How Have America’s Finances Changed Over 30 Years?
July 21, 2008
The answer to that lies in remembering just what we were like in the late seventies, and where we are now. There may be many who are not old enough to remember that time, and what our finances were like. Those of us who do, compare these two times with a mixture of nostalgia and good riddance. Let’s look at a slice of life back in the late seventies.
A loaf of bread cost .32 cents, a gallon of gas .65 cents, and the average home sold for around $58,000. We were but two years out of Vietnam, three from having removed a sitting president from office, and Elvis Presley and Bing Crosby both leave this world with tunes still ringing in our ears.
Star Wars brought outer space into our every day lexicon. The average income was a little over $10,000, and Visa and MasterCard are just now entering mainstream consciousness with the advent of electronic payment processing.
Ditch The Credit Cards To Save Money
July 2, 2008
Modern society has become tremendously dependent on credit cards, to the point where most people don’t know what they would ever do without them. Unfortunately, this reliance on credit cards has brought at least one unpleasant side effect: debt, and lots of it. If you find yourself stuck in steadily increasing debt, think about getting rid of your credit cards all together.
Incredibly, some credit cards come with interest rates soaring as high as twenty-nine percent! Some people are fooled by low interest rate cards that become high interest the moment one payment is missed. To avoid such problems, be sure to read all the details of any credit agreement. If you wouldn’t accept a high interest rate for car or home loans, don’t accept it for you credit cards either.
Even Celebrities Get In Over Their Heads
June 24, 2008
You think your credit card debt is bad?
Try juggling $750,000 in credit card balances, which is what Ed McMahon (of The Tonight Show fame) is reported to be dealing with.
It’s easy to think it’s all relative - he’s got lots more money, so it’s natural he’s dealing with more debt. The percentages all wash out in the end.
Credit Card Warnings: Two Cycle Billing
June 13, 2008
One of the ways that some credit card companies squeeze every possible cent of interest out of you is two-cycle billing.
The way this works is the interest is calculated based on two billing cycles instead of the more common single cycle.
If you don’t pay off your balance in full by the due date, the interest on those purchases gets back-dated to the original purchase date.
Thinking About Debt Consolidation To Pay Off Your Credit Cards?
June 12, 2008
I just finished putting together a special report about debt consolidation.
If you’re thinking about debt consolidation as a way of getting your debt paid off faster, there are some things you should know first - consolidation isn’t always the best option.
You can get more information about my Debt Consolidation Tactics report here:
Life Without Credit Cards
June 10, 2008
Does the thought of life without credit cards make you cringe? If the credit card companies suddenly ceased to exist, how would it affect your life?
Would you be able to go about your days with few or no hassles, or would your life as you know it fall apart?
Credit cards have their uses, and in today’s age of ordering things online and over the phone, they’re practically a necessity.
How To Stop Impulse Buying
June 9, 2008
The No Credit Needed blog has a great post about how to stop yourself from impulse buying:
The $100-A-Day-Rule Prevents Impulse Buying
If you struggle with buying things on credit when you really can’t afford them, it can lead to serious debt problems down the road (believe me, I speak from experience!)
Credit Card Statistics - The Road To More & More Debt
May 30, 2008
It’s no secret that the issue of debt is a bigger problem for Americans today than ever before. For the first time in our nation’s history, the savings rate in this country is negative. We are spending more money than we are earning. The problem is becoming more widespread as consumers take greater spending liberties with credit cards. In fact, the family with at least 1 credit card in the house has over $9000 in credit card debt.
Nearly one in three purchases in the US is made with plastic now, leading many to speculate that we may eventually complete all transactions electronically. Credit cards can be a useful tool, but their abuse can lead to misery for the cardholder. There are several reasons why credit card debt is a growing problem:
