The second part of the new credit-card law is aimed at helping college kids and other younger folks stay out of debt. Banks aren’t allowed to issue cards to anyone under age 21 unless the person has a co-signer or demonstrates independent means to pay bills. That part of the law won’t go into effect until February. Until then, kids can …
Borrowing
Cheapskate Wisdom from … J. Paul Getty
“If you owe the bank $100 that’s your problem. If you owe the bank $100 million, that’s the bank’s problem.”
Credit Card Reform: While One Hand Gives, the Other Adds Fees
Significant parts of the new credit card law go into effect today that in theory will make it easier for cardholders to pay their bills without incurring fees, and to avoid digging themselves further into debt. Balancing out this good news is an onslaught of new fees and higher rates that nearly all cardholders can expect coming down the pike.
Going Green Just Got More Cost-Effective
Some people will adopt environmentally friendly practices because they want to do their part to save the earth. Others—many others—will hop on board once it’s demonstrated that doing so will save them money.
Now That You’re Saving Money, Where the Heck Do You Put It?
The recession has turned the U.S. into a nation of savers. After years of spending like it was a job—and in some ways it was a job to buy stuff and keep the economy pumping along—we are finally saving some money. The national savings rate was around 7 percent recently. But now that we’re saving, interest rates in a typical bank …
Why Isn’t Your Roof White Already?
Studies are showing that most—but not all–Americans should be following U.S. Secretary of Energy Steve Chu’s recommendation that people paint their roofs white. On hot days, it’s 20 percent or more cheaper to air-condition a house with a white roof rather than a traditional charcoal-colored asphalt roof. It’s another simple solution …
The Government Saved $102 Million Without Really Trying. How Much Could You Save?
Three months ago, President Obama challenged his cabinet secretaries to come up with $100 million in budget cuts. Apparently, the task wasn’t that difficult. They’ve already found 77 different ways to save a total of $102 million. Most savings came through the simplest of solutions, like eliminating unused phone lines and printing on …
It’s a Bird! It’s a Plane! It’s … a Cartoon Warren Buffett Teaching Kids About Finance?
An Internet cartoon starring Warren Buffett is expected to be released sometime later this year. It’ll be called “Secret Millionaires Club,” starring America’s most lovable 2-D billionaire, along with four cartoon kids who cover the range of ethnic makeup and skin color in Benetton-ad fashion.
The Great Recession: Is “Great” the Right Word?
Sometimes, an adjective seems inappropriate. Take “great.” It seems both overused and misused. Wayne Gretzky? No doubt about it: GREAT. Alexander the Great? Sure. Muhammad Ali? The Greatest. But plagues, wars, floods, depressions, economic panics, riots, and recessions? If any of these things are occurring, the situation seems less than …
Ten Oddball Ways to Save: Free Beer, Fighting Parking Tickets, Writing Off Expenses Like a Pro, and More
Today’s list goes beyond the basics. We all know that using coupons smartly saves money, right? To expand the amount of money you can save, you need to get creative and expand into more unusual spheres of money-saving.
Hey Now, You’re a Blog Star: Hottest Blogs are Written by Economists?
Hmmm … should I read waste some time wwilfing at The Onion or dig into a little light reading about macroeconomic theory at Econbrowser? According to a WSJ story, more and more people are going the latter route, trying to figure out where the economy is heading by way of blogs penned by giant-brained econogeeks.
Deep Impact: 10 Ways the Recession Is Hitting Home in Lots of Homes
Divorced couples are living under the same roof because it’s too expensive to really split up right now. There are either more people around the house (because they’re out of work) or fewer people around the house (because they’re working second and third jobs to pay bills and get health coverage). More people are doing their own chores …