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TOP STORIES
for Thursday, May 15, 2008
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Getting Rid of Annual Fees
by Scott Bilker
I'd like to get rid of the annual fee, so I tried calling them and asked them to waive it. I used your technique and said that I would cancel it if they did not, and they didn't budge. What do you think? Should I keep the card and pay the $60 per year? Should I cancel the card completely because I don't technically need it? Or should I ask them to give me a new card with no annual fee, which would retain the 28K in available credit, but which would remove my 18 year relationship with that account?
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Household Math™: Future Savings
by Scott Bilker
Kelly wins $25,000 in the lottery and decides to put this money away for the future. She deposits the cash in a money market fund and expects to earn an average of 4% for 10 years. Kelly's younger sister, Audrey, wants to accumulate the same amount of money as Kelly in 10 years but Audrey doesn't have $25,000 lying around. Audrey decides to make monthly deposits at the same bank as Kelly and she expects the same rate of return. How much does Audrey have to deposit each month to have the same amount as Kelly in 10 years?
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Government launches crackdown on unfair credit cards
by Federal Reserve
The Federal Reserve Board proposed rules to prohibit unfair practices regarding credit cards and overdraft services that would, among other provisions, protect consumers from unexpected increases in the rate charged on pre-existing credit card balances. The rules also would forbid banks from imposing interest charges using the two-cycle billing method, would require that consumers receive a reasonable amount of time to make their credit card payments, and would prohibit the use of payment allocation methods that unfairly maximize interest charges.
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Cloned credit cards are stealing you
by ABC News
Crooks can easily copy the information from the magnetic strip of your credit card. It is a simple process to take that stolen data and create another credit card--a clone card. The cloned card functions exactly like the original card allowing thieves to buy what they want or empty your bank account. Watch this ABC news video to see exactly how easy this is to do and why you need to be extremely careful when letting others handle your cards.
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What is Better? Fewer Cards with Higher Balances, or Many Cards with Smaller Balances?
by Scott Bilker
My husband and I are preparing to buy a new home. We want to clean up our credit card accounts to better our chances for a mortgage. We were considering paying off our credit cards with smaller balances using other credit cards. What is better when your credit is being considered for a home loan--fewer credit cards with higher balances or more credit cards with smaller balances?
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What to Know Before You File For Bankruptcy
by Becky Schmitz
You may feel you don’t have any other options. Maybe you owe several people money, your credit is maxed out, and you are falling deeper into debt so you start to explore filing for bankruptcy. You thought you never would, but you’ve heard about it, maybe even someone you know has done it and the question you want to know is when should you?
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Household Math™: Cash Flow
(by Scott Bilker)
Kim is trying to save $800 for tuition. She makes brings home $60 per week. Kim also has a total of $160 of out-of-pocket expenses each month. How many months will it take her to save the money needed for tuition?
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Credit Card and Debt Statistics Database
(by Scott Bilker)
Do you want to know the average credit card debt for families? Want to learn who has the most credit cards and how many? Find the numbers, and the sources, for credit and debt! The most complete online database of credit card and debt statatisics.
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Balance transfer checks
(by Scott Bilker)
First of all your site is great! Received a blank check from my credit card company that can be used for either cash or purchases.
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Instant Grati Syndrome
(by Harrine Freeman)
As a baby when you cried your mother or father came running to take care of you.
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Budgets and Credit Cards
(by Gary Foreman)
I was hoping you can help me solve a problem I have encountered while trying to live on a budget.
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Cash-out to pay off cards or keep debt?
(by Scott Bilker)
I have a 30-year home mortgage and $14,000 in credit card debt. Should I refinance my home with cash-out to pay the credit cards off then freeze them?
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" |
If medical
science continues to prolong life, some of
us may eventually pay off the mortgage."
--Jonathan Pond |
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This
week's featured author |
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