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Asking for a Lower Credit Card Rate
Tweet Share on Facebook September 21, 2007 Comment (8)In theory, borrowers should benefit from this week's Federal Reserve move to cut rates. The Fed sets the rate banks charge each other on overnight loans and the one at which banks borrow directly from the central bank. So, in general, lower rates mean cheaper money. But consumers with credit card debt hoping to lower their monthly interest payments will have to take matters into their own hands if they want to see those savings show up in their own bank accounts. U.S. News spoke with Bill Hardekopf, chief executive of LowCards.com, a website that lets consumers compare credit card rates, about how to gain from the Fed's move.
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How to Pay Off Multiple Debts
Tweet Share on Facebook September 12, 2007 Comment (3)Dear Alpha Consumer,
I own my home with my husband. Our mortgage balance is $135,000. We also have $30K in credit card debt, which is where the big problem is.
The interest is killing me, and I cannot make a dent in the balances. I no longer use these cards as I am trying to pay them off. Should I refinance and lump this credit card debt into my mortgage? I could get an adjustable rate mortgage at an interest rate of around 5 percent. (My house was recently appraised for $225,000.)
I am also about to get divorced, and it looks like refinancing is the only way I can keep my house, which was a gift from my parents, and also get rid of my debt. But it makes me very nervous to have such a high mortgage balance and be a single parent. The other option I have explored is debt settlement, which my mortgage lender said will look like bankruptcy on my credit report. How long would that affect my credit report and score?
My financial situation is causing me stress, anxiety, and sleeplessness. I would like to resolve this as soon as possible.
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The Best Ways to Get Cash While Overseas
Tweet Share on Facebook September 5, 2007 CommentDear Alpha Consumer,
I am going abroad soon and want to bring cash with me. Are traveler's checks still the best way to do that?
Traveler's checks, like VCRs, are on their way out. "No one uses them anymore," says Chris McGinnis, editor of Expedia Travel Trendwatch.
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How to Recover From Bankruptcy
Tweet Share on Facebook August 28, 2007 CommentDear Alpha Consumer,
I am a 49-year-old professional woman with a serious credit problem. I was the owner of a successful business, until my husband filed for divorce and I sank into a depression. I stopped working altogether. Eventually, I was forced to file for bankruptcy. To this day, my credit record is very bad.
How can I recover?
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Consumer Culture Vs. Civic Values
Tweet Share on Facebook August 23, 2007 CommentIn Consumed: How Markets Corrupt Children, Infantilize Adults, and Swallow Citizens Whole, political theorist and University of Maryland Prof. Benjamin Barber argues that we have shifted from a "work hard" ethic to one that idealizes immediate gratification and selfishness. In the process, he says, we have lost our sense of civic responsibility. He points to high divorce rates, adults who act the way kids do, and the glorification of shopping as Americans' new national pastime. In an E-mail interview, U.S. News asked him why he was so dismayed with consumer culture.
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Ex-Spouses Can Ruin Each Other's Credit
Tweet Share on Facebook August 20, 2007 Comment (4)Dear Alpha Consumer,
After finding out I had numerous collection accounts on my credit, I ordered credit reports from the three major credit bureaus, TransUnion, Experian, and Equifax. I discovered that my ex-wife must have used my name to lease equipment, which led to the collection accounts.
I would like to clear the accounts from my credit report. How can I do this?
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Banking Online? Tips for Staying Safe
Tweet Share on Facebook August 16, 2007 Comment (1)Phishing, a technique by which scammers try to gain access to personal information, is one of the most common threats to online banking security. Phishers send E-mails, often claiming to be from a bank, and ask the recipient to click on a link and fill out personal information. The scammer then uses that information to empty bank accounts or steal identities.
It's a common trick, and one that banks are getting increasingly savvy to through stepped-up security. RSA, which provides information security for large corporations, is one of the companies behind many of those new security measures, including personalized images and software that sends up red flags when a user is deviating from normal behavior.
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"Modern Girls" Pen Financial Guide
Tweet Share on Facebook August 9, 2007 CommentWhen it comes to money, women are different. They usually earn less than men do, are more likely to take job breaks to care for children or parents, and store less for retirement.
That's why Manisha Thakor and Sharon Kedar, two Harvard Business School grads who work in the financial services industry, teamed up to write On My Own Two Feet: A Modern Girl ' s Guide to Personal Finance. While some of their tips are useful to both sexes — pay off debt, save a chunk of your income for retirement, and learn how to budget — they tailor their real-life examples to women and make financial success seem plausible, even for someone starting at "Go." Here are some of their tips:
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Research a Company Before Paying Upfront
Tweet Share on Facebook July 31, 2007 CommentSix months after Angelique Trammel ordered a new computer for her son earlier this year, she finally got it—but it was broken.
"They gave me a very hard time trying to get my money back," says Trammel, a hospital telephone operator who lives in Silver Spring, Md. She was so frustrated that she filed a complaint against the Baltimore-based distributor, BlueHippo, with the Better Business Bureau. She eventually got a refund of about $1,060, the amount she had paid after six months of $41 weekly payments.
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Credit Scores Grow in Importance
Tweet Share on Facebook July 23, 2007 Comment (1)Do you know your credit score?
If you don't, you're not alone. Forty percent of Americans have never obtained their score, according to a survey commissioned by the Consumer Federation of America and Washington Mutual. That means a lot of consumers don't know anything about the number that affects their ability to get a mortgage, a low interest rate on a credit card, and even a job.
