Unfortunately, most Americans have some sort of credit card debt. Credit cards are just so easy to use and the debt really adds up quickly, especially as interest rates rise. Credit card companies are not on your side. Their programs are certainly not designed to help you save appropriately and spend wisely.
As a credit card consumer, it is up to you to understand how credit works and how the credit card companies make money off of giving you credit cards. This may sound like common sense, and that’s because it is common sense. Most people know how credit card debt builds up, but it is the lesser known and hidden features of credit cards that get the average consumer into trouble. What you don’t know can hurt you.
The best way to get your credit card spending under control is condition yourself to think wisely about how you manage your cards. Fir
The gap between the average sale price of a foreclosed home and that of other properties grew wider last year, giving homebuyers who snapped up bank-owned homes big discounts.
And homebuyers can expect to see more of those bargains this year, because fewer foreclosed homes were sold in 2010 than were taken back by banks, foreclosure listing firm RealtyTrac Inc. said Thursday.
Buyers who purchased a foreclosed home last year got, on average, a 28 percent discount to a non-foreclosure sale. That’s up from a 27 percent average discount in 2009, RealtyTrac said.
While only a slight increase, the trend suggests a widening price spread between foreclosure sales and other types of residential properties.
Foreclosed homes made up nearly 26 percent of all home sales last year, according to RealtyTrac. Read more…
It’s pretty much guaranteed that if you are looking to save money on anything you need to buy, you’re better off buying whatever it is online. I am a big supporter of buying local when I can, but sometimes the extra cost is just too much to take, especially on some big-ticket items. For example, I recently bought tires online to save a ton of money, but I did have them installed by a small local independent shop rather than my nearest Costco or Sears. I think it is important to find a healthy balance between saving money and supporting your local economy, so I try my best. Online shopping, though, is where you can find major savings, especially if you do a little homework before hitting the “BUY” button.
My biggest tip for saving money when shopping online is to think before you buy. The internet makes it just so easy to click that Buy Now button without giving too much thought to your actions, and sometimes that behavior can put you in the poorhouse. So befo
Is anyone going to fix Social Security? Medicare? Medicaid? Before they overwhelm the federal government?
While President Barack Obama and congressional leaders offer vague assurances, six senators – three Republicans and three Democrats whose ideologies cover the liberal-conservative spectrum – are quietly taking up the baton.
Those with bigger titles, including the president, are watching, ready to join the discussion if this Gang of Six doesn’t trip on the opening lap. Obama did little to address entitlement programs in the 10-year budget he unveiled Monday, and House Republicans aren’t touching them as they debate how much and where to cut other, mainly non-benefit programs for the next seven months.
House Speaker John Boehner, R-Ohio, said Thursday he plans to work on cutting wasteful spending in entitlement programs this spring, but offered no details. Read more…
Get ready for mortgages to become more expensive – and stay that way.
The Obama administration has released its recommendations for reforming housing markets and overhauling the government’s role in backing mortgages. And virtually all of them involve pulling back the supports the government has traditionally provided to make home loans more affordable. Even the 30-year fixed-rate mortgage, prepayable without penalty, which generations of homebuyers have come to regard as a near-birthright, could eventually be priced out of reach of many homebuyers and play a significantly reduced role in the housing market.
The key part of the proposals, released today in a report to Congress, is for gradually phasing out Fannie Mae and Freddie Mac, the two government-charted lenders that back the majority of U.S. residential mortgages, but which suffered massive losses in the collapse of the subprime mortgage market. What Read more…
A great many more people are turning to debt management as an alternative to bankruptcy. The reason behind this is as the result of a new bankruptcy law that was enacted on October 17, 2005, this has meant a nasty shock for many consumers wanting to make a clean break in bankruptcy court.
It used to be that 70 per cent of people filing for bankruptcy were granted Chapter 7 status, which meant that any unsecured debts were wiped clean. As a result of the new rules this has now changed. If you earn more than the median for your state, or you can afford to repay a minimum of $100 per month toward your debts, you will be refused Chapter 7. Instead, you will be granted a Chapter 13, this means that you repay some of your debt over 3-5 years. That’s not all. The court will calculate your allowable living expenses based on approved IRS schedules, not what it actually costs you. So you may not be able to afford the $100 a month, but the judge is likely to tell you that you can.