Something Worth Watching!

I am always "on the lookout" for people who want to help others become debt free. I "found" one such person yesterday. Her name is Joyce Meyer. I have been watching her television programs for many years, but yesterday, she addressed the topic of debt, and in particular, credit card dbet.

I recommend that everyone goes to her website - www.joycemeyer.org - and watch the program there.

And as always, thanks so much for reading my blog.

Comments are always welcome!

Joe

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!

Here Come Those Credit Card Offers Again!

According to the market research firm, Synovate, credit card issuers are increasing their mailings to the American public. One issuer, Capital One, mailed 13 million offers in the fourth quarter of 2009. Capital One had, in the past, mailed millions of offers to subprime (big risk) borrowers.

ADVICE - If you get a credit card offer, tear it up! The only thing you can do with a credit card is debt.

CARD Takes Effect on February 22

Hi All,

Just a reminder that the new CARD Act legislation goes into full effect next week, on February 22. I suggest that everyone goes on-line and downloads the legislation. It could be the most important information that you have to enhance your financial life, especially if you are in debt to credit cards and tend to carry balances month to month.

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Passing+Along+Good+Credit+Lessons+-+AOL+Real+Estate

Beware of Bank of America

"USA Today" reports in today's edition that Bank of America will start charging an annual fee to some of its credit card customers in 2010. The fee will be $29.

Apparently, this fee will be "tested on 1% of its credit card accounts," this according to a spokeswoman for the company. The fee will be applied every February.

To make matters worse, "USA Today" states that even customers "in good standing" face the potential of being charged an annual fee. For those of you who don't know, credit card companies consider those of us who pay "on time" to be "deadbeats." In other words, they can't take any extra money from us on a monthly basis. So evidentally, banks like Bank of America plan to go this route, especially since new credit card legislation, which takes full effect in February, limits how banks levy charges.

So BEWARE OF BANK OF AMERICA!

'Tis The Season

Hi Everyone!

I'm back and ready to blog!! I'm looking forward to my upcoming seminars about avoiding credit card debt. And now that we are approaching mid-October, it's not too early to talk about holiday spending.

With so many people burdened by the economy, gift giving during the upcoming holiday season may add to their stress levels.........But it DOESN'T HAVE TO! Keep a couple of things in mind -

1) If you haven't already started to put some money aside for holiday spending, that's ok. You can start now. Now, yes, I did just write that people are burdened by the economy, so you might be asking "Why is he talking about saving for the holidays when bill paying is tough enough?"
Well, being a student of "human nature" as much as I am of credit card debt, I know that a lot of people will still spend a significant amount of money on holiday gifts, despite their current economic situation. So it's best to discipline yourself to put away a few dollars a week now for the next couple of months than to wait until December and then worry about where you are going to find the money. THAT'S when people get into real trouble...with their credit cards! They feel they have no other choice but to charge. However, if you save now, you can avoid those dreaded January and February bills.

2) If you feel that you cannot "save" money now, but you know that you are still going to spend that money, then buy those Christmas gifts NOW! At least you will get your shopping done early and you won't have to fight the crowds right before the holidays (or on "Black Friday.") This also gives you an opportunity to plan your spending instead of rushing at the end of the season and potentially overspending on items that you might not really want to by anyway, but were forced to because the "pickings were slim."

With a little bit of planning and discipline, you can have an affordable (and Happy!) holiday season. Remember - you don't have to "keep up with the Joneses." Besides, as Dave Ramsey says, "They're broke too!"