credit card anyway, to spend money that you do not have yet, you have different issues.

Whatever card you get, pay off the balance each month, then you do not have to worry about what the interest rate is.

If you are like me, that was the plan, then something happened, and you had to carry a balance.

So, that is why you stay away from the higher interest rate cards, so when that something happens, you are not stuck with a ridiculous interest rate.

But, I Have To Have A Credit Card!

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What Can I Keep If I File Bankruptcy?

You probably don’t have a car-furniture combination like the one in the picture. But, you probably have a car or cars or vehicles of some kind, and, most likely, some furniture. And there are lots of bankruptcy myths circulating about what happens to your stuff if you file Chapter 7 or Chapter 13. Chapter 13Continue Reading

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Common Bankruptcy Myths

Myth #1 “I would file bankruptcy, but you cannot get out of paying credit cards anymore.” Wrong. This is something the credit card companies would like you to believe, and something debt collectors may tell you, so you think you have no option but to make a deal with them. Major revisions were made toContinue Reading

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Tithing While In Debt?

I am all for tithing, I think it is a very spiritual thing to do. The trick is, tithing from what number? Is tithing a budget essential? I have seen many bankruptcy clients over the years who were tithing, insisted that they had to keep tithing, even though the house or car payment was notContinue Reading

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Hang Onto Your Cold Cash

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