Beware Black Friday Spending!

I wish everybody a Happy and Healthy Thanksgiving! I hope enjoy the day with family and friends.....and, of course, food.

We all know that "the day after" is Black Friday. This is a "make or break" day for many stores during the holiday season. However, this does NOT have to be a "make or break" day for your and your finances.

With that said, if you are going to battle the crowds this Friday, please bring a set amount of money with you and do not go beyond amount. Also, if you know that you are frequently tempted to use credit cards or department store cards, leave them at home. In the long run, you will be happy that you did, especially if you tend to carry balances from month to month.

The cash back and bonus points rarely make up for all the money spent and interest charges incurred. To me, it's not worth it.

Stay tuned for more!

Despite CARD Act, Don't Trust The Banks and Card Issuers

The BIG DAY is almost here! February 22 is the date when the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act takes full effect. In a previous post, I wrote about many of the protections that will be in place to help the consumer. But as with most things in life, nothing is foolproof. And when it comes to money, especially credit cards, you can count on some banks and credit cards issuers to still try to "pull a fast one" on unsuspecting people, who may naiively think that because the CARD Act is now law, these banks and issuers will "play noice" all of a sudden. Don't fall for it! Be on guard.

I read a very informative article earlier today titled "Banks and Card Issuers Find Clever Ways Around CARD Act Rules." It was written by Tracy Coenen, a fraud examiner and forensic accountant who investigates corporate fraud and consumer scams. The article appears on the website - www.dailyfinance.com.

Coenen writes that "there is plenty of new and creative ways to get money out of consumers without violating (the CARD Act)." These include the "$1 statement fee," "Consumer consent to over the limit fees," "Converting a fixed rate to a variable rate," and "rate rebates." These and more are covered in detail in Coenen's post. So, go to the Daily Finance website and read the article in its entirety.

Coenen also states something that I have been writing and speaking about fior a long time: namely, "Don't be passive about your credit cards." I have an entire section on this in my upcoming book. Stay tuned for more!