The final provisions of new credit card legislation aimed at protecting consumers won’t go into effect until February. What this means is that right now, while consumers are relatively unprotected, credit card companies are raising rates and adding fees to reap in as much profit as possible from their customers before such strategies are …
Borrowing
Ten Bizarre Theories on Saving and Spending
Poker teaches important lessons about saving and investing. Foreclosures are better than mortgage modification programs. Debit card overdraft fees are good for consumers. PMS is responsible for impulse purchases. There is no shortage of strange theories out there—and some of them are actually plausible.
Smartphone Apps that Help You Avoid Bank Fees
One of the frustrations of modern life is that often, you must spend money simply to get your money. I speak of the $3 fee for using an ATM not affiliated with your bank. Now, there are apps for the iPhone and other smartphones to help you avoid ATM fees, as well as other charges, including the ever-annoying overdraft.
New Debit Card Overdraft Law Would Change the Game Entirely
Banks have grown accustomed to reaping in big bucks off of overdraft fees—$35 or so assessed each time a customer uses a debit card when there’s not enough money in the account to cover the tab. This year, banks are expected to take in more than $38 billion (!) in such fees.
Saving’s Double-Edged Sword: Good for You, Bad for the Economy
Economists say the only way you can get your finances in better shape is to save more and spend less. Economists also say that the way to get our national economy in better shape is to have people spend more—and therefore save less. So basically, right now, we should all be spending more and saving more. Right …
New Credit Card Annual Fees Arrive for Those Who Pay Bills on Time
You’d think that a credit card customer who pays his or her bill on time is a good customer. But these customers don’t make the banks and credit card companies money—at least not enough of it.
Six Ways to Break Your Cell Phone Contract Early Without Penalty
The dreaded “early termination fee,” or ETF, can hit you with a fee of $100 or more if you dare try to get out of your cell phone contract before the contract runs out.
Word of the Day: “Unbanked”
The growing list of hard-times, recession-era words and phrases like mancession and recession porn welcomes a new member: “unbanked.” If the word applies to you, you might be paying nearly 1000% interest on short-term loans.
Has the Recession Been a Curse or a Blessing?
The recession has been a major kick in the pants—but is that exactly what you needed? For folks who underwent big career shifts they were more or less forced to make, and who are happy about the changes, the answer is most definitely yes.
261 Freebies and Cheapskate Tips
It’s time for another roundup of money-saving lists, with places to eat for free, household items you can recycle lickety-split for cash, and some unusual schemes—like taking advantage of your local library’s lost and found to snag a free umbrella.
Don’t Know Where to Invest? One CD is Paying Off Better than Others
Thanks to the recession, people—people with jobs anyway—are paying off their credit cards and saving more. But no one seems to know where to put the money they’ve worked so hard to save.
What Are Credit Card Companies Allowed to Do to You?
Can your credit card company increase your minimum payment? Close your account when they feel like it? Cut your credit limit? Change your fixed rate to a variable rate? The answer is yes to all of the above.