I always cancel credit cards I've stopped using even if closing the accounts hurts my credit score by raising my debt-to-credit ratio. Why keep unneeded accounts open and risk identity theft?
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About 200 seventh- and eighth-graders are shushed into a vast auditorium and told to settle down, sit up straight and listen. They are being given an opportunity, Barbara Chanaiwa, the principal of Charles R. Drew Middle School in South Los Angeles, tells them. One false move and they'll be pulled out of the auditorium and be back in class in a heartbeat.
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Sherry Sherman was on an empty two-lane highway in 2002 as she returned from a job interview. The last thing she remembers was leaning over to change a CD. Days later, she woke up in the hospital with a broken spine.
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Shakespeare had it all wrong when he wrote that to preserve friendship as well as money, "Neither a borrower nor a lender be."
Both borrowers and lenders can profit - and stay friends - as long as they're professional about it and put the details in writing. Or so says Asheesh Advani, chief executive of Virgin Money, a Waltham, Mass.-based company recently acquired by British airline magnate Richard Branson. Virgin Money, previously known as CircleLending, charges a fee to facilitate all kinds of loans - including business loans and mortgages - between people who are friends or relatives.
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DEAR KATHY: Can you guide me to a bank that pays the highest interest? What I would like to do is put in a good lump sum and also be able to pay my bills through this account.
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It's January and the cheery holiday cards have been replaced with credit card bills chock full of Holiday expenses. The average shopper charged $628 to their credit cards for holiday gifts leaving the average household debt swollen by these charges. Are there ways to ease the pain inducing credit card bills? Yes, but unfortunately only a little. Debt after all, still has to be repaid promptly to remain in good standing with your card issuers and the credit bureaus.
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1. Never give out your personal financial information like your social security number or credit card number to an unsolicited telephone caller. Be suspicious of telephone callers wanting to know personal financial information to verify an account or "award a prize."
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Credit card debt is like an infection - the longer you ignore it the worse the situation gets. A good rule of thumb is not to charge anything on your credit card that you can not afford to pay in full at the end of the month when your bill arrives. If you are like many Americans you have allowed your credit card balances to grow over time and just pay the minimums each month.
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Less than 6% of the population has a FICO credit score above 800 - It's a very elite club.
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The nation's big credit reporting agencies announced last week that they are launching a standardized credit score - with grades from A to F - to make it easier for both lenders and consumers to understand the often misunderstood ratings.
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As interest rates climb ever higher, it's gotten a lot more expensive to borrow money. But there are ways to soften the blow, whether you're paying off a mortgage or buying a car. Here's how to navigate the rising rate environment.
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In their latest gambit to boost dealer profits, carmakers are paring back on free maintenance. Mercedes-Benz and Ford recently reduced complimentary oil changes and tire rotations to one year from four on some models; next year Audi dealers will charge $600 for the four-year plan that was free.
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Creating a working budget is an important step in managing this difficult change and taking control of your family's finances. It is important to understand that most of your household income and expenses will now change, and there may be additions like insurance premiums or daycare and the potential loss of a significant income. Your budget will have to make adjustments to accommodate them in order to avoid serious consequences.
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"I hear from many separated, divorced, and divorcing people whose ex-spouse has intentionally wrecked their credit." -
Ilyce R. Glink, author of 100 Questions You Should Ask About Your Personal Finances
Credit agencies separate individual credit from joint credit, so as long as you have your own income, you can have your own credit history--even if you take your husband's last name. When creditors make reports, they are required by law to report information on joint accounts in both of the individual's names.
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